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This study examines the relationship between investors' familiarity bias, including the home bias and endowment bias, and their financial situations, expectations and personal characteristics.

Using the 2019 Survey of Consumer Finances, the authors utilize an ordinary least squares regression to identify the presence of endowment bias and home bias in individual investors' direct stock holdings and use a Heckman selection model to examine determinants of the extent of endowment bias and home bias.

This study finds that investors with higher income and more education, men, non-white investors and people with greater risk tolerance are actually at a greater risk of endowment bias. This study also identifies a profile of investors that are more likely to have a home bias: with less financial sophistication, lower net worth, older, female, more risk-averse, with a positive expectation about the domestic economy and a relatively shorter investment horizon.

This paper is among the first to use US investors' directly reported stock holdings to examine the individual characteristics that are correlated with greater familiarity bias, providing financial professionals with information about how to allocate their limited time in providing education to a variety of clients.

This paper explores the current state of Robo-advisory services in India. This paper further highlights the problems experienced by the service providers in disseminating the innovative business model among the Indians.

The study adopts a qualitative approach to investigate the industry experts by conducting semi-structured interviews. The data collected were transcripted and further analyzed using the content analysis technique. Finally, the authors utilized categorization and coding techniques to frame broad study themes.

The study findings reveal that the three pillars of Robo-advisory are ease and convenience, the time factor and transparency in operations. Robo-advisory services are still at a nascent stage in India. Furthermore, keeping the sentiments of Indians in mind, FinTech companies could combine automated Robo-advisory with a human touch of a wealth manager for optimal advisory services.

Since the present study is qualitative, the authors cannot generalize the study results. Future research can focus on empirically proving the constructs of the study using quantitative methods.

Robo-advisors have a well-established market in developed nations but are still nascent in developing countries like India. The current focus of service providers and regulatory authorities must be to increase awareness among investors by educating the investors and building trust.

The present study is the first to qualitatively synthesize the challenges faced by the FinTech service providers in the Indian market.

This research aims to examine and understand the rationales and modalities behind the use of disclosure before, during and after a corporate governance scandal involving CPA Australia (CPAA).

Data beyond CPAA's annual reports were collected, such as news articles, media releases, an independent review panel (IRP) report, and the Chief Operating Officer's letter to members. These disclosures were manually coded and analysed through the word counts and word trees in NVivo. This study also relied on Norbert Elias' conceptual tool of power games among networks of actors – figurations – to model the scandal as a power game between the old Board, the press, concerned members, the IRP and the new Board. This study analysed the data to reveal a collective and in fieri power balance that changed with the phases of the scandal.

A mix of voluntary, involuntary, requested and absent disclosures was important in triggering, managing and ending the CPAA scandal. Moreover, communication and disclosure fulfilled a constitutive role since both: mobilised actors, enabled coordination among actors, contributed to pursuing shared goals and influenced power balances. Such a constitutive role was at the heart of the ability of coalitions of figurations to challenge and restore the powerful status quo.

This research introduces to accounting studies the collective and in fieri dimensions of power from figurational theory. Moreover, the research sheds new light on using voluntary, involuntary, requested and absent disclosures before, during and after a corporate crisis.

Financial professionals are increasingly important in the Indian financial system. Our study examines the association between the Big Five personality traits and Indian financial professionals' behavioral biases when making investment decisions.

After testing our questionnaire's reliability and validity, we used it to obtain the sample responses. We used multiple regression analysis and other statistical tools to identify the relationships between the Big Five personality traits and behavioral biases.

Our findings reveal a high level of extraversion and conscientiousness, a moderate level of agreeableness and openness and a low neuroticism level among financial professionals. The results show a significant association between neuroticism, extraversion, openness and all behavioral biases except anchoring bias. The neuroticism trait has a statistically significant relationship with all behavioral biases examined, whereas agreeableness and conscientiousness traits lack a significant association with behavioral biases. The openness trait is associated with many emotional biases and cognitive heuristics, while the extraversion trait has a significantly positive relationship with availability bias.

Future researchers could analyze primary (survey) and secondary investor data from brokerage houses. Using a larger sample could provide more generalizable findings. Researchers could also consider other aspects of investment decision-making using various asset classes. Understanding financial professionals' personality traits and behavioral biases could help them develop strategies to suit client needs.

This study provides the first comprehensive examination of the association between personality traits and behavioral biases of Indian financial professionals.

Robo-advisory has become an increasingly popular asset management tool in recent decades. This paper studies the association between robo-advisor usage and perceived financial satisfaction.

Using data extracted from the National Financial Capability Study 2015 (NFCS2015), the present study carried out a logistic analysis that examines the association between robo-advisory and perceived financial satisfaction. This model also studies the interaction effect of age on this association.

The present study finds that robo-advisor usage is positively correlated with a person’s perceived financial satisfaction after controlling for covariates related to financial literacy and other demographic factors. Moreover, the present study reveals that age moderates the association between robo-advisory usage and financial satisfaction. The results are robust after regressing financial satisfaction on robo-advisory by different age groups.

This paper extends existing literature on robo-advisory by showing that robo-advisory usage relates to a higher level of financial satisfaction. This finding helps understand the rapidly increasing trend of robo-advisory in the financial industry. Moreover, the present study reveals a moderate effect of age on the association between robo-advisory usage and perceived financial satisfaction.

This paper aims to explore the common ethical decision-making challenges faced by financial advisers and how they meet these challenges. The purpose is to identify successful decision-making tools used by investment advisers in doing business ethically. Additionally, the authors uncover common challenges and offer decision-making tools to provide support for supplemental ethics training in the future.

Questions were analyzed through a qualitative approach using individual interviews to examine a range of experiences and attitudes of active financial advisers. The sample was represented by 11 practicing financial advisers affiliated with US independent broker-dealers: six women and five men, each with 10 or more years of experience, ranging in age from 35 to 75. Grounded in four ethical decision-making models, this research examines individual ethical decision-making using individual (internal, personal) and organizational (external, situational) factors.

The method used uncovered struggles and revealed strategies used in making ethical decisions. Two research questions were examined: what are the common ethical decision-making challenges faced by financial advisers in the US financial industry? How do financial advisers handle ethical decision-making challenges? Four themes emerged that impacted ethical decision-making: needs of the individual, needs of others, needs of the firm and needs of the marketplace. Financial advisers identified moral obligation, self-control and consulting with others as major considerations when they contemplate difficult decisions.

A limitation of this review is its small sample size. A more robust sample size from investment advisers with a broader range of experiences could have widened the findings from the study.

Investment advisers can use the findings of this study as a tool for improving their own ethical decision-making or designing training for their employees to be better decision-makers.

The study explores the decision-making experiences of investment advisers to reveal multifaceted, often private struggles that qualitative methods can uncover. The study provides support for the development of additional training in ethical decision-making specific to investment advisers.

Research shows that having student loan debt in retirement is associated negatively with life satisfaction, suggesting that student debt is a bane of retiree well-being. The rationale for this study is to determine the factors related to owing student debt in retirement, given the adverse effects on the well-being of retired households.

The study utilizes pooled cross-sectional data from the 2015 and 2018 U.S. National Financial Capability Study. The empirical analysis uses a sample of retired Americans aged 65 years and older (N = approximately 8,000) and estimates two-block logistic regression models to examine the effects of demographic, socioeconomic and behavioral factors on student loan indebtedness in retirement. A sensitivity analysis is performed for the subsample of retirees holding student debt for their children's education. Statistical interpretations use odds ratios.

The findings indicate that financial literacy, age, homeownership and high subjective financial knowledge are associated with a low likelihood of holding student loan debt in retirement. However, being Black, having postsecondary education, having difficulty covering expenses, having financially dependent children, having high-risk preferences and spending more than income increase the likelihood of holding student debt in retirement. The ensuing discussion will assist financial planners and educators identify practical ways to shape decisions regarding student loan debt in retirement.

The amount of student loan debt is unavailable in the dataset for analysis. One cannot infer causal relations from the study. The factors examined do not reflect the time the student loan was obtained.

The study focuses on the determinants of student loan indebtedness among retired Americans rather than young adults or older adults on the verge of retirement. The paper enhances the understanding of student loan holdings in the decumulation phase of the life cycle. Many US individuals have low retirement savings from which they draw a retirement income. The more the student debt burdens on retired Americans, the greater the likelihood of outliving their resources and experiencing poverty.

This study aims to examine the nexus between digital financial literacy and customers’ perceived financial behavior within the Kuwaiti context. Moreover, it will further explore how digital financial literacy relates to financial behavior dimensions.

Data collection was facilitated by creating a questionnaire derived from multiple literature sources. This study used a cross-sectional, time-based dimension. Data was analyzed using the partial least square (PLS) structural equation modeling approach, using the Smart-PLS 4 software for computation.

Findings demonstrated a significant relationship between digital financial literacy and financial behavior, with a path coefficient of 0.542, a p-value of 0.000 and an R² value of 0.581. The explorative model revealed substantial relationships between many dimensions of digital financial literacy and various dimensions of financial behavior. More precisely, financial knowledge, awareness and decision-making were the factors that had the most significant impact on financial behavior.

Kuwaiti policymakers should consider including digital financial literacy programs in comprehensive financial education programs to improve public understanding of digital financial instruments and their consequences.

As the authors know, this is the initial endeavor to evaluate the relationship between digital financial literacy, financial behavior and their respective dimensions.

In Indonesia, the Islamic Economics and Finance Sector is growing rapidly, but the literature on Islamic financial literacy is still minimal. This study aims to show research opportunities with the theme of Islamic financial literacy, especially inclusive Islamic financial planning through bibliometric analysis of Scopus and connected papers.

A comma separated value (CSV) file containing more than 2,000 references meta data was used for analysis on Vos Viewer in the period of 1963–2020. The grouping of network visualization maps is done using six keywords, namely, “Financial Literacy,” “Financial Inclusion,” “Islamic Financial Literacy,” “Financial Planning,” “Personal Finance” and “Household Finance.”

The findings complement the keywords that are generally used as references in the formation of theories regarding inclusive Islamic financial planning. After combining the “ris” file from the connected paper, the most used terms are financial knowledge, financial education, financial behavior, financial decision-making process, financial inclusion, risk sharing and financial discourse.

The proportion which planned to be applied in Indonesia will differentiate the inclusive Islamic financial planning framework from what has been done before. This study outlines the basis of the relevant literature review in the theme of Islamic financial literacy research, especially inclusive Islamic financial planning.

The study aims to explore the savings behaviour of Indian farmers. An attempt is also made to inspect the effect of financial literacy (FL) and financial confidence (FC) on the savings behaviour of the farmers in India.

This study used secondary data on 10,263 Indian farmers from Financial Inclusion Insights, 2017 database. Relevant statistical techniques and ordered probit regression were used to unfold the effect of FL and FC on the savings behaviour of farmers.

The outcome of the study revealed that the majority of the Indian farmers exhibited poor levels of FL and FC. Of the total, 42.99% were found to save regularly. FL and FC were observed to play instrumental roles in steering the savings behaviour of the Indian farmers. Household size, financial shocks, gender, farm ownership, income, household financial decision-making process, religion and educational attainment have emerged to be significant predictors of the savings behaviour of Indian farmers.

The present study makes an original contribution to the extant literature by unfolding the savings behaviour of Indian farmers and the effect of FL and FC on such behaviour using a rich sample of 10,263 farmers for the first time.