The Use of Financial Advisory in Czech Republic:
Self-confidence

D 2016

The Use of Financial Advisory in Czech Republic: Self-confidence

JANČUROVÁ, Věra a Petra FORMÁNKOVÁ

Základní údaje

Originální název

The Use of Financial Advisory in Czech Republic: Self-confidence

Autoři

JANČUROVÁ, Věra (203 Česká republika, garant, domácí) a Petra FORMÁNKOVÁ (203 Česká republika, domácí)

Vydání

Brno, Proceedings of the 13th international scientific conference, od s. 267-271, 5 s. 2016

Nakladatel

Masarykova univerzita

Další údaje

Jazyk

angličtina

Typ výsledku

Stať ve sborníku

Obor

50206 Finance

Stát vydavatele

Česká republika

Utajení

není předmětem státního či obchodního tajemství

Forma vydání

tištěná verze "print"

Kód RIV

RIV/00216224:14560/16:00090804

Organizační jednotka

Ekonomicko-správní fakulta

ISBN

978-80-210-7962-5

UT WoS

000385692200035

Klíčová slova anglicky

behavioral finance; financial advisory; overconfidence; self-evaluation; financial decision

Změněno: 27. 4. 2020 22:44, Mgr. Pavel Sedláček

Anotace

V originále

The study of behavioral finance and decision making, especially in finance, have grown on importance during last decades. There were conducted many studies of decision making at financial markets all around the world. This study was conducted to analyze financial decision making and behavioral characteristics of Czech population. The purpose of this study is to show how people in Czech Republic control their financial affairs; one of the studied areas is if they use the help of financial advisors, especially, if this is influenced by gender, the level of education or even by the self-evaluation of own financial skills and knowledge. There was conducted a field research based on electronic and printed questionnaire that was answered by 302 respondents. Based on the results of the testing it was confirmed that level of education is significant for both self-evaluation and the use of financial advisors. However the hypothesis that higher education level increase the probability of self-evaluation and decreases the need to use the help of financial advisors was not confirmed. One of possible explanation could be the overconfidence of individuals that is strongly shown by the sample; 70,52% of total respondents consider their financial knowledge better than average and only 3,32% of the respondents consider them worse than average. And only 29,6% pf the respondents use for their financial decisions the help of financial advisor.

Návaznosti

MUNI/A/0916/2015, interní kód MU

Název: Behaviorální a znalostní aspekty obchodování a oceňování finančních aktiv

Investor: Masarykova univerzita, Behaviorální a znalostní aspekty obchodování a oceňování finančních aktiv, DO R. 2020_Kategorie A - Specifický výzkum - Studentské výzkumné projekty

Citovat

JANČUROVÁ, Věra a Petra FORMÁNKOVÁ. The Use of Financial Advisory in Czech Republic: Self-confidence. In Proceedings of the 13th international scientific conference. Brno: Masarykova univerzita, 2016, s. 267-271. ISBN 978-80-210-7962-5.

@inproceedings{1354008,
   author = {Jančurová, Věra and Formánková, Petra},
   address = {Brno},
   booktitle = {Proceedings of the 13th international scientific conference},
   keywords = {behavioral finance; financial advisory; overconfidence; self-evaluation; financial decision},
   howpublished = {tištěná verze "print"},
   language = {eng},
   location = {Brno},
   isbn = {978-80-210-7962-5},
   pages = {267-271},
   publisher = {Masarykova univerzita},
   title = {The Use of Financial Advisory in Czech Republic: Self-confidence},
   year = {2016}
}

TY  - JOUR
ID  - 1354008
AU  - Jančurová, Věra - Formánková, Petra
PY  - 2016
TI  - The Use of Financial Advisory in Czech Republic: Self-confidence
PB  - Masarykova univerzita
CY  - Brno
SN  - 9788021079625
KW  - behavioral finance
KW  - financial advisory
KW  - overconfidence
KW  - self-evaluation
KW  - financial decision
N2  - The study of behavioral finance and decision making, especially in finance, have grown on importance during last decades. There were conducted many studies of decision making at financial markets all around the world. This study was conducted to analyze financial decision making and behavioral characteristics of Czech population. The purpose of this study is to show how people in Czech Republic control their financial affairs; one of the studied areas is if they use the help of financial advisors, especially, if this is influenced by gender, the level of education or even by the self-evaluation of own financial skills and knowledge. There was conducted a field research based on electronic and printed questionnaire that was answered by 302 respondents. Based on the results of the testing it was confirmed that level of education is significant for both self-evaluation and the use of financial advisors. However the hypothesis that higher education level increase the probability of self-evaluation and decreases the need to use the help of financial advisors was not confirmed. One of possible explanation could be the overconfidence of individuals that is strongly shown by the sample; 70,52% of total respondents consider their financial knowledge better than average and only 3,32% of the respondents consider them worse than average. And only 29,6% pf the respondents use for their financial decisions the help of financial advisor.
ER  -

JANČUROVÁ, Věra a Petra FORMÁNKOVÁ. The Use of Financial Advisory in Czech Republic: Self-confidence. In \textit{Proceedings of the 13th international scientific conference}. Brno: Masarykova univerzita, 2016, s.~267-271. ISBN~978-80-210-7962-5.

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