The Intersectionality of Race and Gender in Financial Planner Use

Reiter, Miranda; Qin, Di; Anderson, NaRita; Watkins, Kimberly J

doi:10.4148/1944-9771.1315

Cited by 4 publications

(5 citation statements)

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“…Being Black was significant in explaining whether one hired a financial professional for females but not for males. In other words, being a Black woman was a significant determinant in seeking financial advice, which has been previously corroborated (Reiter, Qing, Anderson, & Watkins, 2022;Reiter, Seay, MacDonald, et al, 2022). Employment and homeownership were significant determinants in seeking financial advice for males but not for females.…”

Section: Discussionsupporting

confidence: 56%

“…Hanna (2011) and White and Heckman (2016) found that single women were more likely to use financial planners when compared to married couples. Women are more likely to hire financial planners than men (Reiter, Qing, Anderson, & Watkins, 2022; Reiter, Seay, & Loving, 2022; Reiter, Seay, MacDonald, et al, 2022), more likely to trust financial planners (Reiter, Seay, & Loving, 2022), and more likely to pay for financial advice (Finke et al, 2011) than men. Some studies have attributed these tendencies to women feeling more anxious about financial decisions than men (Stinerock et al, 1991) and men's preference to rely on their own research when making financial decisions (Sholin et al, 2021).…”

Section: Literature Reviewmentioning

confidence: 99%

“…Race and ethnicity have also been examined, along with gender, to investigate financial advice use. Reiter, Qing, 2022; Reiter, Seay, & Loving, 2022; Reiter, Seay, MacDonald, et al, 2022 uncovered that Black women were more likely than White men to seek financial advice, while Lei and Kordes (Lei & Kordes, 2020) found that Hispanic women were less likely to use financial planners than White women. Table 2 summarizes studies on gender and financial advice seeking.…”

Section: Literature Reviewmentioning

confidence: 99%

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Racial and gender differences in financial advice seeking: Evidence from the National Financial Capability Study

Reiter,

Qing

2023

Fin Plan Rev

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There is a growing interest to increase diversity among consumers who are seeking financial advice, but the influences of race and gender on financial advice seeking have not been widely explored in the literature. We examine the role of race and gender on financial advice seeking among U.S. households by employing a decomposition technique. The findings highlight that asking for financial advice is not determined by race or gender in and of itself, but by the racial and gender differences in the predictors associated with financial advice seeking. Black and female consumers were found to be more likely to ask for financial advice when making savings and investment decisions. The relationships between financial advice seeking and income level, employment status, education level, and subjective knowledge differed significantly for Black and White consumers. Employment status, race, and homeownership differed significantly for women and men seeking financial advice. The results show that the predictors which explain financial advice seeking may not apply in the same way to all consumers. Practitioners can use this research to refine how they market and gain a better understanding of how race and gender are associated with certain important variables that are associated with seeking financial advice.

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Section: Discussionsupporting

confidence: 56%

Section: Literature Reviewmentioning

confidence: 99%

Section: Literature Reviewmentioning

confidence: 99%

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Racial and gender differences in financial advice seeking: Evidence from the National Financial Capability Study

Reiter,

Qing

2023

Fin Plan Rev

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“…Additionally, the financial planning industry has historically serviced White households at a much higher rate than Black households (Burton, 2018; White & Heckman, 2016). Several studies show that when certain socioeconomic and financial variables are controlled for, Black consumers are more likely than Whites to work with a financial planner (Elmerick et al, 2002; Hanna, 2011; Reiter et al, 2022; White & Heckman, 2016). In addition, with awareness of the racial wealth gap, Black consumers may inherently understand the positive impact that working with a financial planner might have on wealth, not only for their immediate family but for future generations as well (Craemer et al, 2020).…”

Section: Literature Reviewmentioning

confidence: 99%

U.S. Black adults' estate planning: The role of financial planner use, inheritance receipt, and life insurance ownership

Watkins,

Choi,

Reiter

et al. 2024

Fin Plan Rev

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While an emerging body of research has documented the significance of estate planning, there remains limited understanding regarding the extent of Black adults' engagement with estate planning in the United States. The objectives of this study were to examine whether the utilization of financial planners, the status of inheritance receipt, and religion are associated with engagement in estate planning among U.S. Black adults, and how these associations vary based on life insurance policy ownership. Participants for this study were 673 U.S. Black adults aged 25 and older who completed an online survey in July 2021. We estimated logistic regression models to predict Black adults' engagement in estate planning. Results indicated that in fully adjusted models, Black adults who used the services of a financial planner had significantly higher odds of executing a valid will or trust than those who did not seek assistance from a financial planner. The status of inheritance receipt, frequency of attendance at religious services, and ownership of life insurance policies were positively and significantly associated with engagement in estate planning among Black adults. However, as a moderator, patterns did not differ significantly depending on whether they owned life insurance policies. These findings may assist professionals and other stakeholders in financial planning to develop strategies or interventions to enhance estate planning for U.S. Black households.

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“…Seorang perencana keuangan memandu dalam memenuhi kebutuhan keuangan saat ini dan tujuan jangka panjang. Itu biasanya berarti menilai situasi keuangan, memahami apa yang diinginkan uang lakukan (baik sekarang maupun di masa depan) dan membantu membuat rencana untuk membawa ke tujuan jangka panjang (Reiter et al, 2022).…”

Section: Communityunclassified

Manajemen Utang untuk Perencana Keuangan Perusahaan (Target Generasi Z)

2023

JUDIKAT

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Debt management is an aspect of financial planning that is very important for corporate financial planners to pay attention to, especially Generation Z who will become financial planners in the future. The purpose of financial planning is to manage the company's financial resources effectively and efficiently in order to achieve the set business goals. The dedication team conveyed debt management to corporate financial planners using the pulpit lecture method and open discussions. The implementation of this activity is supported by PT Ciera Cahaya Harmoni as the company's business consultant. The results of the activity show that the debt management knowledge of the participants is still limited and has been conditioned by debt management material from the dedicated team, the pulpit lecture method and open discussions have proven to be effective in increasing debt management knowledge for participants and financial planners for generation Z companies must have a good understanding of debt management such as identifying funding needs, determining appropriate funding sources, managing risk, optimizing capital structure and monitoring financial performance.

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The Intersectionality of Race and Gender in Financial Planner Use

Cited by 4 publications

References 0 publications

Racial and gender differences in financial advice seeking: Evidence from the National Financial Capability Study

Racial and gender differences in financial advice seeking: Evidence from the National Financial Capability Study

U.S. Black adults' estate planning: The role of financial planner use, inheritance receipt, and life insurance ownership

Manajemen Utang untuk Perencana Keuangan Perusahaan (Target Generasi Z)

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