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Fatemeh Kimiyaghalam
Shaheen Mansori
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Meysam Safari
SEGi University College
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e-ISSN: 2395-0463
Journal for Studies in Management and Planning
Available at http://edupediapublications.org/journals/index.php/JSMaP/ Volume 02 Issue 7
July 2016
Jalan BBN 12/1, Bandar Baru Nilai, 71800 Nilai, Negeri Sembilan, Malaysia
E-mail: shaheen.mansori@gmail.com
Abstract
In todays highly complex and volatile
financial market the importance of
financial advice in decision making is
difficult to rebut. People may seek for this
type of help through close networks (like
family or friends) or professional advisors.
This paper reviews and summarizes the
studies about financial help-seeking
behavior. The findings suggest that factors
like demographic profile, socio-economic
features, and psychosocial characteristics
are most likely to influence financial helpseeking behavior. To analyze the process
of this behavior, we apply the theory of
planned behavior and develop the
conceptual framework. The direction of
future studies is presented with a
particular highlighting on the outcome of
existing research.
Keywords:
help-seeking
behavior,
financial advice, financial planner, theory
of planned behavior, help-seeking
framework, retirement planning, personal
finance, retirement
JEL Classification: D1, G20, L84
1. Introduction
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Journal for Studies in Management and Planning
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July 2016
researchs
and
practical
attentions,
especially for mental health problems
(Collins et. al.2009; Mariu et al. 2012;
Fishbein &Ajzen, 2010; Zartaloudi &
Madianos, 2010; Spendelow & Jose,
2010). Other areas that have a significant
and growing body of research regarding
help-seeking behavior include such
decisions
related
to
depression,
alcoholism, gambling addiction, weight
disorders, drug addiction, AIDS, cancer,
diabetes, emotional distress, and other
forms of chronic disability (Bhugra &
Hicks, 2014; Hingson, Mangione, Meyers
& Scotch, 1982 ; Splevins et al. 2010;
Prouty, , Protinsky & Canady, 2002;
Johnson, McChesney & Bean , 1988;
Burnhams et al. 2015; Iskandarsyah et al,
2014; Doshi et al. 2010; Carter & Forsyth,
2010). However, progress in these areas
has been handicapped by a lack of
conceptual clarity about the definition of
help-seeking and the absence of a
universal
measurement
scale
that
facilitates the comparison of study results
in the field of health and psychological
problems (Rickwood & Thomas, 2012).
Some of these researchs are about
Adolescent help-seeking behavior since
this phase of life plays a crucial role in
developing the skills and attributes
necessary for an individual to become a
productive adult. Nevertheless, studies of
help-seeking behavior within the area of
personal finance are limited (Lim et al.
2014). Recently, the complexity of
financial markets has increased the
attention given to studies of financial helpseeking
behavior.
The
current
development of financial institutions and
instruments has grown the responsibility
individuals bear in making financial
decisions; thus, it is essential for them to
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