We investigate how financial literacy shapes older Americans’ demand for financial advice. Using an experimental module fielded in the Health and Retirement Study, we show that financial literacy strongly improves the quality but not the quantity of financial advice sought. In particular, more financially literate people seek financial help from professionals. This effect is more pronounced among older people and those with more wealth and more complex financial positions. Our analysis result implies that financial literacy and financial advisory services are complementary with, rather than substitutes for, each other.

中文翻译：

---

金融知识如何影响老年人对金融建议的需求

我们调查金融素养如何影响美国老年人对金融建议的需求。使用健康与退休研究中的一个实验模块，我们表明金融素养极大地提高了所寻求的财务建议的质量，而不是数量。特别是，更多具有金融知识的人寻求专业人士的经济帮助。这种影响在老年人和拥有更多财富和更复杂财务状况的人中更为明显。我们的分析结果表明，金融素养和金融咨询服务是相互补充而不是相互替代的。