Taking financial advice: Going beyond making good decisions

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dc.abstract.enWhen making financial decisions concerning money management, people often use recommendations from professional advisors. Turning to experts who know better and relying on their knowledge, skills or competence may increase the likelihood of achieving beneficial decision outcomes. However, as we propose in the present chapter, both searching for professional recommendations, and evaluating the quality of the source of expertise, may sometimes go beyond the need to make only optimal decisions, and can be driven by motivations that are independent of accuracy. In particular, we argue that when people are confronted with a necessity to evaluate the quality of a certain expert, they use their own beliefs as a reference point, and tend to depreciate recommendations which are at odds with those beliefs. In other words, our idea, supported by the results of a series of studies, points to the psychological role of the confirmation effect when taking advice. The present chapter shows that taking financial advice may fulfil psychological needs that go beyond simply searching for professional support and that are associated with the protection of the advisee’s sense of self-worth.
dc.affiliationInstytut Psychologii
dc.affiliationWydział Psychologii we Wrocławiu
dc.contributor.authorZaleśkiewicz, Tomasz
dc.contributor.authorAgata Gasiorowska
dc.contributor.editorAltman, Morris
dc.date.accessioned2024-01-03T09:04:46Z
dc.date.available2024-01-03T09:04:46Z
dc.date.created2023
dc.date.issued2023-03-17
dc.description.grantnumber2012/05/B/HS6/00268
dc.description.granttitleZniekształcenia poznawcze w ocenie autorytetu epistemicznego eksperta: ich psychologiczne, źródła i konsekwencje na przykładzie oceniania ekspertów w dziedzinie ekonomii
dc.description.physical226–241
dc.description.versionfinal_published
dc.identifier.doi10.4337/9781839107948.00022
dc.identifier.isbn9781839107948
dc.identifier.isbn9781839107931
dc.identifier.urihttps://share.swps.edu.pl/handle/swps/280
dc.identifier.weblinkhttps://www.elgaronline.com/edcollchap/book/9781839107948/book-part-9781839107948-22.xml
dc.languageen
dc.pbn.affiliationpsychologia
dc.publisherEdward Elgar Publishing
dc.publisher.ministerialEdward Elgar Publishing
dc.relation.bookHandbook of research methods in behavioural economics
dc.relation.pages532
dc.rights.explanationNie wykupiono open access
dc.rights.questionNo_rights
dc.subject.enfinancial advice
dc.subject.endecision-making
dc.subject.enconfirmation effect
dc.subject.enself-esteem
dc.subject.enbias blind spot
dc.swps.sciencecloudnosend
dc.titleTaking financial advice: Going beyond making good decisions
dc.title.journalHandbook of Research Methods in Behavioural Economics
dc.typeMonographyChapter
dspace.entity.typeBook