Thi Anh Nhu Nguyen|Zoltán Rózsa
Financial Literacy and Financial Advice Seeking for Retirement Investment Choice
research investigates effects degree financial literacy financial advice seeking retirement investment choice well assesses level financial literacy vietnamese employeesan empirical research conducted examining 314 individuals currently working stagethis current work also contributes present literature exploring whether relationship financial literacy seeking advice substitute complementary relationshipthe estimation techniques applied resaerch statistics descriptive analysis twostage least squares 2sls regressionthe results statistics descriptive analysis indicated vietnamese employees moderate level basic advanced financial literacyafter addressing endogenous problem running twostage least squares 2sls regression results show basic financial knowledge advanced financial knowledge positively correlated financial advice seeking retirement investment choicethis result also supports evidence relationship may considered complementary onehence recommended policy makers concede along financial literacy financial advice ought perceived complementary mechanism assist individuals make informed retirement investment choices