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Based on a large and representative sample of Italian adults, our study aims to detect the determinants of retail investor preferences for socially responsible (SR) financial intermediaries, i.e., intermediaries adopting environmental, social and governance strategies and offering both traditional and SR financial products. We demonstrate that SR financial intermediaries are chosen by individuals characterized by high self-reported orientation towards SR investments and high financial literacy. Disaggregating financial literacy into its three determinants, we show that the higher the financial knowledge and the more correct financial behavior of retail investors related to savings and financial control, the higher their preference for SR financial intermediaries. On the other hand, individual financial attitude towards savings and spending displays a negative relationship with this preference. Moreover, retail investors with more specific knowledge about portfolio diversification choose more SR financial intermediaries than other people.
Cucinelli et al. (Mon,) studied this question.
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