Retirement Planning of Younger Baby-Boomers : Who Wants Financial Advice?

This paper uses a recent wave of a nationally representative survey to determine the predictors of financial planning services utilization among younger baby boomers. The results suggest that cognitive factors and factors related to human capital, such as IQ and educational attainment, are positively associated with use of financial planning services in this group. The study also shows that participation in a tax-advantaged account and higher net worth increase the probability that a person will seek professional financial advice. The paper provides useful information for financial planning practitioners, economists, and policy makers