Clustering Users of Multiple Sources of Information for Saving and Investment

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Authors

  • Jasook Kwon

Published 2004, "Clustering Users of Multiple Sources of Information for Saving and Investment", Journal of Personal Finance, 2004- Volume 3

Abstract

  • A cluster analysis was conducted, using the 1998 Survey of Consumer Finances, to study the 2,141 U.S. households who reported two or more information sources to make saving/investment decisions. The households that used multiple sources were clustered in four groups, and the information sources used in each group were examined. The four groups were named ‘mass media oriented light users’, ‘comprehensive expert users’, ‘assertive users’, and ‘technical/investment oriented expert users’. The results of this study have implications for personal finance education, and the financial service industry.