Kim, Hugh HoikwangMaurer, RaimondMitchell, Olivia S2023-05-232023-05-232020-01-012020-01-13https://repository.upenn.edu/handle/20.500.14332/43959We investigate how cognitive ability and financial literacy shape older Americans’ demand for financial advice. Using an experimental module at the Health and Retirement Study, we show that cognitive ability and financial literacy strongly improve the quality but not the quantity of financial advice sought: more financially literate and cognitively able seek financial help from professionals. They also utilize more ‘free’ financial advice that may entail potential conflicts of interest. Finally, among those not seeking financial advice, people with higher cognitive function tend to distrust financial advisors, leading them to avoid these services.Opinions and conclusions expressed herein are solely those of the authors and do not represent the opinions or policy of the funders or any other institutions with which the authors are affiliated. ©2020 Kim, Maurer, and Mitchell. All rights reserved.D14, G11, G41, J26financial advicecognitive abilityfinancial literacyagingfinancial managementHealth and Retirement Study (HRS)EconomicsWorking Paper