A case of the customers of mutual fundsin Finland
Verist Ltd, Vieruma¨ ki, Finland
Finnish Institute for Educational Research, University of Jyva¨ skyla¨ , Jyva¨ skyla¨ , Finland
School of Business and Economics, University of Jyva¨ skyla¨ , Jyva¨ skyla¨ , Finland, and
National Consumer Research Centre, Helsinki, Finland
– The purpose of this paper is to provide further understanding of the ﬁnancial capability of mutual fund investors, and compare internet and branch ofﬁce investors. It seeks to examine mutualfund investors’ abilities and awareness of the terms and risks of mutual fund investments using anovel measurement instrument.
– Ability measurement techniques adapted from educational andpsychological studies were applied in the paper. Empirical survey data were collected in Finland.
– There were differences between different types of investors in terms of ﬁnancialknowledge. The channel used by the investors in making investments differentiated the moreknowledgeable internet investors from the less knowledgeable branch ofﬁce investors.
– The subjects of the study are the clients of a mutual fundcompany. Future research could concentrate on examining the consequences of ﬁnancial knowledge.One interesting question is how the consumers understand their personal ﬁnancial capability and itsrole in their lives.
– The measures and indicators of ﬁnancial capability are importantevaluative instruments for banks and ﬁnancial corporations as well as for the authorities involved inevaluating investors’ ﬁnancial behaviour.
– The ability measurement technique adapted from education and psychologicalresearch proved to be applicable in the ﬁeld of ﬁnancial capability measurement.
Financial management, Financial information, Unit trusts, Investments
Active ﬁnancial markets are important to the whole of society. From the 1980s, thestructural and technical changes in the ﬁnancial market, as well as internationalisation
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Financialcapability of investors
Received April 2010Revised September 2010Accepted October 2010
International Journal of BankMarketingVol. 29 No. 2, 2011pp. 107-133
Emerald Group Publishing Limited0265-2323DOI 10.1108/02652321111107611