A study by the Center for Behavioral Economics analyzed consumer spending patterns and found that individuals who received personalized financial advice reported a 20% increase in savings over a year compared to those who did not. The report concludes that personalized financial advice is beneficial for improving savings rates among consumers.

Despite these findings, some experts argue that improved savings rates may also result from the overall economic climate and not solely from the financial advice. To better understand the effectiveness of financial advice, it is essential to consider whether consumers who seek such advice would inherently save more due to personal motivation.