This study employed a dataset from the 2011 National Financial Literacy Survey conducted by Taiwan’s Financial Supervisory Commission. The study results indicate a complementary relationship between financial literacy level and consulting financial advisors. By contrast, the results indicate a substitutable relationship between financial literacy level and following financial advice. Trust in financial advisors exerts a significant positive influence on the tendency to follow financial advice. Therefore, trust is a key determinant of whether individuals follow financial advice. Furthermore, individuals with lower financial literacy levels increase their participation in retirement planning by following financial advice. Financially knowledgeable individuals are more likely to actively participate in retirement planning or purchase unit-linked insurance plans due to their higher level of knowledge and consultation with financial advisors. Finally, financial advice provided by advisors is a mediating variable between financial literacy and financial behaviors.
