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Your search for all content returned 248 results

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  • Financial Knowledge and Financial Fragility: A Consideration of the Neighborhood EffectGo to article: Financial Knowledge and Financial Fragility: A Consideration of the Neighborhood Effect

    Financial Knowledge and Financial Fragility: A Consideration of the Neighborhood Effect

    Article

    This study explores the association between financial knowledge and financial fragility. Data from the 2015 National Financial Capability Study were used to create an index of financial fragility. Relationships between this index and three different measures of financial knowledge were assessed. To mitigate potential endogeneity in the financial knowledge measures, such as neighborhood effect defined as social interactions or characteristics of communities that influence socioeconomic and health behaviors or outcomes of individuals, the neighborhood average education level in US zip code units was used as an instrumental variable. The results from the baseline Ordinary Least Squares regression models and Two Stage Least Squares (2SLS) regression models indicated a negative relationship between financial knowledge and financial fragility; the effect was greater when the instrumental variable was used. Our findings with the neighborhood effect suggest which groups could be a focus for future research as well as offering practical interventions. Further, when designing and implementing educational and behavioral interventions, the knowledge-based approach should gain continued support from financial education, planning, and counseling programs.

    Source:
    Journal of Financial Counseling and Planning
  • Student Loan Holding and Life Satisfaction: Evidence From Panel DataGo to article: Student Loan Holding and Life Satisfaction: Evidence From Panel Data

    Student Loan Holding and Life Satisfaction: Evidence From Panel Data

    Article

    Given the soaring costs of higher education, financial aid is helpful to reduce the direct costs of college. Student loans are the most common financial support for college students. The purpose of this research was to estimate whether student loan holding and amounts were negatively associated with life satisfaction utilizing 2011, 2013, 2015, 2017, and 2019 waves of the Panel Study of Income Dynamics. This study utilized the fixed-effects-logit model to demonstrate the association. The results showed that holding student loans was negatively associated with life satisfaction. But there was no statistically significant association when student loans were measured as the actual amount. The existence of student loans rather than the amount was what was associated with decreased utility in the short term. This study mainly focused on the change of “within-group” effect on life satisfaction in the short run. The findings underscore the importance of education savings from parents and use of student loans on overall life satisfaction practitioners.

    Source:
    Journal of Financial Counseling and Planning
  • Factors Contributing to the Financial Self-Efficacy of Student Loan BorrowersGo to article: Factors Contributing to the Financial Self-Efficacy of Student Loan Borrowers

    Factors Contributing to the Financial Self-Efficacy of Student Loan Borrowers

    Article

    Financial self-efficacy is associated with positive financial behaviors. This study investigated factors associated with financial self-efficacy among student loan borrowers based on original data collected through an online national survey of student loan borrowers between age 25 and 75. Results revealed that perceived student loan literacy prior to accruing higher education debt was significantly associated with current financial self-efficacy, while general financial literacy during repayment did not appear to be correlated with financial self-efficacy. This study draws on social cognitive theory to suggest that student loan literacy prior to accruing debt may act as a mastery experience, improving financial self-efficacy when the repayment period arrives. Given the increasing prevalence of student loans across all generations, this study underscores the need for early education and mentoring from financial professionals about student loan borrowing.

    Source:
    Journal of Financial Counseling and Planning
  • Family Communication, Resources, and Income in Adolescence and Financial Behaviors in Young AdulthoodGo to article: Family Communication, Resources, and Income in Adolescence and Financial Behaviors in Young Adulthood

    Family Communication, Resources, and Income in Adolescence and Financial Behaviors in Young Adulthood

    Article

    This research examined how parental communication and family resources provided during adolescence relate to domain-specific financial management behaviors for a sample of 1,245 young adults age 18–34. Using data collected by an online survey administration organization, bivariate analysis results indicated that higher levels of parental communication about proper consumer skills and tangible and intangible family resources were associated with better financial behaviors. Financial behaviors were also found to vary significantly across different levels of family income. Multivariate regression analyses revealed two noteworthy interactions in which intangible resources and financial behaviors varied by level of family income. Better financial behaviors in adulthood were associated with more intangible resources for middle- and upper-income families during adolescence. The reverse was indicated for young adults from lower income families. Control variables of education level, employment status, and gender also showed significance with financial behaviors.

    Source:
    Journal of Financial Counseling and Planning
  • Financial Self-Efficacy: Mediating the Association Between Self-Regulation and Financial Management BehaviorsGo to article: Financial Self-Efficacy: Mediating the Association Between Self-Regulation and Financial Management Behaviors

    Financial Self-Efficacy: Mediating the Association Between Self-Regulation and Financial Management Behaviors

    Article

    Both self-efficacy and self-regulation have been connected to financial behaviors and financial outcomes of households; however, their associations have been studied independently. This study examined the association between general self-regulation (i.e., mindfulness practice, self-care behaviors, and conflict management) and financial management behavior, mediated by financial self-efficacy. Data was gathered from 693 individuals in couple relationships residing in the Southeastern United States of America who participated in a Healthy Marriage and Relationship Education training program. Analyses of data showed that general self-regulation and financial self-efficacy were positively associated with financial management behaviors and that general self-regulation was indirectly associated with financial management behaviors through financial self-efficacy. Implications of this study suggest that by coupling financial education, counseling, and coaching interventions with broad-based self-regulation programming, such as mindfulness or relationship training, clients will realize more significant improvements in financial management behaviors.

    Source:
    Journal of Financial Counseling and Planning
  • Development of a Responsible Financial Behaviors IndexGo to article: Development of a Responsible Financial Behaviors Index

    Development of a Responsible Financial Behaviors Index

    Article

    Bridging the gap between theory and practice, this study yielded a reliable and valid measure for responsible financial behaviors with the potential to serve practitioners when working with consumers. This research utilized Bandura’s Triadic Model of Causation (Bandura, 1985) to investigate and predict responsible financial behaviors. Data from the 2009, 2012, and 2018 National Financial Capability Study surveys were used to construct a responsible financial behaviors index with five subconstructs for time horizon, money management, risk management, debt awareness, and ownership of baseline financial accounts. Results from a series of regression models identified consistent relationships between the index and variables categorized as cognitive factors (financial knowledge, financial self-efficacy, and financial risk tolerance) and background characteristics (educational attainment, income, and marital status).

    Source:
    Journal of Financial Counseling and Planning
  • Childhood Financial Socialization and Debt-Related Financial Well-Being Indicators in AdulthoodGo to article: Childhood Financial Socialization and Debt-Related Financial Well-Being Indicators in Adulthood

    Childhood Financial Socialization and Debt-Related Financial Well-Being Indicators in Adulthood

    Article

    The purpose of this study was to explore the potential influence of childhood financial socialization on financial well-being in adulthood. Using a sample (N = 2,213) from De Nederlandsche Bank Household Survey (DHS) we modeled the likelihood of household debt/asset ratio less than or equal to 40%, and the likelihood of a household reporting a current ratio (liquid asset /short-term debt ratio) greater than or equal to 100%. Consistent with predictions of social learning theory, being encouraged to save during childhood had a positive association with meeting the financial planning industry benchmarks for these financial ratios in adulthood. The key implication is that the path to financial well-being does not begin with financial knowledge attained in adulthood, but instead begins with experiential learning and socialization during childhood.

    Source:
    Journal of Financial Counseling and Planning
  • Sound Financial Management and Happiness: Economic Pressure and Relationship Satisfaction as MediatorsGo to article: Sound Financial Management and Happiness: Economic Pressure and Relationship Satisfaction as Mediators

    Sound Financial Management and Happiness: Economic Pressure and Relationship Satisfaction as Mediators

    Article

    This study examines the relationship between sound financial management behaviors and happiness using a national sample of adults collected in 2009 (N = 1,014). We used Maslow's hierarchy of needs (1943) as a theoretical framework to examine associations between sound financial management behavior, economic pressure, relationship satisfaction, and happiness. Findings suggested that economic pressure and relationship satisfaction both mediated the association between sound financial management and happiness, but the mediator effects were only partial. That is, even after accounting for participants' actual financial context, feelings of economic pressure, and relationship satisfaction, a positive association between sound financial management behavior and happiness remained.

    Source:
    Journal of Financial Counseling and Planning
  • Personality Traits, Consumer Home Value, and Mortgage DebtGo to article: Personality Traits, Consumer Home Value, and Mortgage Debt

    Personality Traits, Consumer Home Value, and Mortgage Debt

    Article

    Research on residential preferences has consistently orbited around their been correlation with economic and social factors. This study builds on the existing literature by investigating the personality characteristics that shape residential behavior. The specific objective is to examine the Big Five personality traits (OCEAN)—openness, conscientiousness, extraversion, agreeableness, and neuroticism—and their relationship with the value of individuals’ primary residences and mortgage debt using data collected from the Health and Retirement Study. Regression models are estimated to examine the associations between the OCEAN personality traits and home value and mortgage debt. The findings reveal the following associations: openness and conscientiousness are associated positively, and agreeableness is associated negatively, with larger home values; whereas openness and agreeableness are associated positively, and conscientiousness and neuroticism are associated negatively, with larger mortgage debts.

    Source:
    Journal of Financial Counseling and Planning
  • Financial Hardship, Social Support, and Perceived StressGo to article: Financial Hardship, Social Support, and Perceived Stress

    Financial Hardship, Social Support, and Perceived Stress

    Article

    This study examines the associations among financial hardship, perception of situation, social support, and perceived stress using data from the second wave of the National Survey of Midlife Development in the United States. Both financial hardship and perception of situation were hypothesized to be positively associated with perceived stress, whereas social support was hypothesized to act as an intervening variable between perception of situation and perceived stress. The results from a structural equation model showed that (a) financial hardship was a precursor of perception of situation, (b) perception of situation exhibited a positive effect on perceived stress, and (c) social support was negatively related to the level of perceived stress.

    Source:
    Journal of Financial Counseling and Planning
  • Divorce and Asset Burn: Using Retirement Planning Techniques to Model Long-Term Outcomes of DivorceGo to article: Divorce and Asset Burn: Using Retirement Planning Techniques to Model Long-Term Outcomes of Divorce

    Divorce and Asset Burn: Using Retirement Planning Techniques to Model Long-Term Outcomes of Divorce

    Article

    Financial professionals involved in divorce proceedings, whether for a client or an attorney, often use software to project the ability of a dependent spouse to earn income off of her separate estate. These projections have historically relied on static inputs and use a Monte Carlo simulation to illustrate the paths a portfolio might take. Within this study, the effects on dynamic income and expense changes on outcomes were examined. A comparison was made between the traditional Monte Carlo methods and Markov Chain Monte Carlo (MCMC) methods. Results using MCMC methods more closely approximated investment return distribution, and illustrated investable assets were the primary driver of long-term success, and not items such as spousal or child support. Practical implications for financial professionals, family law attorneys, judges, and clients are discussed as well as opportunities for future research.

    Source:
    Journal of Financial Counseling and Planning
  • For Love or Money? Factors Associated With the Choice Between Couple-Based Versus Individual Financial CoachingGo to article: For Love or Money? Factors Associated With the Choice Between Couple-Based Versus Individual Financial Coaching

    For Love or Money? Factors Associated With the Choice Between Couple-Based Versus Individual Financial Coaching

    Article

    There has been much effort in recent years to address some of the damage of the recent global financial crisis with financial literacy education. Little research has been done, however, on the factors that might affect the decision to seek individual versus couples-based financial education. We used a survey instrument administered via the online labor market, Mechanical Turk, to examine factors associated with this outcome: whether members of a couple would choose individual or couples financial coaching. All participants were screened for current membership in a committed relationship for at least 6 months. Most participants reported a preference for couples versus individual financial counseling. Key factors that predicted a likelihood to opt for couples' counseling include gender, age, and satisfaction with one's relationship. Results from this study suggest that how and why consumers seek financial education may be affected by social, cultural, emotional, and relational factors as well as financial concerns. Such factors should be considered by practitioners in this field if program marketing, design, and delivery are to be relevant to participants and effective.

    Source:
    Journal of Financial Counseling and Planning
  • A Financial Psychology Intervention for Increasing Employee Participation in and Contribution to Retirement Plans: Results of Three TrialsGo to article: A Financial Psychology Intervention for Increasing Employee Participation in and Contribution to Retirement Plans: Results of Three Trials

    A Financial Psychology Intervention for Increasing Employee Participation in and Contribution to Retirement Plans: Results of Three Trials

    Article

    Despite decades of retirement plan enrollment meetings, many employees fail to fully engage in their employer-sponsored retirement plans. Under the framework of the Transtheoretical Model (TTM) of Behavior Change, this study examines the effectiveness of a financial psychology intervention designed to increase engagement in employer-sponsored retirement plans across three employee groups: 107 employees of a regional bank, 43 employees of a custom manufacturing company, and 48 employees of a construction company. Following the intervention, significant changes in plan participation, contribution rates, and one-on-one follow-up meetings with financial advisors were observed. Thirty-eight percent of previously unengaged employees became plan participants, 68% requested and held meetings with financial advisors, and contribution rates increased by 39%, resulting in a total $199,445 increase in first-year annualized contributions and employer matching funds across the three groups.

    Source:
    Journal of Financial Counseling and Planning
  • Who Uses Mobile Payments: Fintech Potential in Users and Non-UsersGo to article: Who Uses Mobile Payments: Fintech Potential in Users and Non-Users

    Who Uses Mobile Payments: Fintech Potential in Users and Non-Users

    Article

    This study used data from the 2015 National Financial Capability Study to analyze the adoption of mobile payments by U.S. households. While 24% of respondents used mobile payments, the mean rate for those under age 25 was 11 times the rate for those 65 and older. State rates ranged from about 9% in Montana to 34% in Washington, DC. Based on a logistic regression, age and an objective financial knowledge score were negatively while risk tolerance and a subjective financial knowledge score were positively related to mobile payment use. The results have implications for marketing of Fintech applications for personal finance, especially in terms of the extremely low mobile payment use by older consumers.

    Source:
    Journal of Financial Counseling and Planning
  • Future Orientation and Household Financial Asset LiquidityGo to article: Future Orientation and Household Financial Asset Liquidity

    Future Orientation and Household Financial Asset Liquidity

    Article

    This study explored one aspect of household financial resilience by analyzing factors related to financial asset liquidity. Given that assets are classified on the balance sheet according to when their economic benefits are expected in time, we extend the asset allocation literature by modeling the allocation of financial assets to cash as a function of intertemporal motivations (i.e., future orientation). A sample of respondents was extracted from De Nederlandsche Bank Household Survey. Fractional logistic regression was used to model the proportion of financial assets held in cash. Consistent with theoretical predictions, future orientation was negatively associated with the proportion of financial assets held in cash. Implications for practice are discussed.

    Source:
    Journal of Financial Counseling and Planning
  • Climate Volatility and Household Saving in ChinaGo to article: Climate Volatility and Household Saving in China

    Climate Volatility and Household Saving in China

    Article

    Many studies have investigated the correlation between climate change and economic growth. However, this study focuses on household saving, whereby growth may be correlated with climate volatility. This study conducts a dynamic panel analysis using data on Chinese provinces for the period of 2001–2009. Various indicators of climate volatility are employed to ensure robustness, and the Generalized Method of Moments (GMM) approach is chosen to reduce endogeneity. The estimation results show that in rural areas, temperature volatility is positively correlated with the household saving rate, but that the correlation is weaker in urban areas. This study suggests that first, to increase household welfare, risk-pooling insurance should be applied, and second, that rural areas should be the priority for development over urban areas.

    Source:
    Journal of Financial Counseling and Planning
  • Antecedents and Consequences of Using Social Media for Personal FinanceGo to article: Antecedents and Consequences of Using Social Media for Personal Finance

    Antecedents and Consequences of Using Social Media for Personal Finance

    Article

    This study was intended to find out whether social media could be a solution to improve personal financial literacy and ability. The authors examined the antecedents and consequences of using social media for personal finance with survey data from 359 individuals who used social media tools to view, learn, post, or ask for financial information or advice. They found that usefulness and compatibility were two reasons why people use social media for personal finance, while ease of use and concerns/risks were not. The study also revealed that social media use for personal finance were associated with positive financial outcomes and user satisfaction, which in turn prompted users' intentions to continue using social media for personal finance in the future. These findings suggested that social media could be a legitimate and fruitful source for individuals and financial industry to improve personal financial well-being.

    Source:
    Journal of Financial Counseling and Planning
  • Perceived Financial Needs, Income Sources, and Subjective Financial Well-Being in an Emerging MarketGo to article: Perceived Financial Needs, Income Sources, and Subjective Financial Well-Being in an Emerging Market

    Perceived Financial Needs, Income Sources, and Subjective Financial Well-Being in an Emerging Market

    Article

    This study investigates perceived financial needs and subjective financial well-being using data from a national survey of 2,567 households in Turkey. Financial needs are measured by consumer perceived ability to meet current living expenses in the short-term as well as their assessment for the retirement security in the long-term. We also investigate how income sources are related to subjective financial well-being. Findings show that households' daily concerns including the inability to meet short-term expenses including healthcare, daily living expenses (food and utilities), and the inability to maintain the existing living standard are highly significant factors in explaining their subjective financial well-being. We also find that having enough income during retirement and ability to find a job in the future are positively related to subjective financial well-being. Finally, when households' incomes are from work, rental properties, family, and pension, they feel more financially secure.

    Source:
    Journal of Financial Counseling and Planning
  • Retirement Income Sources and Subjective Financial Well-Being: A Comparison of Retirees and Non-RetireesGo to article: Retirement Income Sources and Subjective Financial Well-Being: A Comparison of Retirees and Non-Retirees

    Retirement Income Sources and Subjective Financial Well-Being: A Comparison of Retirees and Non-Retirees

    Article

    This study examined whether retirement income sources matter for the subjective financial well-being of retirees and the subjective retirement savings adequacy of non-retirees. Using nationally representative data from the 2017 Survey of Household Economics and Decisionmaking, the study found that while income from a defined benefit (DB) plan, defined contribution (DC) plan, and an individual retirement account (IRA) were positively related to the subjective financial well-being of retirees, income from employment and family were negatively related to their subjective financial well-being. Also, retirement preparation with a DB, DC, and IRA was positively related to subjective retirement savings adequacy for non-retirees. The moderating role of age in the relationship between the form of retirement savings for non-retirees and their subjective retirement savings adequacy was significant. Because of the growing importance of individual responsibility for retirement planning, the present study adds to the financial planning knowledge of financial practitioners, educators, and researchers.

    Source:
    Journal of Financial Counseling and Planning
  • Parental Financial Education During Childhood and Financial Behaviors of Emerging AdultsGo to article: Parental Financial Education During Childhood and Financial Behaviors of Emerging Adults

    Parental Financial Education During Childhood and Financial Behaviors of Emerging Adults

    Article

    The purpose of this article was to determine whether overt financial education from parents during childhood (retrospective measure collected in the same survey wave) is associated with a greater frequency of healthy financial management behaviors in emerging adulthood, and whether this relationship is dependent on gender. Using a sample of emerging adults from the Flourishing Families dataset (N = 437), we ran two multivariate linear regressions—one with and one without the interaction variable. Results suggest that financial education from parents during childhood is linked with a greater frequency of healthy financial behaviors in emerging adulthood but was not dependent on gender. Financial educators should involve parents when teaching children about money, and they should educate parents on how to teach their children about money.

    Source:
    Journal of Financial Counseling and Planning
  • Use of Financial Planners and Portfolio PerformanceGo to article: Use of Financial Planners and Portfolio Performance

    Use of Financial Planners and Portfolio Performance

    Article

    Using data from the 2013 Survey of Consumer Finances, this study evaluates the potential effect of using financial planners on household portfolio performance, which was measured by Sharpe Ratio. Results revealed that households that reported using financial planners demonstrated better portfolio performance than those that did not. This lends empirical support to claims that professional financial planning services provide value to clients. Implications for investors, financial planning professionals, and researchers are discussed. Considering the direct relation between wealth accumulation and portfolio performance, financial planners should explore ways in which to work with those with limited resources to help them realize the benefits of using financial planners and improve their portfolio performance as a result.

    Source:
    Journal of Financial Counseling and Planning
  • Financial Literacy Types and Financial Behaviors Among Adolescents: Role of Financial EducationGo to article: Financial Literacy Types and Financial Behaviors Among Adolescents: Role of Financial Education

    Financial Literacy Types and Financial Behaviors Among Adolescents: Role of Financial Education

    Article

    The mismatch between financial objective and subjective knowledge that occurs in youth and adolescents has been understudied in the literature. Based on objective and subjective financial literacy scores, this study categorizes financial literacy into four types: financial literacy overconfidence, underconfidence, competence, and naïvete in a sample of adolescents. Data were collected from 330 students aged around 15 years old in six middle schools in Hong Kong. The results indicate that adolescents who are overconfident about their financial literacy are more likely to engage in risky financial behavior and report higher levels of financial autonomy. A randomized experimental trial was conducted to assess whether financial education could change the mismatch between financial objective and subjective knowledge. The results show a significant increase in underconfidence after the financial education intervention, but no significant change in the other three categories. The findings highlight the same type of financial literacy overconfidence in both adolescents and adults and has implications for financial counselors and educators who would improve the financial engagement of adolescents.

    Source:
    Journal of Financial Counseling and Planning
  • A Study on Military Spouse Licensure Portability in Legislation and PracticeGo to article: A Study on Military Spouse Licensure Portability in Legislation and Practice

    A Study on Military Spouse Licensure Portability in Legislation and Practice

    Article

    Military spouses face employment obstacles such as relocations, leading to un- or underemployment. The Department of Defense (DoD) proposed three best practice guidelines for transfer of licenses for military spouses. In this study, we (a) reviewed state legislation on military spouse licensure portability and identified how states addressed DoD best practices, and (b) interviewed staff and reviewed websites at six occupational boards of each state. Most states have implemented at least two guidelines, while occupational boards have implemented only some of the legislated guidelines. Thirty-seven percent of boards in states with legislation supporting expedited applications for military spouses did not offer them, and not all accommodations are publicly displayed. Financial counselors should recommend military spouses call regulatory offices about accommodations.

    Source:
    Journal of Financial Counseling and Planning
  • Individual and Institutional Factors Related to Low-Income Household Saving BehaviorGo to article: Individual and Institutional Factors Related to Low-Income Household Saving Behavior

    Individual and Institutional Factors Related to Low-Income Household Saving Behavior

    Article

    This research sought to further understanding of factors related to low-income household saving behavior. Saving behavior, defined as whether a household spent less than income, was analyzed by applying institutional theory, which proposes that households' institutional environment has a substantial effect on financial decisions. Two logistic regression models were used to test the effects of variables on saving behavior; the first logit was based on the life cycle hypothesis and the second added noneconomic individual factors (i.e., social networks, financial literacy, and psychological variables) and institutional factors (i.e., access, incentives, and facilitation). Institutional factors, including the number of institutions used, credit access, and having an employer sponsored retirement plan, had significant effects even after controlling for the effect of variables based on the life cycle model, suggesting that promoting institutional access and facilitation—especially through employer-provided plans—may encourage saving behavior among low-income households.

    Source:
    Journal of Financial Counseling and Planning
  • Navigating Risky Higher Education Investments: Implications for Practitioners and ConsumersGo to article: Navigating Risky Higher Education Investments: Implications for Practitioners and Consumers

    Navigating Risky Higher Education Investments: Implications for Practitioners and Consumers

    Article

    This exploratory study examines academic and labor market risks associated with investments in higher education by synthesizing the literature regarding risky higher education choices and extending the research using the 2014 National Student Financial Wellness Study, a national sample of college students. Three phenomena are analyzed to support the notion that individuals may be making suboptimal human capital investment decisions: (a) cost–benefit errors; (b) unclear educational goals; and (c) increasing time-to-degree. The study examines which students are more likely to report that the cost of college did not influence their choice, that tuition is not a good investment, or that they expect to take additional time to complete their degree. Opportunities for practitioners to help clients navigate higher education investment decisions and opportunities for future research are discussed.

    Source:
    Journal of Financial Counseling and Planning
  • Reframing the Retirement Saving Challenge: Getting to a Sustainable Lifestyle LevelGo to article: Reframing the Retirement Saving Challenge: Getting to a Sustainable Lifestyle Level

    Reframing the Retirement Saving Challenge: Getting to a Sustainable Lifestyle Level

    Article

    An increasing number of individuals will be unable to retire comfortably amidst an international retirement savings crisis. Research suggests that behavioral factors contribute to inadequate retirement savings. We present a procedure that reframes the retirement savings decision, aimed at alleviating some of the negative effects of the behavioral factors. This procedure shifts the focus from the required wealth at retirement (the future) to the lifestyle an individual can afford to maintain now (the present). A sustainable lifestyle level (SLL) approach is expressed mathematically and illustrated with practical examples. The SLL approach offers a practical tool for retirement planning professionals to present recommendations that are simple and easy to understand for individuals faced with complex retirement planning decisions.

    Source:
    Journal of Financial Counseling and Planning
  • “I Think I Can Get Ahead!” Perceived Economic Mobility, Income, and Financial Behaviors of Young AdultsGo to article: “I Think I Can Get Ahead!” Perceived Economic Mobility, Income, and Financial Behaviors of Young Adults

    “I Think I Can Get Ahead!” Perceived Economic Mobility, Income, and Financial Behaviors of Young Adults

    Article

    This research examined how perceived economic mobility (PEM) relates to domain-specific behaviors of financial management, specifically cash management, credit management, and savings and investment, for a sample of 1,245 young adults age 18–34. Using data collected by an online survey administration organization, research results indicated a significant positive relationship between PEM and the financial behaviors of cash management and savings and investment. Control variables of income level, family of origin’s perceived (FOP) income level, age, gender, education level, and employment also showed varying levels of significance across the three financial behaviors. Findings, to be considered in financial policy-making, indicated significant interactions between PEM and FOP income levels for cash management and between PEM and current income for credit management.

    Source:
    Journal of Financial Counseling and Planning
  • Impact of the FutureSmart Online Financial Education Course on Financial Knowledge of Middle School StudentsGo to article: Impact of the FutureSmart Online Financial Education Course on Financial Knowledge of Middle School Students

    Impact of the FutureSmart Online Financial Education Course on Financial Knowledge of Middle School Students

    Article

    The increasing role of schools in promoting financial literacy underscores the need to investigate the effectiveness of school-based financial education programs. This study examined FutureSmart—a free, co-curricular, online financial education course—using a quasi-experimental design with a diverse sample of middle school students nationwide. The study assessed the impact of the course on students' financial knowledge, attitudes, and behaviors, and explored the association of program implementation factors with changes in student outcomes. Financial knowledge gains were significant, substantial, and consistent across student subgroups and implementation factors for FutureSmart participants. Gains in financial attitudes and behaviors—specifically, financial confidence, engagement with parents about financial issues, current engagement with financial products, and intended future engagement with financial products—were not significant. The fundamental implication of this research is that FutureSmart effectively conveys financial knowledge to middle school students, contributing to a foundation for their future financial well-being.

    Source:
    Journal of Financial Counseling and Planning
  • Use of Advisors and Retirement Plan PerformanceGo to article: Use of Advisors and Retirement Plan Performance

    Use of Advisors and Retirement Plan Performance

    Article

    As defined contribution (DC) plans become more popular than defined benefit (DB) plans, American workers are increasingly responsible for their retirement savings. Because retirement plan participants' portfolio allocation is constrained by the available funds in the plan, the construction of a plan's investment menu has become extremely important. No research has evaluated fund selection in retirement plans or compared plans involving an advisor with self-directed plans. To fill this research gap, this study employs cross-sectional, nationwide data that include 5,570 retirement plans with 100 or more participants in 2013, 2014 and 2015. Results show that in most cases, using advisors is not related to plan performance. Plan sponsors should require advisors to periodically evaluate the performance of plans under their management using objective measures.

    Source:
    Journal of Financial Counseling and Planning
  • Influence of Family Financial Socialization on Academic Success in CollegeGo to article: Influence of Family Financial Socialization on Academic Success in College

    Influence of Family Financial Socialization on Academic Success in College

    Article

    Explicit parent–child financial socialization is one way that parents may help children feel less stress in college and increase their academic performance. To test this assumption, we used family financial socialization theory to inform multivariate analysis of variance (MANOVA) and structural equation models (SEM). The results largely support the theory. Participants were 752 college students from a U.S. university. Specific findings indicate that students from more affluent families were more often taught to budget. Parent–child teaching/training was strongly associated with felt parental–financial influence and fewer worrisome academic behaviors because of economic pressure. Students who felt greater parent–financial influence and experienced fewer effects of economic pressure, achieved higher college grade point averages (GPAs). An implication of this study is the importance of strengthening support for financial learning in families.

    Source:
    Journal of Financial Counseling and Planning
  • Towards a Working Profile of Medical BankruptcyGo to article: Towards a Working Profile of Medical Bankruptcy

    Towards a Working Profile of Medical Bankruptcy

    Article

    Medical bankruptcy refers to individuals with serious medical conditions who feel compelled to file for bankruptcy to seek relief from their medical debts. Noticeably lacking in the literature is a consistent, evidence-based criterion to define who may be classified as medically bankrupt. A more concrete definition would allow policy makers to understand the magnitude of the problem and allow financial counselors to better inform certain households about seeking bankruptcy protection when faced with medical bills. This study uses data drawn from the U.S. Bankruptcy Court’s Eastern Washington District to create an empirical profile of bankruptcy petitioners with medical debt. We then identify those characteristics statistically associated with being “at-risk” of a medical bankruptcy to better understand and define medical bankruptcy.

    Source:
    Journal of Financial Counseling and Planning
  • Exploring Perceptions of Graduates' Experiences That Impact Certified Financial Planner Certification: A Multiple Case InquiryGo to article: Exploring Perceptions of Graduates' Experiences That Impact Certified Financial Planner Certification: A Multiple Case Inquiry

    Exploring Perceptions of Graduates' Experiences That Impact Certified Financial Planner Certification: A Multiple Case Inquiry

    Article

    This study utilized qualitative methods to explore perceptions of graduates from Certified Financial Planning Board of Standards, Inc. Registered Programs regarding experiences that impact Certified Financial Planner (CFP) certification completion. Participants (N = 16) were classified into four different groups: Certified, In Progress, With Intentions, and No Intentions. In general, the themes that emerged from within case analyses and across cases related to four areas, including preservice experience, intrinsic motivation, employment, and respect for the CFP marks. The results of this study suggest that financial service firms have a number of opportunities to strengthen the interest in a financial planning career and assist recent graduates in their pursuit of CFP certification with time and financial support of the examination process.

    Source:
    Journal of Financial Counseling and Planning
  • Exploring Antecedents to Financial Management Behavior for Young AdultsGo to article: Exploring Antecedents to Financial Management Behavior for Young Adults

    Exploring Antecedents to Financial Management Behavior for Young Adults

    Article

    In terms of future revenue stream, the potential of young adults is considered to be significant. The study is relevant to India as the segment dominates the population. The objective of the study is to examine the antecedents to financial management behavior for young adults. One hundred and sixty responses were obtained from respondents. While employing structural equation modeling, we found that variables such as help-seeking behavior, financial knowledge, and electronic banking, positively affect financial management behavior. The findings suggest that financial educators and counselors need to incorporate electronic banking along with other dimensions such as financial knowledge and help-seekers. Financial educators can benefit from innovative technology features.

    Source:
    Journal of Financial Counseling and Planning
  • Stock Market Volatility and Changes in Financial Risk Tolerance During the Great RecessionGo to article: Stock Market Volatility and Changes in Financial Risk Tolerance During the Great Recession

    Stock Market Volatility and Changes in Financial Risk Tolerance During the Great Recession

    Article

    This study investigated the degree to which the financial risk tolerance of individuals was influenced by volatility in the U.S. equities market during the period of the Great Recession. Based on data from a valid and reliable risk tolerance scale and return information for the Standard and Poor’s (S&P) 500 index, there does appear to be some associations between daily market volatility and changes in risk tolerance scores. Changes in risk tolerance scores were also calculated using short- and intermediate-term volatility measures. The relationships do vary, however, with evidence supporting the relationship only 64% of the time. Overall, changes in financial risk tolerance scores were found to be modest. Although not following hypothesized directions at all times, risk tolerance was not influenced by the length of volatility measurements.

    Source:
    Journal of Financial Counseling and Planning
  • Pension Reform Options in Hong KongGo to article: Pension Reform Options in Hong Kong

    Pension Reform Options in Hong Kong

    Article

    This article argues for the establishment of a defined benefit and partially funded universal pension system. The characteristics of this system represent a publicly managed mandatory contributory pension plan and the coverage of its benefits for all Hong Kong elderly aged above 65. By applying a mathematical model which links up the periodic savings during people’s working life, level of interest rates, average length of time in retirement, and the amount of retirement benefit payments, we calculated the possible scenarios for Hong Kong to reform its pension system. Research results suggest that the proposed system will be financially viable and sustainable provided both the government and its citizens are willing to pay for it.

    Source:
    Journal of Financial Counseling and Planning
  • Information Sources and Retirement Savings of Working WomenGo to article: Information Sources and Retirement Savings of Working Women

    Information Sources and Retirement Savings of Working Women

    Article

    This study examined how retirement planning information search was related to retirement savings of working women. By controlling for sociodemographic variables, the study further explored factors associated with individual information sources for retirement planning. An online survey was developed to collect data from a national population, obtaining 591 valid responses. The results showed that women who learned about retirement planning through discussions with friends/relatives tended to save less in their personal retirement savings, whereas those who obtained information from financial advisors tended to save more. Personal income was positively associated with seeking information from financial advisors. The study concluded by discussing the implications for financial service providers, retirement plan marketers, financial educators, researchers, and policymakers.

    Source:
    Journal of Financial Counseling and Planning
  • Associations of Health and Financial Resources With Stress: Applying the Theory of Conservation of ResourcesGo to article: Associations of Health and Financial Resources With Stress: Applying the Theory of Conservation of Resources

    Associations of Health and Financial Resources With Stress: Applying the Theory of Conservation of Resources

    Article

    Health and financial resources are two important resources when individuals experience stress. The conservation of resources (COR) theory was used to view how health and financial resources relate to stress. The purpose of this study was to test how the perceived accumulation and loss of financial and health resources influences general life stress and financial stress. Participants were recruited through Facebook and LinkedIn pages of the primary investigator and paper flyers posted in the breakroom of a New England financial institution. Additional participants were purchased through Qualtrics, a research panel provider, in order to increase the sample size. The sample consisted of individuals between the ages of 19 and 65 years. The data analysis explored the association between financial stress, general life stress, resources, and several demographic variables using the Statistical Analysis Software (SAS) program. Respondents were primarily White, female, and averaged less than two dependents. Annual household income ranged between $50,000 and $100,000. Results indicate that health resources, along with being White, make significant contributions to the variance in general life stress. Financial resources, success resources, being White, and level of household income make significant contributions to the variance in financial stress.

    Source:
    Journal of Financial Counseling and Planning
  • Factors Associated With Hiring and Firing Financial Advisors During the Great RecessionGo to article: Factors Associated With Hiring and Firing Financial Advisors During the Great Recession

    Factors Associated With Hiring and Firing Financial Advisors During the Great Recession

    Article

    From 2007 to 2009, the U.S. economy went through a deep economic downturn which is popularly known as the Great Recession. It resulted in a significant loss of wealth for many investors. While some investors sought the advice of financial advisors; others did not. This study examines the economic situation of households using the National Longitudinal Survey of Youth (NLSY) and analyzes the financial advisor–client relationship during the Great Recession to determine who fired or hired a financial advisor during this period. The results indicate that losing money, measured by a decrease net worth, was not the main reason why clients fired their financial advisor during the Great Recession. Interestingly, the results also show that experiencing a decrease in net worth was not the main reason why individuals pursued the services of a financial adviser during this period. Instead, current income and an increase in income were the primary factors that impacted the client–advisor relationship during the financial crisis. These results are consistent with consumer demand theory in which financial services are a normal good that people purchase less of when their income falls.

    Source:
    Journal of Financial Counseling and Planning
  • The Value of Financial Education During Multiple Life StagesGo to article: The Value of Financial Education During Multiple Life Stages

    The Value of Financial Education During Multiple Life Stages

    Article

    This study examines the timing of financial education and its impact on short-term and long-term financial behavior. We also explore the power of financial education on financial knowledge and examine the link between financial knowledge and positive financial behavior. Exposure to financial education during multiple life stages leads to a better financial outcome. Financial education taught via multiple channels, including high school, college, the workplace, and at home, is the most optimal in the long run. For those who did not attend college, being exposed to financial education in high school is significantly associated with positive financial behavior. We cite implications for all financial education advocates. Policymakers in the financial capability arena can stay abreast of the channels of financial education that produce the most fruitful economic and societal gains.

    Source:
    Journal of Financial Counseling and Planning
  • Barriers and Facilitators to Saving Behavior in Low- to Moderate-Income HouseholdsGo to article: Barriers and Facilitators to Saving Behavior in Low- to Moderate-Income Households

    Barriers and Facilitators to Saving Behavior in Low- to Moderate-Income Households

    Article

    The purpose of this study was to identify barriers and facilitators of saving behavior in low- to moderate-income households within a framework of predisposing, enabling, and reinforcing factors. Data used were from a U.S. Department of Agriculture/National Institute for Food and Agriculture–sponsored multistate project. With a sample of 757 low- to moderate-income households and hierarchical logistic regression, results indicated that enabling factors and reinforcing factors reduced the significance of predisposing factors such as household income and financial knowledge on the likelihood to save. In the full model, significant predisposing factors included net worth, attitude toward saving, learned about saving from formal sources, marital status, gender, and race. Among the enabling factors, constraints on resources and lack of comfort with financial institutions were perceived as barriers to saving as well as unemployment. Of the reinforcing factors, concern for loss of benefits increased the odds of saving.

    Source:
    Journal of Financial Counseling and Planning
  • Financial Debt and Mental Health of Young AdultsGo to article: Financial Debt and Mental Health of Young Adults

    Financial Debt and Mental Health of Young Adults

    Article

    The purpose of this study is to examine the debt burdens, perceived capabilities, and mental health of young adults. Panel data constructed from the 2009 to 2013 waves of the Panel Study of Income Dynamics (PSID) and its Transition to Adulthood (TA) supplement are used in this study. The multinomial logistic regression analysis findings showed that the amount of revolving debt was negatively associated with young adults' mental health. On the other hand, perceived abilities in acting responsibly, in solving problems, and in managing money were positively associated with the mental health of young adults. The fixed effects regression analysis results indicate that the amounts of credit card and student loan debt from the previous period were negatively associated with an increase in the mental health continuum scores of young adults over time. A discussion of the implications of this study's key findings for scholars, policymakers, and practitioners is included.

    Source:
    Journal of Financial Counseling and Planning
  • Purposive and Unintentional Family Financial Socialization, Subjective Financial Knowledge, and Financial Behavior of High School StudentsGo to article: Purposive and Unintentional Family Financial Socialization, Subjective Financial Knowledge, and Financial Behavior of High School Students

    Purposive and Unintentional Family Financial Socialization, Subjective Financial Knowledge, and Financial Behavior of High School Students

    Article

    Using the family financial socialization theory, this study investigated the financial knowledge and behavior of high school students' contextualizing unintentional and purposive family financial socialization. The sample of 4,473 high school students were 51% females, 45% seniors, and ethnically diverse. A path analysis tested conceptual relationships between variables. Results indicated that the two unintentional socialization indicators were positively associated with subjective financial knowledge and financial behavior. Those indicators were also indirectly associated with financial behavior through knowledge. Student-earned income, a purposive indicator of socialization, was positively associated with behavior through knowledge. Exclusively obtaining money through parents was negatively associated with behavior through knowledge. Knowledge was positively associated with behavior.

    Source:
    Journal of Financial Counseling and Planning
  • The Utilization of Robo-Advisors by Individual Investors: An Analysis Using Diffusion of Innovation and Information Search FrameworksGo to article: The Utilization of Robo-Advisors by Individual Investors: An Analysis Using Diffusion of Innovation and Information Search Frameworks

    The Utilization of Robo-Advisors by Individual Investors: An Analysis Using Diffusion of Innovation and Information Search Frameworks

    Article

    This study examines the roles of internal and external search characteristics and attitudinal factors in investors' decisions to utilize robo-advisor-based platforms. Using the 2015 state-by-state National Financial Capability Study and Investor Survey, this study finds that the need to free up time, higher risk tolerance, higher subjective financial knowledge, and higher amounts of investable assets were positively associated with individual investors' adoption of robo-advisors. Additionally, the results from the interaction model indicates that individuals under 65 with a higher risk tolerance and greater perceived investment knowledge were more likely to use robo-advisors. Implications of the key findings for scholars, practitioners, and industry leaders are included.

    Source:
    Journal of Financial Counseling and Planning
  • Individual Risk Aversion, Inheritance Expectation and Household Annuity OwnershipGo to article: Individual Risk Aversion, Inheritance Expectation and Household Annuity Ownership

    Individual Risk Aversion, Inheritance Expectation and Household Annuity Ownership

    Article

    Although risk preferences and inheritance expectations should affect annuitization decisions, few studies have empirically tested these relations. This study bridges the gap in the prior literature by investigating potential effects that consumer risk aversion and inheritance expectations have on annuitization. Using data from the 2012 wave of the Health and Retirement Study, this study finds that consumers who are more risk averse have a higher likelihood of owning household annuity income compared to consumers who are less risk averse. Consumers with a higher inheritance expectation are more likely to have household annuity income compared to those with a lower inheritance expectation. Finally, when risk aversion is interacted with inheritance expectation, it increases the likelihood of household annuity ownership.

    Source:
    Journal of Financial Counseling and Planning
  • More Than a Score? Indirect Associations Between Credit Score and Romantic Relationship Quality in Emerging AdulthoodGo to article: More Than a Score? Indirect Associations Between Credit Score and Romantic Relationship Quality in Emerging Adulthood

    More Than a Score? Indirect Associations Between Credit Score and Romantic Relationship Quality in Emerging Adulthood

    Article

    Higher credit scores have unique financial benefits that may aid in emerging adults’ efforts toward financial independence. Yet, it is unknown if higher credit scores may also yield romantic relationship benefits. In a sample of 916 U.S. emerging adults, we used structural equation modeling to test the indirect associations between credit score and romantic relationship quality. Credit score was positively associated with financial self-efficacy and negatively associated with financial deception. Additionally, credit score was indirectly associated with romantic relationship quality through financial self-efficacy and financial deception. We encourage educators and clinicians working with emerging adults in romantic relationships to help these emerging adults learn how to establish credit and raise their credit scores, which might improve financial and relational outcomes.

    Source:
    Journal of Financial Counseling and Planning
  • Financial Management Competency, Financial Resources, Locus of Control, and Financial WellnessGo to article: Financial Management Competency, Financial Resources, Locus of Control, and Financial Wellness

    Financial Management Competency, Financial Resources, Locus of Control, and Financial Wellness

    Article

    Guided by a proactive coping theory, this online, cross-sectional study examined whether income, savings, debt service-to-income ratio, reluctance to think about finances, locus of control, and financial management competency were related to financial wellness. Based on data from a United States sample (N = 1,039), results of hierarchical regressions indicated that financial management competency, internal locus of control, and savings were positively associated with financial wellness, explaining 43.5% of the variance. Results suggest that, rather than resources themselves, resource allocation and perceived usefulness of financial actions are most critical to financial wellness. Educators and practitioners can emphasize proactive coping through behavioral approaches to financial management that foster greater internal locus of control and financial wellness.

    Source:
    Journal of Financial Counseling and Planning
  • Care-Related Out-of-Pocket Expenditures in CanadaGo to article: Care-Related Out-of-Pocket Expenditures in Canada

    Care-Related Out-of-Pocket Expenditures in Canada

    Article

    This research examined the prevalence and amount of care-related out-of-pocket expenditures of family caregivers and the factors that influence this spending. Secondary analysis of 2007 General Social Survey (Cycle 21) data yielded population estimates for Canadians age 45 years and older. Thirty-five percent of respondents—1.2 million Canadians—reported care-related out-of-pocket expenditures, which amounted to almost $12.6 million. Caregivers who were more likely to incur these costs reported higher levels of stress, were caring for a family member or friend with more complex health conditions, were providing more intense levels of care, and lived further away from the care receiver. We find that care-related out-of-pocket spending is common among Canadian caregivers, that it can be substantial, and that relatively few caregivers receive financial supports that can defray these costs.

    Source:
    Journal of Financial Counseling and Planning
  • Informal Bankruptcy: Health Expenditure Shocks and Financial Distress AvoidanceGo to article: Informal Bankruptcy: Health Expenditure Shocks and Financial Distress Avoidance

    Informal Bankruptcy: Health Expenditure Shocks and Financial Distress Avoidance

    Article

    This article studies the financial decision-making behavior of U.S. families that have difficulties paying for their medical bills and investigate what alternatives they have to avoid filing for formal bankruptcy and what influence their motivation to do so. Using household financial and demographic information from the Health Tracking Household Survey in 2007 and 2010, this article finds that families with younger age members, minority ethnic background, more doctor visits, and without insurance made more diverse and severe choices to finance the payments before resorting to personal bankruptcy. Interestingly, households with better education seek more diverse but easier financing methods, suggesting that financial literacy may play a dual role in undertaking financial planning—strategic default and bankruptcy avoiding.

    Source:
    Journal of Financial Counseling and Planning
  • Patterns and Factors Associated With Medical Expenses and Health Insurance Premium PaymentsGo to article: Patterns and Factors Associated With Medical Expenses and Health Insurance Premium Payments

    Patterns and Factors Associated With Medical Expenses and Health Insurance Premium Payments

    Article

    This study sought to investigate household sociodemographic characteristics as predictors of patterns of health insurance premiums and medical expenses of consumers using the 2014 Consumer Expenditures Survey. This study found that age, being married, educational attainment, and log of family salary income were associated with higher family spending on both health insurance premiums and medical expenses. Government employment status was associated with lower spending on health insurance premiums and medical expenses. Findings from this research are informative for both households in determining health insurance premiums and medical expenses throughout the life course as well as financial advisors in personal financial planning and counseling focused on health care.

    Source:
    Journal of Financial Counseling and Planning
  • Characteristics of Rental Real Estate Investors During the 2000sGo to article: Characteristics of Rental Real Estate Investors During the 2000s

    Characteristics of Rental Real Estate Investors During the 2000s

    Article

    Using data from the 2001, 2004, and 2008 panels of the Survey of Income and Program Participation (SIPP), this research examines the characteristics of households that invested in rental real estate during the 2000s. Given the tumultuous real estate market during that decade, rental real estate investment was investigated during the early part of the housing market boom (2001), the height of the boom (2004), and after the market began to decline (2008). Results reveal relative stability with slight investment increases in rental real estate (4.57% in 2001 to 5.00% in 2004 to 5.08% in 2008), and several investor demographic and financial characteristics consistently associated with the investment decision. Evidence of potential over-reliance on real estate investment by some households indicates that financial planners should work to educate clients who invest, or are seeking to invest, in real estate. Education would emphasize that overweighting portfolios with real estate could be deleterious to client’s wealth goals in times of slow rental or depreciating housing markets.

    Source:
    Journal of Financial Counseling and Planning
  • Financial Anxiety Among College Students: The Role of Generational StatusGo to article: Financial Anxiety Among College Students: The Role of Generational Status

    Financial Anxiety Among College Students: The Role of Generational Status

    Article

    Both financial anxiety and first-generation student status have been linked to negative academic outcomes, mental health issues, and poor social adjustment among college students; however, each factor has been studied in isolation. This article examines the predictors of financial anxiety, including generational status, using the Roy Adaptation Model and ordinary least squares (OLS) regression analysis on data from a large, Midwestern public university. First-generation student status was positively associated with financial anxiety in multivariate modeling. Proxies for students' self-concepts, including financial comparisons to peers and perceived mastery, had the largest contribution to the model. Financial counseling programs geared toward first-generation college students may impact their self-concepts and reduce financial anxiety.

    Source:
    Journal of Financial Counseling and Planning
  • The Association Between Retiree Migration and Retirement SatisfactionGo to article: The Association Between Retiree Migration and Retirement Satisfaction

    The Association Between Retiree Migration and Retirement Satisfaction

    Article

    The purpose of this study is to examine migration during retirement and its association with retirement satisfaction. Utilizing longitudinal data collected from the Health and Retirement Study, this study estimates a fixed-effects logit model to examine how changing U.S. Census divisions during retirement is related to retirement satisfaction. The findings suggest that a change in residential location during retirement is associated with an increase in retirement satisfaction. In planning for retirement, individuals should examine what will provide them with the highest level of satisfaction during their retirement and whether their current location can facilitate an enjoyable retirement. Financial planners and counselors should also consider, as a part of their systemic retirement planning process, increasing the attention that is given to the residential location in which their clients will reside during retirement.

    Source:
    Journal of Financial Counseling and Planning
  • The Effectiveness of Financial Literacy Instruction: The Role of Individual Development Accounts Participation and the Intensity of InstructionGo to article: The Effectiveness of Financial Literacy Instruction: The Role of Individual Development Accounts Participation and the Intensity of Instruction

    The Effectiveness of Financial Literacy Instruction: The Role of Individual Development Accounts Participation and the Intensity of Instruction

    Article

    We examine improvements in financial knowledge for 8th-grade participants in our financial fitness camp, part of our multifaceted financial literacy program. Eighty-three students enrolled in the camp, and 59 had individual development accounts (IDA). We address several issues raised in the literature by focusing on low-income, predominantly Hispanic students, varying the treatment intensity, comparing outcomes for students in our IDA program with those who are not, addressing the potential endogeneity of IDA participation, and testing for selection bias. Financial knowledge increased by approximately 12 percentage points from camp participation. Standardized Language Arts scores, rather than treatment intensity or IDA participation, most affected gains in financial knowledge. There was no evidence of selection bias. Parents with high “present bias” were less likely to enroll their students in the camp, implying that integrating financial literacy education in the regular school curriculum will better serve students in such families.

    Source:
    Journal of Financial Counseling and Planning
  • Has Financial Knowledge Increased in the United States?Go to article: Has Financial Knowledge Increased in the United States?

    Has Financial Knowledge Increased in the United States?

    Article

    This study explores financial knowledge patterns from 2009 to 2018, focusing on objective and subjective knowledge, overconfidence in financial knowledge, and “Don’t know” responses. We used four waves of National Financial Capability Study (NFCS) datasets. Objective financial knowledge was lower in 2018 than in 2009, and the proportion of individuals who were overconfident was higher in 2018 than in 2009. The mean number of “Don’t know” responses to objective knowledge questions increased consistently over the period. Most of these patterns persisted when we controlled for household characteristics in regressions. The lack of increases in financial knowledge despite formal and informal educational efforts raises the question as to whether existing efforts for formal and informal education are sufficient.

    Source:
    Journal of Financial Counseling and Planning
  • Who Says “I Do”? Financial Resources and Values on Relationship Choices of Emerging AdultsGo to article: Who Says “I Do”? Financial Resources and Values on Relationship Choices of Emerging Adults

    Who Says “I Do”? Financial Resources and Values on Relationship Choices of Emerging Adults

    Article

    This study examined potential impacts of financial resources and values on emerging adults' choice in committed relationships (N = 424, 26–35 years). Guided by Deacon and Firebaugh's (1988) Family Resource Management theory, financial self-sufficiency and forming a committed relationship were conceptualized as two salient goals of emerging adulthood. Multinomial logistic regression was used to determine the effects of financial self-sufficiency, values, and personal background factors on choice of committed relationship status. Findings indicated that emerging adults with fewer financial resources chose to live apart; however, the effects of career values were a stronger predictor of their relationship status. In contrast, neither financial resources nor career values differentiated between cohabiting and married emerging adults.

    Source:
    Journal of Financial Counseling and Planning
  • A Study of Recognizing Conflicts of Interest in Pending Financial Planning EngagementsGo to article: A Study of Recognizing Conflicts of Interest in Pending Financial Planning Engagements

    A Study of Recognizing Conflicts of Interest in Pending Financial Planning Engagements

    Article

    Conflicts of interest (COI) are an ethical issue for financial planners because they impair professional judgment if not addressed. This article describes a quantitative, cross-sectional study of COI recognition in pending engagements and measuring the influence of time in practice and financial planning credentials upon recognition. Participants were 51 graduates of the M.S. degree from the College for Financial Planning. Participants were asked three questions regarding each of the six hypothetical situations of pending financial planning engagements. Each question provided an indicator of COI recognition. Time in practice and financial planning credentials were used as influence factors upon COI recognition. Results indicated high COI recognition involving role conflict and low recognition with family members as clients. Time in practice was related to increased COI recognition involving role conflict. Financial planning credentials were related to increased COI recognition with a business associate as client.

    Source:
    Journal of Financial Counseling and Planning
  • Financial Capability, Financial Education, and Student Loan Debt: Expected and Unexpected ResultsGo to article: Financial Capability, Financial Education, and Student Loan Debt: Expected and Unexpected Results

    Financial Capability, Financial Education, and Student Loan Debt: Expected and Unexpected Results

    Article

    This study used the 2015 National Financial Capability Study to investigate the relationships among financial capability, financial education, and student loan debt outcomes. Specifically, this study examines four student loan outcomes: delinquency, stress, preparation, and satisfaction among borrowers who obtained loans for themselves. Three forms of financial capability (objective financial knowledge, subjective financial knowledge, and perceived financial capability) and two forms of financial education (formal school/workplace education and informal parental education) were used as potential predictors in the study. The Probit regression results showed that expectedly, several financial capability and financial education factors were positively associated with desirable financial outcomes such as loan calculation and loan satisfaction, and negatively associated with undesirable outcomes such as loan stress and loan delinquency. However, this study also showed several unexpected results. For example, objective financial knowledge was negatively associated with loan calculation and loan satisfaction, and subjective knowledge and formal financial education were positively associated with loan delinquency.

    Source:
    Journal of Financial Counseling and Planning
  • The Impact of Financial-Aid Format on Students' Collegiate Financing DecisionsGo to article: The Impact of Financial-Aid Format on Students' Collegiate Financing Decisions

    The Impact of Financial-Aid Format on Students' Collegiate Financing Decisions

    Article

    This study explored how an alternative presentation of loan information affects financial-aid decisions among students (n = 204) at a large public university. Building from decision-aid literature and using an experimental design, we found that when financial-aid forms were formatted in a way that makes interest rates more accessible and salient, students tended to: (a) accept fewer high-cost private loans and (b) work more during the college years. Results indicate that minor revisions in financial-aid documentation can have a significant impact on students' financial-aid choices. Those working in the fields of higher education and financial counseling and planning can use this information to further educate borrowers prior to the encumbrance of student loan debt.

    Source:
    Journal of Financial Counseling and Planning
  • Financial Risk Tolerance, Sensation Seeking, and Locus of Control Among Pre-Retiree Baby BoomersGo to article: Financial Risk Tolerance, Sensation Seeking, and Locus of Control Among Pre-Retiree Baby Boomers

    Financial Risk Tolerance, Sensation Seeking, and Locus of Control Among Pre-Retiree Baby Boomers

    Article

    Financial risk tolerance is an important personal characteristic that is widely used by financial professionals to guide the development and presentation of client-centered recommendations. As more baby boomers enter retirement, research on how these individuals perceive their willingness to take financial risks has gained importance, particularly as the focus of investment portfolios changes from capital accumulation to capital preservation in retirement. This study examined the role of sensation seeking and locus of control on financial risk tolerance for a pre-retiree baby boomer sample using the 2014 wave of the National Longitudinal Survey of Youth 1979. Findings from three ordinary least square (OLS) regression models showed that baby boomers who were not sensation seekers, and those who displayed an external locus of control orientation were more likely to exhibit a low tolerance for financial risk. Furthermore, those who engaged in sensation-seeking behavior were more likely to have an internal locus of control orientation and a high tolerance for risk.

    Source:
    Journal of Financial Counseling and Planning
  • Exploring Individual and Group Financial Coaching for Building Financial CapabilityGo to article: Exploring Individual and Group Financial Coaching for Building Financial Capability

    Exploring Individual and Group Financial Coaching for Building Financial Capability

    Article

    This article summarizes a field-based experiment exploring an individual and small-group financial coaching intervention. Both types of coaching programs had the same goal: To develop clients’ financial capability through a series of planned meetings focusing on client driven goals. Results indicated clients who were coached either individually or in groups demonstrated increases in financial knowledge, gains in confidence, reductions in stress, and positive changes in behavior. The findings provide support for coaching as an intervention for developing financial capability and suggests group coaching as an alternative for reaching more clients and spreading financial capability more widely in a cost-effective way.

    Source:
    Journal of Financial Counseling and Planning
  • Exploring Relationships Between Technology Use and Time Spent in the Financial Planning ProcessGo to article: Exploring Relationships Between Technology Use and Time Spent in the Financial Planning Process

    Exploring Relationships Between Technology Use and Time Spent in the Financial Planning Process

    Article

    Using a nationwide online survey capturing detailed information on the backgrounds and practices of 654 financial planners, this study examines the associations between the use of technologies by financial planners and self-reported time spent within various stages of the six-step financial planning process. Surprisingly, in many cases, use of technology is associated with an increase rather than a decrease in time spent within various stages of the financial planning process. These results suggest that although technologies may provide efficiencies in completing certain tasks, these efficiencies do not necessarily result in net reductions in time spent within the financial planning process.

    Source:
    Journal of Financial Counseling and Planning
  • Personal Emotions and Family Financial Well-Being: Applying the Broaden and Build TheoryGo to article: Personal Emotions and Family Financial Well-Being: Applying the Broaden and Build Theory

    Personal Emotions and Family Financial Well-Being: Applying the Broaden and Build Theory

    Article

    The purpose of this article is to show that emotions matter when predicting the financial well-being of U.S. households. The broaden and build theory (BBT) was used to predict that positive emotions would be positively associated with financial well-being and negative emotions would be negatively associated with financial well-being. Using a convenience sample of 993 U.S. adults, emotions were found to explain the variation in family financial well-being, measured by income and net worth, of U.S. households beyond demographic variables. More specifically, feelings of contentment, love, anger, anxiety, and loneliness were found to be associated with financial well-being. Results suggest that policymakers, financial professionals, and academics should collect more data on the emotions of individuals to help explain the variation in the financial well-being of U.S. households. Results also provide evidence in support of the financial counseling industry’s efforts to incorporate emotions as an important variable when modeling family financial well-being.

    Source:
    Journal of Financial Counseling and Planning
  • Using Discourse Analysis to Evaluate the Effectiveness of Financial CounselingGo to article: Using Discourse Analysis to Evaluate the Effectiveness of Financial Counseling

    Using Discourse Analysis to Evaluate the Effectiveness of Financial Counseling

    Article

    This article describes the unique benefits of discourse analysis, a qualitative sociolinguistic research methodology, for evaluating financial literacy counseling. The methodology is especially promising for organizations that may lack the resources to implement “gold standard” large scale, randomized, experimental, or quasi-experimental longitudinal designs. We begin with an overview of problems with program evaluation research on financial literacy interventions, particularly for smaller community service agencies. We lay out the advantages of discourse analysis as an alternative method of assessing program quality. We include a pilot study demonstrating the use of the research approach, and we conclude the description of this study with specific guidelines as to “best practices” indicated from the results. We believe discourse analysis has the potential to make data collection and analysis easier and more effective for counselors and agency staff at community service organizations, especially when the work of program evaluation is being done by the service providers themselves and the client needs may be atypical, complex, or very specific.

    Source:
    Journal of Financial Counseling and Planning
  • Low- and Moderate-Income Tax Filers Underestimate Tax Refunds: Implications for Financial Counseling and PolicyGo to article: Low- and Moderate-Income Tax Filers Underestimate Tax Refunds: Implications for Financial Counseling and Policy

    Low- and Moderate-Income Tax Filers Underestimate Tax Refunds: Implications for Financial Counseling and Policy

    Article

    Low- and moderate-income tax filers often receive refund and tax credit checks that easily total a fifth or more of their total annual income. This study uses data collected in 2009 and 2010 from 79 clients of a volunteer income tax assistance (VITA) program to compare filers’ estimates of their returns before the tax preparation process with their returns calculated by trained VITA volunteers. Most filers (75%) underestimated their refunds, and 52% underestimated by $500 or more. Hence, at least some portion of the refund arrives as an unanticipated windfall. Counseling and planning work with low- and moderate-income families should take these significant lump sum income events into consideration.

    Source:
    Journal of Financial Counseling and Planning
  • Saving Education Received in Early Life and Future Orientation in AdulthoodGo to article: Saving Education Received in Early Life and Future Orientation in Adulthood

    Saving Education Received in Early Life and Future Orientation in Adulthood

    Article

    We use data from a Dutch data set, the DNB Household Survey, annually covering the period 1996–2015, to study the relationship between informal parental saving education received when people were children or adolescents and two variables aimed to capture adult individuals' concerns for their future: planning horizon and future orientation. Our results indicate that the general future orientation positively correlates with informal saving education, and in particular having received financial teachings. Our findings also suggest that the future orientation index is rather stable over time (which is not trivial, especially because our dataset covers two full business cycles) and declines with age following the life-cycle.

    Source:
    Journal of Financial Counseling and Planning
  • Work, Remuneration, and Negotiation for Pay in Early Adolescence: Exploring Early Causes of Gender Pay InequityGo to article: Work, Remuneration, and Negotiation for Pay in Early Adolescence: Exploring Early Causes of Gender Pay Inequity

    Work, Remuneration, and Negotiation for Pay in Early Adolescence: Exploring Early Causes of Gender Pay Inequity

    Article

    Work and negotiation experiences were examined among early adolescents (12–15 years) through a survey (N = 157) and follow-up interview (N = 89) conducted in two Canadian cities. Key findings, based on a mixed-method research approach, were (a) gifts were the primary income source; (b) females completed more chores than males, and younger adolescents received payment for chores more than older adolescents; (c) discussion of negotiation rarely occurred between participants and parents or peers; (d) neither age nor gender impacted absence of negotiation; (e) those who had negotiated for more money reported satisfaction; (f) gender differences in negotiation strategies were present; and (g) age differences in beliefs about negotiator qualities were found. Consistencies and changes from extant literature were discussed.

    Source:
    Journal of Financial Counseling and Planning
  • Factors Associated With Electronic Banking AdoptionGo to article: Factors Associated With Electronic Banking Adoption

    Factors Associated With Electronic Banking Adoption

    Article

    Using data from the 2016 Survey of Consumer Finances, this study investigates factors that affect electronic banking adoption rates. Financial knowledge, income, education, and credit card ownership are associated with a high probability of electronic banking adoption. However, age is negatively associated with the probability of online banking adoption and the African American consumer is less likely to adopt electronic banking. This result is more prominent for African American women but does not hold for African American business owners. Financial counselors, planners, and educators should be aware and sensitive to these differences in order to provide additional education as needed on how to effectively use electronic banking services in order to achieve a greater degree of financial inclusion.

    Source:
    Journal of Financial Counseling and Planning
  • Coping Strategies to Improve Financial Well-Being During the COVID-19 Pandemic in an Emerging EconomyGo to article: Coping Strategies to Improve Financial Well-Being During the COVID-19 Pandemic in an Emerging Economy

    Coping Strategies to Improve Financial Well-Being During the COVID-19 Pandemic in an Emerging Economy

    Article

    This article examines the influence of financial self-efficacy, financial behavior, financial stress, and financial stressor events on the financial well-being (FWB) of Malaysians during the COVID-19 pandemic. The article then analyzes the moderating effects of three types of coping strategies (self-coping, borrowing, and government aid) on the relationship between financial stress and financial stressor events (income loss, creditor, and legal action stressor events) and FWB. Analyses from a sample of 738 Malaysian working adults indicated that financial self-efficacy and financial behavior were positively related to FWB, while financial stress and financial stressor events were negatively related to FWB. Self-coping and borrowing reduced the negative effect of financial stress on FWB, while the government aid coping strategy reduced the impact of income loss and legal action stressor events on FWB. The study contributes to the literature by examining coping strategies and financial stressor events by three distinct categories in the context of an emerging market.

    Source:
    Journal of Financial Counseling and Planning
  • Perceptions of Retirement Adequacy: Evidence From South AfricaGo to article: Perceptions of Retirement Adequacy: Evidence From South Africa

    Perceptions of Retirement Adequacy: Evidence From South Africa

    Article

    Concerns regarding the adequacy of retirement savings have contributed to the move to encourage better savings behavior. One area of research focuses on understanding the profile of individuals who believe they are preparing adequately for retirement. The current study uses data from a national survey of South Africans to determine how confident workers are about their future retirement income adequacy, and whether behavioral characteristics play a role in their perception of retirement readiness. This study highlights the role that behavioral factors play in perceptions of retirement income adequacy in an African developing market context. In particular, financial risk tolerance, future time perspective, good financial behavior, and self-assessed financial knowledge are all found to be positively related to respondents’ retirement confidence.

    Source:
    Journal of Financial Counseling and Planning
  • Ethical Behaviors and Wealth: Generation Y’s ExperienceGo to article: Ethical Behaviors and Wealth: Generation Y’s Experience

    Ethical Behaviors and Wealth: Generation Y’s Experience

    Article

    This research investigates if ethical behaviors and personal finances are related using a large scale U.S. random survey called the National Longitudinal Survey of Youth 1997 (NLSY97). Fifteen indicators covering both ethical and unethical behaviors are compared to net worth for people in their 20s and 30s, who are called Generation Y. Breaking rules, stealing, and being arrested are associated with less wealth in this generation. Results suggest that among people in their early 20s, there is little or no relationship between ethical behaviors and wealth. However, as this cohort ages, a positive relationship between acting more ethically and wealth emerges.

    Source:
    Journal of Financial Counseling and Planning
  • The Financial Counseling Industry: Past, Present, and Policy RecommendationsGo to article: The Financial Counseling Industry: Past, Present, and Policy Recommendations

    The Financial Counseling Industry: Past, Present, and Policy Recommendations

    Article

    Financial counseling plays an important role for low- and moderate-income Americans and deserves more attention from leaders in the field. As financial counseling has evolved, the providers have been challenged to find a model that is both borrower centered and sustainable. This article provides a diagnosis of the failures and challenges in the financial counseling field, as well as a discussion of steps through which the providers could optimally serve families in need. These steps include (a) enhanced funding of the industry as a result of a recognition by financial stakeholders that it would be beneficial for them if the counseling industry was markedly improved; (b) stronger training for counselors; (c) implementation of enhanced measurement tools so that both funders and consumer borrowers could choose their providers from an informed position; and (d) assertion of leadership by consumer advocates and the Consumer Financial Products Bureau in improving this industry.

    Source:
    Journal of Financial Counseling and Planning
  • Seeking Financial Advice and Other Desirable Financial BehaviorsGo to article: Seeking Financial Advice and Other Desirable Financial Behaviors

    Seeking Financial Advice and Other Desirable Financial Behaviors

    Article

    Advice from financial counselors is one potential source for improving financial behaviors and well-being among clients and within their communities. This study examined whether obtaining financial advice is associated with other personal financial behaviors. Analysis of National Financial Capability Study data showed that obtaining advice is positively associated with financial behaviors while controlling for other relevant variables, including two measures of financial knowledge. The results also indicated greater benefits from obtaining advice for those with less financial knowledge. The findings suggest that efforts by financial counselors to provide financial advice to clients and others through service activities can improve financial decision-making in their communities including by those who can benefit the most.

    Source:
    Journal of Financial Counseling and Planning
  • Differences in Bank Account Ownership Among White, Black, and Latino Children and Young AdultsGo to article: Differences in Bank Account Ownership Among White, Black, and Latino Children and Young Adults

    Differences in Bank Account Ownership Among White, Black, and Latino Children and Young Adults

    Article

    Using data from the Panel Study of Income Dynamics (PSID) Child Development Supplement and Transition into Adulthood, this study compared Whites, Blacks, and Latinos to identify racial and ethnic differences in bank account ownership. Having a bank account as a child was significantly associated with bank account ownership in young adulthood. Black children and young adults lagged in bank account ownership. Parental bank account ownership and family wealth increased the odds of bank account ownership for White children significantly more than for Black children. Financial independence, employment status, and educational attainment of young adults showed greater associations with bank account ownership than family background. Findings call for educational programs and policies to increase opportunities for the bank account ownership of minority youths.

    Source:
    Journal of Financial Counseling and Planning
  • Two Year Sustainability of the Effect of a Financial Education Program on the Health and Wellbeing of Single, Low-Income WomenGo to article: Two Year Sustainability of the Effect of a Financial Education Program on the Health and Wellbeing of Single, Low-Income Women

    Two Year Sustainability of the Effect of a Financial Education Program on the Health and Wellbeing of Single, Low-Income Women

    Article

    Financial stress is implicated in poor health and decreased Quality of Life (QOL). The purpose of this project was to assess the 2-year effect of a financial education program on the health of single, low-income women. A total of 30 women were enrolled and 20 continued through follow-up. Two years following intervention, women demonstrated a $8,026 increase in mean annual income and significant improvements in health-related QOL and hopefulness. Half of the participants lost weight, and while not statistically significant, mean weight decreased by 2.2 pounds. Trends in decreased fast food consumption were observed. The results suggest that financial education has a significant, sustained effect on the health and health-related QOL of single, women of low income.

    Source:
    Journal of Financial Counseling and Planning
  • A Comparison of the Financial, Emotional, and Physical Consequences of Identity Theft Victimization Among Familial and Non-Familial VictimsGo to article: A Comparison of the Financial, Emotional, and Physical Consequences of Identity Theft Victimization Among Familial and Non-Familial Victims

    A Comparison of the Financial, Emotional, and Physical Consequences of Identity Theft Victimization Among Familial and Non-Familial Victims

    Article

    Identity theft victims often experience negative financial, emotional, and physical consequences. Many cases of identity theft are perpetrated by family members, yet little is known about consequences familial identity theft victims experience and how they may differ from those who were victimized by a non-relative. The purpose of this study was to examine potential differences in consequences of identity theft victimization among familial and non-familial identity theft victims. Findings indicate younger identity theft victims are more likely to experience feelings of worry and anxiousness due to victimization, relative to older identity theft victims. No differences were found among familial and non-familial identity theft victims regarding physical consequences of victimization, nor were any differences found in the amount of financial losses incurred.

    Source:
    Journal of Financial Counseling and Planning
  • Mortgage Usage and Mortgage Payments as Share of Income in China: Comparing Residential Homeowners and Housing InvestorsGo to article: Mortgage Usage and Mortgage Payments as Share of Income in China: Comparing Residential Homeowners and Housing Investors

    Mortgage Usage and Mortgage Payments as Share of Income in China: Comparing Residential Homeowners and Housing Investors

    Article

    The study investigates factors associated with mortgage usage and the share of income that Chinese use for mortgage payments. Using data from the 2010 China Family Panel Study, we found mortgage usage shows a hump-shaped income effect. Workers in government-controlled nonprofit institutions are more likely to use a mortgage to purchase a house because banks treat them favorably. Notably, government employees borrow less to purchase a residence because they have advantages by way of subsidies. Individuals who have attained higher education are more likely to use a mortgage and have a larger share of their monthly income devoted to mortgage payments. For housing investors, risk tolerance is positively associated with mortgage use but not with the share of mortgage payments in the household’s monthly expenditure.

    Source:
    Journal of Financial Counseling and Planning
  • Financial Capability and Saving Behavior: Evidence From Industrial Workers in ThailandGo to article: Financial Capability and Saving Behavior: Evidence From Industrial Workers in Thailand

    Financial Capability and Saving Behavior: Evidence From Industrial Workers in Thailand

    Article

    This article uses unique survey data to examine the determinants and potential impacts of financial capability on the savings decisions of Thai industrial workers. A random sample of 352 individuals was interviewed, using the questionnaire to gather information on demographics and financial capability. It finds that less than half of the respondents were able to handle an emergency expense of 1 month’s income without borrowing. The results indicate that socioeconomic factors including education level, household income, and age are the key determinants of financial capability. Migrant workers from remote regions of the country are more likely to have a lower financial capability, especially in the financial knowledge component. An instrumental variable approach is used to investigate its potential impact on saving behavior. Overall, the strong and positive association between financial capability and savings adequacy suggests that financial education initiatives should place a strong emphasis on household budgeting and savings.

    Source:
    Journal of Financial Counseling and Planning
  • Self-Reported Health Status and Medical DebtGo to article: Self-Reported Health Status and Medical Debt

    Self-Reported Health Status and Medical Debt

    Article

    This paper examines the relationship between self-reported health status and medical debt outcomes using data from the 2013 Panel Study of Income Dynamics. There were two outcomes of interest: (a) the likelihood of having any medical debt, which included 4,227 households and (b) the amount of medical debt (medical debt > 0), which included 631 households. The results from the multivariate models showed that fair/poor health status increased the likelihood of having any medical debt by 73% and was associated with an increase in the amount of medical debt among those with medical debt by about 77% (p < .001) compared to those who reported better health. Poor health status appears to impose a financial burden on some households.

    Source:
    Journal of Financial Counseling and Planning
  • Perceived and Realized Risk Tolerance: Changes During the 2008 Financial CrisisGo to article: Perceived and Realized Risk Tolerance: Changes During the 2008 Financial Crisis

    Perceived and Realized Risk Tolerance: Changes During the 2008 Financial Crisis

    Article

    Using the 2007–2009 Survey of Consumer Finances panel data, this study examined changes in perceived and realized risk tolerance after the financial crisis. Households who perceived less risk tolerance were more likely to have reduced their portfolio risk and vice versa. Furthermore, households whose wealth decreased were more likely to perceive less risk tolerance and vice versa. Regression analysis revealed that change in risk tolerance as measured by the change in financial portfolio risk is related to perceived risk tolerance, education, life cycle stage, and employment status. Single households, or those households whose head is less educated, or self-employed or unemployed, may need financial advice to prevent them from reducing their portfolio risk in reaction to a financial crisis.

    Source:
    Journal of Financial Counseling and Planning
  • Financial Status and Body Mass Index of Middle-Aged and Older Men and WomenGo to article: Financial Status and Body Mass Index of Middle-Aged and Older Men and Women

    Financial Status and Body Mass Index of Middle-Aged and Older Men and Women

    Article

    Using data from the 2014 Health and Retirement Study (HRS), this study examined the association of financial status and body weight for retirement-aged men and women. The descriptive results show that more men (80.3%) were overweight or obese than women (77%). However, the prevalence of obesity was higher for women (46.3%) than men (39.2%), and obese women had significantly lower levels of income and net worth than those of normal weight and overweight women. The multivariate results indicate that poor financial status was significantly associated with high body mass index (BMI) for both men and women; however, poor health conditions played an even more important role than financial status in determining high BMI for men and women aged 51–64.

    Source:
    Journal of Financial Counseling and Planning
  • Homeowner Characteristics Associated With the Occurrence of Negative Home EquityGo to article: Homeowner Characteristics Associated With the Occurrence of Negative Home Equity

    Homeowner Characteristics Associated With the Occurrence of Negative Home Equity

    Article

    Negative home equity is due to declines in home values, largely driven by economic factors, and increases in mortgage debt, a decision made by individuals. Yet, empirical research assessing the individual’s role in the occurrence of negative home equity is limited. This study used the 2018 National Financial Capability Study to explore the association between financial literacy, savings, and debt at the individual level on the occurrence of negative home equity. The findings revealed that objective financial knowledge and financial security were negatively associated with the occurrence of negative home equity, while having a home equity loan, using a payday loan, having medical debt, and exceeding credit card limits were positively associated with the occurrence of negative home equity.

    Source:
    Journal of Financial Counseling and Planning
  • Financial Education and Financial Literacy by Income and Education GroupsGo to article: Financial Education and Financial Literacy by Income and Education Groups

    Financial Education and Financial Literacy by Income and Education Groups

    Article

    This study examines associations between financial education and financial literacy among people with different levels of education and income using a large, national data set, the 2015 National Financial Capability Study. This study estimates whether financial education in high school, college, or through an employer, is associated with a person's financial literacy score. Results show that people who received any financial education are likely to have higher financial literacy scores compared to those without financial education. Financial education has larger predicted probabilities for those with lower education and income, suggesting that financial education is especially important for this demographic group. This research emphasizes a need to teach financial education to people whom previous research suggests lacks financial literacy the most.

    Source:
    Journal of Financial Counseling and Planning
  • Personality Traits and Financial Satisfaction: Investigation of a Hierarchical ApproachGo to article: Personality Traits and Financial Satisfaction: Investigation of a Hierarchical Approach

    Personality Traits and Financial Satisfaction: Investigation of a Hierarchical Approach

    Article

    The purpose of this study was to explore personality determinants of financial satisfaction using the Metatheoretic Model of Motivation and Personality (3M Model) as a theoretical framework. Such a framework can help researchers identify traits associated with financial satisfaction and ultimately assist practitioners working with clients on debt management and wealth building. The study used data from a survey of university alumni who had taken consumer economics and/or personal finance at the undergraduate level. Although the study’s initial, fully mediated model is fragmented, the modified model offers interesting insights into the determinants of financial satisfaction. The findings suggest that trait characteristics such as need for material resources and emotional instability affect financial satisfaction. Furthermore, the findings indicate that financial behaviors (compound traits) are related to financial situation (situational traits) and financial satisfaction (surface traits).

    Source:
    Journal of Financial Counseling and Planning
  • Behind the Numbers: Understanding the Survey of Consumer FinancesGo to article: Behind the Numbers: Understanding the Survey of Consumer Finances

    Behind the Numbers: Understanding the Survey of Consumer Finances

    Article

    The Survey of Consumer Finances (SCF) is the most frequently used dataset for research in this journal, but many researchers and readers do not fully understand some of the dataset’s complex details. This article provides insight into important issues that researchers and readers need to understand to accurately conduct and interpret SCF-based research. The issues addressed include the primary economic unit versus the household, identifying the respondent versus the head, limitations of variables in the survey, imputation and implicates, shadow variables, the public dataset versus the full dataset, weighting of analyses, and the use of replicate weights.

    Source:
    Journal of Financial Counseling and Planning
  • Financial Transparency Scale: Its Development and Potential UsesGo to article: Financial Transparency Scale: Its Development and Potential Uses

    Financial Transparency Scale: Its Development and Potential Uses

    Article

    The purpose of this study was to develop the Financial Transparency Scale (FTS) to assess financial transparency, the open and honest disclosure of one's finances, between married partners. A sample of 183 individuals married for less than 5 years, in their first marriage, completed an online survey. Principal components analysis (PCA) was conducted and determined the FTS is comprised of three components: Financial Partnership, Financial Secrecy, and Financial Trust and Disclosure. The FTS was positively correlated with four related scales: the Kansas Marital Satisfaction Scale, the Shared Goals and Values Scale, the Frequency of Financial Management Scale, and the Communication Patterns Questionnaire – Short Form. An alpha of .94 was reported for the FTS. Financial practitioners can use the FTS as a tool to determine the level of financial transparency within a couple relationship, identify areas of concern, and illustrate the importance of open and honest communication about finances.

    Source:
    Journal of Financial Counseling and Planning
  • Improving Self-Control Through Financial Counseling: A Randomized Controlled TrialGo to article: Improving Self-Control Through Financial Counseling: A Randomized Controlled Trial

    Improving Self-Control Through Financial Counseling: A Randomized Controlled Trial

    Article

    The efficacy of family budgeting programs is often measured purely in terms of financial outcomes. There has been less research on its potential impacts on cognitive outcomes. The present study investigated whether an existing financial counseling intervention could help people improve their deliberative cognitive capacity. A community sample of participants in Auckland, New Zealand who identified that they wanted to better manage their money were randomly assigned to a month-long financial counseling intervention or a wait-list control group. Results showed that participants exposed to the intervention had a greater improvement in self-control than participants in the control group, and that self-control improved more for people with a low income than a high income. Financial counseling interventions may impart broader cognitive benefits that help people escape further financial hardship.

    Source:
    Journal of Financial Counseling and Planning
  • Financial Behavior and Financial Access: A Latent Class AnalysisGo to article: Financial Behavior and Financial Access: A Latent Class Analysis

    Financial Behavior and Financial Access: A Latent Class Analysis

    Article

    This article examined the relationship of household financial behaviors and accesses. Using the 2015 National Financial Capability Study, the current study conducted latent class analysis of financial behaviors to identify latent classes (N = 27,564). The distribution of access was investigated among latent classes, which were regressed on the financial behaviors of financial planning and financial spending factors and other covariates using multinomial logistic regression. After controlling for other variables, the odds of being in Thinly Banked, Limited Access, and Working Families classes instead of being in Investors class decreased by 90%, 88%, and 66% for every point higher in financial planning behavior, respectively. Results suggest that desirable financial behaviors such as planning are important for consumers with the least financial access.

    Source:
    Journal of Financial Counseling and Planning
  • Could Coaching Improve Consumer Credit Use Behavior? Evidence From a State ProgramGo to article: Could Coaching Improve Consumer Credit Use Behavior? Evidence From a State Program

    Could Coaching Improve Consumer Credit Use Behavior? Evidence From a State Program

    Article

    Financial coaching, a hands-on financial wellness approach, has emerged as a go-to strategy to help clients establish and reach their personal financial goals. We analyzed the borrowing and repayment behavior of 1,790 clients who received financial coaching through a program sponsored by the state of Delaware. Relative to a matched comparison group, financial coaching clients cure 0.24 more delinquent accounts, reduce credit card utilization by 5 percentage points, reduce the number of debts in collections by an additional 0.37 accounts, and have $422 less in credit card debt. Findings also show a 7 percentage point increase in the share of clients with a credit card and a 6 percentage point increase in the share of clients with a student loan. We do not see consistent differences in personal installment loans or mortgage holding. These estimates provide evidence that financial coaching can provide benefits for clients while being provided on a state-wide scale, illustrating the potential of public–private programs to provide services.

    Source:
    Journal of Financial Counseling and Planning
  • Identifying Bubbles in China’s Property Market for Consumer Financial Well-BeingGo to article: Identifying Bubbles in China’s Property Market for Consumer Financial Well-Being

    Identifying Bubbles in China’s Property Market for Consumer Financial Well-Being

    Article

    A sharp increase in Chinese house prices combined with the extraordinary lending growth during the 2000 s has led to concerns of an emerging real estate bubble and impairment of consumer financial well-being. This article studies real house prices relative to fundamental house values. Housing constitutes a large fraction of most household portfolios therefore affect household well-being, and its characteristics are in contrast to what prevails in most financial markets as arbitrage is limited, and hence correction toward fundamental values can be a prolonged process. Using a time-varying present value approach, our findings suggest evidence of bubbles in the Chinese housing market nationally and in representative cities using real-term data. We also find that price dynamics have an important role to play in determining house prices. Moreover, the results reveal that the dominant driving force of house price deviations from fundamental values might be the less than fully rational behavior of investors rather than fundamental factors. This seems plausible in an emerging market such as China.

    Source:
    Journal of Financial Counseling and Planning
  • Social Factors Associated With Financial Behavior of Women Borrowing Microfinance Loans: Evidence From a Developing EconomyGo to article: Social Factors Associated With Financial Behavior of Women Borrowing Microfinance Loans: Evidence From a Developing Economy

    Social Factors Associated With Financial Behavior of Women Borrowing Microfinance Loans: Evidence From a Developing Economy

    Article

    Women borrowers in the microfinance sector can have an important social and economic impact on any economy. The financial behavior of women is one of the important issues besetting a country, particularly a developing country. However, social factors associated with women’s financial behavior have not been investigated adequately. This study aimed at examining social factors associated with women’s financial behavior within the microfinance sector of the Northern and Eastern provinces of Sri Lanka. A sample of 298 women living in civil war-affected provinces who have secured microfinance loans and were currently suffering from the consequences of such borrowings was used for the study. The results obtained from the structured questionnaire showed that financial socialization, perceived social support, and personal social capital are associated with the financial behavior of these women. The findings of this study have implications for policymakers, microfinance institutions, and scholars in their attempts to expand support for women borrowers.

    Source:
    Journal of Financial Counseling and Planning
  • A Financial Protection Strategy for Families That Have a Child With Down SyndromeGo to article: A Financial Protection Strategy for Families That Have a Child With Down Syndrome

    A Financial Protection Strategy for Families That Have a Child With Down Syndrome

    Article

    Families that have a child with Down syndrome (DS) are facing financial challenges due to the increased life expectancy and daily life dependencies that he or she experiences. This article uses pediatric findings to supplement child mortality impairment assumptions and proposes a combination annuity pricing model to explore an annuity solution for families that have a child with DS. A Markov chain Monte Carlo simulation model is constructed with features such as a fixed death benefit, return of premium, different premium payment patterns, and the widowhood effect factor. The results indicate that such a product is generally affordable for families that have a child with DS to cover their child’s longevity risk and increased dependency needs.

    Source:
    Journal of Financial Counseling and Planning
  • The Link Between Childhood Overindulgence and Adult Financial BehaviorsGo to article: The Link Between Childhood Overindulgence and Adult Financial Behaviors

    The Link Between Childhood Overindulgence and Adult Financial Behaviors

    Article

    This study examined the link between overindulgence and buying impulsiveness and the link between buying impulsiveness and credit card misuse among undergraduate students from 2 Midwestern universities. Hierarchical multiple regression was used to examine these relationships. Overindulgence predicted buying impulsiveness when controlling for the effects of age, race, gender, public or private school, and whether or not the student was employed. Buying impulsiveness predicted credit card misuse while using the same control variables. Overindulgence was not found to predict credit card misuse.

    Source:
    Journal of Financial Counseling and Planning
  • Life Events and Portfolio Rebalancing of the Family HomeGo to article: Life Events and Portfolio Rebalancing of the Family Home

    Life Events and Portfolio Rebalancing of the Family Home

    Article

    This article investigates the impacts of financial shocks on the role of the family home in asset portfolios of Australian households using longitudinal data from the Household, Income, and Labour Dynamics in Australia (HILDA) survey. The life events considered are serious illness or injury, death of a spouse, fired or made redundant, and separation from a spouse. We use a static and dynamic Tobit models to assess the impact and duration of the life events on the portfolio share of the family home. The insights gained from this study may be important for financial planners, as adverse wealth outcomes may be hedged through better financial education, insurance products, or general financial preparedness.

    Source:
    Journal of Financial Counseling and Planning
  • I Know I Should, But Do I Do It? Connecting Covert and Overt Financial BehaviorsGo to article: I Know I Should, But Do I Do It? Connecting Covert and Overt Financial Behaviors

    I Know I Should, But Do I Do It? Connecting Covert and Overt Financial Behaviors

    Article

    When it comes to money, clients often know what they should do, but they do not always do it. The purpose of this study was twofold: (a) to introduce a new scale to measure financial cognition and (b) to explore the link between thinking (i.e., covert behavior) and financial behavior (i.e., overt behavior). Social Cognitive Theory and Cognitive Behavioral Theory framed the study. Data were collected in two stages from 236 employees in a Midwestern region. Stage one results suggest a newly developed measure, the Financial Cognition Scale, shows acceptable reliability, and construct validity. Stage two found positive associations between the covert behaviors of financial cognition, financial knowledge, and financial self-efficacy and the overt behavior of financial behavior, and a negative association between financial anxiety and financial behavior. Implications for practitioners and researchers are presented.

    Source:
    Journal of Financial Counseling and Planning
  • Relieving Consumer Overindebtedness in South Africa: Policy Reviews and RecommendationsGo to article: Relieving Consumer Overindebtedness in South Africa: Policy Reviews and Recommendations

    Relieving Consumer Overindebtedness in South Africa: Policy Reviews and Recommendations

    Article

    A large fraction of South African consumers are highly leveraged, inadequately insured, and/or own little to no assets of value, which increases their exposure not only to idiosyncratic risk but also to severe indebtedness and/or default. This scenario can present negative ramifications that lead well beyond the confines of individual households. Thankfully, it can also be remedied by well-tailored legal debt relief mechanisms. This article reflects on the uncertainties surrounding the consumer debt relief framework of the National Credit Act in an attempt to show why it is not up to the challenge of providing meaningful relief to debt-distressed consumers. Ultimately, a comprehensive review of the current framework in favor of a discharge mechanism on simple, stated terms is proposed.

    Source:
    Journal of Financial Counseling and Planning
  • An Examination of Mobile Fintech Utilization From a Stress-Coping PerspectiveGo to article: An Examination of Mobile Fintech Utilization From a Stress-Coping Perspective

    An Examination of Mobile Fintech Utilization From a Stress-Coping Perspective

    Article

    This study examines associations between a set of financial stress factors and three types of utilizations of mobile financial technology (fintech) from a stress-coping perspective. With data from the 2018 National Financial Capability Study, the results indicated that financial stress, perceived overindebtedness, and stressful financial stressors were positively related to the usage of mobile fintech for fundamental financial task management, mobile transaction, and mobile banking. Policy makers need to be aware of the opportunities generated within the growing fintech industry and its potential role as a stress-coping resource for consumers experiencing financial stress, perceived overindebtedness, and financial stressor events. Financial practitioners, educators, and institutions can apply the findings of this study as they develop and promote financial services and products through mobile devices to create greater access for individuals to cope with financial stress and difficulties.

    Source:
    Journal of Financial Counseling and Planning
  • Financial Coaching in Practice: Findings From a Survey of Financial CoachesGo to article: Financial Coaching in Practice: Findings From a Survey of Financial Coaches

    Financial Coaching in Practice: Findings From a Survey of Financial Coaches

    Article

    Financial coaching is an emerging strategy to help people enhance financial capability and well-being. However, few studies of coaching practices have been completed. A survey of 273 coaches in the United States provides insight into current coaching practice. The average coach in the survey served 19 clients per month and saw each client about four times. The range of coaches varied widely; many coaches operated at a relatively small scale, often embedded in social service programs. Coaches generally reported coaching had positive impacts on clients, especially coaches with more training and those who served more clients. Overall, this study shows the financial coaching field includes an array of approaches but may benefit from capacity building and adoption of standards of practice.

    Source:
    Journal of Financial Counseling and Planning
  • Mortgage Holding and Financial Satisfaction in RetirementGo to article: Mortgage Holding and Financial Satisfaction in Retirement

    Mortgage Holding and Financial Satisfaction in Retirement

    Article

    The purpose of this study was to evaluate the relationship between holding mortgage debt into retirement and financial satisfaction. Using data from the 2012 National Financial Capability Survey, this study explored the association between holding a mortgage in retirement and financial satisfaction through the use of a two-block hierarchical regression model. The first model of socio-demographics, financial constraints, and financial characteristics revealed a negative relationship between mortgage holders and financial satisfaction. The second model added measures of financial capability and financial beliefs, which revealed strong relationships between comfort with debt, knowledge about mortgages, subjective financial knowledge, and risk tolerance with financial satisfaction. After the addition of financial capability and belief measures, no relationship was found between holding a mortgage and financial satisfaction. Results suggest practitioners should explore their clients' beliefs about debt, as opposed to just the objective costs and benefits, when evaluating whether to hold a mortgage in retirement.

    Source:
    Journal of Financial Counseling and Planning
  • Associations Between Financial Stressors and Financial Behaviors: Does Race/Ethnicity Matter?Go to article: Associations Between Financial Stressors and Financial Behaviors: Does Race/Ethnicity Matter?

    Associations Between Financial Stressors and Financial Behaviors: Does Race/Ethnicity Matter?

    Article

    Using data from the 2018 National Financial Capability Study (NFCS), this study examined the associations between financial stressors and financial behaviors, and how these associations differ by race/ethnicity. The descriptive results showed that Black and Hispanic individuals reported higher financial stressors than White and Asian/Other individuals. The regression results showed that higher financial stressors significantly increased undesirable financial behaviors and decreased desirable financial behaviors. The regression results also revealed that Black individuals engaged in significantly more undesirable financial behaviors, while Hispanic and Asian/Other individuals did not differ significantly from White individuals. Further analyses for racial/ethnic differences in the associations between financial stressors and behaviors suggest that race/ethnicity moderated the relationship between the financial stressors and financial behaviors. Specifically, Black individuals with high financial stressors engaged in fewer undesirable financial behaviors, but they also engaged in fewer desirable financial behaviors as compared to the other racial and ethnic groups. Implications for financial counselors, financial educators, and other financial professionals are discussed.

    Source:
    Journal of Financial Counseling and Planning
  • Guest Editor’s Introduction to the Special Issue on Health and Consumer FinanceGo to article: Guest Editor’s Introduction to the Special Issue on Health and Consumer Finance

    Guest Editor’s Introduction to the Special Issue on Health and Consumer Finance

    Article
    Source:
    Journal of Financial Counseling and Planning

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