Financial literacy scales are often used as a diagnostic tool to assess financial knowledge levels among various populations, although few of them have undergone empirical testing. This study utilized exploratory factor analysis (EFA) with a sample of Chinese rural migrant workers to identify the underlying structure of a financial literacy scale and its psychometric properties. EFA reduced the 23 items to 5 factors that explain for 69.08% of the variance in financial literacy. Five factors are identified that are daily money management, math skills, saving and borrowing, inflation, and long-term investment. Findings suggest that practitioners who work with migrant workers or groups with lower income, lower educational levels can use this instrument to assess financial literacy levels and explore interventions that improve specific areas of financial knowledge.
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- Go to article: The Roles of Adherence and Usage Activity in Adolescents’ Intervention Gains During Brief Guided Online Acceptance and Commitment Therapy
The Roles of Adherence and Usage Activity in Adolescents’ Intervention Gains During Brief Guided Online Acceptance and Commitment Therapy
This study investigated the roles of adherence and usage activity in adolescents’ (n = 161) gains during a 5-week web intervention program based on acceptance and commitment therapy (ACT).
Program adherence was calculated as adherence percentage in relation to intended usage, whereas completion percentage, usage time, and usage weeks were used as indicators for usage activity. Subjective well-being was measured by self-reported life satisfaction and stress before and after the intervention.
First, regression analysis results showed that higher adherence predicted an increase in life satisfaction during intervention. Second, three subgroups of adolescents were identified using K-means cluster analysis in regard to adherence, usage activity and intervention gains: (1) “Adhered, committed users with relatively large intervention gains” (35%), (2) “Less committed users with no intervention gains” (42%), and (3) “Non-committed users with no intervention gains” (23%). The results showed that the highest gains from the Youth Compass intervention program are most likely obtained when the program is used as intended in its design. In addition, time investment and engagement in doing exercises seem as important as filling the minimum adherence criterion.
The results support the feasibility of ACT-based web intervention programs in promoting adolescent well-being, although more attention should be paid to motivating adolescents to commit to them and invest enough time in them.
- Go to article: Cognitive-Behavioral Social Skills Training Adapted for Youth at Clinical High Risk for Psychosis
Interventions for functional impairments in adolescents and young adults at clinical high risk (CHR) for psychosis are needed. Cognitive-Behavioral Social Skills Training (CBSST) has been found to improve functioning in patients with schizophrenia. The CBSST manual was adapted for CHR and implemented across 3 sites. The key changes that were made were to present a focus of normalization and destigmatization of attenuated psychotic symptoms and since CBSST has a major focus on role plays, problem solving and challenging thoughts, examples of these were changed to be more appropriate for this young CHR population. We describe the manual modifications and present fidelity data to examine the success of training and supervision methods in a multi-site randomized controlled trial of CBSST in CHR youth. Fidelity was high and comparable across sites. Case vignettes are presented to demonstrate how CBSST techniques were adapted for UHR individuals to target functional impairments.
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.
- Go to article: Fearful Temperament, Catastrophizing, and Internalizing Symptoms in Clinically Anxious Youth
A fearful temperament in childhood is associated with child internalizing symptoms. However, the cognitive mechanisms explaining this association are poorly understood. We examined the effects of child fearful temperament on child internalizing symptoms and the underlying role of catastrophizing cognitions among clinically anxious youth. Children (N = 105; Mage = 10.09 years, SD = 1.22; 56.7% female; 62% ethnic minority) completed a diagnostic interview; self-report measures of temperament, catastrophizing, and internalizing symptoms; and behaviorally-indexed measures of catastrophizing and anxiety. Indirect effects were found for child fearful temperament on child self-reported internalizing symptoms by way of self-reported (but not behaviorally-indexed) catastrophizing cognitions. Models predicting behaviorally-indexed child anxiety were not significant. Our findings suggest that targeting fearful temperament during childhood before catastrophizing cognitions develop may have clinical utility. Likewise, among children temperamentally at-risk, addressing catastrophic cognitions may prevent later internalizing psychopathology.
Estimated rates of co-occurrence between obsessive and compulsive disorder (OCD) and panic disorder (PD) are notable, but vary considerably, with rates from epidemiological and clinical studies ranging from 1.8% to 22% (Rector et al., 2017). We reviewed the current empirical literature on the etiology, treatment, diagnostic assessment, and differential diagnosis of co-occurring OCD/PD. Best practices for cognitive-behavioral treatment, including identifying and addressing treatment barriers are also addressed. Although it is acknowledged in current literature that co-occurring OCD and PD levels may be clinically significant, there remains a need to thoroughly examine the possible consequences and future research directions of this overlap. Future research must continue to elucidate the biological and environmental causes of OCD/PD co-occurrence.
- Go to article: Financial Decision-Making Responsibility and Household Wealth Accumulation Among Older Adults: A Comparative Advantage Perspective
Financial Decision-Making Responsibility and Household Wealth Accumulation Among Older Adults: A Comparative Advantage Perspective
This article introduces collective rationality and comparative advantage into understanding household financial decision-making responsibility allocation and its relationship to wealth accumulation. Evidence from the Health and Retirement Study (HRS) shows that conscientiousness, memory, and numeracy are favorable personal attributes for household financial decision-making. Greater relative advantages in these attributes predict a higher probability of assuming financial responsibility. Households that assign the disadvantaged spouse as the financial decision-maker tend to have a lower total net worth and a lower financial net worth. Our results suggest that it is critical for financial planning professionals to engage both spouses in the initial discussion of household finances and to assess the efficiency of the status quo financial decision-making responsibility allocation.
- Go to article: Personal Emotions and Family Financial Well-Being: Applying the Broaden and Build Theory
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.
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.
- Go to article: What, Me Worry? Financial Knowledge Overconfidence and the Perception of Emergency Fund Needs
We examined the association between financial knowledge overconfidence and the perception of emergency fund needs using the 2016 Survey of Consumer Finances (SCF) dataset. Only 28% of respondents reported a perceived amount of emergency funds needed that would cover at least three months of estimated spending. We conducted an OLS regression analysis on the log of the ratio of perceived emergency fund needs to household monthly expenditure. Overconfident respondents perceived a ratio 21.4% lower than those who had objective and subjective financial knowledge above median levels. Overconfident respondents might be underestimating emergency fund needs, suggesting the importance of not only increasing objective financial knowledge but also making consumers aware of the limitations of their financial knowledge.