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Tuesday, April 15
 

8:00am EDT

Board Meeting
Tuesday April 15, 2025 8:00am - 10:30am EDT
Tuesday April 15, 2025 8:00am - 10:30am EDT
Riverboat (William Penn Level)

8:00am EDT

Registration Check In & Information
Tuesday April 15, 2025 8:00am - 7:00pm EDT
Tuesday April 15, 2025 8:00am - 7:00pm EDT
William Penn Corridor (William Penn Level)

11:00am EDT

First Timers Welcome
Tuesday April 15, 2025 11:00am - 12:00pm EDT
Tuesday April 15, 2025 11:00am - 12:00pm EDT
Sternwheeler (William Penn Level)

1:00pm EDT

Opening General Session: Welcome and Esther Peterson Lecture
Tuesday April 15, 2025 1:00pm - 3:15pm EDT
1:00-1:10 Welcome
1:10-2:00 Esther Peterson Consumer Policy Forum Lecture by Devesh Ravel
2:00-2:20 Paper Awards
2:20-2:30 Best Journal Article Nominee Video
2:30-2:40 FINRA Foundation / ACCI Undergraduate Student Poster Competition Award
240-2:50 Early-Career Professional Development Mentorship Program
2:50-3:05 Poster Session 1 60-Second Previews
3:05-3:15 Announcements
Speakers
avatar for Devesh Raval

Devesh Raval

Deputy Director for Consumer Protection, Federal Trade Commission
Tuesday April 15, 2025 1:00pm - 3:15pm EDT
William Penn Ballroom (William Penn Level)

3:30pm EDT

A1 Special Session: Unlocking Funding Opportunities: Navigating Grant Options for Consumer Research
Tuesday April 15, 2025 3:30pm - 5:00pm EDT
Join us for a panel discussion with experts from the National Endowment for Financial Education (NEFE) and MissionSquare Research Institute (MSRI). This session is designed to empower conference attendees with the knowledge and tools needed to secure funding for impactful research.

NEFE's panelists will discuss their commitment to rigorous, innovative, and actionable research that increases the financial education community’s body of knowledge, provides insight into financial behavior, and contributes to the field’s understanding of effective educational practices. Attendees will learn about previously funded research topics, the current grant cycle, and receive tips for successful grant applications.

MissionSquare's head of research will highlight the institute's commitment to supporting research in key public sector workforce areas, including Financial Health and Wellness, Retirement and Workplace Benefits, and State and Local Government Excellence. Attendees will learn about preselected research topics, available data, and survey resources along with funded research opportunities.
Tuesday April 15, 2025 3:30pm - 5:00pm EDT
Three Rivers (William Penn Level)

3:30pm EDT

A2 Home Economics
Tuesday April 15, 2025 3:30pm - 5:00pm EDT
Tuesday April 15, 2025 3:30pm - 5:00pm EDT
Riverboat (William Penn Level)

3:30pm EDT

A2a The Making of the Upgrade Money: Home, Turkish Housewives and Digital Secondhand Marketplaces
Tuesday April 15, 2025 3:30pm - 5:00pm EDT
In the marketplace, money serves as a utilitarian tool for economic exchange, but when it enters the home, it takes on different social and cultural meanings based on its source, earner, and allocation. In today’s digital world, online platforms enable the commodification of previously non-economic household items and activities, introducing new forms of money with distinct meanings. This study draws on Zelizer's "special monies" model to explore this process among Turkish housewives (THWs) using digital secondhand marketplaces (DSMs). Through thirteen in-depth interviews, the research examines how these women transform their culturally designated domain—the home—into a source of income and perceived empowerment, a phenomenon described as the "commodification of homes." The study introduces the concept of "upgrade money" for this income, which is used to enhance the social standing of their home, children, and themselves without directly challenging socio-cultural norms. Although often considered an undervalued domestic currency, upgrade money empowers THWs by shifting their roles from "cashless money managers" to "upgrade money owners." This paper provides qualitative evidence of culturally recognized paths to perceived empowerment for women in constrained contexts.
Tuesday April 15, 2025 3:30pm - 5:00pm EDT
Riverboat (William Penn Level)

3:30pm EDT

A2b Homeownership and Perceived Financial Satisfaction: Insights From the SHED
Tuesday April 15, 2025 3:30pm - 5:00pm EDT
Homeownership is often referred to as, "the American Dream." However, rising cost of homeownership may restrict some households ability to purchase a home. Given the cultural significance of owning a home in America, this study seeks to understand the relationship between homeownership and financial satisfaction using data from the 2022 wave of the Survery of Household Economics and Decisionmaking (SHED). If homeownership positively influences financial satisfaction, it is possible that homeownership may lead to improvements in financial and overall wellbeing. This study provides a nuanced examination of the factors influencing financial satisfaction, focusing on home ownership, mortgage status, financial literacy, financial stress, financial behaviors, and socio-demographic characteristics. By leveraging established frameworks like the Life Cycle Hyptohesis (LCH), Bhevioral Life Cycle Hypothesis (BLCH), and the Joo and Grable Financial Satisfaction Framework, the study situates itself within the broader literature on financial well-being and adds depth to the undersrtanding of financial satisfaction determinants in the United States. 
Tuesday April 15, 2025 3:30pm - 5:00pm EDT
Riverboat (William Penn Level)

3:30pm EDT

A2c U.S Households Homeowners Insurance Decisions and Their Financial Well Being
Tuesday April 15, 2025 3:30pm - 5:00pm EDT
Using the weighted cross-sectional data from 2019 to 2022 Understanding American Study (UAS) different waives, this study investigates the association between U.S. household’s homeowner’s decisions and financial well-being by analyzing the moderating role of financial literacy. With the help of Ordinary least squares (OLS), we found that households who own homes freely without mortgages and have homeowner insurance are significantly and positively associated with households’ financial well-being. Further, we analyzed the moderating role of households’ financial literacy. We found a strong positive association between medium to high financial literacy after interacting with households who own homes with homeowners’ insurance on the household’s financial well-being. This suggests that financial literacy moderates households’ financial well-being when predicting various impacts on homeowners’ insurance decisions. We also found some heteroscedasticity problems, but with the help of bootstrapping and Robust Variance Covariance Estimates, we solved the heteroscedasticity problem and found consistent results with our original OLS model. This study also has implications for academicians, financial planners, and policymakers. Policymakers can use this study to incentivize homeowners’ insurance among mortgage-free households and improve mortgage and loan programs by adding financial literacy as a module. This paper should help academician base their discussion on the financial well-being of households, and financial planners can use this paper to examine clients’ demographics and socioeconomic differences and how these differences affect their financial well-being.
Tuesday April 15, 2025 3:30pm - 5:00pm EDT
Riverboat (William Penn Level)

3:30pm EDT

A3 Spirituality and Cultures in Consumer Finances
Tuesday April 15, 2025 3:30pm - 5:00pm EDT
Tuesday April 15, 2025 3:30pm - 5:00pm EDT
Lawrence Welk (Mezzanine)

3:30pm EDT

A3a Cultural Values and Financial Health: A Cross-Country Analysis
Tuesday April 15, 2025 3:30pm - 5:00pm EDT
This research examines how cultural values predict financial health, focusing on two dimensions: financial security (the ability to manage financial shocks) and financial control (confidence in day-to-day financial management). Using data from Gallup's 2018 Financial Health Survey and the Global Preferences Survey across ten countries, the study explores cultural factors, such as patience, risk-taking, reciprocity, altruism, and trust, alongside demographic factors like age, education, income, and employment. A multilevel regression model enables an analysis of how these elements contribute to financial health outcomes. Results show that patience plays a crucial role in financial security and control, as individuals with greater patience tend to engage in stable, long-term financial planning. Conversely, a propensity for risk-taking is associated with less financial security, potentially due to impulsive financial choices that may hinder long-term security. Positive reciprocity supports financial control, whereas altruism, by focusing on others' needs, slightly diminishes personal financial security and control. The results highlight the need for financial education programs that encourage long-term planning and risk awareness, as well as policies that integrate cultural values and demographic insights. These tailored interventions can improve financial health across diverse populations, equipping individuals to face financial challenges effectively.
Tuesday April 15, 2025 3:30pm - 5:00pm EDT
Lawrence Welk (Mezzanine)

3:30pm EDT

A3b Spirituality, Religiosity and Their Relative Impacts on Quality of Life
Tuesday April 15, 2025 3:30pm - 5:00pm EDT
Results from a study in the United States with a primarily Catholic population show that there are indeed two discernible forms of religiosity (i.e., intrinsic and extrinsic), and both constructs were shown to be independent from spirituality. Furthermore, intrinsic religiosity was shown to negatively influence materialism, while extrinsic religiosity was shown to positively influence materialism and community connectedness. Spirituality negatively influenced materialism and positively influenced life satisfaction. Finally, materialism negatively influenced community connectedness but not life satisfaction while the latter two constructs were shown to be strongly positively correlated. Implications for understanding human values as well as future research questions are also discussed.
Tuesday April 15, 2025 3:30pm - 5:00pm EDT
Lawrence Welk (Mezzanine)

3:30pm EDT

A3c The Role of Personal and Cultural Values on Savings Behavior
Tuesday April 15, 2025 3:30pm - 5:00pm EDT
This study examines the relationship between human values and saving behavior and analyzes the concepts of personal and cultural values. Drawing from a globally representative sample, we utilized data from the seventh wave of the World Values Survey (2017–2020) and Hofstede Insights (2022), encompassing 67,278 respondents across 48 countries. Two analytical steps were employed: Principal Component Analysis (PCA) to ensure that the selected items accurately measured personal values and a multilevel logit regression to identify associations between personal (individual level) and cultural (country level) values and saving behavior. Based on the Functional Theory of Values, our findings reveal that individuals with personal values of personal orientation and survival needs tend to save more money, while those with personal values of social orientation and thriving needs are less likely to save. At the cultural level, people in individualistic societies save more, whereas those living in countries with high uncertainty avoidance tend to save less.
Tuesday April 15, 2025 3:30pm - 5:00pm EDT
Lawrence Welk (Mezzanine)

3:30pm EDT

A4 Conference Engagement Survey Session with Dr. Burcher
Tuesday April 15, 2025 3:30pm - 5:00pm EDT
Tuesday April 15, 2025 3:30pm - 5:00pm EDT
Bob & Delores Hope (Mezzanine)

5:15pm EDT

B1 The Financial Literacy Session
Tuesday April 15, 2025 5:15pm - 6:45pm EDT
Tuesday April 15, 2025 5:15pm - 6:45pm EDT
Three Rivers (William Penn Level)

5:15pm EDT

B1a Crunching the Numbers: Do Math Skills Enhance Financial Literacy?
Tuesday April 15, 2025 5:15pm - 6:45pm EDT
This study examines the relationship between mathematical confidence and financial literacy, exploring how both independently and interactively influence financial behaviors. Utilizing data from the 2021 National Financial Capability Study, the research investigates if confidence in mathematics complements financial knowledge in predicting positive financial actions, such as saving, emergency fund management, and retirement planning. Findings indicate that mathematical confidence is significantly associated with specific financial behaviors, including retirement contributions and planning, and that the interaction between mathematical confidence and financial literacy correlates with emergency fund ownership. The study underscores the potential of incorporating mathematical competence into financial education efforts to enhance financial well-being and suggests future research directions for understanding the nuanced roles of math skills in financial decision-making.
Tuesday April 15, 2025 5:15pm - 6:45pm EDT
Three Rivers (William Penn Level)

5:15pm EDT

B1b Financial Literacy, Online Scam and Financial Well-being Among Young People
Tuesday April 15, 2025 5:15pm - 6:45pm EDT
Financial literacy is essential for young people’s financial well-being. For young people striving for financial independence, financial well-being is a crucial part of life-satisfaction and identity. Frequent presence on social media and other online platforms makes young people particularly susceptible for commercial persuasion, also exposing them to scams and frauds. Therefore, young people also need digital financial literacy.  In the current study, we examined, using structural equation modelling, how young people’s financial and digital financial skills and susceptibility to persuasion relate to online shopping scam victimization, and how online scam victimization affect indebtedness and subjective financial well-being. We found that a high level of financial literacy and digital financial skills reduced young people’s probability to become victims of online shopping scams. Susceptibility to persuasion increased the risk for online shopping scam victimization, which increased the likelihood of indebtedness and decreased subjective financial well-being. Based on our results we argue that financial and digital education should include advanced knowledge of the persuasion techniques in digital environments to help young people combat fraud and scams. In addition to schools and families, also other societal actors and networks are needed to build young people’s resilience to online persuasion and scams.
Tuesday April 15, 2025 5:15pm - 6:45pm EDT
Three Rivers (William Penn Level)

5:15pm EDT

B1c The Interplay of Financial Literacy, Economic Environment, and Social Safety Net: Trends in Financial Well-Being Indicators in the United States
Tuesday April 15, 2025 5:15pm - 6:45pm EDT
This study investigates how different indicators of FWB changed between 2017 and 2022 for individuals with varying levels of financial literacy across different income groups in the United States. By analyzing these trends, this study aims to provide insights into the interactive role of financial literacy, economic conditions, and social safety net generosity in shaping FWB. The findings of this study have implications for advancing the theoretical understanding of FWB and for informing financial advising practices and public policy initiatives aimed at enhancing financial stability and resilience among vulnerable populations.
Tuesday April 15, 2025 5:15pm - 6:45pm EDT
Three Rivers (William Penn Level)

5:15pm EDT

5:15pm EDT

B2b Building Futures: The Impact of Affordable Housing on Student Achievement
Tuesday April 15, 2025 5:15pm - 6:45pm EDT
The Low-Income Housing Tax Credit (LIHTC) program – created in 1986 as part of the Tax Reform Act – is the largest federal program to finance the development of affordable rental housing. This project aims to examine the short-, moderate-, and long-term impact of Low-Income Housing Tax Credit (LIHTC) developments on the educational outcomes of public school students. Specifically, it will investigate how proximity to affordable housing developments influences students’ outcomes, including both academic performance and behavioral outcomes. Focusing on the effects in the short-term (1 year) and long-term (5-10 years), the project seeks to explore the interplay between housing affordability, neighborhoods, and educational achievement in K-12 public schools. This project will examine how these impacts differ across race, gender, and socioeconomic status to better understand the extent to which the effect of affordable housing differs by these student characteristics.  
Tuesday April 15, 2025 5:15pm - 6:45pm EDT
Riverboat (William Penn Level)

5:15pm EDT

B2c Scarcity in Everyday Life: How ADHD and Student Loan Debt Shape Personal Experiences
Tuesday April 15, 2025 5:15pm - 6:45pm EDT
Currently, there are ten million U.S. adults diagnosed with Attention-Deficit Hyperactivity Disorder (ADHD). The increasing prevalence of ADHD among students in higher education coincides with rising concerns about the impact of student loan debt. The primary objective of this phenomenological study was to explore, through scarcity theory lens, the cognitive and affective challenges faced by individuals experiencing ADHD in managing their student loans._x000D_
We analyzed user posts from from an online community of two million members r/ADHD (Reddit), where individuals experiencing ADHD shared their experiences related to student loan debt. Thematic analysis was employed to identify key themes surrounding scarcity.  _x000D_
Our findings demonstrated various forms of cognitive and affective scarcities faced by individuals experiencing ADHD, including financial pressures, difficulties in effective budgeting, and a lack of adequate support systems. Users reported feelings of stress and anxiety due to the complexities of managing their student loans. Despite challenges, many users demonstrated resilience and adaptability, developing coping strategies that included seeking alternative financial planning resources and support. _x000D_
This study highlights an urgent need for targeted interventions that integrate financial knowledge, debt literacy, and mental health support to help improve the well-being of individuals facing this coexisting issue of student-debt burden and ADHD.
Tuesday April 15, 2025 5:15pm - 6:45pm EDT
Riverboat (William Penn Level)

5:15pm EDT

B3 The Racial and Ethnic Disparities Session
Tuesday April 15, 2025 5:15pm - 6:45pm EDT
Tuesday April 15, 2025 5:15pm - 6:45pm EDT
Lawrence Welk (Mezzanine)

5:15pm EDT

B3a Racial and Ethnic Disparities in Credit Scores and Length of Credit History
Tuesday April 15, 2025 5:15pm - 6:45pm EDT
Prior research has established through a variety of techniques that Black and Latinx consumers generally have lower credit scores than white and Asian consumers. However, this research has often relied on datasets lacking respondents’ self-reported racial identity or has not been nationally representative, which can introduce bias into estimates. Further, while a substantial amount of recent research has uncovered racial and ethnic disparities in debt repayment and delinquency, there has been limited exploration into how other aspects of consumers’ credit histories, such as length of credit history, are contributing to credit score gaps. In this paper, we address these gaps by debuting an innovative data source – credit records matched to a nationally representative probability-based survey panel – to better understand disparities in credit scores. We use this data to estimate racial and ethnic gaps in credit scores and to explore one important source of score disparities: differences in length of credit history. We find large disparities in credit scores and length of credit history by race and ethnicity. We also find that two mechanisms used to establish and lengthen credit histories – joint account ownership and authorized usership – are less frequently utilized by Black consumers.
Tuesday April 15, 2025 5:15pm - 6:45pm EDT
Lawrence Welk (Mezzanine)

5:15pm EDT

B3b Racial/Ethical Disparities in Pandemic-Related Economic Hardships: Can Financial Capability Help?
Tuesday April 15, 2025 5:15pm - 6:45pm EDT
Existing research highlights significant racial and ethnic disparities in economic hardship, leading to reduced consumer well-being. Financial capability is positively associated with financial well-being, suggesting that enhanced financial capability should correlate with a reduced risk of economic hardship, thereby decreasing these disparities. However, the role of financial capability in mitigating economic hardships during crises, such as the COVID-19 pandemic, remains underexplored. This study addresses this gap by utilizing decomposition analysis of the 2022 Survey of Consumer Finances data to examine whether financial capability reduces racial and ethnic disparities in economic hardship during the pandemic._x000D_
The findings of this research are crucial for policymakers, financial educators, community organizations, and other stakeholders dedicated to addressing financial hardship and promoting economic equity. By implementing targeted policies and programs that cater to the specific needs of minority groups, these stakeholders can work towards reducing financial disparities and promoting equity. This study not only advances our understanding of the dynamics between financial capability and economic hardship but also provides practical insights to improve consumer well-being and foster economic equity. 
Tuesday April 15, 2025 5:15pm - 6:45pm EDT
Lawrence Welk (Mezzanine)

5:15pm EDT

B3c Racial/Ethnic Differences in Household Debt Payment Delinquency Among Renters and Homeowners
Tuesday April 15, 2025 5:15pm - 6:45pm EDT
This study examines racial/ethnic differences in household debt payment delinquency among U.S. renters and homeowners. Using the 2022 Survey of Consumer Finances (SCF), the research investigates racial/ethnic disparities in delinquency rates controlling for the financial obligation ratio, financial knowledge confidence levels, and other household characteristics. Renter and homeowners are analyzed separately. Renters typically experience higher financial burdens, dedicating a larger share of their income to rent, leading to increased vulnerability to debt delinquency. The study utilizes logit regression models to explore the impact of racial/ethnic status on debt payment delinquency. Renter households have much higher delinquency rates than homeowner households. Black renters have significantly higher delinquency rates than White renters, and Black homeowners have significantly higher delinquency rates than White homeowners, even when controlling for household characteristics. Asian and Hispanic renters and homeowners do not have significantly different delinquency rates than corresponding White renters and owners. The results highlight the importance of separating renters and homeowners in debt analysis and suggest the need for targeted interventions to reduce racial and ethnic disparities in financial vulnerability.
Tuesday April 15, 2025 5:15pm - 6:45pm EDT
Lawrence Welk (Mezzanine)

5:15pm EDT

B4 The Personality Traits Session
Tuesday April 15, 2025 5:15pm - 6:45pm EDT
Tuesday April 15, 2025 5:15pm - 6:45pm EDT
Bob & Delores Hope (Mezzanine)

5:15pm EDT

B4b The Role of Big Five Personality Traits and Basic Social Justice Orientation in Charitable Giving: Insights From South Korea
Tuesday April 15, 2025 5:15pm - 6:45pm EDT
Basic Social Justice Orientation (BSJO) is a scale measuring value orientation of consumers regarding socially distributive justice in European areas and consists of 4 components: Equality, Need, Equity, and Entitlement. This study examines the relationship among Big Five personality traits, BSJO, and charitable giving behavior, using 2022 Koreans' Happiness Survey data. While controlling previously well-known antecedents of charitable giving behavior, including religion and various aspects of life satisfaction, this study concluded the following. First, Big Five personality traits influence BSJO. Second, even after controlling Big Five and religion, BSJO influences charitable giving participation. Specifically, BSJO components such as "Need" and "Entitlement" positively influence charitable behavior, while "Equality" and "Equity" have a negative effect. In addition, “Equity” within BSJO is an important social justice value that differentiates regular from non-regular donors. Third, the relationship between Big Five and charitable giving participation is mediated by the BSJO component, specifically “Need.” Both Openness and Conscientiousness demonstrated significant effects on charitable giving through “Need” mediation. Overall, this study provides valuable insights into the impact of Big Five personality traits and BSJO on consumer donations. Advice for nonprofit foundations and suggestions for future research are discussed at the end.
Tuesday April 15, 2025 5:15pm - 6:45pm EDT
Bob & Delores Hope (Mezzanine)

5:15pm EDT

B4c Understanding Retirement Behavior through Personality Traits: Evidence From European Data
Tuesday April 15, 2025 5:15pm - 6:45pm EDT
This study investigates how personality traits, specifically neuroticism and extraversion, influence retirement timing among older adults across Europe and Israel. Utilizing data from the Survey of Health, Ageing, and Retirement in Europe (SHARE), the research explores the psychological dimensions of retirement decisions, which are often overlooked in favor of economic and policy-driven factors. By integrating personality traits into the analysis, this study offers a more comprehensive understanding of what drives individuals to retire earlier or later. The findings reveal that neuroticism is associated with delayed retirement, likely due to heightened concerns over economic security, while extraversion correlates with earlier retirement as individuals seek social engagement and leisure outside of work. The study also examines the other three Big Five personality traits—agreeableness, conscientiousness, and openness—finding no significant impact on retirement timing. This cross-national analysis contributes to more nuanced retirement planning and policy development by acknowledging the diverse psychological profiles of retirees. The insights gained can inform targeted financial guidance and adaptive retirement policies that align with individual needs, enhancing economic stability and quality of life for older adults. The study underscores the importance of considering psychological traits alongside traditional factors in retirement research.
Tuesday April 15, 2025 5:15pm - 6:45pm EDT
Bob & Delores Hope (Mezzanine)

7:45pm EDT

Welcome Reception
Tuesday April 15, 2025 7:45pm - 8:45pm EDT
Tuesday April 15, 2025 7:45pm - 8:45pm EDT
Sky (17th Level)
 
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