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Wednesday, April 16
 

7:00am EDT

Registration Check In & Information
Wednesday April 16, 2025 7:00am - 5:00pm EDT
Wednesday April 16, 2025 7:00am - 5:00pm EDT
William Penn Corridor (William Penn Level)

8:00am EDT

Breakfast
Wednesday April 16, 2025 8:00am - 8:50am EDT
Wednesday April 16, 2025 8:00am - 8:50am EDT
Sternwheeler (William Penn Level)

8:00am EDT

P100's Featured Research Session I Posters
Wednesday April 16, 2025 8:00am - 8:50am EDT
Wednesday April 16, 2025 8:00am - 8:50am EDT
Sternwheeler (William Penn Level)

8:00am EDT

P101 A Study of Online Cosmetics Reviews by Japanese Consumers in Their 10s and 20s: Focusing on Structural Topic Modeling (STM)
Wednesday April 16, 2025 8:00am - 8:50am EDT
This study explored the skincare preferences and satisfaction levels of Japanese teenagers and young adults to shed light on trends within the cosmetics market. By applying text mining and structural topic modeling (STM) to consumer reviews from the Japanese beauty platform @cosme, we examined six product categories over the period from 2008 to 2024. Findings reveal distinct skincare priorities by age: teens tend to favor basic skincare products and celebrity-endorsed items, while young adults focus more on targeted solutions for concerns like acne and hydration. Positive reviews often highlighted basic moisturizers and serums, whereas products like sunscreen, seasonal skincare, and those for irritated skin frequently received negative feedback, suggesting a gap between product expectations and actual performance. Age-related trends also indicated a growing emphasis on serums, possibly driven by social media’s promotion of structured skincare routines. These results underscore the impact of marketing, social media, and consumer needs on product selection, providing valuable insights for brands aiming to create and promote products tailored to these age groups.
Wednesday April 16, 2025 8:00am - 8:50am EDT
Sternwheeler (William Penn Level)

8:00am EDT

P102 Ambivalent Roles of Social Media on Young Adults’ Mental Health
Wednesday April 16, 2025 8:00am - 8:50am EDT
As social media is an important part of Generation Z, it is imperative to conduct a study collecting both qualitative and survey data about the experiences of using social media in relation to their mental health. Awareness of the potential negative impacts of social media will help young people make better decisions in their social media use. Studying the impacts of social media on consumers' mental health will help businesses and organizations develop better and more ethical marketing strategies in the future. Lastly, the insights from this research will help public policy makers develop better regulation of social media marketing. 
Wednesday April 16, 2025 8:00am - 8:50am EDT
Sternwheeler (William Penn Level)

8:00am EDT

P103 Association between Sleep and Consumption of Caffeine and Nicotine
Wednesday April 16, 2025 8:00am - 8:50am EDT
Sleep has been identified as playing a critical role in enhancing memory and improving physical functions. As a central nervous system stimulant, caffeine functions as an adenosine antagonist, impacting sleep. Similarly, nicotine disrupts sleep by affecting neurotransmitters involved in sleep regulation. This study aims to examine the bidirectional relationship between sleep problems and caffeine and nicotine consumption using large longitudinal data representative of the U.S. population and employing a fixed-effects model. I found that households with sleep problems consistently showed a higher rate and larger volumes of caffeinated products and cigarette purchases compared to those without sleep problems. This pattern was even more pronounced in cigarette purchases. Regression analysis demonstrated a bidirectional relationship between sleep problems and the purchase of caffeinated products and cigarettes. However, when household fixed effects were included, the relationship between sleep problems and caffeine product purchases was no longer insignificant, whereas the association with cigarette purchases remained robust.
Wednesday April 16, 2025 8:00am - 8:50am EDT
Sternwheeler (William Penn Level)

8:00am EDT

P104 Consumer Credit Score and Financial Well-Being in Mexico
Wednesday April 16, 2025 8:00am - 8:50am EDT
The primary goal of this study is to analyze the relationship between credit scores and the financial well-being of consumers in Mexico in three dimensions: present, future, and overall. During November and December 2022, we sent a survey to assess consumers' financial well-being to a private company that already had records of their credit scores and other sociodemographic variables. Data from 1305 consumers were collected. _x000D_
This study follows a quantitative, cross-sectional, and correlational approach. First, latent variables (FWB present, FWB future, and FWB overall) were estimated. Later, three multiple linear regression models based on OLS were constructed, one for each financial well-being dimension._x000D_
Our study confirms that credit score is positively related to financial well-being among Mexican consumers. The coefficients in all three models are positive and significant. Additionally, the analysis shows that financial well-being is positively related to income level and having extra income._x000D_
This research contributes to the knowledge of financial well-being and credit behavior. Its results are helpful for policymakers and financial institutions seeking to assist financial consumers in improving their financial resilience. One of its primary applications is strengthening financial education strategies that help consumers improve their healthy credit behavior.
Wednesday April 16, 2025 8:00am - 8:50am EDT
Sternwheeler (William Penn Level)

8:00am EDT

P105 Do Sustainable Attributes Matter in Consumer Review Ratings for Skincare Products?: Focusing on the Moderating Effect of Vegan Status
Wednesday April 16, 2025 8:00am - 8:50am EDT
This study examines the influence of sustainable attributes on beauty retailers’ online platforms and topics extracted from consumer reviews on consumer ratings for skincare products, with a focus on the moderating effect of vegan status. Analyzing 109,599 consumer reviews from Ulta Beauty using Latent Dirichlet Allocation (LDA), 11 key topics were identified, including product texture, hydration, and long-lasting effect, underscoring the importance of intrinsic cues like texture and hydration in consumer evaluations. Hierarchical multiple regression analysis reveals that price positively influences consumer ratings, whereas product texture, skin texture, and long-lasting effect negatively impact ratings. Vegan products generally receive higher ratings; however, adding sustainable attributes yields mixed results. Clean ingredients, cruelty-free labels, and sustainable packaging improve ratings for non-vegan products but can reduce ratings for vegan products due to heightened expectations. Interaction effects show that product texture and long-lasting effect enhance ratings for both vegan and non-vegan products, with stronger effects for vegan products, while skin texture increases ratings for vegan products but decreases them for non-vegan products. These findings highlight the importance for brands to align product qualities with consumer expectations to foster trust and satisfaction. This research provides insights for marketers aiming to balance sustainable claims with intrinsic product qualities to build loyalty and competitive differentiation.
Wednesday April 16, 2025 8:00am - 8:50am EDT
Sternwheeler (William Penn Level)

8:00am EDT

P106 Evaluating Consumer Education and Cultural Influences on Fruit and Vegetable Consumption: A University Pilot Study
Wednesday April 16, 2025 8:00am - 8:50am EDT
This study uses pilot study results to investigate how consumer education strategies and cultural factors shape graduate students' intention to change their fruit and vegetable consumption. The three strategies being tested include a baseline neutral education strategy, positive language with positive imagery, and negative language with negative imagery, which will be compared to a control group that receives no intervention. The effectiveness of these educational interventions is assessed through their impact on students' intention to adopt healthier eating habits. These intentions may also be shaped by variables such as the students' cultural background and demographic characteristics, which will also be tested in the study. The findings from the pilot study provide insights into which strategies are most effective in promoting dietary change intentions and offer guidance on refining education strategies for future interventions. The pilot study results provide actionable insights for developing targeted interventions aimed at promoting healthier eating habits among diverse populations.
Wednesday April 16, 2025 8:00am - 8:50am EDT
Sternwheeler (William Penn Level)

8:00am EDT

P107 From Knowledge to Practice: Analyzing Consumer Antecedents of Circular Economy Behaviors
Wednesday April 16, 2025 8:00am - 8:50am EDT
This study examines consumer engagement in circular economy practices, specifically focusing on routine waste management behaviors such as waste sorting and reducing single-use items. Given the substantial greenhouse gas emissions from waste management and projected 50% increase in global waste by 2050, the urgency for sustainable practices is evident. Through the application of the Knowledge-Attitude-Practice (KAP) model and the Health Belief Model (HBM), this research investigates the influence of objective (factual) and subjective (self-assessed) knowledge on key attitudinal factors—perceived severity, susceptibility, benefits, and barriers—and their subsequent impact on circular economy behaviors. Utilizing data from the Public Attitudes towards the Environment: 2023 Survey, which includes 3,088 respondents, findings indicate that objective knowledge primarily informs attitudinal development, while subjective knowledge exerts a notably direct influence on behavior. Attitudinal factors, including perceived severity, susceptibility, benefits, and barriers, emerge as critical determinants of pro-environmental actions within a circular economy context. These findings underscore the necessity of promoting both factual understanding and consumer confidence through targeted policy and educational interventions, facilitating sustainable behavioral engagement. This integrated approach offers substantial implications for climate change mitigation by fostering consumer participation in circular economy initiatives.
Wednesday April 16, 2025 8:00am - 8:50am EDT
Sternwheeler (William Penn Level)

8:00am EDT

P108 Frugal Finance and Wellbeing: Exploring the Nexus in Emerging Markets
Wednesday April 16, 2025 8:00am - 8:50am EDT
This project uses pilot data to explore financial well-being among an exploratory sample of urban households in India. Particular emphasis is placed on household attitudes and behaviors, with a focus on financial frugality. In addition, this project explores the broader application of the Consumer Financial Protection Bureau's measure of Financial Well-Being (FWB).
Wednesday April 16, 2025 8:00am - 8:50am EDT
Sternwheeler (William Penn Level)

8:00am EDT

P109 Household Expenditure on Education and Psychological Factors: Determinants and Impact Analysis
Wednesday April 16, 2025 8:00am - 8:50am EDT
This study analyzes the determinants and impacts of household expenditure on education in South Korea with the financial, socio-economic, regional, and psychological factors influencing educational costs. Because education is regarded as crucial for economic property and social status in South Korea, severe private education expenses lead to heightened financial strain on families. By using data from the 15th National Survey of Tax and Benefit (NaSTaB), the research examines 14,897 households, addressing variables such as household debt, tax burden, income inequality perceptions, and residential satisfaction. The key findings reveal that greater household debt and tax burdens significantly impact higher private education spending, while psychological factors—like perceptions of income inequality and time preference—also significantly impact educational expenditures. This study underscores policy implications for equitable education budget distribution and reducing financial pressures on households, thereby supporting public education improvements and addressing educational disparities. Overall, the research highlights the interplay of financial, social, and psychological factors in shaping educational spending patterns, advocating for strengthened public education policies to mitigate reliance on private education. Further research on regional disparities in educational spending is recommended.
Wednesday April 16, 2025 8:00am - 8:50am EDT
Sternwheeler (William Penn Level)

8:00am EDT

P110 Household Food Security and the Impact of School Meal Programs on Added-Sugar Intake Among Youths
Wednesday April 16, 2025 8:00am - 8:50am EDT
This study utilizes recent waves of the National Health and Nutrition Examination Survey to investigate how the impact of new school nutrition standards on added sugar intake among youths varies based on their household food security status.
Wednesday April 16, 2025 8:00am - 8:50am EDT
Sternwheeler (William Penn Level)

8:00am EDT

P111 Predicting Default Risk of Disabled Adults in South Korea Using Machine Learning Techniques
Wednesday April 16, 2025 8:00am - 8:50am EDT
This study applies machine learning (ML) techniques to predict default risk among disabled adults in South Korea, utilizing data from the Panel Survey of Employment for the Disabled (PSED). Disabled individuals face unique socioeconomic challenges, including limited employment opportunities, inadequate social support, and significant medical expenses, which contribute to financial instability and heightened default risk. Existing financial risk models typically overlook these multifaceted aspects of disability, resulting in a critical gap in accurately assessing default risk within this population. Our research aims to develop predictive models specifically tailored to the socioeconomic backgrounds of disabled adults, enhancing the precision of default risk assessments._x000D_
The methodology involves comprehensive preprocessing of PSED data, such as demographics, income levels, disability type and severity, and employment status. We employ various machine learning algorithms, including logistic regression, random forests, and extreme gradient boosting, validated through cross-validation and performance metrics. Preliminary results indicate that ensemble learning models, especially extreme gradient boosting, exhibit superior predictive performance. Key predictors of default risk include employment, disability severity, and dependence on social support._x000D_
The findings could inform financial institutions and policymakers by highlighting overlooked factors in risk assessments and promoting inclusive financial practices that support the economic well-being of disabled individuals.
Wednesday April 16, 2025 8:00am - 8:50am EDT
Sternwheeler (William Penn Level)

9:00am EDT

General Session 2: Colston E. Warne Lecture
Wednesday April 16, 2025 9:00am - 10:30am EDT
9:00-9:05 Welcome Introductions
9:05-9:45 Coston E. Warne Lectureship by Emily Gallagher
9:45-9:55 Service Awards
9:55-10:05 JCA Best Article Nominee Video
10:05-10:20 Poster Session 2 60-Second Previews
10:20-10:30 Announcements
Speakers
avatar for Emily Gallagher

Emily Gallagher

Assistant Professor, Leeds School of Business, University of Colorado Boulder
Wednesday April 16, 2025 9:00am - 10:30am EDT
William Penn Ballroom (William Penn Level)

10:45am EDT

C1 Symposium: New to CE (Consumer Expenditure Survey)? So Are We
Wednesday April 16, 2025 10:45am - 12:15pm EDT
Sponsored by the U.S. Bureau of Labor Statistics (BLS), the Consumer Expenditure Surveys (CE) are the most detailed source of expenditure data collected directly from households by the Federal government.  In addition, information on income, assets and liabilities, and demographics are collected from a large, nationally representative sample of consumers.  The result is a unique and rich source of data of interest to researchers, educators, advocates, policymakers, and others in a variety of fields.  Moreover, these data, both tabular and at the household level (i.e., microdata), are publicly available for free download.

The goal of the session is to introduce attendees regardless of their career stage (undergraduate to experienced professional) to a new data set, and to CE staff who can assist them in use of these data. The data are useful to those interested in consumer economics generally, and/or in financial planning and related topics.

This session features a panel of presenters, all of whom are early in their careers. For most or all, the CE data compose the first major data set with which they have worked professionally. Five are from the CE program, while one is a professor of economics who is not affiliated with the BLS.
Wednesday April 16, 2025 10:45am - 12:15pm EDT
Three Rivers (William Penn Level)

10:45am EDT

C2 Financial Decisions: Confidence, Information Sources, and Risk
Wednesday April 16, 2025 10:45am - 12:15pm EDT
Wednesday April 16, 2025 10:45am - 12:15pm EDT
Riverboat (William Penn Level)

10:45am EDT

C2a How Consumers Think About Investment Risk
Wednesday April 16, 2025 10:45am - 12:15pm EDT
Understanding financial risk is an integral part of making decisions about investing. Without adequate knowledge of financial risk, a consumer’s investment decisions may be based on misperceptions. Conversely, a sound understanding of financial risk may help consumers deploy risk-mitigation strategies, like diversification, and assess various investment products to identify those that align with their goals and risk tolerance._x000D_
To examine how consumers think about financial risk — as well as the relationships among risk comprehension, risk tolerance, and asset holdings — we fielded a survey to a nationally representative, probability-based sample. The survey gauged respondents’ financial risk comprehension, financial risk tolerance, asset holdings, recognition of risk-mitigation strategies, and specific risk-related investing concerns._x000D_
Results indicate that, while most consumers have a rudimentary understanding of investment risk, fewer are able to recognize risk-mitigation strategies. We find that those with higher risk comprehension tend to be more willing to take financial risk, and that investors and non-investors have different risk-related concerns about investing. We also find that investors’ risk comprehension and risk tolerance generally align with portfolio choices._x000D_
Findings suggest that consumers’ concerns about inflation and liquidity may be especially important for financial educators when beginning conversations about investment risk and how to manage it.
Wednesday April 16, 2025 10:45am - 12:15pm EDT
Riverboat (William Penn Level)

10:45am EDT

C2b Information Source Selection in Borrowing and Investment: A Multinomial Logit Analysis
Wednesday April 16, 2025 10:45am - 12:15pm EDT
Previous studies have demonstrated the benefits of using financial planners (Hanna, 2011, Elmerick et al., 2002; White & Heckman, 2016; Reiter & Qing, 2024). However, there are other sources that consumers use to obtain financial advice such as asking friends and family, using online services, calling around, or asking other non-financial planner professionals such as bankers and attorneys. Most studies have not examined the other sources of information that consumers use to seek financial advice. Therefore, this study mainly focuses on the specific service that consumers utilized including internet/online services, friend/relative, banker, call-around, and financial planner. To our best knowledge, little research has been conducted by comparing the specific help-seeking resources. In addition, to map out the decision differences between borrowing and investing, this study examined them separately. _x000D_
This study used the 2022 Survey of Consumer Finances (SCF) to examine the decision-making for borrowing and investing. Data from the SCF are widely used in financial planning and economic areas. For the 2022 wave of the survey, 4,595 households were interviewed. This study mainly focused on the most frequently used when making decisions about borrowing and investing; therefore, 3,807 observations were included for the estimation.
Wednesday April 16, 2025 10:45am - 12:15pm EDT
Riverboat (William Penn Level)

10:45am EDT

C2c The Role of Financial Confidence in Retirement Planning and Financial Satisfaction Among Asian Americans
Wednesday April 16, 2025 10:45am - 12:15pm EDT
This study examines the association between financial literacy confidence and financial satisfaction among Asian Americans using the 2021 National Financial Capability Study (NFCS) AAPI oversample. The findings emphasize the significant role of financial confidence—both overconfidence and underconfidence—in shaping retirement planning behaviors and overall financial satisfaction among Asian Americans. Underconfident individuals were less likely to engage in retirement planning and reported lower financial satisfaction. In contrast, overconfident individuals, despite not exhibiting more proactive retirement planning, reported higher levels of financial satisfaction. Mediation analysis further indicates that underconfidence leads to reduced retirement planning, which, in turn, results in lower financial satisfaction. The findings of this study suggest that financial professionals could benefit from helping underconfident individuals build their financial literacy and encourage proactive retirement planning, while also tempering overconfident individuals' decision-making to ensure they make informed, long-term financial choices. Additionally, promoting the value of retirement planning, particularly non-employer-sponsored accounts, could improve financial satisfaction.
Wednesday April 16, 2025 10:45am - 12:15pm EDT
Riverboat (William Penn Level)

10:45am EDT

C3 A Little Bit of Everything: Wages, Telehealth, and Life's Purpose
Wednesday April 16, 2025 10:45am - 12:15pm EDT
Wednesday April 16, 2025 10:45am - 12:15pm EDT
Lawrence Welk (Mezzanine)

10:45am EDT

C3a How Competitive Wages Drive Financial Well-Being: The Roles of Job Satisfaction and Employee Morale
Wednesday April 16, 2025 10:45am - 12:15pm EDT
This study investigates the relationships among perceived competitive wage, job satisfaction, employee morale, and perceived financial well-being through a serial mediation model. Using a nationally representative dataset of 2,036 U.S. full-time employees under 50 years old, split evenly between state and local government and private sector workers, the study examines whether job satisfaction and employee morale mediate the impact of perceived competitive wage on financial well-being. Grounded in Self-Determination Theory and Equity Theory, the model hypothesizes that competitive wage perceptions improve financial well-being both directly and indirectly by fostering job satisfaction, which in turn enhances morale. Structural Equation Modeling (SEM) with control variables for age, gender, income, ethnicity, and marital status confirms significant direct and indirect effects. Results show that perceived competitive wage positively affects financial well-being, with job satisfaction and morale as significant mediators in this relationship. These findings underscore the importance of fair compensation and supportive work environments for enhancing financial well-being, suggesting that organizations can benefit from wage policies and workplace practices that promote satisfaction and morale. This study contributes to the understanding of workplace factors influencing employee financial health, with implications for human resource management and organizational policy.
Wednesday April 16, 2025 10:45am - 12:15pm EDT
Lawrence Welk (Mezzanine)

10:45am EDT

C3b Virtual Pediatric Telehealth: Addressing Healthcare Access Barriers
Wednesday April 16, 2025 10:45am - 12:15pm EDT
Access to pediatric healthcare remains limited for many families, with provider shortages, financial constraints, and geographical obstacles restricting access. Virtual healthcare (telehealth) represents a promising tool to address these gaps, yet its effectiveness in improving pediatric health outcomes remains underexplored. This study leverages a unique dataset combining data from the only pediatric-focused telehealth provider in the United States and the University of Michigan's National Neighborhood Data Archive (NaNDA) Health Care Services Data. By assessing telehealth's potential to enhance access and improve health outcomes for underserved children, this study aims to inform policies and practices that align with ACCI's mission to improve economic well-being and consumer health outcomes, identifying effective models for telehealth implementation in pediatric care.
Wednesday April 16, 2025 10:45am - 12:15pm EDT
Lawrence Welk (Mezzanine)

10:45am EDT

C3c Wealth Differences Among U.S. Older Adults: Is Sense of Purpose in Life a Protective Buffer?
Wednesday April 16, 2025 10:45am - 12:15pm EDT
This study examined racial/ethnic, age, and gender differences in wealth persistence among U.S. older adults, focusing on housing wealth (non-liquid assets) and non-housing wealth (liquid assets), alongside household income, and further evaluated whether sense of purpose in life moderates these wealth differences in later life. Data were from the Self-Administered Questionnaire in the 2018 Health and Retirement Study. We estimated ordinary least squares regression models with interaction terms to evaluate moderation effects, adjusting for health, family statuses, and socioeconomic characteristics. Multiple moderation analyses revealed evidence that sense of purpose in life buffered against racial/ethnic and age differences in wealth, but not gender. Specifically, sense of purpose in life and income interacted uniquely for Hispanic older adults. Higher self-reported purpose in life is associated with higher levels of household income, non-housing wealth, and housing wealth. This effect was most pronounced among the youngest age subgroup (ages 51-64) and the oldest age group (ages 80+). We discuss the protective effect of sense of purpose in life in mitigating differences in wealth across various groups of older adults. Through further research and interventions, there is potential to bolster sense of purpose in life and systematically address wealth differences across the life course.
Wednesday April 16, 2025 10:45am - 12:15pm EDT
Lawrence Welk (Mezzanine)

10:45am EDT

C4 Loans, Luck, and Medicaid: The World of Non-Bank Borrowing
Wednesday April 16, 2025 10:45am - 12:15pm EDT
Wednesday April 16, 2025 10:45am - 12:15pm EDT
Bob & Delores Hope (Mezzanine)

10:45am EDT

C4a Buy Now, Pay Later: Prudent or Predatory?
Wednesday April 16, 2025 10:45am - 12:15pm EDT
Buy Now, Pay Later (BNPL) is one of the newest short-term credit options available in the marketplace today. It is designed to be an interest-free way of splitting the cost of a good or service into smaller payments, to be repaid in full over the course of six weeks. BNPL has seen exponential growth over the last five years, yet it is still a highly unregulated form of credit. The study will explore the profile of the typical BNPL user financial behavior with the ultimate goal of answering the question of whether BNPL is a prudent financial practice utilized by the financially savvy or a predatory form of credit designed to target the financially vulnerable. The 2023 Survey of Household Economics and Decision-Making (SHED) to attempt to answer these questions. Finally, this study advocates for regulatory bodies in the United States to devise legislation to protect the most vulnerable from some of the most potent risks of BNPL products, including loan stacking and overextending for the study results show that BNPL is predatory. 
Wednesday April 16, 2025 10:45am - 12:15pm EDT
Bob & Delores Hope (Mezzanine)

10:45am EDT

C4b Health Insurance and High Cost Borrowing: The Effect of Medicaid on Pawn Loans, Payday Loans, and Other Non-Bank Financial Products
Wednesday April 16, 2025 10:45am - 12:15pm EDT
Pawn loans, payday loans, check cashers, and other non-bank financial products provide a crucial credit source to lower income households, although empirical literature on how these “fringe banks” affect well-being is mixed. We test whether the Affordable Care Act's Medicaid expansion reduced demand for these controversial products by assisting households with medical expenditure risk. _x000D_
We show reductions in use of fringe banks result from increases in insurance and reductions in medical expenditures. We find that Medicaid eligibility decreases use of fringe bank products on average, particularly fringe credit products. Importantly, however, the effect of the Medicaid expansion on fringe bank use varies substantially by state. Using detailed information on state policies and machine learning, we show that how states expanded Medicaid is crucial to whether individuals in that state report improved financial outcomes as a result of the Medicaid expansion.
Wednesday April 16, 2025 10:45am - 12:15pm EDT
Bob & Delores Hope (Mezzanine)

10:45am EDT

C4c The Impact of Sports Gambling Legalization on Payday Lending
Wednesday April 16, 2025 10:45am - 12:15pm EDT
After the 2018 Supreme Court decision overturning Professional and Amateur Sports Protection Act, which had effectively banned sports betting nationwide, 38 states legalized sports gambling. As a result, between 2019 and 2023, the total amount legally wagered on sports increased tenfold. This study assesses the causal impact of sports gambling legalization on alternative financial service use using a nation-wide 1% sample of individual-level payday loan application data from Clarity from 2014 to 2021. I leverage state-quarter level variation in the legality of sports gambling after the 2018 Supreme Court decision using a two-way fixed effects framework with staggered treatment timing introduced by Callaway and Sant’Anna (2021).  The convenience of app-based betting platforms, offering the ability to place bets at any time from any location, raises concerns about the potential for exacerbating gambling problems that increase financial hardships. Research has yet to explore these potential consequences of legalized sports gambling on alternative financial service use. This study provides empirical evidence for policymakers and advocacy groups to consider in the development of regulations to mitigate the negative externalities of gambling legalization on personal and household financial well-being.
Wednesday April 16, 2025 10:45am - 12:15pm EDT
Bob & Delores Hope (Mezzanine)

12:15pm EDT

Grab and Go Lunch
Wednesday April 16, 2025 12:15pm - 1:45pm EDT
Wednesday April 16, 2025 12:15pm - 1:45pm EDT
Sternwheeler (William Penn Level)

12:15pm EDT

JCA AE’s & Editorial Board Meeting / Lunch
Wednesday April 16, 2025 12:15pm - 1:45pm EDT
Wednesday April 16, 2025 12:15pm - 1:45pm EDT
Three Rivers (William Penn Level)

12:15pm EDT

Mentor/Mentee Panel Discussion / Lunch
Wednesday April 16, 2025 12:15pm - 1:45pm EDT
Wednesday April 16, 2025 12:15pm - 1:45pm EDT
Riverboat (William Penn Level)

2:00pm EDT

D1 Symposium: Voluntary Standards Enhance Consumer Well-Being: Community Service and Educational Opportunities on Consumer Issues, from Technology to Toy Safety, Standards are Everywhere
Wednesday April 16, 2025 2:00pm - 3:30pm EDT
Every day, consumers interact with products that are necessary or make life function in more accessible and interesting ways - whether that’s the toys our children play with, the roads we drive on, or the smoke detectors that keep us safe. Consumers expect products to work as intended and to be tested to be safe and reliable. What most people may not realize is that many of the products and services they interact with are produced, and in some cases, regulated by safety standards. Standards play a vital role in setting product performance requirements, consumer warnings and messaging, and testing and certification protocols. Additionally, consumers, academics and others may be unaware of the standards development process in the United States and that they can participate in, and have a voice in, the development and implementation of the safety standards that impact their everyday lives.

Wednesday April 16, 2025 2:00pm - 3:30pm EDT
Three Rivers (William Penn Level)

2:00pm EDT

D2 Investing Decisions: AI, Psychology, and Risk-Taking
Wednesday April 16, 2025 2:00pm - 3:30pm EDT
Wednesday April 16, 2025 2:00pm - 3:30pm EDT
Riverboat (William Penn Level)

2:00pm EDT

D2a Describing Household Risk-Taking During Times of Financial Crisis
Wednesday April 16, 2025 2:00pm - 3:30pm EDT
The aims of this study were to determine whether financial knowledge is related to risk-taking behavior after controlling for a financial decision-maker’s degree of risk aversion and risk tolerance and to identify the variables that are most important when describing the amount of portfolio risk taken at the household level. It was determined that financial knowledge is positively related to the amount of risk taken by financial decision-makers in their portfolios. Additionally, financial knowledge was found to be inversely related to risk aversion but positively associated with risk tolerance. It was further determined that risk tolerance has the greatest effect in describing portfolio risk. Financial knowledge ranked second in importance, whereas, risk aversion was the least important in describing portfolio risk.
Wednesday April 16, 2025 2:00pm - 3:30pm EDT
Riverboat (William Penn Level)

2:00pm EDT

D2b Enhancing Investment Decision-Making for Financial Consumers Using a Retrieval-Augmented Generation Large Language Model (RAG-LLM)
Wednesday April 16, 2025 2:00pm - 3:30pm EDT
This study develops and evaluates a Retrieval-Augmented Generation Large Language Model (RAG-LLM) system to enhance investment decision-making among financial consumers in South Korea. By integrating Large Language Models with Retrieval-Augmented Generation techniques, the system provides personalized, data-driven investment advice tailored to individual risk profiles inferred from demographic and financial characteristics. Utilizing publicly available financial data and consumer behavior literature, the model retrieves relevant information and generates recommendations regarding asset selections. The system's performance is assessed using portfolio metrics like expected returns, risk levels, Sharpe ratios, and utility based on constructed mean-variance optimal portfolios, and compared against naive random selection and traditional LLM-based systems. Preliminary results indicate that the RAG-LLM significantly outperforms baseline models, leading to higher Sharpe ratios and utility with reduced risk. This approach enhances financial decision-making, particularly benefiting financially marginalized groups who lack access to traditional advisory services. The research underscores the potential of AI-driven solutions in promoting financial inclusion, reducing disparities in investment outcomes, and contributing to a more equitable financial ecosystem.
Wednesday April 16, 2025 2:00pm - 3:30pm EDT
Riverboat (William Penn Level)

2:00pm EDT

D2c The Psychology of Investor Behavior: Stock Market Expectations and Portfolio Decisions During Market Volatility
Wednesday April 16, 2025 2:00pm - 3:30pm EDT
This study examines how personality traits and stock market expectations influence portfolio decisions among investors aged 50 and older during periods of market volatility. Using data from the 2018 and 2020 waves of the Health and Retirement Study, the research reveals associations between psychological characteristics and investment behavior during the COVID-19 market volatility. Drawing on the Meta-theoretic Model of Motivation and Personality, the study analyzes how elemental traits (Big Five personality characteristics) and compound traits (positive and negative affect) relate to stock market expectations and subsequent portfolio decisions. Results suggest that stock market expectations play a key role in connecting broader personality dispositions to investor behavior. The findings have important implications for financial practitioners, policymakers, and consumer advocates. Financial professionals can use these insights to identify clients who may be more prone to reactive decision-making during market uncertainty. Consumer protection policies can be enhanced by understanding which investors might be more vulnerable to potentially harmful portfolio adjustments. Additionally, the research informs how educational initiatives and financial technology can be tailored to support more effective consumer financial decision-making during periods of market volatility, particularly for older investors approaching or in retirement.
Wednesday April 16, 2025 2:00pm - 3:30pm EDT
Riverboat (William Penn Level)

2:00pm EDT

D3 Eat Up: Food as Medicine, SNAP Work Requirements, and Grocery Choices
Wednesday April 16, 2025 2:00pm - 3:30pm EDT
Wednesday April 16, 2025 2:00pm - 3:30pm EDT
Lawrence Welk (Mezzanine)

2:00pm EDT

D3a Examining the Brand Choice Preference of Low-Income Population’s Grocery Shopping Behavior
Wednesday April 16, 2025 2:00pm - 3:30pm EDT
Focusing on the households enrolled in the WIC program, a particular federal food assistance program targeting at at-risk women, infants, and children, this study analyzed Nielsen consumer panel data and examined WIC-Nielsen participating households’ brand choice preference of their grocery shopping. The results suggest WIC-Nielsen participating households typically allocate less of their grocery shopping dollars on private label brand type stores than non WIC-Nielsen participating households.
Wednesday April 16, 2025 2:00pm - 3:30pm EDT
Lawrence Welk (Mezzanine)

2:00pm EDT

D3b Food as Medicine in Underserved Areas: Diverse Responses of the Veggie Rx Model
Wednesday April 16, 2025 2:00pm - 3:30pm EDT
People with the lowest socio-economic status, often ethnic minorities residing in impoverished neighborhoods, are disproportionately affected. Research studies employing a “bottom-up” approach offer excellent insights into the intersection of poverty and health. This research investigates the effectiveness of the Veggie Rx program by exploring participants’ sustained lifestyle changes and the dissemination of these new practices within their families and social networks 12 months after program completion. Despite the potential benefits of Veggie Rx, not everyone who participates in the program is able to make sustainable lifestyle changes. This is often due to various barriers, such as macroenvironment, socio-cultural environment, and patients’ internal factors, such as mental state and other health issues. By examining the lived experiences of individuals from underserviced communities, we can gain a deeper understanding of behavior change over time and assist health advocates in developing strategies to enhance community well-being. 
Wednesday April 16, 2025 2:00pm - 3:30pm EDT
Lawrence Welk (Mezzanine)

2:00pm EDT

D3b The Impact of SNAP Work Requirements on Food Spending
Wednesday April 16, 2025 2:00pm - 3:30pm EDT
The Supplemental Nutrition Assistance Program (SNAP), one of the few safety net programs universally available to low-income households, mandates work requirements for able-bodied adults without dependents (ABAWDs). SNAP work requirements have emerged as a significant point of contention in recent SNAP reauthorizations. Leveraging variation in work requirement exposure—based on recipient age and county-level waivers from 2014 through 2019—we examine how ABAWD work requirements affect household spending patterns. Analysis of NielsenIQ Consumer Panel data reveals that waiving SNAP work requirements for likely affected recipients increases total household spending by 7 percent and food expenditure by 6 percent, with more pronounced effects among households at or near poverty levels. Additionally, we find modest improvements in dietary quality, notably a 9 percent increase in fruit and vegetable consumption. While previous research finds that SNAP work requirements have minimal impact on labor supply, our findings suggest that SNAP work requirements may adversely affect the food security and nutritional quality of low-income households.
Wednesday April 16, 2025 2:00pm - 3:30pm EDT
Lawrence Welk (Mezzanine)

2:00pm EDT

2:00pm EDT

D4a Measuring Financial Access Using Financial Services and Products Indicators: An Exploratory Factor Analysis
Wednesday April 16, 2025 2:00pm - 3:30pm EDT
Consumer financial access has been measured through a wide range of financial services and products in the literature, while the psychometric properties of such measures are not clear. This study explores the dimensions underlying consumer financial access related to mainstream financial products and services in the United States. Using Exploratory Factor Analysis (EFA), three factors of 14 financial services and products were extracted, explaining 52% of the cumulative variance. Results suggest categorizing financial products and services into three distinct components: basic banking services (two items: checking and savings accounts); advanced financial services (nine items: retirement accounts, Certificate of Deposits (CDs), investments, disability insurance, life insurance, bank loan, line of credit, financial counseling/coaching, and credit score); and mobile/online banking services (three items: mobile banking, transfer applications, and debit cards). When measuring and evaluating financial access, it is important to include a comprehensive list of financial services and products from these three categories. These findings have significant implications for research, practice, and policy._x000D_
 
Wednesday April 16, 2025 2:00pm - 3:30pm EDT
Bob & Delores Hope (Mezzanine)

2:00pm EDT

D4b The Financial Experiences of Transgender Americans: Findings From a National Probability Sample
Wednesday April 16, 2025 2:00pm - 3:30pm EDT
Transgender Americans are a growing demographic with unique financial concerns. This study analyzes data from the “transpop survey”, the first national probability sample of transgender Americans. We use regression analysis to examine the financial situation of transgender people._x000D_
We find that transgender Americans are significantly more likely to display signs of financial vulnerability than the population as a whole - for example, struggling to meet everyday expenses and skipping a doctor's appointment for financial reasons. We also find that variation in financial outcomes within the transgender population, does not display the same gender patterns as within the population as a whole.
Wednesday April 16, 2025 2:00pm - 3:30pm EDT
Bob & Delores Hope (Mezzanine)

2:00pm EDT

D4c The Use of Services as a Mediator of the Relationship Bbetween Social Support and Well-Being
Wednesday April 16, 2025 2:00pm - 3:30pm EDT
Consumers experiencing lower levels of intimate social support are often left to navigate the requirements of life using only the resources available to them. In at least some cases, those resources are insufficient to cope with the demands of life. Supportive services represent one external source of coping resources that an individual might employ to maintain well-being in the absence of intimate social support. In this study we argue that the use of services can be an effective coping resource for people experiencing a lower level of social support. Using data from 600 U.S. adults, we explore the use of services as a mediating role in the relationship between social support and well-being. We find that while the use of supportive services promotes greater well-being, people experiencing lower levels of intimate social support are not more (or less) likely to seek such services. We feel this finding represents opportunities in the design of services and the education of consumers as to the benefits of their use.
Wednesday April 16, 2025 2:00pm - 3:30pm EDT
Bob & Delores Hope (Mezzanine)

3:45pm EDT

E1 Symposium: Multidimensional Poverty and Wellbeing
Wednesday April 16, 2025 3:45pm - 5:15pm EDT
This session aims to explore multidimensional poverty as a framework to capture the diverse and complex aspects of poverty in developed country contexts. Moving beyond traditional income-based measures, this session underscores the need for innovative indicators that reflect diverse dimensions of poverty encompassing education, health, digital access, social connectedness, and more. Papers in this session address the relationship between multidimensional poverty and depressive symptoms, systematic review of multidimensional poverty in developed countries, and comparative analysis of multidimensional poverty in the US and South Korea. Through critical evaluations of existing literature and the development of nuanced, actionable indicators, this session seeks to contribute to the relevant research and inform policy responses aimed at addressing the multifaceted nature of poverty in higher-income settings.
Wednesday April 16, 2025 3:45pm - 5:15pm EDT
Three Rivers (William Penn Level)

3:45pm EDT

E2 Wealth Transfers: Generosity, Legacy, and Demographics
Wednesday April 16, 2025 3:45pm - 5:15pm EDT
Wednesday April 16, 2025 3:45pm - 5:15pm EDT
Riverboat (William Penn Level)

3:45pm EDT

E2a How Generosity Affects Consumer Well-Being: The Mediating Role of Trust
Wednesday April 16, 2025 3:45pm - 5:15pm EDT
This study aims to explain why charitable giving and volunteering enhance consumer well-being, with a particular focus on the role of trust. We conducted a mediation analysis using Hayes’ Process Macro Model 4 to examine the indirect effects of generosity, including charitable giving and volunteering, on the Satisfaction with Life Scale (SWLS) through trust. The results confirmed that all the hypotheses were supported, demonstrating that charitable giving and volunteer work enhance consumer well-being through the mediation of social trust. That is, the benefits derived from these altruistic actions contribute to social trust, making them valuable for consumer well-being. Engaging in these activities can lead to a richer, more meaningful life. Based on the results, several policy and educational recommendations and suggestions for follow-up studies were made.
Wednesday April 16, 2025 3:45pm - 5:15pm EDT
Riverboat (William Penn Level)

3:45pm EDT

E2b Leaving a Legacy: The Role of Charitable Giving in Bequest Expectations
Wednesday April 16, 2025 3:45pm - 5:15pm EDT
This study examines the role of charitable giving, both time and money, in bequest motivation. Andreoni (1990) combined the public goods model and the private consumption model to uncover that an individual’s utility may not only come from increasing public goods but also from the act of giving. Monetary contributions are a way of distributing wealth. Alternatively, the price of volunteering, the shadow value of time, depends on the opportunity cost. To investigate whether charitable giving may crowd out the bequest expectation, this study utilized the Survey of Consumer Finances (SCF) through the logistic model to demonstrate the association between charitable giving and bequest expectation. The results indicate that households without any charitable behavior are less likely to expect to leave sizable estates than those who only engage in volunteer activities. Also, compared with households that only participate in volunteer activities, those who only make financial contributions are less likely to expect to leave a substantial estate. To evaluate the magnitude of the difference between volunteer activities and monetary contributions, this study also utilized the interactions to support our results.
Wednesday April 16, 2025 3:45pm - 5:15pm EDT
Riverboat (William Penn Level)

3:45pm EDT

E2c The Future of Wealth Transfer: How Demographics Shape Inheritance Expectations in America
Wednesday April 16, 2025 3:45pm - 5:15pm EDT
The Great Wealth Transfer, projected to continue until 2045, represents a significant shift in wealth across generations in the United States. This study utilizes data from the 2021 National Financial Capability Study (NFCS) to investigate the demographics of individuals expecting an inheritance. Our findings reveal that about 31% of respondents expect to receive an inheritance of $10,000 or more, primarily among those aged 25-44.  Women, white respondents, and individuals with higher educational attainment are strong predictors to expect an inheritance. Additionally, respondents with higher income levels and greater risk tolerance have higher odds of expecting inheritance. These results suggest wealth transfers predominantly occur in financially affluent families, often characterized by educational advantages and familial obligations. However, the study's implications suggest further research to explore the demographics of those inheriting larger financial amounts, providing a more comprehensive understanding of inheritance expectations._x000D_
 
Wednesday April 16, 2025 3:45pm - 5:15pm EDT
Riverboat (William Penn Level)

3:45pm EDT

E3 Savings: Childcare Payments and Employment Stability
Wednesday April 16, 2025 3:45pm - 5:15pm EDT
Wednesday April 16, 2025 3:45pm - 5:15pm EDT
Lawrence Welk (Mezzanine)

3:45pm EDT

E3a An Analysis of Emergency Savings and Employment Stability Using the SCF 2022
Wednesday April 16, 2025 3:45pm - 5:15pm EDT
The study explores the relationship between savings and employment stability using the Survey of Consumer Finances (SCF) of 2022 and found that higher expectations of remaining with the current employer are associated with a reduction in savings. Additionally, net worth and having a college degree are associated with higher savings amounts, but age has the opposite relationship. The study also finds evidence that higher employment stability increases the odds of using other options to address financial needs rather than using their savings, specifically by working more. These results are relevant to the recent government intention in the US to improve the emergency savings of households with the SECURITY Act of 2022.
Wednesday April 16, 2025 3:45pm - 5:15pm EDT
Lawrence Welk (Mezzanine)

3:45pm EDT

E3b Childcare Payments and the Savings Paradox: Do They Promote Higher Savings?
Wednesday April 16, 2025 3:45pm - 5:15pm EDT
Households experience constraints around the use of total resources and must consider the cost of time when allocating their resources to maximize utility. When earnings increase, the relative cost of time also increases. This leads households to allocate more time to the workforce and outsource household tasks, such as childcare.  The purpose of this research is to understand better the decisions married couples with young children make with their use of time and its impact on savings rates. Using data from the Panel Study of Income Dynamics (2021) this study provides information that will help couples with children make informed decisions about their allocation of time between household production and workforce labor.
Wednesday April 16, 2025 3:45pm - 5:15pm EDT
Lawrence Welk (Mezzanine)

3:45pm EDT

E4 The Financial Education Session
Wednesday April 16, 2025 3:45pm - 5:15pm EDT
Wednesday April 16, 2025 3:45pm - 5:15pm EDT
Bob & Delores Hope (Mezzanine)

3:45pm EDT

E4a Applying Text Analysis to Understand High School Personal Finance Course Offerings in the United States
Wednesday April 16, 2025 3:45pm - 5:15pm EDT
In this study, I employ text analysis to examine the wide range of personal finance courses available to high school students in the US. I focus on text information available in the course names and course descriptions collected for more than 19,000 courses offered in high schools across the US. Course descriptions and course names include important information that is used by many decision makers, including students, instructors, prospective employers, and post-secondary educational institutions (Oregon State University, 2024). I will analyze trends in the content and objectives of high school personal finance courses across time and geography. The findings from this study will contribute a new perspective on differences in the implementation of personal finance course mandates at the local level.
Wednesday April 16, 2025 3:45pm - 5:15pm EDT
Bob & Delores Hope (Mezzanine)

3:45pm EDT

E4b The Impact of Financial Literacy on Financial Well-Being: State-level Variation Using a Multilevel Regression Analysis
Wednesday April 16, 2025 3:45pm - 5:15pm EDT
This study investigates the impact of financial literacy on financial well-being, accounting for state-level variations across the United States. Grounded in Human Capital Theory, which posits that individuals' knowledge and skills significantly influence their economic outcomes, this research employs a multilevel ordinal regression model to explore how subjective and objective financial literacy affect individuals' financial well-being. Using data from the NFCS 2021 dataset, the analysis captures individual and state-level variations in financial well-being. The study finds that objective and subjective financial literacy strongly predict financial well-being. While state-level factors contribute to variations in financial well-being, their influence is relatively minor compared to individual-level financial literacy and demographics. These findings highlight the importance of promoting financial literacy to improve financial well-being across diverse populations. For policymakers and educators, the study emphasizes the need for targeted financial education programs that address gaps in both knowledge and confidence, particularly among vulnerable groups, while acknowledging the role of state-level interventions in enhancing financial outcomes. Furthermore, the insights from this study can guide financial planners and advisors in developing more tailored strategies to improve financial literacy and support better financial decision-making, ultimately reducing financial stress and enhancing long-term financial security.
Wednesday April 16, 2025 3:45pm - 5:15pm EDT
Bob & Delores Hope (Mezzanine)

3:45pm EDT

E4c Impact of U.S. State Mandated Financial Education on Banking Decisions
Wednesday April 16, 2025 3:45pm - 5:15pm EDT
This study examines the impact of state-mandated high school financial education on banking decisions using FDIC survey data (2009-2023). While unbanked households decreased steadily from 8.2% to 4.2% (2011-2023), decline has slowed, with 5.6 million households still unbanked. Establishing a causal link between financial education and inclusion will be insightful, as prior research only shows correlation. This research employs a two-way fixed effects difference-in-differences model, exploiting variation in state mandates to analyze their effect on individuals’ likelihood of being banked and on future banking interest among those unbanked. Findings reveal that exposure to personal finance coursework significantly reduces the likelihood of being unbanked and decreases the likelihood of being uninterested in opening a bank account among the unbanked population. These results underscore the importance of mandated high school financial education for future financial decision-making and promoting financial inclusion.
Wednesday April 16, 2025 3:45pm - 5:15pm EDT
Bob & Delores Hope (Mezzanine)

5:15pm EDT

P200's Featured Research Session II Posters
Wednesday April 16, 2025 5:15pm - 6:15pm EDT
Wednesday April 16, 2025 5:15pm - 6:15pm EDT
Sternwheeler (William Penn Level)

5:15pm EDT

P201 Analysis of Household Financial Decision-Making in Debt Management: Examining the Influence of Socioeconomic Factors on Debt-Related Choices Over Time
Wednesday April 16, 2025 5:15pm - 6:15pm EDT
My submission is geared towards analyzing household decisions on debt management and the influence of socioeconomic (income and educational level) and macroeconomic factors in this decision-making. Research has shown a rise in the debt portfolio of households in the U.S., and this paper seeks to analyze which of these variables households consider in managing their debt, such that initiatives can be taken to help households practice better management in terms of their debt accumulation and repayment. Using panel regression, I will analyze 10-year data from the Consumer Expenditure Survey and the National Financial Capability Study. The sample of this dataset and time period contains the variables and the different economic trends that will enable generalization of the findings of this study to similar populations._x000D_
 
Wednesday April 16, 2025 5:15pm - 6:15pm EDT
Sternwheeler (William Penn Level)

5:15pm EDT

P202 Buy Now, Pay Later and Alternative Financial Service Usage Among Low-Wage Workers
Wednesday April 16, 2025 5:15pm - 6:15pm EDT
Buy Now, Pay Later (BNPL) services offer consumers the option of making retail purchases using short-term, interest-free loans. BNPL products are defined by the Consumer Financial Protection Bureau (CFPB) as installment loans – typically one down payment followed by three installment payments – for the purchase of goods and services, which retailers may offer as a payment option (CFPB, 2024b). In place of charging interest on their loans, BNPL providers typically charge fees for late or missed payments and charge a fee to retailers for each purchase, similar to retailer credit card fees (CFPB, 2024a). Afterpay, Affirm, and Klarna are among the first providers of BNPL (Clere, 2023). _x000D_
Initially, these products featured predominantly on online retail fashion and electronic stores. However, in recent years, BNPL has experienced rapid expansion and adoption by both consumers and merchants alike (Alcazar & Bradford, 2021). Major retailers like Walmart, Kroger, and Target now offer BNPL as a payment option for purchases made both online and in-store (Sezzle, 2024; Target, 2024; Walmart, 2024). Beyond retailers, banks have also begun incorporating BNPL features into their credit cards for large purchases (Alcazar & Bradford, 2021). For some low-wage cash-strapped workers, this product may present a timely alternative to address their needs. 
Wednesday April 16, 2025 5:15pm - 6:15pm EDT
Sternwheeler (William Penn Level)

5:15pm EDT

P203 Developing the Scale for Popcorn Brain in Managerial Perspective and for Consumer Psychological Protection
Wednesday April 16, 2025 5:15pm - 6:15pm EDT
This study explores whether the popcorn brain can be the focal strategic element to develop the desired shopping motive of consumers in the context of perceived ease of use, usefulness, and trust connecting to involvement in prevailing social media and market offerings. Following a descriptive research design, this study made an extensive literature review to identify the research gaps and ultimately to obtain the inferences for practical & theoretical implications. The results of this study indicate that the popcorn brain phenomenon, rapidly changing consumers’ mindsets with shorter attention spans towards a stimulus (market offering in this study), can be managed strategically by developing perceived ease of use, perceived usefulness, and trust of consumers through their level of involvement in social media for desired shopping motives of consumers. Therefore, the public planners by understanding and managing the popcorn brain of consumers, can help them in preventing from aspects such as buying remorse, loss of their hard-earned money, stress and can formulate various policies regarding consumer interests which will protect them from misleading & false information and ensure transparency, promote digital literacy and data-driven policies. Future researchers can use these insights to produce useful applications, and better consumer education initiatives.
Wednesday April 16, 2025 5:15pm - 6:15pm EDT
Sternwheeler (William Penn Level)

5:15pm EDT

P204 Does Student Loan Repayment Reduce Retirement Savings?
Wednesday April 16, 2025 5:15pm - 6:15pm EDT
Student loan debt has become a significant burden for many households and policymakers in America. According to Schulz (2024) Americans owed $1.74 trillion dollars further stating that approximately 51% of Bachelor degree holders had student loan debt with an average of about $29,400 owed._x000D_
 _x000D_
Retirement savings which is an important decision that needs to be made in preparation for life after work is postponed or inadequately funded in the presence of budget constraints and debt obligations. This paper investigates the impact financial knowledge has as a moderating factor in retirement savings for working graduates paying off their student loans._x000D_
 _x000D_
Dataset:_x000D_
Survey of Household Economic Decision-making 2022.
Wednesday April 16, 2025 5:15pm - 6:15pm EDT
Sternwheeler (William Penn Level)

5:15pm EDT

P205 Dynamic Relationship Between Consumer Confidence And Federal Funds Interest Rates: VECM and TVECM Analyses
Wednesday April 16, 2025 5:15pm - 6:15pm EDT
This paper investigates the relationship between the Federal Funds Rate (FEDFUNDS) and the University of Michigan Consumer Sentiment Index (UMCSENT). This study uses Johansen cointegration tests, Vector Error Correction Models (VECM), and Threshold Vector Error Correction Models (TVECM); this study explores the cointegration, short-term dynamics, and threshold effects between these macroeconomic indicators. Results show that there is cointegration between FEDFUNDS and UMCSENT. Further, findings also reveal a stable long-term relationship between FEDFUNDS and UMCSENT. The VECM analysis shows short-term adjustments in both variables, which suggests their interdependence. The TVECM analysis indicates a threshold effect, indicating a change in the relationship when FEDFUNDS passes a specific threshold value.
Wednesday April 16, 2025 5:15pm - 6:15pm EDT
Sternwheeler (William Penn Level)

5:15pm EDT

P206 Examining the Gender Gap in Participation in Employer-Sponsored Retirement Plans: Oaxaca Decomposition
Wednesday April 16, 2025 5:15pm - 6:15pm EDT
Using the 2021 National Financial Capability Study (NFCS), this study examines the association of employer-sponsored, retirement-plan participation with financial literacy. It also decomposes the association into its explained and unexplained portions using the Oaxaca decomposition. The explained portion measures how much of the gender gap in employer-sponsored, retirement-plan participation is due to the differences in the level of financial literacy. The unexplained portion measures how much of the gender gap in employer-sponsored, retirement-plan participation is due to the difference in the return to financial literacy between men and women. The results show that the explained portion of the gap due to financial literacy is -0.0195, and the unexplained portion of the gap due to return to financial literacy is -0.0321. The negative explained gap due to financial literacy means women have a lower average value of financial literacy than men. A negative unexplained gap due to financial literacy means women have a lower return to financial literacy than men.
Wednesday April 16, 2025 5:15pm - 6:15pm EDT
Sternwheeler (William Penn Level)

5:15pm EDT

P207 Financial Education Policies and Financial Well-Being: Examining the Impact of State Mandates
Wednesday April 16, 2025 5:15pm - 6:15pm EDT
This study investigates whether state-mandated financial education enhances subjective financial well-being and financial literacy, focusing on long-term impacts such as debt reduction, wealth accumulation, and overall economic stability. While prior research has shown that financial literacy can improve specific financial behaviors, there is limited evidence on whether state-mandated programs lead to sustained improvements in financial outcomes. Using a staggered difference-in-differences approach, this study leverages variations in financial education mandates across states and over time to assess their causal impact on subjective financial well-being. Data is primarily drawn from the FINRA Investor Education Foundation’s National Financial Capability Study (NFCS), with the Understanding America Study (UAS) data used for robustness checks. This research aims to provide insights for policymakers, educators, and financial practitioners on the effectiveness of financial education policies in promoting economic stability. Findings could support expanded financial education initiatives and help develop targeted programs to enhance financial well-being across various populations.
Wednesday April 16, 2025 5:15pm - 6:15pm EDT
Sternwheeler (William Penn Level)

5:15pm EDT

P209 Financial Well-Being and Inclusivity in Digital Finance Apps
Wednesday April 16, 2025 5:15pm - 6:15pm EDT
Consumer Reports applied the Fair Digital Finance Framework to evaluate the Safety, Privacy, Transparency, User-Centricity, Support for Financial Well-Being, and Inclusivity of popular digital finance apps. Through app testing and documentation review of banking apps and digital wallets, we found inconsistent availability of digital tools for financial well-being and inconsistent availability of accessibility features across the sector.
Wednesday April 16, 2025 5:15pm - 6:15pm EDT
Sternwheeler (William Penn Level)

5:15pm EDT

P210 How Overconfidence and Financial Literacy Affect Investment Fraud Vulnerability?
Wednesday April 16, 2025 5:15pm - 6:15pm EDT
Thist study aims to examine the factors related to the susceptibility to investment fraud, using the investor survey conducted in South Korea. Especially, the current study focuses on how financial knowledge (both objective and subjective) is associated with investment fraud vulnerability and utilized two mediating variables (financial information seeking behavior and risk tolerance) to explain the psychological and behavioral mechanisms behind the protective role of financial knowledge on consumer vulnerability to investment fraud. The results highlight the importance of objective financial knowledge and self-research before making investment decisions. The findings contribute to the existing body of literature by highlighting both the direct and indirect role that objective financial knowledge plays in diminishing susceptibility to investment fraud. A key implication of this study is the strategic importance of fostering self-reliant financial behavior. The findings suggest that financial consumers may not be able to discern sound advice from misleading advice provided by financial professionals. Therefore, promoting the ability to distinguish fraudulent financial suggestions and encouraging self-reliance in financial decision-making are effective methods for reducing fraud risk. This approach encourages individuals to enhance their own financial capabilities and rely more on their analytical assessments.
Wednesday April 16, 2025 5:15pm - 6:15pm EDT
Sternwheeler (William Penn Level)

5:15pm EDT

P211 Impacts of Employment Changes and Stimulus Payments on Consumer Debt Delinquency During COVID-19
Wednesday April 16, 2025 5:15pm - 6:15pm EDT
Considering economic breakdowns due to the COVID-19 pandemic, this study analyzed which U.S. households were more likely to experience consumer debt delinquency in the post-pandemic era, with a focus on the effect of changes in individual employment status during COVID-19 and pandemic-related federal stimulus payments. Since debt delinquency is a significant issue that can result in long-term harm to consumers’ financial health, this research contributes to consumer well-being by investigating factors that affect the likelihood of late repayment of mortgage, credit card, or student loans. We explored the interaction effect of employment changes and stimulus payments as well, considering economic impact and usage of stimulus payments can differ by individuals’ employment experiences during the pandemic. Using the 2021 National Financial Capability Study (NFCS) dataset, we categorized employment changes into four groups based on whether experienced a job loss during COVID-19 and whether currently working or not. Significant differences in the receipt of stimulus payments and consumer debt delinquency rate were found across these groups. The main and interaction effects of two focal independent variables on consumer debt delinquency were verified to be significant. This enables a deeper understanding of the post-pandemic financial hardships faced by U.S. consumers.
Wednesday April 16, 2025 5:15pm - 6:15pm EDT
Sternwheeler (William Penn Level)

5:15pm EDT

P212 The Impact of the Adverse Market Refinance Fee: Estimating the Interest Rate Elasticity Using Mortgage Refinancing Notches
Wednesday April 16, 2025 5:15pm - 6:15pm EDT
This paper examines the impact of a new policy implemented by the Federal Hous- ing Finance Agency (FHFA) on December 1st, 2020, called the Adverse Market Refi- nance Fee (AMRF), equal to 0.5% of the value of a refinancing loan. The AMRF was instituted by the FHFA as a mechanism to mitigate losses incurred from forbearance defaults and to support the Government Sponsored Enterprises (GSEs) — Fannie Mae and Freddie Mac — in managing the increased risk associated with lending during the COVID-19 pandemic. This paper measures the degree of bunching in response to a jump in interest rates, using individual loan-level data by Fannie Mae. Specifically, I identify the effect of interest rates on borrower behavior by exploiting the exogenous variation in the relationship between loan size and interest rates that results from the threshold used by the new fee policy. The estimates suggest average bunching weights ranging from 0.19 to 0.562. Moreover, this paper also provides estimates of the interest rate elasticity of mortgage refinancing demand ranging from 0.0002 to 0.001.
Wednesday April 16, 2025 5:15pm - 6:15pm EDT
Sternwheeler (William Penn Level)

5:15pm EDT

P213 The Influence of Information Resources and Psychological Factors on Financial Bandwagon Behavior
Wednesday April 16, 2025 5:15pm - 6:15pm EDT
 This study would like to analyze the various factors influencing financial bandwagon behavior. In this study, we assume that the Bandwagon Effect also appears in financial decision-making, similar to how people follow others when they invest. In other words, this means that financial consumers may follow the others—like professionals, news articles, friends, or family— as the resources for their financial decision-making. _x000D_
 Specifically, it examines the impact of financial information resources (e.g., apps, news articles, friends) and financial psychological factors (e.g., self-esteem, locus of control, materialism) on financial bandwagon behavior. Additionally, it explores if there is a difference in factors affecting the financial bandwagon effect between the environment (urban and rural). The findings from this study will contribute to classifying financial consumers based on insights from previous research. Furthermore, these results will aid in understanding financial consumer behavior and spark interest in both academic discussions and practical applications within the financial sector.
Wednesday April 16, 2025 5:15pm - 6:15pm EDT
Sternwheeler (William Penn Level)

5:15pm EDT

P214 What Influences Young People's Financial Decision-Making and What Can Be Done About It?
Wednesday April 16, 2025 5:15pm - 6:15pm EDT
Social media has become an integral part of young adults' daily lives, significantly influencing their perceptions, attitudes, and behaviors related to  finances. How do these platforms influence young people’s financial knowledge and decision-making so critical in developing strategies for sound financial practices?  This session showcases existing research on financial literacy, behavioral theory, and the potential for misinformation. It also highlights  research design among high school students to investigate these influences.
Wednesday April 16, 2025 5:15pm - 6:15pm EDT
Sternwheeler (William Penn Level)

6:15pm EDT

Reception - Conversation & Libation
Wednesday April 16, 2025 6:15pm - 6:15pm EDT
Wednesday April 16, 2025 6:15pm - 6:15pm EDT
Sternwheeler (William Penn Level)

6:30pm EDT

JCA Editors & Associate Editor’s Dinner (invitation only)
Wednesday April 16, 2025 6:30pm - 7:45pm EDT
TBA
Wednesday April 16, 2025 6:30pm - 7:45pm EDT
TBA

6:30pm EDT

Past President’s Dinner (invitation only)
Wednesday April 16, 2025 6:30pm - 7:45pm EDT
TBA
Wednesday April 16, 2025 6:30pm - 7:45pm EDT
TBA
 
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