Economic insecurity in older age can reduce the ability to cope with a costly disease and exacerbate racial health disparities. This study asks: How do different sources of financial resources associate with the control of type-2 diabetes, a common chronic condition in older age? We construct a new panel dataset that links electronic health records to employment and credit data for a sample of older adults in [name of state] from 2018-2022. We identify how wage earnings, access to credit, and debt are related to diabetes control and disability-related complications. We examine heterogeneity by race, gender, and income. The risk ratio for a 100-unit increase in credit score is 0.754 for being in the severely uncontrolled vs the controlled diabetes category, indicating a substantial decrease in risk for being in the severely uncontrolled diabetes group, pointing to the association between financial resources and diabetes control. Our high frequency data across diverse resource streams offers unique insights into early warning signs of economic insecurity in older age that contribute to racial disparities.
This study investigates how individual and regional factors influence health satisfaction in South Korea, focusing on disparities in healthcare access and economic resources across regions. Using multilevel analysis, it examines the combined effects of individual sociodemographic characteristics (e.g., subjective health status, chronic illness, disability) and regional variables (e.g., employment rate, fiscal independence, healthcare infrastructure) on health satisfaction. Data were sourced from the 2021 Koreans’ Happiness Survey and regional statistics from Statistics Korea, covering a representative sample of 17,357 individuals and 225 municipalities. Results reveal significant variation in health satisfaction across regions, with individual factors like education and income positively associated with satisfaction, while perceived stress and chronic illness have negative impacts. Regional healthcare resources and economic resilience were found to interact with subjective health, further influencing satisfaction levels. This study highlights the importance of regional economic support and healthcare accessibility in fostering health equity, offering policy insights for addressing health disparities. Through a comprehensive multilevel model, the research provides evidence of the resilience-building role of both individual and regional factors in shaping equitable health outcomes.
This study aims to explore the relationship between health and household wealth in couples using data from the 1996-2020 Health and Retirement Study (HRS). Employing a hierarchical linear modeling (HLM) approach, it examines the economic influences of health issues on household wealth, differentiating between the effects of husbands' and wives' health conditions. The results indicate that wives’ chronic diseases, such as diabetes, cancer, and stroke, are linked to significant reductions in household wealth, whereas similar health issues in husbands have a minimal effect. However, when health problems limit work capacity, the husband’s diseases tend to negatively impact household wealth more than the wife’s. These findings highlight the gender-specific effects of health on wealth and suggest that policymakers should consider these differences when designing policies aimed at health and financial security.
Financial socialization typically conceptualizes influences on children’s financial well-being through modeling, instruction through parent-child discussion, and experiential learning. However, helicopter parenting, which is marked by age-inappropriate parental involvement in emerging adults’ decision-making, does not fit into this model. The present study sought to examine the relationship between financial helicopter parenting and perceived financial well-being and financial self-confidence in 203 college students. Results indicate that financial helicopter parenting is related to having less confidence in financial abilities, engaging in financial strain behaviors, and reporting lower levels of financial well-being, though there was no relationship with student loan or consumer debt. This unique pattern of results suggests a need for modified interventions to improve financial well-being and behavior.
Recent evidence shows that there has been an increase in the number of parents who are financially supporting their adult children. The concern is whether this is affecting parents’ retirement planning negatively. This study uses data from the 2021 National Financial Capability Study (NFCS) to examine how financially supporting young adult children is associated with parents’ retirement planning. The results suggest that individuals who financially support their young adults are less likely to have retirement accounts and are more likely to worry about running out of money in retirement compared to those who do not have financially dependent children.
The antecedents of financial well-being have been explored in various methods to understand how to improve individuals' and families’ overall well-being. For instance, the role of family financial socialization is of particular importance since the family unit is the primary socializing agent for most individuals until they are young adults (Danes & Yang, 2014; Gudmunson & Danes, 2011; LeBaron-Black et al., 2022). Central factors to financial well-being typically include reviewing a person’s objective and subjective financial factors associated with financial wellness. Additionally, a person’s financial circumstances (e.g., having an emergency fund), mental health, lower levels of financial stress), and perception of their financial situation are all common factors associated with improved financial well-being (Asebedo & Wilmarth, 2017; Archuleta et al., 2013; Park et al., 2017). Given the multifaceted nature of financial well-being, researchers must take a holistic approach when examining this construct. The purpose of this study is to empirically examine the influence of family financial socialization on individuals’ financial well-being across generations. These differences underscore how financial stability improves with age. This study is important because previous studies have shown age, or generation, to be an important predictor of financial well-being.
This study investigates the association between disability status and the financial wellbeing of U.S. households, while also examining the moderating role of financial technology (Fintech) to explore the potential for technology-driven interventions for individuals with disabilities. Results from the 2021 National Financial Capability Study dataset show that disability status is negatively associated with financial satisfaction. Among the Fintech variables, online banking, mobile payment, and mobile task management are positively correlated with financial satisfaction, whereas mobile banking and mobile transfers are negatively correlated. Additionally, we found that Fintech plays a moderating role in the association between disability status and financial well-being, particularly for respondents with multiple disabilities. Specifically, mobile payment, transfers, and task management significantly improved financial satisfaction among individuals with multiple disabilities compared to non-users. These findings suggest that targeted Fintech solutions may help mitigate financial disparities faced by individuals with disabilities, underscoring the importance of accessible, inclusive financial technology.
The current study investigated the mediation effect of financial confidence on the relationship between fintech use and financial health among college students. From February to May 2023, a self-reported survey was conducted to collect primary data from college students. Structural equation modeling (SEM) was used to identify reliable factors with SPSS Macro Process Model 4. The results indicated that financial confidence fully mediated the relationship between fintech use and financial health. Fintech use was positively associated with financial confidence, and financial confidence predicted financial health. Moreover, the direct impact of fintech use on financial health was insignificant. The findings indicate that fintech should be adopted as a tool to shape young adult consumers’ financial health by building their financial confidence. Financial institutions, financial planners, and governments should apply these empirical findings to their potential young adult clients.
In today’s digital age, financial technology (fintech) innovations are revolutionizing the way individuals and businesses manage financial transactions and services. As more individuals rely on digital platforms for financial management, understanding the psychological and cognitive factors that influence the adoption of fintech becomes essential. A key aspect of this study is the incorporation of IT-mindfulness, a concept derived from mindfulness research but adapted to reflect how users engage with technology. This study employs the Technology Acceptance Model (TAM) to explore the determinants of fintech adoption. This study extends TAM by incorporating IT-mindfulness as a precursor to these traditional determinants, hypothesizing that users who exhibit higher levels of IT-mindfulness are more likely to perceive fintech platforms as easy to use and useful. Moreover, this study introduces digital technology self-efficacy and financial literacy as key variables in understanding fintech adoption. This comprehensive model aims to provide a deeper understanding of how cognitive factors like IT-mindfulness interact with traditional TAM variables and personal competencies to influence users' fintech adoption behaviors.
This study examines the relationship between technology readiness, adoption of digital financial services (DFS), and financial well-being among individuals in Maharashtra, India. Using primary data from 715 respondents and employing structural equation modeling, the research analyzes how technology readiness influences DFS adoption and subsequent impacts on financial well-being. The Technology Readiness Index measures propensity to embrace new technologies, while custom indices assess DFS adoption and financial well-being. Key findings indicate technology readiness positively influences DFS adoption, which in turn significantly improves financial well-being. Demographic factors like age, education, and income moderate these relationships. Notably, while DFS adoption generally enhances financial well-being, impacts vary across socioeconomic groups. The study provides insights for tailoring DFS offerings and financial education programs to different consumer segments, potentially improving equity in financial services access. Results can inform strategies to build consumer financial resilience through targeted interventions addressing DFS adoption barriers. This research contributes to understanding how digital financial inclusion can enhance consumer well-being, with implications for policymakers and financial service providers in developing economies.
The purpose of this study is to analyze differences in self-reported financial vulnerability among older adults by immigrant status. Overall, foreign-born Hispanic males have lower anxiety frequency related to day-to-day financial decisions than both U.S. born Hispanic males and foreign-born White males. However, foreign-born respondents have higher odds of being “very worried” about losing financial freedom when compared to US-born respondents who are “not worried” or “somewhat worried” about losing financial freedom. More specifically, foreign-born White males or foreign-born Hispanic females have 267.8% and 471.9% higher odds of being “very worried” about losing financial freedom than U.S.-born White males or U.S.-born Hispanic females who are “not worried” or “somewhat worried” about losing financial freedom, respectively. Finally, foreign-born respondents are more likely to have higher frequencies of being talked into spending or donating when compared to US-born respondents. In particular, foreign-born Hispanic females have 211.7% higher odds of having higher frequencies of being talked into spending or donating money when they initially did not want to than U.S.-born Hispanic females.
Families with mixed documented and undocumented legal statuses encounter significant challenges that impact their financial wellbeing (Ayon et al., 2023). This study explores family financial socialization within Latine mixed-status families, a relatively understudied group. Over the past decade, research has highlighted the crucial role parents play in shaping their children’s financial understanding. This process involves transmitting financial information, skills, attitudes, and behaviors through observation, discussions, and experiential learning. While previous studies have noted variations in family financial socialization based on race, ethnicity, and immigration status, there is limited research on mixed-status families. This study aims to fill this gap by examining the experiences and perceptions of 12 dyads of college students and their parents from Latine mixed-status families across the United States. By focusing on how immigration status influences financial socialization, the study seeks to uncover the unique challenges these families face and their strategies for financial education. This research will provide valuable insights into the dynamics of financial socialization in Latine mixed-status families, contributing to a broader understanding of how diverse family backgrounds impact financial well-being.
Despite the number of immigrants in the U.S., limited research exists on their financial fraud experience. Delving deeper into immigrants’ financial fraud experience including the types of fraud is important because it can be a barrier for them to be fully integrated into the U.S. economy. The primary purpose of this study was to understand the fraud experience of immigrant consumers in the United States and to identify possible associations between individual factors and state-level factors and financial fraud experience and type of fraud experienced. Individual factors include financial literacy and cognitive abilities (from the data of Understanding America Study), and state-level factors include measures for proportion immigrant population (from the American Community Survey) and fraud severity (from Federal Trade Commission) in the state of residence. The study found that financial fraud experience was more widespread for first- and second-generation immigrants compared to non-immigrants, and misrepresentation of information was the most frequently experienced type of financial fraud. The results from SEM showed that the lower financial literacy among second-generation immigrants and the trend that immigrants tend to reside in the states with more foreign-born population and with higher fraud severity partially contributed to immigrants’ fraud experience.
This study examines how citizenship and immigration status, along with distinct pre-migration and post-migration factors, shape financial engagement and inclusion among U.S. consumers, focusing particularly on immigrants. Financial resilience and equitable access to services are essential for consumer well-being, yet many immigrants face barriers rooted in both their countries of origin and experiences in the U.S. Using data from the FDIC-CPS, this study explores how pre-migration factors—such as financial norms, home-country banking system maturity, and language proficiency—interact with post-migration factors like citizenship status, age of arrival, and ethnicity enclave capital to influence financial engagement. These variables affect immigrants' interaction with formal financial services, which tend to have more regulation, and can also push them toward alternative financial services that often have less regulation, potentially higher interest rates, and additional service fees. Access to regulated financial services is essential for resilience against economic shocks. Findings will identify key barriers that immigrant populations face, guiding policies and initiatives aimed at promoting financial equity and resilience. By addressing these disparities, financial institutions and policymakers can create a more inclusive financial system that strengthens the economic well-being of underserved consumers.
This study examines the role of non-labor income relative to net worth in shaping retirement satisfaction. Specifically, the authors create a ratio comparing income from annuities, pensions, and social security to net worth to observe the role of non-labor income relativity and its contribution to financial stability and quality of life during retirement. Further, we attempt to answer if consistent non-labor income can reduce financial anxiety that may be associated with market fluctuations or economic downturns, which typically affect net worth. In this regard, retirees may feel more secure when they have guaranteed income sources that are independent of market outcomes, which directly impact overall well-being and life satisfaction. Plainly, the objective of this study is to test if non-labor income relative to net worth is associated with retirement satisfaction.
Evidence on child support – or court-ordered payments from the noncustodial parent to the custodial parent – shows receiving payments improves child welfare. Yet, many eligible families do not establish paternity, a prerequisite to child support, nor do they obtain an award. These families are also disproportionately never-married, low income, and have less education. Compounding their financial vulnerability, these same families have also been shown to become disconnected from the labor force and means-tested government support during periods of financial hardship. To measure how these financially precarious families respond to unexpected hardship, I combine the first five years of the Future of Families and Child Wellbeing Survey with restricted medical records (1998-2000). Then, I construct a sample of mothers who are child-support-eligible at the time of their child’s birth and exploit a medically determined, severe, and random health shock that effects the child. Importantly this health shock is medically determined to be exogenous to the mother’s behavior e.g., smoking, and has been shown to induce financial hardship. Exploiting this random variation, I measure the likelihood of the custodial parent establishing paternity or obtaining a child support order one year later. I find that in response to increased financial hardship, mothers are 9 percentage points more likely to establish paternity, but I find no significant relationship to establishing child support. These findings speak directly to the significant challenges this population faces and the need for program intervention directly targeted to reducing barriers for these parents. Broadly, they also highlight the additional barriers to financial barriers this group faces which is particularly concerningly in light of increasing precarity and a patch work safety net.
The study investigates the factors that shape subjective well-being (SWB), focusing on how financial satisfaction, job satisfaction, relationship happiness, physical health, and community engagement contribute to overall life satisfaction. Unlike traditional economic measures like GDP, SWB offers a comprehensive view of consumer quality of life, providing insights into personal fulfillment and resilience, especially during economic and health crises. Using data from the General Social Survey from 2016 to 2022, this study analyzes the impact of financial satisfaction and other well-being dimensions on SWB through ordered logit regression models with robustness checks. Findings show that relationship happiness, financial satisfaction, and physical health are critical to well-being, with relationship happiness emerging as the strongest predictor (OR=28.25, AME=.4018). This research highlights the need for policies and programs that address financial and non-financial aspects of life to enhance consumer holistic well-being. Recommendations include financial literacy programs, supportive workplace environments, and accessible healthcare, which together can foster resilience and improve subjective well-being across diverse populations. This study contributes to an understanding of consumer well-being, supporting actionable strategies for policymakers, educators, and financial practitioners.
Making optimal investment decisions is complex due to the inherent uncertainty and the influence of individual risk preferences. This study investigates the impact of major health events on financial decision-making, focusing on risk-taking behavior and investment horizons. Utilizing data from the SHARE project, which provides a comprehensive longitudinal view of individuals aged 50 and above in Europe, we examine how health shocks such as heart attacks, strokes, and cancer diagnoses alter financial behaviors. Our analysis employs propensity score matching and mediation analysis to understand these dynamics. Results indicate that health shocks significantly deteriorate household financial conditions, reducing income, wealth, and employment probability. However, contrary to expectations, these shocks do not substantially alter risk appetite or investment planning horizons, suggesting a limited mediating role of decreased life expectancy in financial decision-making.
This study investigated the association between personal debt and psychological well-being among older adults aged 51 and above, with a specific focus on unsecured debt. The research explored the role of health literacy in this relationship. Data from the 2018 and 2020 waves of the Health and Retirement Study were utilized with a sample size of 10,687, involving respondents who completed both a core survey and a psychosocial leave-behind questionnaire. The analysis revealed that 35.9% of respondents had unsecured debt, and the presence of such debt was significantly associated with lower psychological well-being. Health literacy was a significant mediator between the deleterious role of unsecured debt in psychological well-being. Given that medical debt constitutes a sizable proportion of unsecured debt for older individuals, possessing greater knowledge of one's health situation appears to mitigate the psychological distress associated with debt. Interventions aimed at enhancing the ability of older adults to access and comprehend health-related information and services may serve as a protective measure against the negative psychological consequences of grappling with unsecured debt.
The present study aims to bring conclusive findings on how an individual’s personal finance contributes to his/her subjective well-being. By following Amartya Sen’s Capability approach, the present study created a model and analysed the influence of personal finance on the subjective well-being of U.S. adults through three distinct dimensions of personal finance: objective financial well-being, subjective financial well-being and financial capability. The relationship has been analysed by taking 4705 U.S. adults data from the 2016 National Financial Well-Being Survey (NFWBS) conducted by the Consumer Financial Protection Bureau (CFPB). Structural equation modelling was used to analyse the relationships. The results reveal that subjective financial well-being significantly contributes to subjective well-being, whereas objective financial well-being does not. However, it is found that objective financial well-being has an indirect significant positive effect on subjective well-being through subjective financial well-being (full mediation). Further, the study revealed that financial capability has a positive impact on objective financial well-being, subjective financial well-being, and subjective well-being. A serial mediating relationship has been found between financial capability and subjective well-being through objective financial well-being and subjective financial well-being.
Financial discrimination is a complex issue that demands attention. It perpetuates poverty and inequality among people of color, women, and other marginalized groups, limiting their ability to accumulate wealth. This, in turn, fosters economic instability and undermines the nation’s economic health. In this study, we investigate whether racial and ethnic disparities in financial discrimination persist after controlling for various factors. First, we examine racial and ethnic disparities in overall societal discrimination using the full sample. Then, we focus on three domains of financial discrimination, measured by respondents' experiences in the (a) labor market, (b) financial market, and (c) housing market, using a subsample of those who had experienced societal discrimination. In addition to racial and ethnic disparities, we control socio-demographic characteristics.
Financial behavior is crucial for young adults’ consumer protection. And even though the topic has been augmented with a beyond-rationality approach, it is predominantly researched on an ad-hoc basis. Available longitudinal studies are based primarily on panel data or tackle the effectiveness of educative programs. The main aim of this paper is to investigate how the diverse financial behaviors of young adults change over time and how rational thinking dispositions moderate financial behavior. The final sample of 862 young adults (16-28) in Croatia was collected in two waves with a minimum elapsed time of one year. Using a multilevel, mixed-effects model. For four out of six dependent variables (Responsible financial behavior, financial planning, impulsive consumption, and investing experience) the interaction between time and CFC difference was significant meaning that the difference in dependent variables was contingent on the CFC difference. These results indicate that the change in various (responsible) financial behaviors is accompanied by the change in rational thinking dispositions among young adults. The insights provide a valuable foundation for generating novel educational policies and for further experimental research in financial behavior.
This research utilizes the Panel Study of Income Dynamics dataset to examine the impact of the Affordable Care Act on labor force participation and overall well-being among workers with disabilities, with a particular focus on expanding individuals with Medicaid and access to healthcare exchanges. It also examines the ACA and Medicaid expansion associations on income level change for individuals with disabilities and compares labor force participation for individuals with disabilities between states that have adopted Medicaid expansion and those that haven't. The preliminary findings in this study add empirical evidence that the Affordable Care Act and Medicaid expansion positively impact labor participation levels and directly benefit family income levels due to better healthcare access, especially for individuals from lower incomes or with disabilities.
Financial anxiety is a crucial topic in financial well-being and public health issues. Financial resilience, as a specific financial capability for coping with adversity, can promote financial well-being and holistic health. However, the association between financial resilience and financial anxiety has yet to be examined, particularly considering cross-national heterogeneities. Built on resilience theory and international evidence, this study proposed and examined a framework of global financial health nexuses. Empirical data was extracted from the World Bank, United Nations, and Fraser Institute. Hierarchical linear modeling was used to analyze the multilevel data from 100,134 adults across 131 countries. After considering country-level indicators, there were still significantly negative associations between subjective or objective financial resilience and financial anxiety. Cross-national differences in financial anxiety were also significantly influenced by individual characteristics, human development index, and social welfare expenditure. Subjective financial resilience showed higher effects than its objective counterparts. Extreme poverty and social welfare expenditure were significant moderators. This study contributes to providing a global development perspective on relations and variations between financial resilience and financial anxiety, and it also suggests contextually adaptable implications for international policies and services on socioeconomic interventions, sustainable development, and financial health promotion.
This research examines the role of financial resilience in supporting well-being, particularly during and after adverse life events. Financial resilience is defined as a composite of four dimensions: economic resources, financial access and inclusion, financial knowledge and behavior, and social capital (Salignac et al., 2019). Our study utilizes data from the Household, Income and Labour Dynamics in Australia (HILDA) Survey, covering the period from 2014 to 2020. To explore how financial resilience impacts well-being, we employ fixed effects panel regression, focusing on indicators such as life satisfaction, financial satisfaction, and mental health. Additionally, we apply a difference-in-difference event study design to examine the "bounce back" effect, assessing how financial resilience influences recovery from adverse life events. The findings contribute to our understanding of how financial resilience acts as a buffer against declines in well-being following financial and personal shocks, helping individuals recover more quickly. These results highlight the crucial role of financial resilience in safeguarding both financial stability as well as mental health and well-being.
Research shows that consumers enjoy shopping and consuming with others but also that the enjoyment of companionship is diminished during consumption as compared to non-consumption activities. All else being equal, as commercial locations substitute for public spaces (parks, boulevards) as loci for social interaction in large cities, collective well-being should be expected to diminish. A better understanding of what drives enjoyment of companionship during consumption at retail locations, as well as the individual differences in responses to those drivers, may point to avenues to further collective well-being in urban areas. This research explores the role of fundamental social motives, specifically affiliation need, need for independence and fear of exclusion (Neel et al. 2016) in predicting the enjoyment of consumption experiences. As they drive social behavior, we expect social motives to predict enjoyment of consumption experiences.
This research aims to identify consumer segments in the United States with varying attitudes, beliefs, and preferences toward second-hand fashion, leveraging these insights for targeted nudging interventions. The study, using primary data collected via a Qualtrics survey, segments participants based on psychographic variables while considering social norms. The results can inform marketing strategies, policymaking, and fashion industry practices to promote sustainable consumption, enhance consumer economic well-being, and reduce the environmental impact of fast fashion. This research seeks to advance the economic well-being of consumers and families by promoting sustainable and mindful consumption practices.
The purpose of this study, which is part of a larger study, is to identify behavior change stages of consumer recycling behavior based on the transtheoretical model of behavior change (TTM) and examine differences of psychological and cognitive factors between these change stages with national data in the U.S.. In this study we answer following research questions:_x000D_
What are the statuses of consumer recycling behavior by behavior change stages;_x000D_ What psychological and cognitive factors associated with consumer recycling behavior differ by behavior change stages?_x000D_
The results show that most consumers (76.5%) engaged in recycling behavior at various behavior change stages, while a minority of consumers (23.5%) are still not engaging in recycling behavior. Among them, 12.8% never consider recycling._x000D_ One-way ANOVA results show that consumer change processes that can be considered change strategies used by consumers in behavior change are different from earlier stages to later stages. Behavioral skill is positively associated with behavior change stages. In addition, perceived cons of recycling behavior are negatively and perceived pros are positively associated with behavior change stages. Results also suggest that both objective and subjective recycling knowledge may encourage consumer recycling behavior.
Presidential elections can be unsettling for individuals as they consider changes that may not reflect their social and fiscal values and confront the specter that they could live the next four years under misaligned policies. At the same time, the stock market and the economy have historically fared well regardless of the political party in control or whether the election resulted in a change in leadership. With the political atmosphere in the United States becoming increasingly charged, the opportunity for panic is elevated, most notably for individuals who lean heavier into their political identity. Financial mistakes made today due to heightened emotional states can have a lifelong deleterious impact. The present study explores whether changes in economic and market expectations after an election were driven by political conviction and whether partisanship manifested in different actions to one’s portfolio. We also contemplate the election’s partisanship effects on financial well-being and financial self-efficacy, both of which have been shown to impact decision-making. We conclude this paper with practical techniques to help individuals look beyond the current political environment and refocus on long-term planning.
This study investigates the equity and resilience impacts of Farm Service Agency (FSA) loan programs on socially disadvantaged farmers, focusing on disparities in loan terms such as obligated loan amounts and interest rates across diverse demographic groups. Using borrower data from 2004 to 2014, it evaluates lending patterns for primary loan types (Operating and Farm Ownership Loans) and ad hoc loan types (Disaster Assistance and Emergency Loans). By applying a Multivariate Multiple Linear Regression (MMLR) model, the research assesses the influence of financial performance indicators and demographic factors, including race, gender, and marital status, on loan conditions. The findings reveal significant differences in loan terms, with minority and female borrowers often experiencing lower loan amounts and higher interest rates compared to White and male borrowers. These disparities persist despite FSA’s mandate to ensure equitable access to credit for disadvantaged groups. The results indicate that while FSA programs have made strides in improving access, challenges remain in achieving full equity. Policy recommendations include enhancing credit scoring models to reduce bias and providing targeted support programs to improve financial resilience for minority farmers. This study contributes to understanding the effectiveness of FSA loans in promoting equity and resilience and suggests pathways for further policy reform.
Cancer survivors often experience significant financial challenges due to the high treatment costs, a problem known as financial toxicity. The link between financial distress and financial well-being has yet to be thoroughly studied. This research examines financial toxicity and financial well-being among cancer survivors and identifies the demographic and clinical factors influencing these outcomes. Financial distress was measured using the 11-item COmprehensive Score for Financial Toxicity (COST), lower scores indicating greater financial toxicity. Financial well-being was assessed using the 5-item Consumer Financial Protection Bureau (CFPB), lower scores indicating poorer financial well-being. Linear regression analyses were conducted to identify significant COST and CFPB score predictors. _x000D_ Females had lower CFPB scores than males (Difference: -6.5, 95% CI: [-11.7, -1.3], p
This study aims to examine the association between financial knowledge, the use of a financial planner, and the financial planning horizon. Additionally, we investigate the moderating role of financial planner usage on the relationship between financial knowledge and the financial planning horizon. For the empirical analysis, we used a pooled dataset from the 2016–2022 Survey of Consumer Finances (SCF), allowing for a comprehensive view across multiple time points. Our findings offer valuable insights for educators, practitioners, and policymakers by highlighting how financial knowledge and professional guidance can shape individuals’ long-term financial planning behaviors. This research contributes to the broader understanding of how personal financial management strategies and access to financial expertise can influence financial preparedness and planning horizons.
Retirement planning faces the challenge of varying life expectancy, influenced by factors beyond standard age and gender measures, such as income, health, and environment. Traditional reliance on generalized actuarial tables may lead to suboptimal financial outcomes for individuals. This study emphasizes the benefits of integrating personalized longevity projections to enhance retirement strategies, especially for optimizing Social Security benefits. A Cox proportional hazard model is estimated using data from the Health and Retirement Study to project personalized longevity. Then, this study found that tailoring the estimated optimal claiming age for benefits significantly increases the present value of lifetime benefits. Findings reveal that personalization can yield an average lifetime increase of over $12,000 for men and $9,000 for women. The evidence suggests that personalized longevity approaches can better align financial plans with individual life expectancy, enriching clients' understanding and retirement readiness.
With the rise of social media and a growing interest in how it is related to mental health, it is becoming increasingly important to consider the relationship between social media and financial mental health. As regulators consider policy for social media in order to mitigate its potential negative impacts on adolescent mental health, often the element of financial mental health is overlooked. This study looks to better address this gap in research by exploring the association between social media and financial anxiety. By using data from the National Financial Capability Study, this project will explore how social media and other factors are related to financial anxiety and make recommendations for future research and potential regulation.
This research aims to address the literature gaps by investigating the associations between social media usage and investor optimism, especially when considering the interaction between subjective and objective investment knowledge. Utilizing the 2021 National Financial Capability Study (NFCS) main dataset and its supplementary Investor Survey, this study specifically examines how the use of social media as an investment information source affects investors’ portfolio performance expectations. Particular attention is paid to comparing investors who anticipate above-market performance versus those expecting market-equivalent returns, with investment knowledge serving as a potential mediating factor.
2:45-2:50 Welcome and Announcements 2:50 3:50 Editor Panel 3:40-3:50 JCA Awards-Rui Yao 3:50-4:00 Announce Next Year's Location & Door Prizes - Must be present to win! 4:15 Adjourn the Conference
