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Wednesday, April 16
 

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)
 
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