We tested whether Asian American parents place more importance on helping their children with college costs than parents with other racial/ethnic groups. Our logistic regression controlling for household characteristics shows that among households with at least one child age 13 to 17, Asian...

This study investigated the effect of objective and subjective financial literacy on mortgage payment delinquency using the 2015 National Financial Capability Study dataset. A hierarchical model showed a substantial negative effect of objective literacy on delinquency, but subjective literacy...

It has been well established in the literature that financial advice leads to informed decision making and improved financial outcomes. However, there is limited evidence regarding the link between financial planner use and attitudes towards retirement saving. As financial planners provide...

In 2013, 18% of full-time workers aged 35 to 60 who were household heads expected to never retire. We found that factors related to the likelihood of expecting to never retire were more related to a failure to plan rather than a preference for working indefinitely. Most workers stating that they...

Based on our analyses of Survey of Consumer Finances datasets, the proportion of households owning a life insurance policy decreased from 72% in 1992 to 60% in 2016. We estimated logistic regressions on the likelihood of ownership of any, term, and cash value life insurance. We conclude that...

1. The typical treatment of inflation in retirement planning textbooks is too complex and is not reasonable in terms of the amount to contribute the first year being dependent on the inflation rate assumption.2. Economists typically put all amounts and interest rates in inflation-adjusted terms,...

This research extends the work of Yao, Hanna, and Lindamood (2004) and others in attempting to ascertain how stock market fluctuations affect the risk tolerance of households. We used the 1992 to 2013 datasets of the Survey of Consumer Finances (SCF), and found that whether respondents were...

Fudenberg's (2006) model of bounded rationality posits that greater complexity should result in households being less likely to achieve rational outcomes. Some households have higher complexity in retirement planning because expected retirement income varies during retirement. Based on 1995 to...

This study used data from the 2015 National Financial Capability Study to analyze the adoption of mobile payments by U.S. households. While 24% of respondents used mobile payments, the mean rate for those under age 25 was 11 times the rate for those 65 and older. State rates ranged from about 9%...

It has been well established in the literature that financial advice leads to informed decision‐making and improved financial outcomes. However, there is limited evidence regarding the link between financial planner use and attitudes toward retirement saving. As financial planners provide...