This research sought to further understanding of factors related to low-income household saving behavior. Saving behavior, defined as whether a household spent less than income, was analyzed by applying institutional theory, which proposes that households' institutional environment has a...

The purpose of this study was to examine associations between saving goals and saving behavior from a perspective of Maslow's Hierarchy. Using 1998-2007 Surveys of Consumer Finance data, we analyzed responses given to an open-ended saving reason question, and categorized responses into six...

The Survey of Consumer Finances was used to assess the explanatory power of self-control mechanisms, controlling for other important constructs from the standard life cycle model of saving. The analysis focused on saving goals, foreseeable expenses, and saving rules as mechanisms of...

An analysis of 6,113 households with four quarters of expenditure data in the 2004-2005 U.S. Consumer Expenditure Interview Survey found that 43% of households had outlays more than aftertax income, and 25% of households had outlays that were 127% or more of aftertax income. Black and...

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...

Household time preference for US households, as measured by the planning horizon, was fairly stable for many years, but sharply changed with the onset of the Great Recession. Based on an analysis of a combination of the 1992-2013 Survey of Consumer Finances datasets, time preference increased in...

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...

Lack of financial sophistication has been suggested as a cause of retirement plan failure. We extend previous studies of retirement adequacy by testing the effect of financial sophistication proxies on projected retirement adequacy, using the 2010 Survey of Consumer Finances (SCF) dataset. We...