AFCPE Member Awards: Outstanding Symposium Research Paper
The AFCPE Outstanding Symposium Research Paper Award recognizes exceptional research presented at the annual Symposium, honoring members whose work advances the field of financial counseling, planning, and education. Past winning papers have explored timely and impactful topics — from financial fraud among older adults to fintech and financial inclusion — reflecting the breadth and rigor of scholarship within the AFCPE community. Congratulations to the 2025 recipient Ashley Keamo, Texas Tech University for the paper, “Treating Financial Infidelity: What we Know and How to Help”
Celebrating Our Outstanding Symposium Research Paper Award Winners
2025: “Treating Financial Infidelity: What We Know and How to Help”
Ashley Keamo, Texas Tech University
This paper explores the concept of financial infidelity — deceptive or hidden financial behaviors within intimate relationships — synthesizing existing research on its causes, consequences, and pathways to intervention. Drawing on what the field currently knows, the paper offers practical guidance for financial counselors and practitioners working with clients navigating the emotional and financial complexities of financial betrayal.
2024: “Gambling Behavior and Cryptocurrency Investment: A Treatment-Effect Analysis”
Michael Kothakota, CEO, WolfBridge Wealth
Timothy Todd, Interim Dean and Professor of Law, Liberty University School of Law
Christina Lynn, Ph.D., CFP, AFC, CDFA, Practice Management Consultant, Mariner Wealth Advisors.
This study investigates the relationship between gambling behavior and cryptocurrency investment. Data from the 2018 National Financial Capability Study (both the State-by-State Survey and the Investor Survey) were used to examine cryptocurrency investments among 1,450 investor-respondents. In addition to logistic regression, treatment-effect estimation techniques—including propensity score matching (PSM), augmented inverse-probability weighting (AIPW), and inverse-probability weighted regression adjustment (IPWRA)—are used to demonstrate a positive and significant relationship between gambling behavior and cryptocurrency investment.
2023: “The Oldest Old’s Experiences of Financial Fraud and Exploitation: An Exploratory Panel Study”
Taylor Patskanick, Massachusetts Institute of Technology
Julie Miller, Director of Thought Leadership, Financial Resilience at AARP
While risk and protective factors around financial fraud among older adults are well-documented, far less is known about those aged 85 and older — and even less about how fraud is experienced across a spectrum of outcomes, from exploitation avoided to exploitation endured. MIT AgeLab researchers presented a mixed methods study exploring this gap, examining the unique factors shaping financial fraud experiences among the oldest adults and identifying opportunities for intervention, including resource brokering, awareness-raising, and the design of effective education materials.
2022: “Financial Inclusion through Mobile Fintech Tools: A Financial Literacy and Well-being Perspective”
Dr. Lu Fan, CFP® & Yu Zhang, University of Georgia
This study used structural equation modeling techniques to test a conceptual framework of financial inclusion through the usage of mobile fintech. The findings of this study expand the current knowledge of mobile fintech by examining its antecedents of financial education and financial literacy and its outcomes, including financial behavior and financial well-being. Using data from the 2018 National Financial Capability Study, findings of this study suggest that receiving financial education can enhance financial literacy that is positively associated with the number of mobile fintech adopted. Furthermore, higher financial literacy is positively associated with engaging in desirable financial practices but is not significantly associated with the number of mobile fintech used. The unexpected negative association between mobile fintech adoption and desirable financial behavior raises concerns that the adoption of mobile financial services could be a double-edged sword. Implications for consumers, financial practitioners, and policymakers are discussed.
2021: "The Role of Financial Advice in Promoting College Savings Among Households"
Thomas Korankye, PhD, CFP®
Blain Pearson, PhD, CFP®.
This study examines the effects of five varying categories of financial advice and their relationship with college-saving decisions using the 2009 and 2012 waves of the Financial Industry Regulatory Authority’s (FINRA) National Financial Capability Study. After controlling for self-selection bias, the finding suggests that receiving financial advice related to savings/investments, insurance, or tax planning increases the likelihood of saving for children’s college education. Other findings suggest the lack of statistically significant relationships between college savings and debt counseling or loan advice. The robust discussion highlights that policies incentivizing households to seek financial advice could promote college savings and assist in the reduction of student loan dependence.
2020: "Consumer Experience of Mistreatment and Fraud in Financial Services: Implications from Integrative Consumer Vulnerability Framework"
Han Na Lim, PhD, CFP®
This study utilizes the National Financial Well-Being Survey (NFWS) from the Consumer Financial Protection Bureau (CFPB) to investigate the profiles of consumers who experience mistreatment or fraud in financial services. An integrative consumer vulnerability framework was used as the theoretical framework to examine how disadvantaged consumer characteristics and vulnerable consumer characteristics are associated with mistreatment and fraud experience. Consumers in vulnerable states, due to low financial capability, cognitive decline, negative financial and life events, and more exposure to various financial services, were more likely to report experiencing mistreatment and fraud. Consumers from higher socio-economic status were more likely to have been victims to fraud. These findings offer implications for consumer education and consumer policy.
2019: “The Relationship Between Cognitive Abilities and Financial Help-Seeking Behavior”
Lu Fan, PhD, CFP®
Han Na Lim, PhD, CFP®
This study uses the 2017 National Financial Well-Being Survey to investigate the relationship between cognitive abilities and financial help-seeking behavior. Findings provide practical implications for financial professionals, institutions, employers, and policymakers.
2018: “Theory of Planned Behavior & Retirement Preparation”
Dr. Han Na Lim
Frank Magwegwe
The need for workers to prepare for retirement has been widely promoted, yet our understanding of workers’ retirement preparation behavior remains sparse. This paper reports the findings of a study of non-retired workers utilizing the 2015 National Financial Capability Study and their intention to have any other retirement accounts (IRA, Keogh, myIRA) not through the employer. Utilizing the theory of planned behavior, the study reveals respondent’s self-reported attitudes, subjective norms and perceived behavioral control account for a high proportion of the variance in the behavioral intention to calculate required retirement savings. In turn, the behavioral intention accounts for a high proportion of the variance in the behavior to have any other retirement accounts not through the employer. This study highlights the relevance of psychological constructs to an understanding of workers’ retirement preparation behavior, and establishes a need to for financial counselors, advisors and other practitioners to understand the psychological determinants of retirement preparation behaviors.
2017: "Budgeting and Financial Capability: A Perspective of Behavioral Hierarchy"
Dr. Barbara O'Neill, PhD, CFP®, AFC®, CHC®
Dr. Jing Jian Xiao
Dr. Barbara O’Neill is a Distinguished Professor at Rutgers University and Cooperative Extension Specialist in Financial Resource Management, with a career spanning decades of teaching, writing, and leadership in personal finance. A prolific author of over 1,500 consumer articles and 100+ academic publications — including books such as Saving on a Shoestring and Money Talk: A Financial Guide for Women — she has reached tens of thousands of adult learners throughout her career. She holds multiple professional certifications including CFP®, AFC®, and CHC®, and has served in numerous leadership roles across the field, including as AFCPE® President in 2003.
Dr. Jing Jian Xiao is a Professor of Family Finance at the University of Rhode Island and Editor-in-Chief of the Journal of Financial Counseling and Planning, with a distinguished record of research, publishing, and leadership in consumer economics and personal finance. He has edited and contributed to several notable works, including the Handbook of Consumer Financial Research, served as president of multiple professional associations, and consulted on financial literacy initiatives for the U.S. Department of Treasury and National Endowment for Financial Education. His expertise has brought him to guest lecture stages across the U.S., China, Japan, South Korea, and Taiwan.
2016: "Examining the Community of Inquiry (COI) Model for Guiding Online Learning Related to Personal Finance"
Sandra J. Huston, PhD
Dawn Abbott, MS
Dr. Sandra J. Huston is an Associate Professor and Director of the Personal Finance program at Texas Tech University, whose research focuses on financial literacy, household use of financial advice, and the impact of financial sophistication on portfolio decision-making. A three-time AFCPE® award winner and leader of the AFCPE® Research Task Force, she also consults for WebEd Consulting and The Financial Literacy Group in Washington, DC, and is currently developing a financial health model exploring how both functional and perceptual finance shape overall financial well-being.
Dawn Abbott, MS is currently an instructor for the Personal Finance Program within the Personal Financial Planning Department at Texas Tech University and is an online education consultant for WebEd Consulting. She served as the Assistant Director of the Personal Finance Program from 2013 to 2016. Dawn has extensive knowledge in online/traditional course design and online teaching techniques. Dawn’s research focuses on the effectiveness and impact of online education, specifically in relation to Personal Finance education. She is an active member of the Association for Financial Counseling and Planning Education® and is an Accredited Financial Counselor®. Dawn is currently the chair of the AFCPE® Financial Task Force and serves as a member of the AFCPE® Research Task Force.
2015: “Financial Sophistication and the Credit Card Puzzle”
Sandra J. Huston, PhD
Laura C. Ricaldi, PhD, CFP®
Dr. Sandra J. Huston is an Associate Professor and Director of the Personal Finance program at Texas Tech University, whose research focuses on financial literacy, household use of financial advice, and the impact of financial sophistication on portfolio decision-making. A three-time AFCPE® award winner and leader of the AFCPE® Research Task Force, she also consults for WebEd Consulting and The Financial Literacy Group in Washington, DC, and is currently developing a financial health model exploring how both functional and perceptual finance shape overall financial well-being.
Laura C. Ricaldi is an assistant professor in the Personal Financial Planning Program in the Woodbury School of Business at Utah Valley University. She received a Ph.D. in Personal Financial Planning and a MBA in Management from Texas Tech University. Dr. Ricaldi currently teaches several financial planning courses including introduction to the PFP profession, risk management and insurance, and the financial planning capstone course. Her research interests include credit card use, debit card use, financial literacy, gender issues and generational cohorts. She enjoys working on financial planning research that directly impacts financial planning practitioners as well as extending the applications to the community in Utah.
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