Sunwoo Tessa Lee and Sherman D. Hanna

We examined the association between financial knowledge overconfidence and the perception of emergency fund needs using the 2016 Survey of Consumer Finances (SCF) dataset. Only 28% of respondents reported a perceived amount of emergency funds needed that would cover at least three months of estimated spending. We conducted an OLS... Read More >

Alicia Rubio, Alberto Rubio, and Jose F. Moreno

Using data from the 2016 Survey of Consumer Finances (SCF) and the Family Life Cycle (FLC) and Human Capital Theory (HCT) as a framework, this study examined if factors related to the likelihood of financial ratio adequacy and financial well-being differ for Hispanic and non-Hispanic White households. Hispanics’ comprehensive financial... Read More >

Michael Kothakota and Christina Lynn

Financial professionals involved in divorce proceedings, whether for a client or an attorney, often use software to project the ability of a dependent spouse to earn income off of her separate estate. These projections have historically relied on static inputs and use a Monte Carlo simulation to illustrate the paths... Read More >

Lu Fan and HanNa Lim

This study used the 2017 National Financial Well-Being Survey to investigate the relationship between cognitive ability and seeking financial advice. Three aspects of cognitive ability were examined: memory, objective numeracy, and subjective numeracy. The results showed that in general, the three were not associated with seeking financial advice. However, after... Read More >

Shane Enete, Martin Seay, Sarah Asebedo, David Wang, and Megan McCoy

The purpose of this article is to show that emotions matter when predicting the financial well-being of U.S. households. The broaden and build theory (BBT) was used to predict that positive emotions would be positively associated with financial well-being and negative emotions would be negatively associated with financial wellbeing. Using... Read More >

LaToya Hall, Rebecca Campbell, Evan Gross, and Peter A. Lichtenberg

The financial exploitation (FE) of older adults affects not only victims’ finances, but also their health. This preliminary study investigated the impacts of a financial coaching program on the financial, neurocognitive, physical, and emotional health of older adult victims of FE. Twenty older adults residing in a large urban area... Read More >

Blain M. Pearson and Charlene M. Kalenkoski

The purpose of this study is to examine migration during retirement and its association with retirement satisfaction. Utilizing longitudinal data collected from the Health and Retirement Study, this study estimates a fixed-effects logit model to examine how changing U.S. Census divisions during retirement is related to retirement satisfaction. The findings... Read More >

Ashley Tharayil and William B. Walstad

This study examined the association between financial literacy and the decision to withdraw funds from different types of retirement accounts before retirement. Data from the 2012 and 2015 National Financial Capability Study were used to investigate if financial literacy may potentially influence the decision to dissave from funds already set... Read More >

Philip Gibson, Janine K. Sam, and Yuanshan Cheng

This study examines the timing of financial education and its impact on short-term and long-term financial behavior. We also explore the power of financial education on financial knowledge and examine the link between financial knowledge and positive financial behavior. Exposure to financial education during multiple life stages leads to a... Read More >

Yilan Xu and Rui Yao

This article introduces collective rationality and comparative advantage into understanding household financial decision-making responsibility allocation and its relationship to wealth accumulation. Evidence from the Health and Retirement Study (HRS) shows that conscientiousness, memory, and numeracy are favorable personal attributes for household financial decision-making. Greater relative advantages in these attributes predict... Read More >