Search

The purpose of this article is to assess and interpret the use of theory within the Journal of Financial Counseling and Planning from its inception in 1990 through 2012. During that time, only 39% of research articles explicitly identified a theoretical base to guide the study's research question. Almost half (48%) of the articles incorporating a theoretical base used some form of the economic life cycle hypothesis. Most of the frameworks used were cognitively and/or individually oriented. This focus represents an attribution error since most financial socialization occurs within the family context. The Family Financial Socialization (FFS) conceptual model with testable hypotheses was proposed as one conceptual model to use in beginning to address this attribution error. FFS contributes both contextual and socialization dimensions to the explanation of financial behavior and financial outcomes such as financial well-being. The FFS model proposes that the creation of desirable financial behavior and motivation for future financial behavior change emanate from family interaction and relationships and from purposive financial socialization both in childhood and across the life cycle. [ABSTRACT FROM AUTHOR]

Based on the life-cycle theory of consumption, this quasi-experimental study of 995 employees examined changes in financial behaviors following employee-needs-driven workplace financial education. Repeated-measures ANOVA compared participants and non-participants on perceived financial wellness and savings ratios; main effects indicated that both groups improved pretest-to-posttest on both variables (p<.001). A Wilcoxon signed-rank test determined that frequency of negative financial behaviors declined for participants (p<.001). Logistic regression determined likelihood of performing specific financial activities following financial education programming. Participants were 1.8 times more likely than non-participants to budget, 1.9 times more likely to undergo asset allocation assessment, and 1.6 times more likely to increase retirement contributions (p<.001). Results lend support to workplace provision of both basic financial education and retirement planning programming. [ABSTRACT FROM AUTHOR]

The current study investigates the association between childhood financial socialization and financial practices and asset choices of young adults, using a nationally representative dataset. Results revealed that childhood financial socialization experiences were positively associated with the beneficial financial practices and financial asset ownership of respondents in young adulthood. Financial outcomes were found to vary by types of parental socialization. Respondents who owned bank accounts and had their spending monitored by parents in childhood were more likely to own financial assets and had more positive attitudes toward personal finance as young adults. [ABSTRACT FROM AUTHOR]

The financial risk tolerance of married couples was examined in order to determine if assertiveness impacted their financial decisions. Education, gender, asset ownership, relative income, and the wife's cohort were considered to ascertain the possible influence of these factors on a couple's assertiveness. Data were obtained from 110 couples using the Path 6 Profile and the Couples' Risk Tolerance Questionnaire. Although asset ownership and the wife's cohort affected the couple's assertiveness, assertiveness itself did not notably impact their combined financial or portfolio risk tolerance. However, wife's assertiveness did show a positive correlation with couple's mean age and a negative correlation with husband's income. Implications include communication strategies for couples when the wife was born between 1946 - 1967, has earned an advanced degree, and has had significant financial contribution to the family. [ABSTRACT FROM AUTHOR]

A needs assessment was conducted for the adaptation of an existing online Cooperative Extension investment course for use by farm households. The theoretical model was Social Marketing Theory. Data about financial attitudes, practices, and learning preferences of farm households were collected through a telephone survey of 300 farm households and two focus groups. Quantitative and qualitative data confirmed that farmers prefer investing in land and farm-related assets instead of securities. Further, an increasing number of farm family members engaged in paid employment, which provided access to employee benefits. Many farmers did not plan to retire in later life but indicated a desire to scale back their work hours and/or reduce the size of their farm business. Women in the sample were more engaged with the Internet than men and less likely to dislike using computers. [ABSTRACT FROM AUTHOR]

Most military installations have the resources available to operate as an independent community. However, immediate access to these resources tends to promote societal disconnection for the civilian military spouse (CMS). This disconnection leaves the CMS with many misconceptions when it comes to certain life skills. The Department of Defense (DoD) has attempted to answer these concerns with the introduction of well being plans to open the door for the CMS to seek personal financial assistance. However, this study found that CMSs preferred to seek financial assistance from formal, nonmilitary resources such as professional financial planner/ counselor and informal financial resources such as family and other military spouses. The findings provided implications for marketing, financial literacy program consistency, and military retention. [ABSTRACT FROM AUTHOR]

Qualitative methods were used to examine how couples perceive and articulate their intentions and behaviors in regard to managing the risk of financing long term care. Two overall decision making styles for addressing the risk of long term care were identified: scrambling and advance planning. Scramblers may or may not have any intentions to address the risk of long term care. Advance planners are goal oriented and are working to achieve their definition of financial security. Some are focused on preparing for a long and healthy later life, whereas others are addressing the risk of long term care. [ABSTRACT FROM AUTHOR]

This article describes development of the InCharge Financial Distress/Financial Well-Being Scale, designed to measure a latent construct representing responses to one's financial state on a continuum ranging from overwhelming financial distress/lowest level of financial well-being to no financial distress/highest level of financial well-being. It describes a formative Delphi study, validity criteria and testing, factor analysis, Cronbach's alpha coefficients, administration instructions, norming of the data and score interpretation, and implications for use. [ABSTRACT FROM AUTHOR]

This 25-year review of published research in Family Relations and Journal of Marriage and the Family found 91 articles that were generally related to family financial topics. Of that total, only three articles dealt specifically with family financial management We offer several suggestions for areas of research that address the needs of practitioners, including specific recommendations for prevention and intervention. [ABSTRACT FROM AUTHOR]

The ‘Money Talks: Should I be Listening?’ curriculum was created to appeal to teenagers and to help increase their financial literacy. This paper analyzes the effectiveness of this curriculum on financial knowledge and behavior of participants using the series. The findings indicate that using the curriculum improved the financial literacy of high school students. Behavior changed in a positive direction, knowledge improved and students appeared to have responded in ways to make their money go farther. [ABSTRACT FROM AUTHOR]

This study investigates financial risk aversion using an improved measure based on income gambles and rigorously related to optimal portfolio choices. The new measure modifies a previous measure by adding graphical presentations to clarify the impact of different income choices. We compared the measure's responses to those of previous non-graphical versions. To enable comparisons to an established risk measure, we also asked the Survey of Consumer Finances (SCF) risk tolerance question. Based on responses from 152 students, there is a significant correlation between relative risk aversion estimates based on the new measure and the SCF question. [ABSTRACT FROM AUTHOR]