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All sessions will take place in Central Daylight Time!

POSTER PRESENTATIONS:
  • Poster presentations are available to view from May 18 through May 23 via ACCI’s (unlisted) YouTube Channel Poster Playlist sent out with the Zoom meeting room links to all attendees.
  • Poster are listed in this schedule on the last day at 6 PM so they appear at the end. Please scroll to the end to find the poster numbers, titles, descriptions, and presenters.

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Sunday, May 17
 

1:00pm CDT

Board Meeting
Sunday May 17, 2020 1:00pm - 6:00pm CDT
Boardroom
 
Monday, May 18
 

9:00am CDT

Board Meeting
Monday May 18, 2020 9:00am - 5:00pm CDT
Boardroom

2:00pm CDT

First Timers' Welcome
A virtual networking opportunity with the Board of Directors for those who have not previously attended an ACCI conference. 

Monday May 18, 2020 2:00pm - 3:00pm CDT
Room 4
 
Tuesday, May 19
 

8:45am CDT

Opening General Session 1: Esther Peterson Lecture, Paper Awards, JCA Nominated Article 1
8:45-9:00 Welcome - Karen Duncan, ACCI President and Dee Warmath, Conference Chair
9:00-9:30 Esther Peterson Consumer Policy Forum Lecture - Advancing Financial Wellbeing, 
  • Genevieve Melford, Director of Insights and Evidence, Program Director of EPIC, Aspen Institute Financial Security Program
9:30-9:45 Paper Awards - Yilan Xu, Coordinating Chair, ACCI Awards
  • Richard L. D. Morse Applied Consumer Economics Award - Professional Paper - C2c-The Impact of Parental Financial Socialization on the Economic Well-Being and Financial Decision-making of Young Adults Over Time, Jesse Jurgenson Presented by the Kansas State University Consumer Movement Archives
  • Consumer Movement Archives Applied Consumer Economics Award - Student Paper - A2c- ACA Medicaid Expansion & Low Income, Guangyi Wang Presented by the Kansas State University Consumer Movement Archives
  • CFP® Board's ACCI Financial Planning Paper Award - C1c-The Factors Related with the Decision to Self-direct Own Retirement Plan, HaNa Lim, Richard Stebbins, Travis Sholin Presented by Charles Chaffin, Director of Academic Initiatives, CFP®  Board Center for Financial Planning
  • National Endowment for Financial Education (NEFE) Paper Award - A3c- Workplace Financial Counseling: Credit Outcomes Among Lower-Paid, Entry-Level Workers, Yingying Zeng, Mathieu Despard, Sophia Fox-Dichter Presented by Billy Hensley, President and CEO
9:45-9:55 Undergraduate Posters (2 minutes each of the three winners) Posters are attached. The FINRA Foundation funds this Competition
  • First Place, Influence of Health and Wealth on Retirement Satisfaction, Chris Beland, student of Derek Tharpe, University of Southern Maine
  • Second Place, Online and Mobile Investment Technology Adoption Among U.S. Investors, TaoHua Wen, student of Lu Fan, University of Missouri
  • Third Place, Mobile Financial Services and healthcare Utilization in Zimbabwe, Keane Swenson, student of Sophia Anong, University of Georgia
  • The Poster Awards are presented by Gary Motolla, FINRA Foundation
9:55-10:00 FINRA Foundation Award - Presented by Gary Mottola
10:00-10:10 JCA Nominated Best Article Presentation
  • Encouraging Tax‐Time Savings with a Low‐Touch, Large‐Scale Intervention: Evidence from the Refund to Savings Experiment Iss 53:1; pp 87-125 
    • Stephen P. Roll, Blair D. Russell, Dana C. Perantie, Michal Grinstein-Weiss
10:10-10:25 Featured Research Presentations
  • Using the time before the next session to view the Posters
10:25-10:30 Announcements

Moderators
avatar for Karen Duncan

Karen Duncan

President of the Board, ACCI
University of Manitoba, Associate Professor
avatar for Dee Warmath

Dee Warmath

Assistant Professor, University of Georgia

Presenters
avatar for Genevieve Melford

Genevieve Melford

Director of Insights and Evidence, Program Director of EPIC, Aspen Institute
Genevieve Melford is Director of Insights and Evidence at the Aspen Institute Financial Security Program (FSP) and Director of the Expanding Prosperity Impact Collaborative (EPIC), a first-of-its-kind initiative in the field of consumer finance designed to accelerate knowledge synthesis... Read More →



Tuesday May 19, 2020 8:45am - 10:30am CDT
Room 4

11:30am CDT

Topical Collaborations: An Opportunity for Researchers to Meet Around a Topic Area
Join your peers in a breakout room to discuss current topics of interest. You'll start in the General Session room where our moderator will explain the objectives and features and then you will move to your pre-selected topic area. 

Moderators
avatar for Dee Warmath

Dee Warmath

Assistant Professor, University of Georgia

Tuesday May 19, 2020 11:30am - 12:15pm CDT
Room 6

1:15pm CDT

Integrating and Sustaining Financial Capability Services in Rural Healthcare Delivery: Consumers, Healthcare Providers, and Systems Perspectives
Studies of patient adherence to medical therapies show that household financial constraints are a major reason patients fail to obtain care. As the prevalence of cost-sharing between the consumer and health provider expands in the U.S. healthcare system, household finances play an increasingly important role in reducing healthcare access. This symposium addresses the integration of financial capability services into rural healthcare systems with four papers that investigate opportunities to strengthen partnerships between rural health systems and financial capability services. The first paper describes consumers' experiences with their health plans, their understanding of the healthcare system, their perceived and actual out-of-pocket costs, and their levels of financial hardship. The next papers highlight investigations of rural healthcare providers' perspectives on the financial security of their patients and the viability of financial capability service integration to help patients access and pay for healthcare. The last paper shares a feasibility study that explores the sustainability of financial capability services through insurance reimbursement. A timely topic using recently acquired data from surveys and focus groups is presented. Findings underscore the need for financial capability services for patients and provide valuable information about the capacity requirements necessary for integrated, sustained partnerships that support rural community health.

Author(s): Suzanne Bartholomae, J. Michael Collins, Carol A. Janney, Carrie Johnson, D. Elizabeth Kiss, Brenda Long

Presenters
SB

Suzanne Bartholomae

Assistant Professor and Extension State Specialist, Iowa State University



Tuesday May 19, 2020 1:15pm - 2:45pm CDT
Room 5

1:15pm CDT

Providing the Evidence to Support Public Policy Decisions: Research at the Social Security Administration
This symposium illustrates the range of research currently being conducted at the Social Security Administration and how this research is providing important evidence for policymakers on a variety of issues affecting consumer well-being. The presentations included in this symposium describe how research can contribute to more effective program messaging, identify those population groups needing extra outreach to improve their retirement security, and improve the measurement of pensions and retirement savings that is essential to assessing consumer well-being.

Author(s): Laith Alattar, Barbara A. Smith, Kristi Scott, Irena Dushi

Presenters
BS

Barbara Smith

Senior Economist, Social Security Administration


Tuesday May 19, 2020 1:15pm - 2:45pm CDT
Room 4

3:15pm CDT

3:15pm CDT

A1a Age and Cohort Effects on Stock Holdings After the Great Recession
In this study, we explore the household stock holdings among eight cohort groups after the Great Recession. We hypothesize that stock holdings for each cohort group recovered as with the recovery of stock market after the Great Recession and the stock holdings overtime for each cohort group are consistent with the suggested stock investment based on the life cycle saving hypothesis. The empirical results show that, contrary to our hypothesis, the stock ownerships decreased for all cohort groups after the Great Recession. The negative age effects and negative cohort effects on stock holdings applied to all the cohort groups after the Great Recession. The negative age and cohort effects on stock ownerships appeared to be more influential for the youngest cohort group.

Author(s): Zhujun Cheng, Tansel Yilmazer

Presenters
ZC

Zhujun Cheng

Graduate Student, The Ohio State University


Tuesday May 19, 2020 3:15pm - 4:45pm CDT
Room 1

3:15pm CDT

A1b Are CFP® Professionals Less Likely to Engage in Misconduct? Exploring the Importance of Job Classification When Comparing Misconduct Rate Among Financial Service Professionals
Researchers have increasingly relied on regulatory data to analyze financial advisor misconduct. While these data are promising for the purposes of better understanding how regulators can best protect consumers, little is known about how data limitations may systematically bias the results of such analyses. Using a dataset of FINRA-licensed individuals that was enriched to include variables not present in the publicly-available FINRA data, a series of binary logistic regressions are used to illustrate how unobserved differences may bias misconduct analyses. When using CFP® status as the sole predictor of misconduct, CFP® professionals are found to be 86% percent more likely to have engaged in culpable advisory-related misconduct compared to non-CFP® professionals. However, we present evidence that this relationship is spurious. After controlling for other factors and using the enriched data to limit the analysis to only those solely working as financial advisors, CFP® professionals are found to be 20% less likely to have engaged in culpable advisory-related misconduct. Because job classifications are generally not available in the standard SEC and FINRA datasets, these findings illustrate how the inability to control for job classifications (or other unobserved differences) may bias misconduct analyses relying solely on regulatory data.

Author(s): Derek Tharp, Steven Lee, Jeffrey Camarda, Pieter de Jong

Presenters
avatar for Derek Tharp

Derek Tharp

Assistant Professor, University of Southern Maine


Tuesday May 19, 2020 3:15pm - 4:45pm CDT
Room 1

3:15pm CDT

A1c Focusing on Both Sides of the Balance Sheet: The Benefit of Liability Optimization
Debt has become a significant issue among US households. Based on our analysis using the 2016 Survey of Consumer Finances, average household interest payments on liabilities exceed expected returns on investment assets by more than 50%. In this study, we first explore the role of US household debt and analyze the impact of different economic, demographic, and behavioral factors on household borrowing decisions. We then separate "good" and "bad" debts depending on type and interest rates, and investigate household characteristics associated with these categories. Lastly, our "alpha-equivalent analysis" reveals substantial potential benefits associated with improving household liability management. For households in the 75th percentile ranked by debt interest rate, reducing rates by five percentiles is equivalent to a return increase of 550 basis points on their investment portfolios. Our results indicate that households with lower asset, income, and education levels could benefit most from assistance with debt optimization.

Author(s): Zhikun Liu, David Blanchett

Presenters
avatar for Zhikun Liu

Zhikun Liu

Director of Research, Empower®


Tuesday May 19, 2020 3:15pm - 4:45pm CDT
Room 1

3:15pm CDT

A2 Health and Well-being
Tuesday May 19, 2020 3:15pm - 4:45pm CDT
Room 2

3:15pm CDT

A2a Exploring the Digital Healthcare Customer’s Experience
Digital technologies are now an integral part of healthcare, yet little is known as to how these technologies are affecting the healthcare customer's experience. In the age of digital health, understanding how the healthcare customer's experience is affected by their role clarity, perceived usefulness of digital health technology as well as the customer's digital health technology concerns (e.g., security, privacy, and trust) is of paramount interest as healthcare providers are pressured to create positive experiences without sacrificing efficiency. A nationwide study (n= 412) on healthcare customers' use of digital health technology, in the form of a healthcare patient portal (a secure online website that provides access to and the ability to manage personal health information), demonstrates that customer experience is positively related to perceived usefulness of digital technology. Results also illuminate the relationship between privacy, security, and trust on customer experience, revealing the possibility of a "privacy paradox". Results illustrate that understanding the role of digital technology in healthcare is of critical importance to the customer experience

Author(s): Genevieve O'Connor, Susan Myrden, Linda Alkire, Kyungwon Lee, Soeren Kocher, Jerome Williams

Presenters
avatar for Genevieve O'Connor

Genevieve O'Connor

Assistant Professor, Fordham University Gabelli School of Business
Genevieve E. O'Connor is an assistant professor of marketing at Gabelli School of Business, Fordham University. She earned her Ph.D. from Rutgers University. Her publications have appeared in the Journal of Business Research, Journal of Public Policy & Marketing, and Journal of Consumer... Read More →


Tuesday May 19, 2020 3:15pm - 4:45pm CDT
Room 2

3:15pm CDT

A2b Parental Health and Time Investments in Children
This paper uses the Panel Study of Income Dynamics (PSID) and PSID-Child Development Supplement data sets to investigate the effect of an adverse health event experienced by a parent on parental time spent with their children. The preliminary results suggest evidence that maternal psychological problems reduce time investment in children, in particular time helping with homework. The on-going research focuses on two efforts: 1. differentiating the correlations by parental education; and 2. exploring the underlying mechanisms.

Author(s): Hyeran Chung, Yilan Xu

Presenters
HC

Hyeran Chung

PhD student, University of Illinois at Urbana-Champaign


Tuesday May 19, 2020 3:15pm - 4:45pm CDT
Room 2

3:15pm CDT

A2c The ACA Medicaid Expansion and Low-income Homeownership
This study examines the impact of ACA Medicaid expansion on homeownership among low-income Americans using the state, time and income variation in the policy. Medicaid provides direct financial protection in the case of ill or injury, improving financial health and thus lowering the barriers of obtaining homeownership. Using data from the American Community Survey (ACS) 2009 to 2017 and a triple differences (DDD) research design, I find that ACA Medicaid expansion increased the probability of being homeowners among the oldest middle-age Americans by about 4 to 8 percent. The marginal new homeowners were those obtained mortgage. My findings suggest that the ACA Medicaid expansion had far reaching impacts on family wellbeing beyond increasing health care use.

Author(s): Guangyi Wang

Presenters
avatar for Guangyi Wang

Guangyi Wang

PhD Candidate, The Ohio State University


Tuesday May 19, 2020 3:15pm - 4:45pm CDT
Room 2

3:15pm CDT

A3 Vulnerability and Inclusion
Tuesday May 19, 2020 3:15pm - 4:45pm CDT
Room 3

3:15pm CDT

A3a The Banking Perspective on Reducing Financial Exclusion through Affordable Financial Products and Services
This study explores banks' perspectives on their current efforts to serve financially excluded customers by providing services and basic and affordable checking account products. Also studied is their perspective on policy solutions to the challenges of the financially excluded. In semi-structured interviews in one mid-western city with a high percentage of un- and underbanked, 22 staff members from 15 banks describe their current efforts to serve low- and moderate-income (LMI) consumers through products and services, and the challenges and limits of their efforts. Six themes were found in the data: 1) Banks are aware of the problem of financial exclusion; 2) While financial education is important, it poses challenges to deliver, and has a lack of demonstrated outcomes; 3) Small monetary or regulatory rewards are evident for offering basic checking accounts; 4) Little advocacy pressure is evident for affordable accounts; 5) Regulatory and other pressures fail to facilitate solutions for financial exclusion; and 6) Solutions to financial exclusion are a mix of policy, organizational capacity, and methods to influence behavior. Discussion focuses on challenges to delivering affordable products and services, and policy reforms beyond further pressure or incentives to banks to offer affordable accounts that might support greater financial inclusion.

Author(s): Julie Birkenmaier, Amy Oliver, Jin Huang

Presenters
avatar for Julie Birkenmaier

Julie Birkenmaier

Professor, Saint Louis University
My main research agenda is focused on financial capability and financial access topics.


Tuesday May 19, 2020 3:15pm - 4:45pm CDT
Room 3

3:15pm CDT

A3c Workplace Financial Counseling: Credit Outcomes Among Lower-Paid, Entry-Level Workers
Employee Financial Wellness Programs aim to make it easier for low- and moderate-income (LMI) workers to gain access to products/services that improve their financial security, such as financial counseling and emergency savings programs. This study examines engagement in and credit health outcomes associated with a workplace financial counseling program offered to LMI employees. The analytic sample included 2,849 workers who received services under a low-touch, hybrid in-person and remote model from 2015 through 2018 and were tracked for a period of at least six months. Using administrative data from the service provider, multivariate regression analyses with robust standard errors were performed to help determine whether receiving higher amounts of services was associated with better credit outcomes, while controlling for other factors such as age and gender. Results indicated that greater changes in credit scores were associated with receiving a higher number of sessions, suggesting that workers need more than 1 or 2 counseling sessions to take actions that can improve credit health. Greater changes were also associated with subprime baseline credit scores, suggesting that workers with low credit scores may benefit the most from counseling and may increase chances of accessing more affordable forms of credit such as car loans.

Author(s): Yingying Zeng, Mathieu Despard, Sophia Fox-Dichter

Presenters
YZ

Yingying Zeng

PhD student, Washington University in St. Louis


Tuesday May 19, 2020 3:15pm - 4:45pm CDT
Room 3

5:00pm CDT

Virtual Networking Reception
Tuesday May 19, 2020 5:00pm - 5:30pm CDT
Room 4
 
Wednesday, May 20
 

8:45am CDT

General Session 2: Colston Warne Lecture, JCA Editor, Service Awards, JCA Nominated Article 2
8:45-8:55 Welcome - Rui Yao, ACCI Past-president and Dee Warmath, Conference Chair
8:55-9:40 Colston Warne Lecture - The Evolution of the Consumer Movement: Consumer Financial Protection
  • Richard Cordray, Author, and Former Director, Consumer Financial Protection Bureau
9:40-9:50 Service Awards
  • Richard L. D. Morse Mid-Career Award - Robin Henager, Visiting Assistant Professor of Economics, Whitworth University School of Business
  • Stewart M. Lee Consumer Education Award - Kathy Sweedler, Extension Educator, Consumer Economics, Illinois Extension
9:50-10:00 Journal Editor, Ron Hill, American University
  • About the Journal, An Update
  • Thomas Brooks Best Reviewer Award - Melissa Bublitz, Associate Professor of Marketing, University of Wisconsin Oshkosh
  • 10:00-10:05 American National Standards Institute (ANSI)- Priscilla Magee, Consumer Outreach Manager 
    • Consumers’ Role in Standards Development
10:05-10:15 JCA Nominated Best Article Presentation
  • Exploring a Model for Integrating Child Development Accounts with Social Services for Vulnerable Families Iss 53:3; pp 770-795
    • Jin Huang, Sondra G. Beverly, Youngmi Kim, Margaret M. Clancy, Michael Sherraden
10:15-10:25 Featured Research Presentations
  • Using the time before the next session to view the Posters
10:25-10:30 Announcements

Moderators
avatar for Rui Yao

Rui Yao

Professor, University of Missouri
Rui Yao, PhD, CFP® is the immediate Past President of ACCI and a Professor in the Personal Financial Planning Department at the University of Missouri. Dr. Yao received her doctoral degree from The Ohio State University. Her research interests focus on helping individuals and families... Read More →

Presenters
avatar for Richard Cordray

Richard Cordray

former Director, Consumer Financial Protection Bureau, Consumer Financial Protection Bureau
About the book, Watchdog: Since 1970, the financial industry has doubled in size. Growing problems in the increasingly one-sided finance markets blew up the economy in 2008, prompting the creation of the Consumer Financial Protection Bureau. The CFPB quickly became a powerful force... Read More →



Wednesday May 20, 2020 8:45am - 10:30am CDT
Room 4

11:00am CDT

11:00am CDT

B1a Do Investors Who Overestimate Financial Risk Tolerance Have Higher Portfolio Risk Than Those Who Do Not?
The purpose of the study is to compare portfolio risk undertaken by the investors who make an estimation error in risk tolerance to those who do not make estimation error. Although some investors systematically miss-assess their financial risk tolerance—some overestimate while others underestimate, nevertheless, investors who accurately assess their risk tolerance are more likely to hold riskier portfolio than those who overestimate their risk tolerance. A differential prediction model was used to assess the presence of estimation errors. We used investment risk tolerance data from 2017-2018 for this study. The results showed that the survey participants did show the presence of estimation errors in financial risk tolerance. These estimation errors were associated with portfolio risk controlling for demographic variables, and utilization of professional when making investment decisions. Most importantly, investors who exhibited estimation errors both positive or negative were less likely to hold risky assets in their portfolio compared to those who do not make estimation error. It is important for financial advisors to be cautious in relying on any subjective assessment of clients’ financial risk tolerance that is not aligned with a psychometric assessment.

Author(s): Abed Rabbani

Presenters
AR

Abed Rabbani

Assistant Professor, University of Missouri


Wednesday May 20, 2020 11:00am - 12:30pm CDT
Room 1

11:00am CDT

B1b Financial Planners, Risk Tolerance and Portfolio Choice: Evidence of Moderating Effects from the Survey of Consumer Finances
The willingness to take financial risk plays an important role in shaping investment behavior. Risk-averse investors prefer less profitable and less risky portfolios, while risk-tolerant investors prefer more aggressive portfolios in terms of risk and expected return. However, to achieve the financial goals within the desired timeline, even risk-averse investors sometimes need to be tolerant of increased risk, and higly risk-tolerant investors might need to rebalance their portfolios toward safer allocations. The effect of using a financial planner on investment portfolio choices may vary according to the clients' risk tolerance. Using data from the 2016 Survey of Consumer Finances and the probit and Tobit models, this study examined the effects of consulting a financial planner on the extensive (whether to have stocks) and intensive (how much to invest in stocks) margins of the investment decisions. The probit analysis showed that using a financial planner increased the probability of participating in the stock market for low-to medium risk-tolerant investors. The Tobit analysis showed that using a financial planner encouraged risk-averse investors to invest more in stocks and curtailed investments in stocks among highly risk-tolerant investors. The results provide evidence on the moderating role that financial planners play in shaping investment behavior.

Author(s): Danah Jeong, Patryk Babiarz

Presenters
DJ

Danah Jeong

Student, University of Georgia


Wednesday May 20, 2020 11:00am - 12:30pm CDT
Room 1

11:00am CDT

B1c The Effects of Risk Tolerance on Investment Search Behavior
Households search for information in order to make better decisions about purchases and financial decisions. Optimal search for financial resources depends on both the expected gains from the financial resources as well as the time and monetary cost of searching. This paper investigates the associations between risk tolerance and investment searching behavior. The study offers a theoretical framework for the possible mechanisms of risk tolerance on searching behavior for investments. Empirical results using 2016 Survey of Consumer Finances (SCF) dataset show positive relationships between two measures of risk tolerance and search effort for investments. The results also support three hypothesized channels of risk tolerance on searching, that the risk tolerance may be related with the amount of asset, the type of asset, and the tolerated expected value loss. The relationships between search behavior and other covariates are also explored.

Author(s): Dongyue Ying, Sherman D. Hanna

Presenters
DY

Dongyue Ying

Student, The Ohio State University


Wednesday May 20, 2020 11:00am - 12:30pm CDT
Room 1

11:00am CDT

B2 Financial Education
Wednesday May 20, 2020 11:00am - 12:30pm CDT
Room 2

11:00am CDT

B2a An Evaluation of the Impact of Collegiate Financial Education
College students are viewed as an important target of financial education for a variety of reasons. Key among these are the opportunities and limitations presented by the decisions they make while college students, including the impact of student loan debt on their future financial security. College is viewed as a "just-in-time" opportunity to reach college students when they are able to apply what they learn in collegiate financial education courses. As a result, there has been a proliferation of financial education courses on college campuses. However, very few studies have evaluated the effectiveness of the formal college financial education courses in which these students are enrolled. This study examines the impact of a collegiate financial education course on the financial literacy (defined as financial knowledge and financial skill) and financial well-being (defined as expected future financial security and current money management stress (Netemeyer et al. 2018) of enrolled students. It also explores the influence of student characteristics (financial socialization, high school financial education, gender, self-efficacy, and involvement in paying bills) on the impact of a course on enrolled students’ financial literacy and well-being.

Author(s): Dee Warmath, Michael G. Thomas, Brenda Cude

Presenters
avatar for Dee Warmath

Dee Warmath

Assistant Professor, University of Georgia


Wednesday May 20, 2020 11:00am - 12:30pm CDT
Room 2

11:00am CDT

B2b Best Practices in Financial Education: Incorporating Mathematics
There is a pressing need for improved financial knowledge across the US population. Research has shown that financial education programs can be an effective solution to this problem. However, there is wide variability in the success of different education interventions, and the reasons for this heterogeneity are not yet fully understood. A crucial project is to increase our knowledge of best practices in financial education, in order to maximize the benefits participants in future courses receive. One important dimension of this goal is understanding the role of mathematics in a high quality personal finance course, given the well-documented correlation between mathematical knowledge and financial literacy. We present results from a study that investigates the relationship between financial learning and mathematical learning. A sample of high-school students were assessed on both financial and mathematical knowledge, before and after taking a course that combined mathematics and personal finance.

Author(s): Jack Marley-Payne, Philip Dituri, Andrew Davidson

Presenters
JM

Jack Marley-Payne

Director of Research, Financial Life Cycle Education


Wednesday May 20, 2020 11:00am - 12:30pm CDT
Room 2

11:00am CDT

B2c Financial Education Attributes and Financial Capability of Emerging Adults
The effectiveness of financial education is controversial, and calls have been made to change its delivery methods. Still, more recent studies show benefits of financial education for consumer capability and wellbeing. In this study, we take advantage of new information available from the 2018 National Financial Capability Study to examine if several specific financial education attributes such as requirement, hours, and quality can enhance multiple benefits brought by financial education among emerging adults. In this study, financial capability is defined as the ability to apply financial knowledge and perform desirable financial behavior for achieving financial wellbeing. Financial education is defined as educational programs aimed at improving people's money management knowledge and skills. Emerging adults refer to young people aged 18-25. Results of multivariate analyses suggest that different financial education attributes may have different effects on financial capability factors. For example, when all financial education attribute variables and control variables are entered to one multivariate regression model, requirement and hours seem more important to improve objective financial knowledge, and quality seems more important to improve confidence in knowledge, behavior, and perceived financial capability. The findings emphasize the importance of financial education quality in improving financial capability of emerging adults.

Author(s): Jing Jian Xiao, Nilton Porto

Presenters
avatar for Nilton Porto

Nilton Porto

Assistant Professor, University of Rhode Island
avatar for Jing Jian Xiao

Jing Jian Xiao

Professor, University of Rhode Island
Dr. Jing Jian Xiao is a consumer economics professor at University of Rhode Island. He is also the editor of Journal of Financial Counseling and Planning and the co-guest editor for the special issue on “Consumer Wellbeing in Asia” of Journal of Consumer Affairs.


Wednesday May 20, 2020 11:00am - 12:30pm CDT
Room 2

11:00am CDT

B3 The Psychology of Personal Finance
Wednesday May 20, 2020 11:00am - 12:30pm CDT
Room 3

11:00am CDT

B3a Aging Alone and Depression in Later Life: The Mediating Roles of Perceived Financial Security and Social Support
Aging is accompanied by many changes in life such as changes in finances and decreasing social networks, which can put some older adults at risk for late-life depression. The present study draws on conservation of resources theory and transactional stress theory to guide our understanding of how social network size, social support, and financial security serve as a balance of both risk and protection for late-life depression among older Americans using a nationally representative existing dataset, the Health and Retirement Study. A path analysis via structural equation modeling was conducted that included objective (i.e., objective isolation, objective financial status) and subjective perspectives (i.e., perceived financial security, perceived social isolation, perceived social support) simultaneously. Results demonstrated that both risk and protective factors mediated the relationship between aging alone and depression. Further, the relationship between aging alone and depression was mediated by both objective and subjective factors. Moreover, the significant mediation model was still remained significant after taking potential confounding factors (e.g., self-rated health status, gender, and educational attainment) into account. This study underscores the importance of investigating the balance between risk and protection for mental health, particularly depression, in the rising number of older adults aging alone in society.

Author(s): Shinae Choi, Jaimie Choi, Ian McDonough, Zhehan Jiang

Presenters
avatar for Shinae Choi

Shinae Choi

Assistant Professor, University of Alabama


Wednesday May 20, 2020 11:00am - 12:30pm CDT
Room 3

11:00am CDT

B3b Attitude Towards Consumer Credit Use: Scale Validation
Various ways of measuring attitude have their advantages and disadvantages and it becomes difficult to know which is the optimal way to achieve an accurate measurement (Krosnick, Judd, & Wittenbrink, 2019). The aim of this paper is to propose a scale measuring attitude towards consumer credit use based on different evidence of validity. An electronic survey was sent by email to students from two major universities in Quebec (Canada). A total of 1323 students completed it, whose 1006 were undergraduate students and 317 were (post)graduate students (male = 325, female = 981, not mentioned = 17). Messick's (1995) approach was used to collect several types of evidence of the validity of the construct. Preliminary results of an exploratory factor analysis indicate that three dimensions compose this scale: credit is good and useful (7 items; α =.818), credit worries (7 items; α =.723) and cost and indebtedness caused by credit (3 items ; α =.643). Knowing that attitude plays an important role and is significantly linked to the motivations for credit use and the method of selection for consumer financing (Pattarin & Cosma, 2012), an accurate measurement of attitude is essential to guide professionals and policy makers in their decision-making in the right direction.  

Author(s): Jacinthe Cloutier

Presenters
avatar for Jacinthe Cloutier

Jacinthe Cloutier

Assistant professor, Laval University
I have worked on personal finances researches since 2007. I use quantitative tools and statistics like SEM, regression analyses and s others. I have developped an expertise to create and validate measuring scale.


Wednesday May 20, 2020 11:00am - 12:30pm CDT
Room 3

11:00am CDT

B3c Determinants of Objective Financial Knowledge and Subjective Financial Knowledge: Are They Different?
This study investigates factors influencing objective financial knowledge (OFK), examines the factors influencing subjective financial knowledge (SFK), and compares the coefficients of influential factors for OFK and SFK. The first two research objectives are analyzed with Ordinary Least Squared (OLS) regression models while the third objective is analyzed using Seemingly Unrelated Estimation (SUE) for statistical comparison of coefficients of the determinants used in the OLS regression models. In this study, we use the following four categories factors influencing financial knowledge: (1) educational, (2) financial, (3) behavioral, and (4) demographic. Findings of this study contribute to the literature in three ways. First, by identifying the effects of educational factors, in particular, financial education experience, on both two types of financial knowledge, results shed light on the importance of financial education as noted by educators, financial practitioners, researchers, and policymakers. Second, by examining the effects of behavioral characteristics on financial knowledge, this study confirms that one can improve financial literacy through a behavioral intervention. Third, this study describes profiles of survey respondents' financial knowledge with a broad array of socio-demographic factors with different effects on OFK and SFK. Thus, this study can provide insight into underrepresented groups for financial literacy improvement efforts.

Author(s): Narang Park, Wookjae Heo, Jae Min Lee

Presenters
NP

Narang Park

PhD Candidate, University of Georgia


Wednesday May 20, 2020 11:00am - 12:30pm CDT
Room 3

1:00pm CDT

1:00pm CDT

C1a Factors Associated with Estate Planning: The Role of Financial Education
This study investigates various contributing factors associated with estate planning of US households. In particular, we focused on the role of financial education on a basic estate planning, i.e., having a will comprehensively using four measures as follows; (a) participation in financial education, (b) types of organization, (c) total number of hours and (d) overall quality of financial education. The main contribution of this study is twofold. A number of studies on various financial decisions and behaviors have been conducted, but a topic of estate planning has been understudied relatively. Further, this study provides a comprehensive overview of how financial education impacts one’s estate planning using the 2018 National Financial Capability Study (NFCS) dataset. To check the robustness of our results, we conducted similar analyses across subsamples of three generations, Millennials, Generation X and Baby boomers.

Author(s): Richard Stebbins, Kyound Tae (KT) Kim

Presenters
RS

Richard Stebbins

Assistant Professor, University of Alabama


Wednesday May 20, 2020 1:00pm - 2:30pm CDT
Room 1

1:00pm CDT

C1b Generational and Gender Differences in Objective Retirement Income Adequacy
The purpose of this research is to assess factors associated with objective retirement income adequacy (RIA) from the perspectives of genders and two generations. The study compares Baby Boomers and Generation X, as well as males versus females across three time periods - 1989, 2001, and 2016 - utilizing the Survey of Consumer Finances. Identifying the factors that may affect the objective RIA of these two generations is important as each has faced a different retirement planning environment. Analyzing gender differences is important because often women are found to be less prepared, less risk tolerant, and lower compensated than men. Potential influential factors include the projected availability and amount of Social Security benefits, type and accessibility of employer-based retirement plans, economic conditions, labor market participation pattern, gender and racial equity, educational attainment, marital status, investment risk tolerance, and debt constraint.  

Author(s): Dalisha Herring, Deanna Sharpe, and Joan Hermsen

Presenters
avatar for Dalisha Herring, PhD, CFP

Dalisha Herring, PhD, CFP

Dalisha D. Herring, Ph.D., CFP®, earned her doctorate at the University of Missouri in the Department of Personal Financial Planning’s CFP Board-Registered doctoral program. She earned her Master of Business Administration degree from Florida State University and Bachelor of Science... Read More →


Wednesday May 20, 2020 1:00pm - 2:30pm CDT
Room 1

1:00pm CDT

C1c The Factors Related with the Decision to Self-direct Own Retirement Plan
Considering the growing importance of 401(k) plans in the retirement preparation of Americans, exploring how retirement plan participants manage their assets in 401(k) plans and why they make investment decisions is important. This study uses primary data to investigate the contributing factors associated with the decision to manage investment allocation in retirement plans, focusing on self-directed management versus choosing recommended portfolios such as target-date funds (TDF) or risk-based portfolios. Characteristics related to default effects (financial knowledge, experience, and loss aversion) and characteristics related to customized needs (risk tolerance, retirement age, and life expectancy) are key interests in the current study. This study contributes to the growing literature surrounding the default effect in behavioral economics with findings that can be applied to the largest investment many people make in life.

Author(s): HanNa Lim, Richard Stebbins, Travis Sholin

Presenters
HL

HanNa Lim

Assistant professor, Kansas State University


Wednesday May 20, 2020 1:00pm - 2:30pm CDT
Room 1

1:00pm CDT

C2 Emerging Adults - Socialization
Wednesday May 20, 2020 1:00pm - 2:30pm CDT
Room 2

1:00pm CDT

C2a Financial Socialisation of Australian University Students: Differences in Gender
In recent decades lower levels of financial literacy of females relative to males has been well documented. Understanding the gender gap in financial literacy is an important research objective and is central to the development of interventions to narrow the gender gap, improve the economic and financial security of women and support other social and economic outcomes linked to financial literacy. This paper uses a survey of 268 Australian university students to examine the relationship between components of financial literacy and financial socialisation. Financial literacy is measured using responses to the "big three" financial literacy questions and financial socialisation metrics include the responses to questions on self-assessed confidence with managing finances, the volume of advice from others, the frequency of money conversations in the home and a set of personal characteristics. Canonical correlation analysis as well as inspection of the descriptive statistics show financial educators and policymakers that more attention needs to focus on teaching concepts of diversification and inflation. It also provides insight into women's self-assessed confidence, where they source financial information from and how frequently they have had money conversations in the home, compared to men.

Author(s): Tracey West, Laura deZwaan

Presenters
avatar for Tracey West

Tracey West

Lecturer, Griffith University


Wednesday May 20, 2020 1:00pm - 2:30pm CDT
Room 2

1:00pm CDT

C2b Financial Socialization and Subjective Well-Being of Millennials
This study aims to establish a conceptual framework to examine the relationship between financial socialization and subjective well-being of Millennials. As Millennials turn to the emerging and middle life adulthood, their financial well-being not only plays a role in their overall life well-being but also may have long-term influences during their later life course. This study finds that there are significant positive influences of early financial socialization on financial well-being and subjective well-being during the emerging and middle life stages of Millennials. The interplay among financial socialization, financial knowledge and behavior, and financial well-being and subjective well-being are significantly confirmed in this study. The findings of this study provide implications for Millennial consumers, parents with young children, financial practitioners, and policymakers.

Author(s): Lu Fan, Narang Park

Presenters
LF

Lu Fan

Assistant Professor, University of Missouri - Columbia


Wednesday May 20, 2020 1:00pm - 2:30pm CDT
Room 2

1:00pm CDT

C2c The Impact of Parental Financial Socialization on the Economic Well-Being and Financial Decision-making of Young Adults Over Time
This study examines how the relationship among anticipatory socialization (parent, school, work), financial learning processes (adopting parental role modeling and financial knowledge), and financial behavioral indicators change over time. Extended from existing literature on the role of parents in financial socialization and its relationship to downstream financial well-being indicators, this study seeks to understand where and by what means young adults obtain their financial knowledge, attitudes, and behaviors and from which sources they are learning from as they develop their own financial skills. The longitudinal APLUS dataset which follows students from approximate ages 18-21 to 26-29 is used and employ both one-way repeated measures Welch ANOVAs and structural equation modeling to explore how individual variables and relationships change over time. Results show that parents continue to serve as significant financial socialization agents. Additional analyses suggest there are changes in the relationship of the socialization constructs of parent financial behavior, parent direct teaching, youth work experiences, and formal financial education on young adult financial behaviors through the mediators of financial knowledge and attitude over time. Implications for practitioners include encouraging parent/child financial communication and positive financial role modeling along with providing quality, purposeful formal financial education opportunities for youth.

Author(s): Jesse Jurgenson

Presenters
JJ

Jesse Jurgenson

Assistant Clinical Professor & Family Finance Extension Specialist, University of Maryland


Wednesday May 20, 2020 1:00pm - 2:30pm CDT
Room 2

1:00pm CDT

C3 Happiness
Wednesday May 20, 2020 1:00pm - 2:30pm CDT
Room 3

1:00pm CDT

C3a Discrimination, Mistreatment, and the Well-Being of Older Minority Adults
Older adults in the United States are subject to potential discrimination for age and face financial and psychological challenges with impending retirement or living in retirement. Thus, older adults who also experience discrimination and increased mistreatment due to minority factors are a vulnerable population. Existing research has shown that daily discrimination experienced by older American adults is related to poorer mental health. Results from this study build upon the literature with evidence that suggests older American adults who experience discrimination associated with minority characteristics (race, religion, and sexual orientation) have the potential for poorer financial and general well-being if they experienced increased levels of mistreatment. This study employed a structural equation model with a confirmatory factor analysis measurement model. The indirect effects were tested using a bootstrap estimation approach with 1,000 draws. Data were utilized from the 2016 Health and Retirement Study (HRS). The 2016 RAND HRS Fat File (e.2A), and RAND HRS Longitudinal File 2016 (v.1) were merged together. All well-being, minority, and mistreatment variables were constructed from the Psychosocial and Lifestyle questionnaire, located within the HRS Fat Files. All control variables were constructed from the 2016 RAND HRS Longitudinal File.

Author(s): Taufiq Hasan Quadria, Sarah Asebedo, Esteban Montenegro-Montenegro

Presenters
TH

Taufiq Hasan Quadria

Graduate Part Time Instructor/PhD Student, Texas Tech University


Wednesday May 20, 2020 1:00pm - 2:30pm CDT
Room 3

1:00pm CDT

C3b The Role of Personality Traits in the Relationship Between Happiness and Money
The purpose of this study is to investigate the potential for happiness/SWB to lead to positive financial outcomes by examining the role of personality traits (Openness, Conscientiousness, Extraversion, Agreeableness, and Neuroticism) in this relationship. A substantial body of literature has investigated the effects of the Big Five personality traits on individuals' financial behaviors such as trading activities (Brown and Taylor 2014; Klein, Wagner, and Weller 2016) and financial conditions such as lifetime earnings and wealth (Nabeshima and Seay 2015; Gensowski 2018); however, these traits have not yet been systematically investigated with psychological theory to determine how they are related to the relationship between happiness and money. Mowen's (2000) 3M Model of Motivation and Personality suggests that personality type is mediated by other individual traits to facilitate behavior, which suggests a possible path from personality traits to financial outcomes, mediated by happiness/SWB. Using a sample of older adults from the Health and Retirement Study, results from a strucutral equation model with a confirmatory factor analysis suggest significant direct and indirect effects between personality, positive emotions, and wealth.

Author(s): Sarah Asebedo, Ying Chen, Taufiq Quadria

Presenters
avatar for Ying Chen

Ying Chen

PhD Student, Texas Tech University
SA

Sarah Asebedo, Ph.D., CFP®

Assistant Professor, Texas Tech University


Wednesday May 20, 2020 1:00pm - 2:30pm CDT
Room 3

1:00pm CDT

C3c Urbanization and Happiness: Evidence from China
In recent years, China's rapid advance of urbanization has improved the living standard of the residents. However, the problems brought about by the urban expansion cannot be ignored. In this paper, data of 4 waves (2010,2012,2014,2016) from the China Family Panel Studies (CFPS) conducted by Institute of Social Science Survey at Peking University is used to explore how residents' happiness change with the increase of urbanization rate. The definition of urbanization rate is the ratio of urban population to the total population in a specific city (county). Results show that urbanization rate and happiness have a U-shaped relationship. Namely, if the urbanization rate is lower than 0.5, residents' happiness will decrease with the increase of urbanization rate. If the rate is higher than 0.5, the happiness will increase when the urbanization rate is rising. Cluster analysis is used to examine the relationship at the province level. Police makers should make more effort to develop medium cities especially cities that are conducive to industrial transfer and regional coordinated development to enhance residents' happiness.

Author(s): Chengyang Yan, Yuehao Wang

Presenters
avatar for Chengyang Yan

Chengyang Yan

visiting scholar, University of Rhode Island
Hello everyone. I am Chengyang Yan, a PhD candidate of Renmin University of China in Business School. Now I am a visiting scholar in University of Rhode Island.


Wednesday May 20, 2020 1:00pm - 2:30pm CDT
Room 3

3:00pm CDT

The Consumer Well-being Fishbowl, an Event Hosted by the Journal of Consumer Affairs and ACCI
A partnership between ACCI and the Journal of Consumer Affairs hosted by Ron Hill and the editors of three special issues for the journal (Jing Xiao, Vanessa Perry, and Madhu Viswanathan). It will be a dynamic conversation about research on the topic of consumer well-being.

3:00-3:10 Welcome, Introductions, Agenda and Objectives - Dee Warmath

3:10-3:40 Round 1 - Setting the Stage and Discussing the Research Gap/Agenda
1. Ron Hill
2. Vanessa Perry
3. Jing Xiao
4. Madhu Viswanathan

3:40-4:10 Round 2 – Discussing Current Research
1. Cassandra Davis
2. Daniel Fernandes
3. Jozica Kutin
4. Sarah Asebedo

4:10-4:40 Round 3 – Research Discussion Continues and Expands in Breakouts

4:40-5:00 Summary and Conclusion
1. Ron Hill
2. Vanessa Perry
3. Jing Xiao
4. Madhu Viswanathan

Moderators
avatar for Dee Warmath

Dee Warmath

Assistant Professor, University of Georgia

Wednesday May 20, 2020 3:00pm - 5:00pm CDT
Room 4

5:00pm CDT

Virtual Networking Reception
Wednesday May 20, 2020 5:00pm - 6:00pm CDT
Room 4
 
Thursday, May 21
 

9:00am CDT

9:00am CDT

D1a Building Youth Financial Capability and Financial Well-being Through Evidence & Practice
Where and when during childhood and adolescence do people acquire the foundations of financial capability? How can financial education practitioners, program leaders, researchers evaluate program successes? What evidence has been established that can guide efforts to provide young people with effective financial education? Learn more about the Consumer Financial Protection Bureau's research to into the building blocks of youth financial capability and an exploration into the rigorous evidence established regarding youth financial education.

Author(s): Meina Banh

Presenters
MB

Meina Banh

Senior Policy and Innovation Advisor, Consumer Financial Protection Bureau



Thursday May 21, 2020 9:00am - 10:30am CDT
Room 1

9:00am CDT

D1b Financial Well-Being Among Veterans, Dependents, and Civilians: A Natural Experiment
There are 18.2 million veterans in the United States. Former servicemen and women form a large and relatively homogenous group of consumers with special training and demands. To put this into perspective, the subpopulation of veterans represents more than twice the number of people in New York City. However, veterans as consumers are critically understudied and little is known about the impact of joining and leaving the military on their financial well-being compared to those who have never served. The current study proposes a natural experiment among 759 veterans, 387 of their dependents, and 5,085 civilians to assess the impact of their veteran status on financial well-being. A non-parametric nearest neighbor matching was utilized to estimate the average treatment effect of being a veteran on a comparable set of civilians, veteran family members, and the servicemen and women themselves. The results indicate that joining and leaving the military would not improve financial well-being across the entire population. However, veterans and their dependents significantly benefit from their status compared to a counterfactual world in which they had never joined the army. It is argued that these benefits arise from the specialized training that this subpopulation received during their service.

Author(s): Dominik Piehlmaier, Dee Warmath

Presenters
DP

Dominik Piehlmaier

Assistant Professor, University of Sussex Business School


Thursday May 21, 2020 9:00am - 10:30am CDT
Room 1

9:00am CDT

D1c The Effect of Bequest Motive on Investment Portfolio Allocation Among Older Adults
The purpose of this study is to investigate the effect of bequest motive on investment in risky assets among older adults. Using the 2016 RAND HRS longitudinal data, we find that a strong bequest motive has a significantly positive effect on risky assets investment among older adults. It is generally true that as people age, their investments to fulfill goals within their own lifetime should be more conservative. However, age should not be a major factor for all goals. Our results suggest that financial advice should be goal-oriented and adjusted for their risk tolerance and investment horizons. Investors with a bequest motive should receive advice according to their stated goals and corresponding investment horizon.

Author(s): Weipeng Wu, Rui Yao

Presenters
avatar for Weipeng Wu

Weipeng Wu

PhD student, University of Missouri


Thursday May 21, 2020 9:00am - 10:30am CDT
Room 1

9:00am CDT

D2 Healthy Eating
Thursday May 21, 2020 9:00am - 10:30am CDT
Room 2

9:00am CDT

D2a Is Risk of Homelessness a Barrier to Healthy Eating?
Homelessness has been associated with severe food insufficiency and poor health outcomes. This may be due to the unique social and environmental challenges to healthful food choices that housing instability presents in addition to economic hardship. This study uses data from the National Household Food Acquisition and Purchase Survey (FoodAPS) to examine whether housing instability is associated with various indicators of less healthful eating among low-income households. Findings from this study provide improved understanding of the mechanisms through which housing instability contributes to poor health outcomes.

Author(s): Yunhee Chang, Swarn Chatterjee, Jinhee Kim

Presenters
avatar for Yunhee Chang

Yunhee Chang

Associate Professor, University of Mississippi


Thursday May 21, 2020 9:00am - 10:30am CDT
Room 2

9:00am CDT

D2b The Dynamics Between Social Approval and Food Image Characteristics in Instagram Food Accounts
Food images circulated in social media have become a part of our daily culture. Combining social media dataset and the USDA Food Composition Database, this study examines the relationship between social approval metrics and content of food image produced in social media. Preliminary results from the multilevel mixed-effect model revealed that visual characteristics of food image have a significant effect on image popularity. The healthiness of food is expected to influence food image popularity, which in turn might shape the content of the image posted. Our results have significant implications in health communication related to dietary choices in this digital world. More likes and comments on healthy food images/posts is likely to contribute the healthy content production. Thus, likes and comments that youths make in food images will serve as a health promotion campaign in social media.

Author(s): Muna Sharma, Yilang Peng

Presenters
MS

Muna Sharma

Graduate Student, University of Georgia


Thursday May 21, 2020 9:00am - 10:30am CDT
Room 2

9:00am CDT

D2c Who Uses Calorie Information Available in the Restaurants to Choose the Menu?
The consumption of food prepared outside the home is an integral part of American life, and the number of people to rely on convenience food is multiplying. However, food prepared outside the home often contains excessive calories, fat, and sodium than the food prepared at home. Thus, excessive calorie intake coupled with a sedentary lifestyle can increase the risk of obesity and other health-related issues. In this connection, requiring restaurants to post calorie information on menus may help reduce caloric intake and also reduce the incidence of gaining body weights. However, little is known about the sociodemographic characteristics of individuals who are likely to use the calorie information available in the restaurants to choose the menu. Hence, this study investigates the sociodemographic characteristics of individuals who are more likely to use the calorie information available in the restaurants to choose the menu. Using the survey data collected by the CDC, this study investigates the sociodemographic characteristics of individuals who are more likely to use the calorie information available in the restaurants to choose the menu. Preliminary results indicate that the use of calorie information available in the restaurant varies among respondents based on their socio-demographic characteristics.

Author(s): Jyotsna Ghimire

Presenters
JG

Jyotsna Ghimire

Graduate Student, University of Georgia


Thursday May 21, 2020 9:00am - 10:30am CDT
Room 2

9:00am CDT

D3 Payments
Thursday May 21, 2020 9:00am - 10:30am CDT
Room 3

9:00am CDT

D3a A Continuation of Associations in Utilization of Digital Banking Technologies and Money Management Practices
This study is a continuation of previous research examining three types of banking (in-person/ATM, online and mobile). Our previous research, which was presented at the American Council on Consumer Interests 2019 Conference, focused on consumers that used only one form of banking. We found compelling demographic and financial differences for respondents using only one of the three types of banking. This research goes a step further in looking at multi-mode users and the potential associations between banking type and both demographic/socioeconomic characteristics and money management practices. We consider money management practices to include the amount of liquid and investable assets, whether they use check cashing or payday loans and the amount of liabilities. The study considers and controls for key demographic and socioeconomic factors including race, ethnicity, educational attainment, and age.

Author(s): Kristin Dwan, Angela Fontes, Justine Bulgar-Medina

Presenters
KD

Kristin Dwan

Senior Research Analyst, NORC at the University of Chicago


Thursday May 21, 2020 9:00am - 10:30am CDT
Room 3

9:00am CDT

D3b Mobile Payments and Financial Control
Internal Economic Locus of Control factors and the power of others could be associated with mobile payments. The study found that those most knowledgeable about finances (more powerful than others), those who had determined their retirement needs, and those with higher self-assessed financial knowledge were more likely to use mobile payments. At the same time, mobile payments seemed to increase the probability of spending more than income and having an occasional bank overdraft. AFS use was positively associated with mobile payment use but not having a credit card reduced the probability of using mobile payments. Mobile payment users with credit cards seemed less likely to carry over balances or to make only the minimum payment. We conclude that fintech use is influenced by locus of control beliefs which may themselves be detrimental to spending. Financial planners and therapists should consider determining the Economic Locus of Control of their clients to fully understand clients and help them achieve ideal financial goals. Surveys can be used to determine if clients are internally or externally motivated in order to advise and monitor their plans effectively.

Author(s): Sophia Anong, Aditi Routh

Presenters
avatar for Aditi Routh

Aditi Routh

PhD Student, University of Georgia


Thursday May 21, 2020 9:00am - 10:30am CDT
Room 3

9:00am CDT

D3b Preventing Financial Frauds on Credit Cards by Financial Literacy and Financial Education: A Quasi-Experimental Approach
This study uses a sample of 400 college students from a faculty of economics to test how much financial literacy is able to preserve students from being victim of financial frauds related to the use of credit cards. At the analysis of the effectiveness of financial literacy it follows an analysis of the effectiveness of financial education. Using a quasi-experimental approach, students were divided in a treatment group, that attended a two hour seminar on credit cards and financial frauds, and a control group. Data from a pre-test and a post-test on financial literacy (in general), credit card literacy, and financial frauds were collected at October 2019 and used to assess the causal effect of the seminar on individual financial literacy and ability to recognize a financial fraud. Results confirm a positive effect of financial literacy on consumer financial behavior (more the financial literacy less the likelihood to be victim of a financial fraud), while the effect of financial education requires further investigation.

Author(s): Gianni Nicolini, Lucia Leonelli

Presenters
avatar for Gianni Nicolini

Gianni Nicolini

Associate Professor, Università degli Studi di Roma "Tor Vergata"


Thursday May 21, 2020 9:00am - 10:30am CDT
Room 3

11:00am CDT

E1 Housing
Thursday May 21, 2020 11:00am - 12:30pm CDT
Room 1

11:00am CDT

E1a Agent Specificity During Boom and Bust
The significance of this study is to provide an academic analysis that would benefit consumers and people related to consumer affairs in a real estate transaction. It analyzes the role of an agent in a real estate transaction and provides intuition on when and from what aspect an agent would be a useful resource. While the new platform increased the matching rate between the buyer and seller, perils of overpriced sales transactions do persist because the agent still remains in the equation. However, despite the costly fraction within the sales price, agents still provide advantages that make them remain useful. Thus, the informational advantage of the agent in a real estate transaction is a two-faced Janus that we observe especially since the dawn of the internet real estate age.

Author(s): Seongsu Kim

Presenters
avatar for Seongsu David Kim

Seongsu David Kim

Ph.D. Student, University of Georgia


Thursday May 21, 2020 11:00am - 12:30pm CDT
Room 1

11:00am CDT

E1b The Association Between Personality Traits and Consumer Residential Preferences
A consumer's housing decisions are not only a culmination of economic and social factors, but could also be driven by a consumer's personality traits. Utilizing data that are collected from the Health and Retirement Study (HRS), this study's hypothesis is that certain personality traits influence residential preferences. The objective of this study is to analyze the Big Five "OCEAN" personality traits – (O)penness, (C)onscientiousness, (E)xtraversion, (A)greeableness, and (N)euroticism – and their explanatory impacts on the value of a consumer’s home and on the amount of a consumer's mortgage debt. The results from two tobit regression models suggest a link between the OCEAN personality traits and a consumer’s residential preferences. Openness (+), conscientiousness (+), and agreeableness (-) are significant predictors of larger home values. Openness (+), agreeableness (+), neuroticism (-), and conscientiousness (-) are significant predictors of larger mortgage debt balances. This study provides a functional perspective that can be incorporated with the housing and psych-social literatures.

Author(s): Blain Pearson, Taufiq Hasan Quadria, Sarah Asebedo

Presenters
avatar for Blain Pearson

Blain Pearson

Instructor, Texas Tech University


Thursday May 21, 2020 11:00am - 12:30pm CDT
Room 1

11:00am CDT

E1c Title Insurance: An Overlooked Insurance Market
This study uses data from the National Survey of Mortgage Originations to examine what types of consumers are more likely to shop for title insurance. More specifically, we study the influence of financial knowledge and risk tolerance on the decision to shop for title insurance. Our work contributes to the literature on insurance and mortgage shopping.

Author(s): Brenda Cude, Velma Zahirovic-Herbert

Presenters
avatar for Brenda J Cude

Brenda J Cude

Professor, University of Georgia


Thursday May 21, 2020 11:00am - 12:30pm CDT
Room 1

11:00am CDT

E2 Financial Anxiety
Thursday May 21, 2020 11:00am - 12:30pm CDT
Room 2

11:00am CDT

E2a Financial Stress and Financial Well-Being Among Married Individuals
Using data from the 2018 FINRA Investor Education Foundation's National Financial Capability Study (NFCS), this study examined how financial stress, financial knowledge, and financial behavior are associated with financial well-being among married individuals. Two important research questions are: 1) What is the relationship between financial stress and financial well-being among married individuals? and 2) How do the effects of financial knowledge and financial behavior on financial well-being vary among married individuals? This study further investigated what socioeconomics of married individuals (e.g., age, gender, race/ethnicity, education, employment status, and household income) are associated with their level of financial well-being.

Author(s): Yoon Lee, Lesli Dustin

Presenters
YL

Yoon Lee

Professor, Utah State University


Thursday May 21, 2020 11:00am - 12:30pm CDT
Room 2

11:00am CDT

E2b How Does Financial Education Moderate the Association between Financial Satisfaction and Financial Anxiety?
The purpose of this study is to empirically examine the effect of previous financial education experience using a more detailed approach and also the relationship between financial anxiety and financial satisfaction. The study will use the 2018 National Financial Capability Study (NFCS) dataset. In addition, this study will test whether there is a moderating role for financial education in the relationship between financial anxiety and financial satisfaction. The results of this study are expected to contribute as follow. First, this study will use a more comprehensive measure of financial anxiety and financial education. This will be based on new variables in the 2018 NFCS dataset. Instead of a single item measure for financial anxiety, this study will use three items about financial anxiety. Financial education experience will be measured with multiple items, including whether or not financial education was required, types of financial education provider, number of financial education hours, and perceived quality of the financial education.

Author(s): Jae Min Lee, Kyoung Tae (KT) Kim, Sharon DeVaney

Presenters
JM

Jae Min Lee

Assistant Professor, Minnesota State University, Mankato


Thursday May 21, 2020 11:00am - 12:30pm CDT
Room 2

11:00am CDT

E2c Racial/Ethnic Differences in Consumer Financial Capability: The Role of Financial Education and Financial Anxiety
This study was to examine racial/ethnic differences in consumer financial capability. Extended from previous studies on financial capability, we focused on the role of financial education and financial anxiety as well as other factors explaining the racial/ethnic gaps. Using newly added variables regarding financial education and financial anxiety to the 2018 National Financial Capability Study, we analyzed associations between a set of factors (including financial education and financial anxiety) and financial capability. This study contributes to the existing literature in twofold: First, we identified contributing factors to financial capability gaps, which were understudied in previous research. Second, we considered two factors, financial education and financial anxiety, in explaining the gaps. The results of this study provide insights into the racial/ethnic disparities in financial capability that have implications for consumer policies, education, and research.

Author(s): Kyoung Tae Kim, Jing Jian Xiao

Presenters
avatar for Kyoung Tae (KT) Kim

Kyoung Tae (KT) Kim

Associate Professor, University of Alabama


Thursday May 21, 2020 11:00am - 12:30pm CDT
Room 2

11:00am CDT

E3 Financial Well-being
Thursday May 21, 2020 11:00am - 12:30pm CDT
Room 3

11:00am CDT

E3a Does Meaning in Life Improve Financial Satisfaction If You’re Repaying Student Loans?
The purpose of this study was to investigate the association between the financial stress of repaying student loans and financial satisfaction, and the potential role of the presence of meaning in life. The expectation that education leads to increased financial security is well-supported. But many of today's young adults borrowed to pay for their education, increasing their financial stress. Because meaning in life is associated with higher life satisfaction, could meaning in life also be associated with higher financial satisfaction even among young adults with student loan debt? This study adds to the research literature on the impact of student loan debt by applying the meaning-making model (Park 2010) to the financial domain. Secondary analysis of a sample of young adults who borrowed to pay for college (N=373) showed that financial stress decreased financial satisfaction while meaning in life improved financial satisfaction, accounting for more than 40% of the variance in financial satisfaction.

Author(s): Sarah Burcher, Joyce Serido

Presenters
avatar for Sarah Burcher

Sarah Burcher

Graduate Research & Teaching Assistant, University of Minnesota


Thursday May 21, 2020 11:00am - 12:30pm CDT
Room 3

11:00am CDT

E3b Financial Literacy and Buying Behavior: Evidence from a Discrete Choice Experiment
Consumers take daily purchase decisions in which they have to trade-off different attributes of a good. This study departs from standard consumer theory and considers the influence of price, credit constraints, information and promotional incentives on the decision to buy. We adopt a discrete choice experiment (DCE) to reveal which aspects are important when making a choice. Moreover, we investigate whether financial literate adolescents take different decisions. Our analysis is based on a unique sample of 628 secondary school students in grade 8. We show that the purchase decision is mainly affected by reviews, an effect that is even stronger for financial literate students. Overall, the results demonstrate that a comprehensive level of financial literacy is important to take sound consumption decisions on a day-to-day basis. This strengthens the call to further develop consumption-related financial literacy policy initiatives.

Author(s): Kenneth De Beckker, Kristof De Witte, Geert Van Campenhout

Presenters
avatar for Kenneth De Beckker

Kenneth De Beckker

PhD Researcher, KU Leuven


Thursday May 21, 2020 11:00am - 12:30pm CDT
Room 3

11:00am CDT

E3c Hope as a Mediator of the Relationship Between Social Comparison and Financial Well-Being: A Cross-Cultural Study
Studies have found that higher levels of social comparison are associated with higher levels of debt and lower levels of satisfaction with income. Yet social comparison seems to be a natural method for humans to examine how they are doing. Relatively little attention has been paid to mediators of these relationships. This study examines the role of hope (i.e., pathways and agency) as a mediator of the relationship between social comparison and financial well-being. It finds that while the direct effect of social comparison on financial well-being is negative, the indirect effect through hope is positive and significant. These findings suggest that the purpose and approach of social comparison may have a role to play in its effect on financial well-being. Perhaps a focus on how others are addressing financial goals rather than what they have offers a more favorable comparison.

Author(s): Pan-Ju Chen, Dee Warmath 


Presenters
avatar for Pan-Ju Chen

Pan-Ju Chen

Ph.D. Student / Graduate Research Assistant, UNIVERSITY OF GEORGIA
I am currently a Ph.D. student in the Department of Consumer Economics at the College of Family and Consumer Sciences, University of Georgia. I hold a Master’s degree in Business Administration from National Taiwan University.My research examines the impact of interpersonal relationships... Read More →


Thursday May 21, 2020 11:00am - 12:30pm CDT
Room 3

1:00pm CDT

General Session 3: Transformative Consumer Research (TCR) Panel, Student Awards, JCA Nominated Article 3
1:00-1:05 Introduction of Transformative Consumer Research, Ron Hill, JCA Editor, TCR Member
1:05-1:35 TCR Experience Presentations
  • Michael Luchs representing a team that includes Elizabeth Minton, and Lucie Ozanne
  • Genevieve O'Conner representing a team that includes Casey Newmeyer, Dee Warmath, and Nancy Wong
  • Caroline Roux and L. Lin Ong representing a team that includes Marta Caserotti and SunAh Kim
  • Chris Hydock representing a team that includes T.J. Weber, Bill Ding, MerylGardner, Pradeep Jacob, Naomi Mandel, Dai
1:35-1:50 Informal Chat and Q&A
1:50-2:00 Student Awards
  • Student Dissertation and Conference Scholarship Awards
2:00-2:10 JCA Nominated Best Article Presentation
  • First‐Year Impacts on Savings and Economic Well‐Being from the Assets for Independence Program Randomized Evaluation Iss 53:3; pp 848-868
    • Gregory Mills, Signe-Mary McKernan, Caroline Ratcliffe, Sara Edelstein, Michael Pergamit, Breno Braga
2:10-2:15 Announcements

Moderators
avatar for Ronald Paul Hill

Ronald Paul Hill

Professor of Marketing, American University
avatar for Dee Warmath

Dee Warmath

Assistant Professor, University of Georgia

Presenters
avatar for Caroline Roux

Caroline Roux

Associate Professor of Marketing, Concordia University
I am the holder of the Concordia University Research Chair on the Psychology of Resource Scarcity. My primary area of research explores how reminders of resource scarcity affect consumers’ cognitions, judgment and behaviour. More broadly, my research interests focus on advancing... Read More →
avatar for L. Lin Ong

L. Lin Ong

Research Scholar, University of North Carolina at Chapel Hill
avatar for Michael Luchs

Michael Luchs

Professor, William & Mary
Dr. Michael G. Luchs is a Professor at William & Mary's Raymond A. Mason School of Business, and Director of the Jim and Bobbie Ukrop Innovation & Design Studio (ukropstudio.mason.wm.edu). He earned his Ph.D. from the University of Texas at Austin in 2008. Dr. Luchs also earned an... Read More →
avatar for Genevieve O'Connor

Genevieve O'Connor

Assistant Professor, Fordham University Gabelli School of Business
Genevieve E. O'Connor is an assistant professor of marketing at Gabelli School of Business, Fordham University. She earned her Ph.D. from Rutgers University. Her publications have appeared in the Journal of Business Research, Journal of Public Policy & Marketing, and Journal of Consumer... Read More →
avatar for Chris Hydock

Chris Hydock

Assistant Professor of Research, California Polytechnic State University
Dr. Chris Hydock is an Assistant Professor of Research at Cal Poly's Orfalea College of Business. In his research, Dr. Hydock uses consumer behavior to inform brand strategy. He focuses on contextual factors that influence consumption decisions; this includes streams of research that... Read More →


Thursday May 21, 2020 1:00pm - 2:15pm CDT
Room 4

2:45pm CDT

F1 Structural Factors
Thursday May 21, 2020 2:45pm - 4:15pm CDT
Room 1

2:45pm CDT

F1a Policies to Protect Financially Vulnerable Populations: A Look at the Military Lending Act
In this paper, I use geospatial data on payday lending storefronts to assess a landmark federal policy initiative: the 2007 Military Lending Act (MLA), which created a federal interest rate cap on consumer loans to military members, and its 2016 revision. I ask whether the implementation of the 2007 and 2016 MLAs resulted in a reduction in the number of payday storefronts within military communities, leveraging state-level variation in payday lending laws. The 2007 analysis shows that the MLA alone had virtually no impact on reducing payday loan exposure in military communities. In contrast, state-wide restrictions capping interest rates for all consumers was effective in reducing payday lender presence in all communities across the state, including military areas. These initial findings suggest that MLA as implemented was a misaligned policy solution and that universal regulation may be most effective in reducing military exposure to subprime financial services. The 2016 MLA presents an opportunity to further test this working argument. By assessing the 2007 and 2016 MLA in tandem with broader state policies, this study provides insights on best paths forward for policymakers with regards to the structure and scope of consumer protection for financially vulnerable populations.

Author(s): Megan Doherty Bea

Presenters
MB

Megan Bea

Assistant Professor, University of Wisconsin-Madison


Thursday May 21, 2020 2:45pm - 4:15pm CDT
Room 1

2:45pm CDT

F1c Where Knowledge Meets Perceptions: Emerging Adults and Their Perceptions of Financial Knowledge
This study examines the relationship between individuals' perceptions and objective measures of financial knowledge to see if the inverse relationship found in a study conducted by FINRA is present in the Arizona Pathways to Life Success for University Students (APLUS) survey. In addition, this study uses the longitudinal nature of this data to examine how the relationship between objective measures and perceptions of financial knowledge varies over time as college students transition into adulthood.

Author(s): Jacob Tenney, Charlene Kalenkoski, Joyce Serido, Soyeon Shim

Presenters
avatar for Jacob Tenney

Jacob Tenney

Assistant Professor, University of Charleston
I am the Director of Financial Planning at the University of Charleston in Charleston, West Virginia. My interests include Financial Literacy, Horticulture, Reading, and hanging out with my children.


Thursday May 21, 2020 2:45pm - 4:15pm CDT
Room 1

2:45pm CDT

F2 Alternative Financial Services
Thursday May 21, 2020 2:45pm - 4:15pm CDT
Room 2

2:45pm CDT

F2a Is Ignorance Bliss? Use of Alternative Financial Services and Financial Anxiety
This study examined various factors associated with the level of financial anxiety using the 2018 National Financial Capability Study (NFCS) dataset. Especially, we focused on the association between uses of alternative financial services (AFS) and financial anxiety. Five different types of AFS options such as auto title, payday loans, refund anticipation check, pawnshops, and rent-to-own stores were examined separately and combined. Further, we investigated the moderating role of financial literacy on the relation between different types of AFS use and financial anxiety. The interaction terms in the regression models revealed differential effect of financial literacy on financial anxiety based on the type of AFS. The results provide important insights to financial educators and policymakers interested in resolving financial anxiety of the US households.

Author(s): Soo Hyun Cho, Kyoung Tae (KT) Kim

Presenters
avatar for Soo Hyun Cho

Soo Hyun Cho

Assistant Professor, California State University, Long Beach


Thursday May 21, 2020 2:45pm - 4:15pm CDT
Room 2

2:45pm CDT

F2b Overconfidence in Financial Knowledge and Hardship Withdrawals from Retirement Account
Hardship withdrawals from retirement accounts are a way to cover financial needs. However, overuse of hardship withdrawal could have detrimental impact on retirement asset accumulation. The IRS has recently announced a reduction in restrictions on hardship withdrawals starting January 2020, making them more attractive. Therefore, research on factors related to one's decision of hardship withdrawal is needed. The objective of this study is to examine hardship withdrawal, focusing on its relationship to financial knowledge. Logistic analysis was conducted to test how subjective and objective financial knowledge is related to hardship withdrawal decision. To further examine the impact of the financial knowledge, categorical variables were created based on the combination of two financial knowledge measures and tested.

Author(s): Sunwoo Tessa Lee, Sherman Hanna

Presenters
avatar for Sunwoo Tessa Lee

Sunwoo Tessa Lee

PhD Candidate, The Ohio State University


Thursday May 21, 2020 2:45pm - 4:15pm CDT
Room 2

2:45pm CDT

F2c The Influence of Financial Well-Being on the Use of Alternative Financial Services
The reasons behind the use of Alternative Financial Service (AFS) were analyzed by several papers in the literature. Financial exclusions, a lack of understanding of the real cost of the services, privacy issues, and, more recently, the aftermaths of the Great Recession represented possible explanation for the use of AFS. The aim of this paper is to test how financial well-being, defined by the CFPB as "a state of being wherein a person can fully meet current and ongoing financial obligations, can feel secure in their financial future and is able to make choices that allow them to enjoy life", can help to understand what makes people use AFS. Using data of the National Financial Well-Being Survey (NFWBS) released by the CFPB in 2017, the study tests the hypothesis that people with a low financial well-being are more prone to use AFS than others. Alternative explanations related to a lack of financial literacy, material hardship status, and the lack of access to the financial mainstream are taken into account too. Preliminary results support the hypothesis that people with a critical financial well-being score are more prone to consider the use of AFS. However the small size effect requires additional investigation.

Author(s): Brenda Cude, Gianni Nicolini

Presenters
avatar for Gianni Nicolini

Gianni Nicolini

Associate Professor, Università degli Studi di Roma "Tor Vergata"


Thursday May 21, 2020 2:45pm - 4:15pm CDT
Room 2

2:45pm CDT

F3 Knowledge and Behavior
Thursday May 21, 2020 2:45pm - 4:15pm CDT
Room 3

2:45pm CDT

F3b An Analysis of the Financial Literacy and Financial Actions of College Students
Even though financial literacy has been an active source of research for the past two decades, there has been very little research that focused on the financial actions of the population being analyzed or if there was any relationship between the financial knowledge of the participants and their financial actions. While our research looks at both the financial literacy / knowledge of first-year, first semester college students, it also looks at some of their actual financial actions to determine if their financial knowledge has any effect on their financial actions. Our research agrees with Cole and Shastry (2009) that there does not seem to be a link between financial knowledge and financial actions. We find that students who score higher on the FINRA Financial Literacy survey are less likely to know important information about their current financial situation - how much their tuition costs, how much their books cost, how much their meal plan costs, or how much of a financial aid refund they were set to receive. We find in interviews with a sub-sample of students that students with higher GPAs and ACT scores were more likely to have had a parent "assist" with the acceptance of their financial aid package.

Author(s): Philip Tew

Presenters
avatar for Dr. Philip Tew

Dr. Philip Tew

Center for Economic Education & Financial Literacy Director, Arkansas State University
Tew is a 2009 graduate of The University of Mississippi with a Ph.D. in Finance and minors in Econometrics and Management Information Systems.He is married to the former Kerry O'Meara of Jonesboro, AR.Since 1998, he has been a member of the Mississippi Bar and employed as Legal Counsel... Read More →


Thursday May 21, 2020 2:45pm - 4:15pm CDT
Room 3

4:45pm CDT

Closing General Session 4: Karpatkin Lecture, Business Meeting, JCA Award, Announcements
4:45-4:50 Welcome – President-Elect, Robin Henager
4:50-5:35 Rhoda H. Karpatkin International Consumer Fellows Program (Invited Lecturer) - Jozica Kutin
  • "I Didn’t Even Know it was a Thing”: Economic abuse in Young Adult Intimate Relationships
5:35-6:10 ACCI Annual Business Meeting, Karen Duncan, ACCI President
6:10-6:15 JCA Award Winner Announced, Ron Hill, Journal of Consumer Affairs, Editor
6:15-6:25 Plan to See you in Las Vegas, May 17-20, 2021 at the Palace Station!
6:25-6:30 Adjourn

Moderators
avatar for Robin Henager-Greene

Robin Henager-Greene

President-elect, ACCI

Presenters
avatar for Jozica Kutin

Jozica Kutin

Researcher, RMIT University
Jozica Kutin is a researcher and lecturer in the School of Economics, Finance and Marketing at RMIT University, Melbourne, Australia. Her research focuses on (preventing) economic abuse in young adult relationships, development of relationship-based financial capabilities and financial... Read More →




Thursday May 21, 2020 4:45pm - 6:30pm CDT
Room 4

6:00pm CDT

101 An Analysis of Savings and Borrowing Behavior in the Generation-Z Cohort: Evidence from a National Study
This paper examines the determinants of savings behavior among Generation-Z respondents using the 2017 wave of the Panel Study of Income Dynamics (PSID) and its Transition into Adulthood Supplement. To our knowledge, very few studies have examined the determinants of savings and investment behavior among the Generation-Z respondents. This paper fills in the gap in literature by examining the determining factors associated with savings and debt management behaviors in the Generation-Z.

Author(s): Yingyi Liu, Swarn Chatterjee

Presenters
YL

Yingyi Liu

Graduate Assistant, University of Georgia


Thursday May 21, 2020 6:00pm - 6:00pm CDT
ACCI YouTube

6:00pm CDT

102 College Students Who Are Parents
Students who are parents face unique challenges when pursuing their degree. Not only do they have to juggle student demands but also continue to raise their family. There is limited research, however, on student parents pursuing higher education at four-year institutions. Research on student parents is often difficult and underreported by institutions which makes it a challenging and unique area that deserves more attention. This exploratory study focuses on three distinct aspects of these students' lives: (a) financial well-being and behaviors; (b) food insecurity; and (c) academic outcomes. A non-random sample of 300 students between the ages of 18 and 29, currently enrolled at a four-year institution, and with at least one minor child was collected by Qualtrics. These students represented 234 different colleges/universities in thirty-nine states as well as six foreign countries.

Author(s): Carrie Johnson, Meghan Yerhot, Jim Deal

Presenters
MY

Meghan Yerhot

Doctoral Student, North Dakota State University


Thursday May 21, 2020 6:00pm - 6:00pm CDT
ACCI YouTube

6:00pm CDT

103 Consumer Protection at the Federal Energy Regulatory Commission
Citizens expect US government agencies to protect consumers from unfair practices of businesses they regulate. Most agencies are charged with protecting both consumers and businesses and undergo regular review and reauthorization by Congress. The Federal Energy Regulatory Commission (FERC) was established in 1934 as an independent agency, funded by industry fees. Later, Congress allowed FERC to award entities whose proposals to build natural gas infrastructure the right to use the power of eminent domain to achieve them. Eminent domain is intended for use with projects that serve the public good, not private profit. The courts expanded the concept of eminent domain to include quick take, where energy companies are allowed to take possession of property prior to compensating landowners for it. Coupled with awarding certification conditioned on the company obtaining all necessary permits and licenses, FERC regularly issues tolling orders. These allow companies to incrementally construct infrastructure while forcing landowners seeking to challenge certification to wait for delayed official denial of their petition for reconsideration. By the time FERC finally issues the denial by federal court.

Author(s): Irene Leech

Presenters
avatar for Irene Leech

Irene Leech

Associate Professor, Virginia Tech
I teach consumer studies and advise undergraduate students at Virginia Tech. Earlier in my career I worked in Cooperative Extension for about 15 years. I have been a member of ACCI for over 30 years and was President of ACCI, 2016-17. I'm also active in the Consumer Federation of... Read More →


Thursday May 21, 2020 6:00pm - 6:00pm CDT
ACCI YouTube

6:00pm CDT

104 Jacobs’ Five-Tiered Approach to a Systematic Review of Retirement Education Programs
Americans are inadequately prepared to finance their retirement; this issue has generated interest in strategies that address this concern. The purpose of this study was to conduct a systematic program review to evaluate the quality and effectiveness of retirement planning programs. No comparable systematic reviews about retirement education programs exist. Jacobs' (1988) Five-Tiered framework guided the organization and assessment of the 15 retirement programs identified in the search. Programs were evaluated based on the target audience, setting, length and content of program, theoretical model or approach that underlies the program, delivery method, and program evaluation design. Among the retirement education programs, 13 out of 15 programs occurred in the workplace. None of the programs met all of the Five-Tiered evaluation approach advocated by Jacobs (1998). Most programs targeted working adults (ages 30 to retirement). Program content was exclusively focused on retirement for many programs, however, a range of supplemental topics was integrated into other programs. Surveys were the most common way to collect data on program effectiveness, and programs did not use experimental or quasi-experimental approaches as study designs. The systematic review found positive impacts on participants' retirement knowledge, retirement planning behavior and perceived financial well-being.

Author(s): Mengya Wang, Suzanne Bartholomae, Jonathan Fox

Presenters
MW

Mengya Wang

Student, Iowa State University


Thursday May 21, 2020 6:00pm - 6:00pm CDT
ACCI YouTube

6:00pm CDT

106 Role of Family Conditions and Cancer Type in Influencing the Financial Burden, Particularly Debt Among Cancer Patients
This project will investigates how family environment influence's the financial burden debt may play in the extent of financial among cancer patients. It utilizes data collected from cancer patients in the 22 counties served by the UF Health Cancer Center. Our dependent variable is the Comprehensive Score for Financial Toxicity (CoST). Our primary variable of interest is the level of debt the family took on to meet their diseases associated expenses.

Author(s): Biswadeep Dhar, Michael Gutter, Giselle Navarro

Presenters
avatar for Biswadeep Dhar, MS, M.Ed.

Biswadeep Dhar, MS, M.Ed.

Graduate Research Assistant / PhD Student, University of Florida
Biswadeep Dhar is a third year PhD student at the University of Florida (Family, Youth & Community Sciences). His dissertation work is about socioeconomic factors and family dynamics in understanding chronic diseases in India. Along with that, he is collaborating with his mentors... Read More →


Thursday May 21, 2020 6:00pm - 6:00pm CDT
ACCI YouTube

6:00pm CDT

107 Strategies for Bringing Youth Savings Programs into Local Communities
Linking financial education and school-based savings programs encourages the development of savings habits at a formative age and offers an opportunity to promote economic inclusion for entire families. The FDIC conducted a two-year Youth Savings Pilot to identify promising approaches to combining financial education with the opportunity to open a safe, low-cost savings account. During the 2015-16 school year, the 21 banks in the pilot created over 4,500 youth savings accounts and provided financial education to thousands more children.

Author(s): Ron Jauregui, Luke Reynolds, Tracie Morris

Presenters
RJ

Ron Jauregui

CAS, FDIC
Youth Banking Resource Center, Youth Banking Network, Youth Savings Pilot. Money Smart for Young People (K-12).



Thursday May 21, 2020 6:00pm - 6:00pm CDT
ACCI YouTube

6:00pm CDT

109 The Influence of Financial Knowledge, Financial Stress and Help Seeking Activities on Financial Decision Making: Evidence from the Canadian Financial Capability Survey
This research uses nationally representative data from Statistics Canada's 2014 Canadian Financial Capability Survey to investigate three selected financial management behaviors: having a household budget, carrying an unpaid balance on a credit card, and handling an unexpected $500 expenditure by using savings. In multivariate logistic regression analyses that include variables for both subjective and objective financial knowledge, financial capability, financial stress, help-seeking activities, and demographic and socioeconomic characteristics, the strongest results are for financial capability.

Author(s): Karen Duncan, Jamal Tavosi

Moderators
avatar for Karen Duncan

Karen Duncan

President of the Board, ACCI
University of Manitoba, Associate Professor


Thursday May 21, 2020 6:00pm - 6:00pm CDT
ACCI YouTube

6:00pm CDT

110 The Relationship Between Homeownership, Race, Income, and the Effect on Making Investment Decisions
The objective of this study is to examine the relationship between homeownership, race, and income and their effect on financial risk taking and portfolio stock allocation. Using the 2016 Survey of Consumer Finances we investigate whether homeowners are more likely to subjectively rate themselves as risky and allocate a greater percentage of investment portfolio to risky asset holdings as compared to non-homeowners.

Author(s): Marty Cotwright, Portia Johnson

Presenters
MC

Marty Cotwright

PhD Student, University of Georgia


Thursday May 21, 2020 6:00pm - 6:00pm CDT
ACCI YouTube

6:00pm CDT

111 Transformative Outcomes of Consumer Well-Being in the Era of IR 4.0: Opportunities and Threats of Physical, Biological and Digital Technologies Across Sectors
The 4th Industrial Revolution (IR 4.0) is now well underway, but its impact on the various sectors of the society and overall consumer well-being is less certain. The article proposes a framework that investigates how the interaction amongst the three major anchors of IR 4.0: physical, biological and digital are likely to impact the various sectors of society and the transformative outcomes of these interactions on the critical dimensions of consumer well-being, i.e., individual, social and environmental levels. Finally, the transformative outcome potentials for well-being in the context of the three domains of IR 4.0 are examined in terms of the opportunities and threats that they offer. The public policy implications and directions for future research are also offered.

Author(s): Abhijit Roy, Marat Bakpayev, Melanie Florence Boninsegni, Smriti Kumar, Jean-Paul Peronard, Thomas Reimer

Presenters
AR

Abhijit Roy

Professor of Marketing, University of Scranton


Thursday May 21, 2020 6:00pm - 6:00pm CDT
ACCI YouTube

6:00pm CDT

112 Understanding the Gendered Difference in Intergenerational Giving in China
This study aims to understand: 1) Who is paying for students overseas? 2) What factors influence intergenerational giving in higher education? Three theoretical perspectives guide our thinking. The exchange perspective suggests that older generations support younger generations in the expectation of material return when aging. Altruism perceptive suggests that intergenerational giving usually flows from the better-off to the needier. Solidarity perspective suggests that emotional closeness is the foremost dimension in intergenerational support. In line with Confucius's ideology, Chinese society is more vigorous in differentiating men and women's traditional gender roles. Sons/grandsons are deemed to have a better income prospective, while daughters/granddaughters are expected gentler, nicer and closer to their parents and grandparents. These three theoretical perspectives provide conflicted guidance in understanding intergenerational giving in China. Under the exchange perspective, we may expect sons/grandsons to get more support, while altruism and solidarity perspectives suggest otherwise. Empirical evidence appears to be contradicted too. A further investigation of this topic is needed and our study meets this need.

Author(s): Brin Xu, Jinhee Kim

Presenters
BX

Brin Xu

Ph.D. Student, University of Maryland, College Park


Thursday May 21, 2020 6:00pm - 6:00pm CDT
ACCI YouTube

6:00pm CDT

113 What Are the Differences Among and Between U.S. Adults Who Use Payday Loans & Check-Cashing Services and Those Who Do Not?
Approximately 28% of U.S. adults use alternative financial services (AFS) providers to obtain check-cashing services, seek payday advance loans, or both (non-bank financial service users, NBFS). Prior research focused on three categories of AFS users: individuals who utilize payday loans; individuals who utilize check-cashing services; and individuals who utilize both. We described the key demographics of these groups and illustrated how these three groups differ from each other and from the general population. This present work includes an additional level of categorization--willingness to enroll one's accounts in automatic financial transaction data collection (e.g. Mint). Using the financial transaction data in conjunction with our data on the use of AFS, we regrouped our categories of AFS into four new groups. We then analyze the differences among the newly defined four groups of AFS users and include socio-demographic characteristics to offer greater explanatory power. We consider differences in money management between AFS and non-AFS users.

Author(s): Meimeizi Zhu, Angela Fontes, Justine Bulgar-Medina

Presenters
MZ

Meimeizi Zhu

Data Scientist, NORC at University of Chicago


Thursday May 21, 2020 6:00pm - 6:00pm CDT
ACCI YouTube

6:00pm CDT

202 An Analysis of Millennials Expenditures on Pets
Nearly two-thirds of U.S. households own pets (American Veterinary Medical Association [AVMA] 2019). Caring for pets is expensive and spending recently has snowballed (American Pet Products Association [APPA] 2019). Data from the APPA showed that Americans collectively spend around $72.56 billion annually on pets. Figure 1 shows the increase in spending on pets since 2000. Millennials or Generation Y (born 1981-1996) (Dimock, 2019) are the largest living generation in America. Although they are less likely to be homeowners, car owners, get married or start a family, millennials lead the generations in pet ownership. Psychologists believe that pets replace children for millennials (Bhattarai 2016). This poster analyzes the influence of millennials' pet expenditures of time and money on their time and money recreational and social activities expenditures. The results are of interest to pet market researchers, social scientists and family science researchers.

Author(s): Aditi Routh, Brenda Cude

Presenters
avatar for Aditi Routh

Aditi Routh

PhD Student, University of Georgia


Thursday May 21, 2020 6:00pm - 6:00pm CDT
ACCI YouTube

6:00pm CDT

203 Does Biological Aging Moderate the Effect of Chronological Aging on Risk Aversion?
This study analyses the relationship between aging and risk aversion in the context of cognition. Specifically, this study examines 1) whether chronological aging is associated with the risk preference, 2) whether biological aging is associated with the risk preference 3), and whether the biological aging moderates the relationship between chronological aging and risk preferences.

Author(s): Muna Sharma, Swarn Chatterjee

Presenters
MS

Muna Sharma

Graduate Student, University of Georgia


Thursday May 21, 2020 6:00pm - 6:00pm CDT
ACCI YouTube

6:00pm CDT

204 Feasibility of Financial Education/Coaching for Adults with Severe Mental Illness (SMI)
This pilot study tested the feasibility and efficacy of the critical content and delivery mode for financial education/coaching among adults with severe mental illness. All received Medicaid for health insurance and their income was mainly Social Security Disability, about $730 - $800/month. A few worked part-time for wages. Some participants managed their own finances independently and others had a payee. The participants were able to learn financial education concepts and apply their learning and knowledge to their personal financial needs. In addition, those who completed financial coaching were able to discuss tangible ways of applying financial concepts to their life and improve financial decision-making. Many participants were unaccustomed to thinking about their finances more than one month at a time. Planning and saving for emergency needs were new concepts and challenging for the participants due to their low income. Overall, the pilot study found that financial education and coaching is feasible among adults with SMI.

Author(s): Carol A Janney, Brenda Long

Presenters
CJ

Carol Janney

Research Director, Pine Rest Christian Mental Health Services


Thursday May 21, 2020 6:00pm - 6:00pm CDT
ACCI YouTube

6:00pm CDT

205 People, Profiles, and Purchases: A Consumer Analytics Evaluation of Integrated Social Commerce Sites
Social commerce sites allow consumers and sellers to engage in two concurrent types of interaction during the buying process. These sites provide the addition of online social signals alongside traditional e-commerce product information. Through these social signals sellers communicate, and consumers react to, a variety of influences during the shopping experience.  This study seeks to fill a gap in current research by investigating how the combined e-commerce and social networking functionality of social commerce sites may impact consumer purchasing behavior.  More specifically, it focuses on those social signals specifically communicated through profile pictures, logos, and other social networking practices (e.g. “follows,” “likes”), and their correlation to retail shop performance indicators on a social commerce site. Using a sample of social and commerce performance indicators from US-based shops on “Etsy.com”, and a stepwise negative binomial regression analysis, we evaluate the influence of explicit and implicit social signals on consumer purchasing behavior. Findings suggest consumers are more likely to purchase from shops where an owner displays a picture of a human likeness and has greater consumer engagement shown by higher numbers of reviews and followers. These features also appear to lower the impact of the age of a shop.

Author(s): Morgan Bryant

Presenters
avatar for Morgan Bryant

Morgan Bryant

Assistant Professor, St. Joseph's University
www.linkedin.com/in/morganmbryant">Morgan M. Bryant, PhD is an Assistant Professor in the Marketing Department of The Haub School of Business at Saint Joseph’s University (SJU). In this role, Dr. Bryant teaches Marketing Research, Marketing Analytics, and Principles of Marketing... Read More →


Thursday May 21, 2020 6:00pm - 6:00pm CDT
ACCI YouTube

6:00pm CDT

206 Personal Financial Management Tools: Delivering on the Promise of Convenient Financial Well-being?
While several major financial institutions and traditional banks have launched mobile apps that allow customers to quickly check account balances, deposit checks, and transfer funds, third-party personal financial management (PFM) tools have looked to support financial wellbeing by promising consumers an easier and more convenient way to budget, track spending, invest, and even improve credit scores. Though anecdotal evidence abounds, few nationally representative surveys have investigated the take-up, success, and drop-off rates of these PFM tools. This study seeks to fill that gap and investigates the reasons why users begin using, stop using, or do not consider using third-party PFM tools, the demographics of these groups, and how these groups differ from each other and from the general population. Findings indicated that use of these financial apps is lower than may have been anticipated – only 29% had heard of PFM tools, and a mere 12% of American adults have ever used a third-party personal finance app or website.  Of the 12% using apps, almost half of users had subsequently stopped using the PFM tool they had been using. The most frequently cited reason for non-use (either ending use or never having used PFM tool) was perceived lack of value.

Author(s): Mark Lush, Katheryn Meagher, Angela Fontes

Presenters
avatar for Mark Lush

Mark Lush

Manager, NORC at the University of Chicago


Thursday May 21, 2020 6:00pm - 6:00pm CDT
ACCI YouTube

6:00pm CDT

207 Racial/Ethnic Differences in the Distribution of Wealth in the United States
In the United States, there is a huge wealth gap between racial/ethnic groups, with White households having about 10 times the median wealth of Black households and 8 times that of Hispanics (Kochhar and Cilluffo 2017). We conducted quantile regressions on net worth, using the Inverse Hyperbolic Sine (IHS) transformation, and one salient result from the median regression was that the Black-White difference in wealth did not vary by age, but younger Hispanic households had higher net worth than comparable White households, while older Hispanic households had lower net worth than comparable White households. The pattern for Asian/other-White differences in median net worth was even more striking, with Asian/other households at age 30 having 83% higher net worth than comparable White households, but 53% lower net worth at age 75. We discuss implications of these and other results. Most previous studies on the racial/ethnic wealth gap in the United States have used net worth as a measure of wealth (e.g., Blau and Graham 1990; Smith 1995). A variety of explanations have been proposed and studied to explain the wealth gaps. Our objective was to ascertain factors related to household net worth.

Author(s): Sherman D. Hanna, Kyoung Tae (KT) Kim, Xianhua Zai

Presenters
avatar for Sherman Hanna

Sherman Hanna

Professor, The Ohio State University
Professor, and Chair, Consumer Sciences Program Ohio State University. He has published in Applied Economics Letters, Financial Services Review, Journal of Consumer Research, Journal of Consumer Affairs, Family and Consumer Sciences Research Journal, International Journal of Consumer... Read More →


Thursday May 21, 2020 6:00pm - 6:00pm CDT
ACCI YouTube

6:00pm CDT

208 The Determinants of Bankruptcy for US Households: Evidence from the 2010, 2013, and 2016 Survey of Consumer Finances
When affected with financial hardships, some people decide to declare bankruptcy to establish a payment plan, eliminate debts and obtain legal protection from the courts. However, bankruptcy can remain on peoples' credit reports for 7 to 10 years, depending on the type of bankruptcy they choose to file for. Depending on state laws, a bankruptcy trustee can be forced to liquidate certain assets, which could delay or disrupt the financial goals of the persons filing for bankruptcy and negatively affect their future financial well-being. Even though the number of total filings have declined since 2010 and remained relatively steady between 2015 and 2018, the factors leading to personal bankruptcy still remain unclear. The purpose of this study is to investigate the determinants of consumer bankruptcy decisions.

Author(s): Guopeng Cheng, Chen Xu

Presenters
GC

Guopeng Cheng

Collegiate Assistant Professor, Virginia Tech


Thursday May 21, 2020 6:00pm - 6:00pm CDT
ACCI YouTube

6:00pm CDT

209 What Factors Effect Generational and Gender Differences in Subjective Retirement Income Adequacy?
Comparing Baby Boomers (Boomers) and Generation X (Gen X), our research seeks to identify factors that may affect subjective retirement income adequacy (RIA) of these two generations, the importance of which is based on the fact that each has faced a different retirement planning environment. Potential influential factors include the projected availability and amount of Social Security benefits, type and accessibility of employer-based retirement plans, economic conditions, labor market participation pattern, gender and racial equity, educational attainment, marital status, investment risk tolerance, and debt load. Data are from the 1989, 2001, and 2016 Survey of Consumer Finances. Ordinal logistic regression allows regression of gender and generation on a 5-level subjective measure of retirement income adequacy while controlling for various socioeconomic, demographic, and financial planning behavior characteristics. While there was no significant relationship between 2001 and 1989, being female in 2016 was associated with a 108% greater likelihood of rating subjective RIA at a higher level than men. This shift in effect may be attributable to such factors as the shrinking wage gap, increased educational attainment, and greater workforce participation of women.

Author(s): Dalisha Herring, Deanna Sharpe, Joan Hermsen

Presenters
avatar for Dalisha Herring, PhD, CFP

Dalisha Herring, PhD, CFP

Dalisha D. Herring, Ph.D., CFP®, earned her doctorate at the University of Missouri in the Department of Personal Financial Planning’s CFP Board-Registered doctoral program. She earned her Master of Business Administration degree from Florida State University and Bachelor of Science... Read More →


Thursday May 21, 2020 6:00pm - 6:00pm CDT
ACCI YouTube

6:00pm CDT

210 Which information to believe on online medical sites?
One in five men and one in ten women will experience kidney stones in their lifetime (National Kidney Foundation, 2020).  The prevalence of this painful, and potentially dangerous, condition has been on the rise since the late 1970s with an increase of 8.8% since the late 2000’s.  Despite how common this condition is, the information available to consumers on this topic is full of contradictory advice.  This poster compares the conflicting information found across 10 websites and from 10 current academic papers to illustrate the conundrum consumers face when trying to determine the preponderance of information.  The poster also highlights similar instances of top websites such as WebMD.com, Mayoclinc.org and the National Institutes of Health site for physicians that offer contradictory advice for consumers on other topics from nutritional supplements to common prescriptions.

Author(s): Holly Hunts, Edward Dratz

Presenters
avatar for Holly Hunts

Holly Hunts

Associate Professor, Montana State University
Hello new and old colleagues! My current research agenda includes a project about stunting in west Africa and introducing eggs as a remedy. Another project looks at English Language Learners and determining which of two interventions for teachers is more effective. Another project... Read More →


Thursday May 21, 2020 6:00pm - 6:00pm CDT
ACCI YouTube

6:00pm CDT

211 Youth, Visualization and Financial Knowledge
Using data gathered from a randomized experimental design, researchers examine the effects of a financial data visualization intervention on respondents having either a high school education, some college or a bachelor's degree. Financial knowledge scores from five commonly used financial knowledge questions are used to compare differences among and between groups using ANCOVA and Poisson regression. Results indicate the visual plus text intervention places high school graduates with financial knowledge equal to college graduates with no intervention. This research makes the case for early intervention to help those potentially going to college understand the consequences of taking out student loans and managing their financial lives.

Author(s): Michael Kothakota, D. Elizabeth Kiss

Presenters
avatar for Michael Kothakota

Michael Kothakota

CEO, WolfBridge Wealth
Michael is the CEO of WolfBridge Financial and has been working in the financial planning industry for over 15 years.  He has earned a Ph.D. in Financial Planning from Kansas State University, a Master's in Predictive Analytics from Northwestern University, and is a CERTIFIED FINANCIAL... Read More →


Thursday May 21, 2020 6:00pm - 6:00pm CDT
ACCI YouTube