ACCI Conference 2020: Full Schedule

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.

Be sure to live Tweet during the event! #accivirtual2020 and visit our Facebook page for photos @americancouncilonconsumerinterests.

1:00pm CDT

Board Meeting

Sunday May 17, 2020 1:00pm - 6:00pm CDT
Boardroom

Meeting

9:00am CDT

Board Meeting

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

Meeting

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

Reception

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

Karen Duncan

Associate Professor, University of Manitoba

University of Manitoba, Associate Professor

Dee Warmath

Assistant Professor, University of Georgia

Presenters

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 →

ACCI 2020 Poster (Beland) pdf

ACCI UGSPC Poster Wen Fan pdf

ACCI 2020 Poster Keane Swenson final pdf

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

General Session

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

Dee Warmath

Assistant Professor, University of Georgia

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

General Session, Special New Type of Session

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

Suzanne Bartholomae

Assistant Professor and Extension State Specialist, Iowa State University Extension

Suzanne Bartholomae, Ph.D., is an Associate Professor in the Department of Human Development Family Studies and an Extension State Specialist in Family Wellbeing at Iowa State University. At the national, state, and local level, Dr. Bartholomae’s engaged scholarship centers on... Read More →

ACCI 2020 Presentation Symposim Johnson pdf

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

Symposium

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

Barbara Smith

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

Concurrent A

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

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

Concurrent A

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

Hyeran Chung

PhD student, University of Illinois at Urbana-Champaign

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

Concurrent A

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

Guangyi Wang

PhD Candidate, The Ohio State University

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

Concurrent A

3:15pm CDT

A3 Vulnerability and Inclusion

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

Concurrent A

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

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

Concurrent A

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

Yingying Zeng

PhD student, Washington University in St. Louis

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

Concurrent A

5:00pm CDT

Virtual Networking Reception

Tuesday May 19, 2020 5:00pm - 5:30pm CDT
Room 4

Reception

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

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

Richard Cordray

former Director, Consumer Financial Protection Bureau, Consumer Financial Protection Bureau

B1c The Effects of Risk Tolerance on Investment Search Behavior

Director of Research, Financial Life Cycle Education Corp (FiCycle)

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

Concurrent B

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

Nilton Porto

Associate Professor, University of Rhode Island

Concurrent B

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

Narang Park

PhD Candidate, University of Georgia

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

Concurrent B

1:00pm CDT

C1 Financial Planning - Retirement and Estate Planning (CFP® 1.5 credits)

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

Concurrent C, CFP CE Session

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

Richard Stebbins

Assistant Professor, University of Alabama

Richard Stebbins started his career working in the financial planning profession at a boutique firm specializing in college professors. His clients inspired him to pursue a career in academia and he has been sharing what he has learned with students for over a decade. He has written... Read More →

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

Concurrent C, CFP CE Session

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

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

Concurrent C, CFP CE Session

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

HanNa Lim

Assistant professor, Kansas State University

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

Concurrent C, CFP CE Session

1:00pm CDT

C2 Emerging Adults - Socialization

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

Concurrent C

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

Tracey West

Lecturer, Griffith University

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

Concurrent C

1:00pm CDT

C2b Financial Socialization and Subjective Well-Being of Millennials

Graduate Part Time Instructor/PhD Student, Texas Tech University

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

Concurrent C

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

Ying Chen

Doctoral Candidate (ABD), Texas Tech University

Sarah Asebedo, Ph.D., CFP®

Assistant Professor, Texas Tech University

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

Concurrent C

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

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

Concurrent C

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

Dee Warmath

Assistant Professor, University of Georgia

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

General Session, Special New Type of Session

5:00pm CDT

Principal Research Analyst, NORC at the University of Chicago

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

Concurrent D

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

Aditi Routh

PhD Student, University of Georgia

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

Concurrent D

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

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

Ron Hill

Professor of Marketing, American University

Dee Warmath

Assistant Professor, University of Georgia

Presenters

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 →

L. Lin Ong

Research Scholar, University of North Carolina at Chapel Hill

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 →

Genevieve O'Connor

Assistant Professor, Fordham University Gabelli School of Business

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

General Session

2:45pm CDT

F1 Structural Factors

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

Concurrent F

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

Megan Bea

Assistant Professor, University of Wisconsin - Madison

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

Concurrent F

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

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

Gianni Nicolini

Professor, University of Rome

I am an Associate Professor of Finance from the University of Rome (Italy) and my main research interests are on consumer finance, financial literacy, and financial education.

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

Concurrent F

2:45pm CDT

F3 Knowledge and Behavior

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

Concurrent F

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

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

Concurrent F

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

Robin Henager

Assistant Dean, School of Business and Economics, Whitworth University

Presenters

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 →

Balance Sheet Final FY 2018 19 pdf

ACCI Bal Sht 43020 pdf

ACCI Bus Mtg Min 2019 Draft pdf

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

General Session

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

Yingyi Liu

doctoral student, University of Georgia

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

Poster

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

PhD Candidate, 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

Poster

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

Ron Jauregui

CAS, FDIC

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

Pilot overview for ACCI Poster107 pdf

YouthSavingsflyer 170503 Poster107 add pdf

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

Poster

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

Karen Duncan

Morgan Bryant

Assistant Professor, St. Joseph's University

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 in the undergraduate and graduate... Read More →

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

Poster

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

Mark Lush

Manager, Behavioral Scientist, NORC at the University of Chicago

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

Poster

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

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

Poster

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

Guopeng Cheng

Collegiate Assistant Professor, Virginia Tech

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

Poster

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

Dalisha Herring, PhD, CFP

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

Poster

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

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

Poster

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

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

Poster