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Impact of Social and Financial Resources on Hardship

 

Parks-Yancy, R., DiTomaso, N. & Post, C. (2007). The mitigating effects of social and financial capital resources on hardships. Journal of Family and Economic Issues, 28(3), 429-448.

Brief Description: Social and financial capital resources include knowing people who can help one obtain a job, offer cash or help defray expenses when layoffs or other hardships occur. These resources differ by gender and class (income/occupational status). This study found that middle class individuals had ample access to social and financial …

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Encouraging Savings by Low-Income Individuals

 

Fry, T., Mihajilo, S., Russell, R. & Brooks, R. (2008). The factors influencing saving in a matched savings program: goals, knowledge of payment instruments and other behavior. Journal of Family and Economic Issues, 29(2), 234-250.

Brief Description: This study investigates the factors that influence the saving behavior of low-income participants in a matched savings program. The factors found to play a positive role in encouraging saving were goal-setting and the financial literacy education component offered in the program. The …

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Financial Education for Bankrupt Families

 

Thorne, D. & Porter, K. (2007) Financial education for bankrupt families: Attitudes and needs. Journal of Consumer Education 24, 15-27.

Brief Description: The study examines bankrupt families’ attitudes toward financial education courses and the expenses with which they are most likely to struggle after bankruptcy. Results reveal that a majority of respondents believed that a money or debt management course would have helped them avoid bankruptcy. However, respondents with college degrees, who were white, or who were older (especially 65 …

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Behavior Change Among Savings Program Participants

Loibl, C., Grinstein-Weiss, M., Zhan, M. & Red Bird, B. (2010). More than a penny saved: Long-term changes in behavior among savings program participants. Journal of Consumer Affairs, 44, (1): 98-126. http://dx.doi.org/10.1111/j.1745-6606.2010.01159.x.

Brief Description: The study explored the long-term effectiveness of low-income individuals’ participation in a federally funded matched savings program. To collect data, a survey was mailed to former program participants in Ohio, and compared with the responses of a general low-income population sample. The results document that …

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Renters’ preparation for retirement

James, R. N., & Sharpe, D. L. (2007). Is time running out? Savings and investments of renters nearing retirement age. Financial Counseling and Planning, 18(2), 61-75.

Brief Description: This study explored how renters age 45-64 prepare for retirement without any home equity. Compared with otherwise similar homeowners, renters nearing retirement were less likely to contribute to retirement savings plans (e.g. 401(k)s and IRAs), invested less when they did contribute, and favored short-term convenience accounts (e.g., checking and savings) with …

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Determinants of Asset Allocation Strategies for Retirement Saving

Morrin, M., Broniarczyk, S. & Inman, J. J. (2008), Saving for Retirement: The Effects of Fund Assortment Size and Investor Knowledge on Asset Allocation Strategies, The Journal of Consumer Affairs, 42(2), 206-222.

Brief Description: We conducted a decision simulation among 211 adults whose task was to invest in a hypothetical 401(k) retirement plan. We varied the number of mutual funds (3 or 21) offered for investment and assessed investor knowledge with a self-report measure. The results indicate that less …

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A Framework for Promoting Retirement Savings

Wiener, J. & Doescher, T. (2008). A Framework for Promoting Retirement Savings, The Journal of Consumer Affairs, 42 (2), 137-164.

Brief description: This paper identifies the constructs that influence an individual’s intention to save for retirement. It discusses how and when these factors can be changed by an agent trying to induce an individual to enroll in a retirement plan, increase his or her contribution to a plan, or purchase a particular retirement product. A broad array of psychological theories …

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Impact of Health on Financial Security of Older Americans

Kim, H. & Lyons, A. C. (2008). No Pain, No Strain: Impact of Health on the Financial Security of Older Americans. The Journal of Consumer Affairs; Spring 2008, 42(1), 9-36.

Brief Description: This study investigated the impact that new and existing health problems have on the financial strain of older Americans. Health problems significantly increased the likelihood of financial strain for older individuals, but the effects varied by the measure of financial strain used and how health status is …

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Social and Financial Capital Resources Can Lessen Hardships

Parks-Yancy, R., DiTomaso, N. & Post, C. (2007). The mitigating effects of social and financial capital resources on hardships. Journal of Family and Economic Issues, 28(3), 429-448.

Brief Description: Social and financial capital resources include knowing people who can help one obtain a job, offer cash or help defray expenses when layoffs or other hardships occur. These resources differ by gender and class (income/occupational status). This study found that middle class individuals had ample access to social and financial …

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Banking Experience and Individual Development Accounts

Grinstein-Weiss, M., Yeo, Y. H., Despard, M. R., Casalotti, A. M., and Zhan, M. (2010). Does prior banking experience matter? Differences of the banked and unbanked in Individual Development Accounts. Journal of Family and Economic Issues 31, 212-227.

Brief Description: This study compares the saving performance and program participation of participants who owned bank accounts and those who did not prior to program enrollment in 14 Individual Development Account programs. Banked participants were shown to have higher average monthly net …