Annual/Termination Reports:

[09/30/2010] [10/07/2011] [09/18/2012] [11/05/2013] [06/30/2014]

Report Information

Participants

Bowen, Cathy (cbowen@psu.edu)  The Pennsylvania State University
Cheang, Michael (cheang@hawaii.edu)  University of Hawaii
Cho, SooHyun (SooHyun.Cho@sdstate.edu)  South Dakota State University
Gorham, Elizabeth (Elizabeth.Gorham@sdstate.edu)  South Dakota State University
Gutter, Michael (msgutter@ufl.edu)  University of Florida
Hayhoe, Celia (chayhoe@vt.edu)  Virginia Polytechnic Institute and State University
Kim, Jinhee (jinkim@umd.edu)  University of Maryland
Loibl, Cäzilia (loibl.3@osu.edu)  The Ohio State University
Lown, Jean (jean.lown@usu.edu)  Utah State University
Mauldin, Teresa (tmauldin@fcs.uga.edu)  University of Georgia
Worthy, Sheri (slokken@humansci.msstate.edu)  Mississippi State University
Porter, Nancy (NPorter@clemson.edu)  NIFA (National Institute of Food and Agriculture) Representative

Absent:
Cai, Yi (yi.cai@csun.edu)  University of California
Cole, Gustafson (cole.gustafson@ndsu.edu)  North Dakota State University
Martin, Allen  University of California
DeVaney, Sharon (sdevaney@purdue.edu)  Purdue University
Krishnan, Palaniappa (baba@udel.edu)  University of Delaware
Solheim, Catherine (csolheim@umn.edu)  University of Minnesota

Brief Summary of Minutes

REVIEWERS PLEASE NOTE--THIS IS INDEED A REPORT SUMMARIZING TWO YEARS.

This project formerly operated as NC1013. The project was renewed in 2008. No meeting was held in 2009 because of nation-wide budget tightening and travel restrictions by several universities.

Accomplishments

Accomplishments: <br /> <br /> Outputs: Refined the electronic version of the instrument to be administered using Survey Money and survey panels.<br /> <br /> Milestones: Finalizing the survey instrument in the current year should now allow the nationwide survey to proceed.<br /> <br /> NOTE TO REVIEWERS--THERE IS A SIGNIFICANT AMOUNT OF MULTI-INSTITUTIONAL EFFORT ASSOCIATED WITH THE SURVEY INSTRUMENT ATTACHED IN THE "PUBLICATIONS" SECTION OF THE REPORT. THE FOLLOWING IS RELEVANT BACKGROUND INFORMATION.<br /> <br /> The previous version of the current multistate research committee, NC1013, tested out the first draft of the survey using audiences on our campuses that had access to e-mail; additional tweaking of survey was done. Michael Gutter, then at the University of Wisconsinnow at University of Florida, used those findings to further tweak the instrument and Northwestern Mutual Foundation provided some funding to help pay for the analysis etc. <br /> <br /> The instrument was further refined (significant content removed). Then, there were two instances of almost getting funding to conduct a national survey by H&R Block and The Financial Planning Association. The committee was advised to work on smaller efforts rather than trying to find one entity to fund a large project. So some team members have used a version of the survey to investigate smaller groups, mostly convenience groups. Also, efforts have been made to garner funding from a recent RFP that was issued by the Social Security Administration. That funding went to the University of Wisconsin and others ( The Financial Literacy Research Consortium (FLRC) consists of three research centers at the RAND Corporation, Boston College, and the University of Wisconsin. Established in September 2009 and supported by the Social Security Administration through five-year cooperative agreements, the Consortium is developing innovative materials and programs to help Americans at all stages of life plan for a secure retirement. <br /> <br /> Under NC1013, the survey was also tested with a mail-in group and with an online audience made available through Consumer Federation of America and their national America Saves campaign. The returns for both were disappointing and did not yield enough information to report on.<br /> <br /> Under the current scenario, one of the new NC1172 team members has successfully used Survey Panel International to collect data electronically. Team members are pooling funds from various sources to support data collection using this avenue and with the instrument as developed. Data collection should be completed before 2011 arrives.

Publications

2009<br /> <br /> Refereed Journal Article<br /> Rutherford, L. G. & DeVaney, S. A. (2009). Utilizing the theory of planned behavior to understand convenience use of credit cards. Journal of Financial Counseling and Planning, 20(2), 48-6<br /> <br /> <br /> Abstract or Articles in Refereed Conference Proceedings<br /> Anong, S. & DeVaney, S. A. (2009). Saving habits of American households and the economy. Consumer Interests Annual.<br /> <br /> Hall, A. & DeVaney, S. A. (2009). Factors that influence small business startup: A survey of small business owners. Consumer Interests Annual. <br /> Hall, A. & DeVaney, S. A. (2009). Factors that influence small business startup: A qualitative study of small business owners. Proceedings of the American Association of Family and Consumer Sciences. <br /> Kim, H. & Kim, J. (2009). Intergenerational transfer in the immigrant family: Evidence from the New Immigrant Survey. Proceedings of the American Council on Consumer Interests Annual Conference, Milwaukee, WI.<br /> <br /> Mauldin, T., Mimura, Y., & Wilmarth, M.J. (2009). Savings behavior among cohabiting, married and single persons. Consumer Interests Annual, 55, 117.<br /> Yang, T. Y. & DeVaney, S. A. (2009). The effect of the availability of a car on the consumption expenses of older adults. Consumer Interests Annual.<br /> <br /> <br /> Presentations at Professional Conferences<br /> Chase, H. & Bowen, C. F. (2009, October) Right on the Money: Talking Dollars and Sense with Parents and Kids. The Institute for Financial Literacys Annual Conference on Financial Education, Philadelphia, PA<br /> <br /> Kutara,K., Cheang, M., Mills Wong J., Chang R. & Kirk-Kuwaye, C. (2009, November). Peer to Peer: College Students Offer Financial Literacy Lessons. Association for Financial Counseling, Planning and Education Annual Conference. Scottsdale, AZ. <br /> <br /> Solheim, C.A., Zuiker, V.S., & Sheldeshova, P., (2009, November). How they learned about money: Insights from college students reflections. Presented at the National Council on Family Relations Annual Conference, San Francisco, CA.<br /> <br /> <br /> Extension Publications<br /> Weidner, K., Bowen, C. F. , Jacobson, M., Pifer, R. ( 2009) Natural Gas Exploration: A Landowners Guide to Financial Management University Park, PA: The Pennsylvania State University.<br /> <br /> Bowen, C.F., Douglass, M., Kuleck, R. (2009) Marcellus Education Fact Sheet: Considerations When Hiring Financial Professionals. University Park, PA: The Pennsylvania State University.<br /> <br /> Bowen, C. F. (2009, May 16). Putting Knowledge into Action. Lancaster Farming, 54(31):B7<br /> <br /> Bowen, C. F. (2009, April 18). Taxes: Understand the Basics. Lancaster Farming, 54(27):B7<br /> <br /> <br /> Grants<br /> Okech, D.O., Mauldin, T., Mimura, Y. (2009). Asset building among low-income households in Athens: The role of household characteristics and institutional factors. University of Georgia, Poverty and the Economy Faculty Research Grants Program. Funded, $25,477.<br /> <br /> 2010<br /> <br /> Refereed Journal Article<br /> Anong, S. T. & DeVaney, S. A. (2010). Determinants of adequate emergency funds including the effects of seeking professional advice and industry affiliation. Family & Consumer Sciences Research Journal 38(4) 405-419. DOI:10.1111/j.1552-3934.2010.00035x<br /> <br /> Anong, S. T. & DeVaney, S. A. (2010). Determinants of adequate emergency funds including the effects of seeking professional advice and industry affiliation. Family & Consumer Sciences Research Journal 38(4) 405-419. DOI:10.1111/j.1552-3934.2010.00035x<br /> Baek, E. & DeVaney, S. A. (2010). How do families manage their economic hardship? Family Relations 59(October): 358-368 DOI:10.1111/j.1741-3729.2010.00608.x<br /> Baek, E. & DeVaney, S. A. (2010). How do families manage their economic hardship? Family Relations 59(October): 358-368 DOI:10.1111/j.1741-3729.2010.00608.x<br /> Loibl, C. and Robert L. S. 2010. Examining the effect of expressing a quantitative goal on consumer savings. Journal of Consumer Affairs. Vol. 44, no. 1: 127-154.<br /> <br /> Loibl, C. 2010. A look inside: Teacher information search for personal finance instruction. International Journal of Consumer Studies. Vol. 34, no. 3: 287-297.<br /> <br /> 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. Vol. 44, no. 1: 98-126. http://dx.doi.org/10.1111/j.1745-6606.2010.01159.x.<br /> <br /> Solheim, C.A., & Yang, P.N.D. (2010). Understanding generational differences in financial literacy in Hmong immigrant families. Family and Consumer Sciences Research Journal.<br /> <br /> Worthy, S. L., Jonkman, J. N., & Blinn-Pike, L. (2010). Sensation-seeking, risk-taking, and problematic financial behaviors of college students, Journal of Family and Economic Issues, 31(2), 161-170.<br /> <br /> <br /> Articles or Abstracts in Refereed Conference Proceedings<br /> Anong, S. T. & DeVaney, S. A. & Gorham, E. (2010). Who cannot afford health insurance? Consumer Interests Annual, 56. <br /> <br /> Gutter, M., Mauldin, T., Mimura, Y., & Moorman, D. (2010). The complex nature of savings: Psychological and economic factors: Multistate research project. In C. Robb (Ed.), Eastern Family Economics and Resource Management Association 2010 Conference Program and Proceedings. [CD-ROM].<br /> <br /> Kim, J. & Kim, H. (2010). Asset ownership of recently lawful immigrants. Consumer Interests Annual, 56. <br /> <br /> Loibl, C., David K., and Sara D. (2010, April). Habit and regular saving: An intertemporal analysis [Abstract]. Consumer Interests Annual. Vol. 56. Atlanta, Georgia: American Council on Consumer Interests. http://www.consumerinterests.org/publications/consumerinterestannual.html.<br /> <br /> Lown, J. M. (2010). A profile of Financial Planning for Women participants: Implications for education and advising. Proceedings of the Academy of Financial Services.<br /> <br /> Lown, J. M., & Allred, S. L. (2010). Three strategies to motivate people to invest for retirement. Proceedings of the Academy of Financial Services.<br /> <br /> Mauldin, T., Mimura, Y., DeVaney, S.A., Moorman, D., & Gittens, C. (2010). The impact of the current economic environment on motivation to save: Differences by three age groups. Consumer Interests Annual, 56.<br /> <br /> Mimura, Y., & Mauldin, T. (2010). Optimism, economic outlook, and financial savings among women in Japan. Consumer Interests Annual, 56.<br /> <br /> Robb, D. K., & Lown, J. M. (2010). Attitudes toward immediate annuities. Proceedings of the Academy of Financial Services.<br /> <br /> Rowley, M., Lown, J. M., Piercy, K., & Hartman, C. (2010). Motivating women to adopt positive financial behaviors. Proceedings of the Association for Financial Counseling and Planning Education.<br /> <br /> <br /> Presentations at Professional Conferences<br /> Bowen, C. F. & Chase, H. (2010, June) Right on the Money: Talking Dollars and Sense with Parents and Kids. The American Association of Family and Consumer Sciences, Cleveland, OH.<br /> <br /> Cheang, M. (2010, March). Disconnect between parents attitudes about children saving for the future and actual savings incidence: Kids Savings Project in five public elementary schools. Eastern Family Economics and Resource Management Association Conference. Chattanooga, TN.<br /> <br /> Solheim, C.A., Olson, P.D., Alba Meraz, A., Burk, G., & Rojas Garcia, G. (2010, June). Collaborating with stakeholders to protect vulnerable immigrant populations. Presented at the Ethics and Politics of Research with Immigrant Populations Conference, Minneapolis, MN.<br /> <br /> <br /> Extension Publications<br /> Fact Sheets<br /> Gorham, E. & Pankow, D., (June 2010) ExEx14018: Consequences of Living on the Credit Card.<br /> <br /> Gorham, E. & ONeill, B. (2010) ExEx14019: The Aftermath of the CARD Act of 2009: Expect Changes in Your Credit Card Contract.<br /> <br /> <br /> <br /> News Articles<br /> Bowen, C. F. (Fall/Winter 2010). Plugging Leaks in Your Financial Boat. NOW, p. 6 Harrisburg, PA.<br /> <br /> Bowen, C. F. (Summer/Spring 2009). Financial Strategies to Weather Any Storm. NOW, p. 6 Harrisburg, PA.<br /> Gorham, E. (August, 2010) Homeowners can get tax credits from home improvements. South Dakota State University Communications.<br /> <br /> Gorham, E. (March, 2010) Extension specialist stresses the importance of household emergency funds. South Dakota State University Communications.<br /> <br /> Gorham, E. (March, 2010) Extension specialist reminds South Dakotans about the America Saves campaign. South Dakota State University Communications.<br /> <br /> Gorham, E. (February, 2010) Extension specialist reminds taxpayers to consider Earned Income Tax Credit. South Dakota State University Communications.<br /> <br /> Gorham, E. (March, 2010) Extension specialist reminds South Dakotans about the America Saves campaign. South Dakota State University Communications.<br /> <br /> Gorham, E. (April, 2010) South Dakota Saves can help families and individuals meet money-saving goals. South Dakota State University Communications.<br /> <br /> <br /> Grants<br /> Kim, J. (2010). Workplace Financial Education for University of Maryland College Park faculty and staff. Investment Company Institute Education Foundation. $19,250<br /> <br /> Gessner, H. & Gorham, E. Updating estate planning fact sheets, South Dakota State University Extension Issue-Based Team Grants, July 2010, $5000 <br /> <br /> Cho, S. & Gorham, E. Role of Psychological Factors in Saving: Regulatory Focus Approach, March 2010, $5000<br /> <br /> <br />

Impact Statements

1. Impacts from the research will not be realized until the survey data have been collected and analyzed.

Back to top

Report Information

Participants

Bowen, Cathy (cbowen@psu.edu)  The Pennsylvania State University

Cho, Soo Hyun (SooHyun.Cho@sdstate.edu)  South Dakota State University

DeVaney, Sharon (sdevaney@purdue.edu)  Purdue University

Evans, David (devans@purdue.edu) Purdue University

Gorham, Elizabeth (Elizabeth.Gorham@sdstate.edu)  South Dakota State University

Gutter, Michael (msgutter@ufl.edu)  University of Florida

Hayhoe, Celia (chayhoe@vt.edu)  Virginia Polytechnic Institute and State University

Lown, Jean (jean.lown@usu.edu)  Utah State University

Solheim, Catherine (csolheim@umn.edu)  University of Minnesota

Worthy, Sheri (slokken@humansci.msstate.edu)  Mississippi State University

Minton, J. Ernest (eminton@k-state.edu) Kansas State University, Administrative Advisor

Saboe-Wounded Head, Lorna (Lorna.WoundedHead@sdstate.edu) South Dakota State University (guest)

Shockey, Susan. (sshockey@nifa.usda.gov) via conference call on August 3, 2011.USDA NIFA (National Institute of Food and Agriculture Representative

Absent:
Cheang, Michael (cheang@hawaii.edu)  University of Hawaii

Loibl, Cäzilia (loibl.3@osu.edu)  The Ohio State University

Kim, Jinhee (jinkim@umd.edu)  University of Maryland

Krishnan, Palaniappa (baba@udel.edu)  University of Delaware

Mauldin, Teresa (tmauldin@fcs.uga.edu)  University of Georgia

Brief Summary of Minutes

1. Meeting called to order by Cathy F. Bowen, Chair.
2. Welcome to Sioux Falls by hosts Soohyun Cho and Elizabeth Gorham
3. The meeting outline was reviewed and Cathy Bowen gave an overview of NC1172 including current status of data collected in December 2010 by Survey Sampling International. An update was also provided of data collection in other countries (Korea, Singapore, Malaysia, Turkey, Mexico, Columbia, and Thailand) in the Fall 2011 by team members and collaborators (Korea, Singapore, Malaysia, Turkey, Mexico, Columbia, and Thailand).
4. New advisor Dr. J. Ernest Minton asked a few questions about the groups history and responded to questions about renewing projects.
5. Susan Shockey, NIFA/USDA representative joined the group by phone and shared updated regarding the reorganized NIFA.
6. Minutes of the July 14, 2011 meeting were approved.
7. Updates were provided by teams working on various manuscripts for the Family and Consumer Sciences Research Journal.
8. Another discussion focused on possible presentations for the following meetings: Eastern Family Economics Resource Management Association, Feb. 29-March 2, 2012, American Council on Consumer Interests, April 11-13, 2012.
9. Officers were elected for the new cycle starting August 2012 at the annual meeting: Michael Gutter, Chair; Soo Hyun Cho, Vice Chair.
10. Sharon Devaney lead a discussion on differentiating the dependent variables in each paper and small group work concluded the meeting before adjournment.

Accomplishments

Data were collected from a random sample using a web based survey in December 2010. Households surveyed had incomes up to $80,000 and the age range of interest was age 24-64, resulting in a sample of 826.<br /> Short-term Outcomes: Not applicable<br /> Outputs: <br /> The following manuscripts are in the review process for the Family and Consumer Sciences Research Journal. <br /> " Psychometric Properties of Scales in the NC1172 Complex Nature of Saving Data Set. C. Hayhoe and M. E. Gutter<br /> " Gender Differences in Retirement. P. Fisher, C. Hayhoe, J. Lown<br /> " The Role of Money Attitudes on Savings Behavior. C. Hayhoe, S. Cho, S. Worthy, J. Kim, and L. Gorham.<br /> <br /> The following manuscripts are in progress and should be submitted to the Family and Consumer Sciences Research Journal.<br /> " The Role of Self-Efficacy in Savings Behavior. J. Lown, J. Kim, and M. Gutter<br /> " Financial Risk Tolerance and Savings Behavior. D. Evans, J. Lown, S. Cho, and M. Gutter<br /> " Structural Equation Model and Use of Savings Instruments. NC-1172 Team Members<br /> " Effect of Socialization of Financial Management Behavior. S. Cho, M. Gutter, J. Kim, and T. Mauldin.<br /> " Home Ownership as a Savings Tool in Low to Moderate Income Households. C. Solheim, M. Gutter, Liz Gorham, and C. Bowen<br /> Manuscripts in Progress for Other Journals (not FCSRJ)<br /> The Role of Human Capital, Financial Knowledge, and Social Capital Among Low- to Moderate-Income Households. V. Bhargava and T. Mauldin.<br /> A Conceptual Model of Facilitators and Barriers to Savings Among Low- to Moderate-Income Households. T. Mauldin, M. Cheang, C. Bowen. <br /> Proposals Submitted for Presentations at Professional Meetings<br /> " Poster, Health and Financial Well-Being of a National Sample of Low to Moderate Income Consumers by S. Worthy, S. Cho, and S. DeVaney will be submitted to the American Council on Consumer Interests.<br /> " Poster, Barriers to Savings among Low to Moderate-Income Households: Differences among Those Who Think They Can Save and Those Who Think They Cannot Save. T. Mauldin, M. Cheang, and C. Bowen<br /> " Human Capital, Financial Knowledge, and Social Capital: Differences among Savers and Non-savers in Low to Moderate Income Households. T. Mauldin & V. Bhargava<br /> Activities: Not applicable<br /> Milestones: Not applicable<br />

Publications

As noted in the accomplishments section, the following manuscripts are in the review process for the Family and Consumer Sciences Research Journal. <br /> <br /> Psychometric Properties of Scales in the NC1172 Complex Nature of Saving Data Set. C. Hayhoe and M. E. Gutter<br /> Gender Differences in Retirement. P. Fisher, C. Hayhoe, J. Lown<br /> The Role of Money Attitudes on Savings Behavior. C. Hayhoe, S. Cho, S. Worthy, J. Kim, and L. Gorham.<br /> <br /> The following manuscripts are in progress and should be submitted to the Family and Consumer Sciences Research Journal.<br /> <br /> The Role of Self-Efficacy in Savings Behavior. J. Lown, J. Kim, and M. Gutter<br /> Financial Risk Tolerance and Savings Behavior. D. Evans, J. Lown, S. Cho, and M. Gutter<br /> Structural Equation Model and Use of Savings Instruments. NC-1172 Team Members<br /> Effect of Socialization of Financial Management Behavior. S. Cho, M. Gutter, J. Kim, and T. Mauldin.<br /> Home Ownership as a Savings Tool in Low to Moderate Income Households. C. Solheim, M. Gutter, Liz Gorham, and C. Bowen<br /> <br /> Manuscripts in Progress for Other Journals (not FCSRJ)<br /> <br /> The Role of Human Capital, Financial Knowledge, and Social Capital Among Low- to Moderate-Income Households. V. Bhargava and T. Mauldin.<br /> A Conceptual Model of Facilitators and Barriers to Savings Among Low- to Moderate-Income Households. T. Mauldin, M. Cheang, C. Bowen. <br />

Impact Statements

Back to top

Report Information

Participants

Bowen, Cathy (cbowen@psu.edu)  The Pennsylvania State University
Cho, Soo Hyun (SooHyun.Cho@sdstate.edu)  South Dakota State University
DeVaney, Sharon (sdevaney@purdue.edu)  Purdue University
Evans, David (devans@purdue.edu) Purdue University
Gorham, Elizabeth (gorham60@swiftel.net)  South Dakota State University
Griesdorn, Timothy (tgriesdo@iastate.edu) Iowa State University
Gutter, Michael (msgutter@ufl.edu)  University of Florida
Lown, Jean (jean.lown@usu.edu)  Utah State University
Mauldin, Teresa (tmauldin@fcs.uga.edu)  University of Georgia
Minton, J. Ernest (eminton@k-state.edu) Kansas State University, Administrative Advisor. Attended August 1 only.
Solheim, Catherine (csolheim@umn.edu)  University of Minnesota
Worthy, Sheri (slokken@humansci.msstate.edu)  Mississippi State University

Brief Summary of Minutes

File is attached

Accomplishments

External requests to use the survey were discussed and a suggested procedure for handling future requests were offered. C. Bowen will follow-up with the current request from Ronnel Fernando and check for updates with University of Georgia requestor, who was granted permission in early 2011 to use the survey in Africa.<br /> <br /> M. Gutter demonstrated how to use Dropbox for sharing NC1172 files. Going forward, Dropbox will be used instead of ANGEL because it is easier and more accessible without passwords. Everyone can upload documents and there is an application for iPhone, iPad, and Android devices.<br /> <br /> M. Gutter shared details about the military project proposal initiated by a request from NIFA/Susan Shockey. Former member Celia Hayhoe, and Michael Gutter and Jinhee Kim submitted the initial work. The proposal has received some interest but no funding has been received. The proposal has received some interest but no funding has been received<br /> <br /> Members who were involved with international data collection updated the group on the progress<br />

Publications

Gutter, M. S., Hayhoe, C. R., DeVaney, S. A., Kim, J., Bowen, C. F., Cheang, M., Cho, S. H., Evans, D. A., Gorham, E., Lown, J., Mauldin, T., Solheim, C., Worthy, S. L., and Dorman, R. (2012). Exploring the Relationship of Economic, Sociological, and Psychological Factors to the Savings Behavior of Low to Moderate-Income Households. Family & Consumer Sciences Research Journal, 41(1), 86-102. <br /> <br /> Hayhoe, C. R., Cho, S. H., DeVaney, S. A., Worthy, S. L., Kim, J., and Gorham, E. (2012). How Do Distrust and Anxiety Affect Savings Behavior? Family & Consumer Sciences Research Journal, 41(1), 69-85. <br /> <br /> Cho, S. H., Gutter, M. S., Kim, J. and Mauldin, T. (2012). The Effect of Socialization and Information Sources on Financial Management Behavior. Family & Consumer Sciences Research Journal, 40(4), 417-430.<br /> <br /> Hayhoe, C. R., and Gutter, M. S. Reliability of Scales in the NC 1172 Complex Nature of Saving Data Set. (2012). Family & Consumer Sciences Research Journal, 40(3), 284-294.<br /> <br /> Kim, H., DeVaney, S. A., Jinhee Kim, J. Which Low and Moderate Income Families Purchase Life Insurance? (2012). Family & Consumer Sciences Research Journal, 40(3), 295-312.<br /> <br /> Mauldin, T., Cheang, M., & Bowen, C. F. (2012). Barriers to savings among low- to moderate-income households who do not save regularly: Differences among those who think they can save and those who think they cannot save. Paper presented at the 2012 Eastern Family Economics and Resource Management Association Conference, Charlotte, NC, Feb. 29-Mar. 2.<br /> <br /> Mauldin, T., & Bhargava, V. (2012). Human capital, financial knowledge, and social capital: Differences among savers and non-savers in low to moderate income households [Abstract]. In Kabaci, M.J. (Ed.), Consumer Interests Annual: The Proceedings of the 58th Annual Conference of American Council on Consumer Interests. Memphis, TN. Available from: www.consumerinterests.org/pdffiles/CIA_2012.pdf)<br /> <br /> Soo Hyun Cho (2012) The effect of regulatory focus on financial management behavior: data from South Dakota employees. Annual Conference for Korean Society for Consumer Studies, May 12, Seoul, Korea<br /> <br /> Soo Hyun Cho (2012). The effect of socialization on savings behavior among South Dakota employees. Annual Conference for Korean Family Resource Management Association, June 2, Seoul, Korea<br /> <br />

Impact Statements

1. The number of discussions about personal finance parents have with offspring while they are being reared increases the likelihood of respondents planning their spending and having written goals
2. Practicing recommended financial management behaviors and a low level of anxiety are likely to encourage saving regularly
3. Saving regularly is a predictor in whether low to moderate income consumers have life insurance
4. Economic and sociological factors explained whether respondents had a savings or investment account
5. Economic factors impacting the likelihood of having a saving account included age and using selected financial practices; while education, gross income and net worth, impacted the likelihood of having both a savings account and an investment account
6. The sociological factor associated with saving was the increased number of information sources used in making financial decisions
7. No psychological factors were significant to having a savings and investment account

Back to top

Report Information

Participants

Bowen, Cathy (cbowen@psu.edu) - The Pennsylvania State University; Cho, Soo Hyun (SooHyun.Cho@sdstate.edu) - South Dakota State University; Griesdorn, Timothy (tgriesdo@iastate.edu) - Iowa State University; Gutter, Michael (msgutter@ufl.edu) - University of Florida; Kim, Jinhee (jinkim@umd.edu) - University of Maryland; Kiss, Elizabeth (dekiss4@ksu.edu) - Kansas State University; Lown, Jean (jean.lown@usu.edu) - Utah State University; Mauldin, Teresa (tmauldin@fcs.uga.edu) - University of Georgia; Minton, J. Ernest (eminton@k-state.edu) - Kansas State University; Worthy, Sheri (sworthy@uga.edu) - University of Georgia

Brief Summary of Minutes

Accomplishments

The new project proposal was approved and will be known as NC 2172, Behavioral economics and financial decision making. Each one in the group reported updates with their papers: The Risk Tolerance paper has been accepted for Journal of Financial Counseling and Planning, the Self Efficacy paper was under the second round review with the Journal of Family and Economic Issues, Michael Gutter is working on the Housing paper with a graduate student, and Teresa has a couple of graduate students working on a various topic. The group explored sources to publish our research with the new data, including International Journal of Consumer Studies, Journal of Human Sciences and Extension, and Journal of Economic Psychology.<br /> <br /> Membership list with the NC 2172 was reviewed and the group decided to reach out some new members with the potential interest in our new project. Michael Gutter was elected as the Vice Chair, who will become the Chair in 2015. The group divided into teams and worked on the impact report. Also the plan of work for NC 2172 was discussed and decided that we would have data, literature review, and funding working groups. Also the first focus area for the research would be on the Student Loan.<br /> <br /> Dr. Dilip Soman from University of Toronto gave a presentation about Experimental Design via Adobe Connect. Tim gave an overview about the Families in Transition Dataset and it was suggested that we develop a paper using the data to the NCFR conference. The group discussed the management of dropbox for the new project.<br />

Publications

Mauldin, T., Bowen, C. F., & Cheang, M. (2013). Barriers to savings among low- to moderate-income households that do not save regularly. Journal of Extension, 51(5).

Impact Statements

1. In a sample of low and moderate income households, financial management behaviors (making spending plans, having written goals, and monitoring spending) were positively related to saving regularly.
2. In a sample of low and moderate income households, those who used more sources of information were more likely than other similar households to have a savings account and also to have an investment account.
3. In a sample of low and moderate income households, adults financial management behavior was influenced if the adults discussed money with parents when they were a child and also if they had used financial planners as a source of information.
4. In a sample of low and moderate income households, if households had more perceived barriers (such as access to financial services), they were less likely to have a savings account.
5. In a sample of low and moderate income households, about one third held term life insurance or cash value life insurance; holding life insurance increased as household income increased and also if the household saved regularly.

Back to top

Report Information

Participants

Brief Summary of Minutes

Please see attached "Copy of Minutes" file for NC1172's final 2013 termination report.

Accomplishments

Publications

Impact Statements

Back to top