NC_old2172: Behavioral economics and financial decision-making and information management across the lifespan
(Multistate Research Project)
Status: Inactive/Terminating
Date of Annual Report: 09/22/2014
Report Information
Period the Report Covers: 10/01/2013 - 09/01/2014
Participants
Brief Summary of Minutes
Accomplishments
Publications
Impact Statements
Date of Annual Report: 07/14/2015
Report Information
Period the Report Covers: 05/01/2014 - 05/01/2015
Participants
Cho, Soo Hyun (SooHyun.Cho@sdstate.edu) – South Dakota State University;DeVaney, Sharon (sdevaney@purdue.edu) – Purdue University;
Gutter, Michael (msgutter@ufl.edu) – University of Florida;
Johnson, Carrie (carrie.johnson@sdstate.edu) - South Dakota State University;
Kim, Jinhee (jinkim@umd.edu) – University of Maryland;
Mauldin, Teresa (tmauldin@fcs.uga.edu) – University of Georgia;
Worthy, Sheri (sworthy@uga.edu) – University of Georgia;
O’Neil, Barbara (oneill@aesop.rutgers.edu) – Rutgers University;
Xu, Yilan (yilanxu@illinois.edu) – University of Illinois;
Brief Summary of Minutes
NC2172 Annual Meeting. Clearwater FL, May 19-20, 20151. The meeting was called to order by Soo Hyun Cho, Chair.
2. Minutes from the April 17 and May 9 were approved—moved by Barbara O’Neill and seconded by Yilan Xu. All were in favor.
3. Advisor Dr. J. Ernest Minton joined by conference call. Told the group that he has to provide a mid-term review 2016. He thought the impact statement is important.
4. Project progress since August 2014 was reviewed. See list of accomplishments below.
5. Officers rotation for the new cycle starting after the May 2015 annual meeting.
Officers 2014-2016 2016-2018 Upcoming Elections
Chair Soo Hyun Cho Michael Gutter 2017, 2019, 2021
Vice-chair Michael Gutter Yilan Xu 2017, 2019, 2021
Secretary/Treasurer Elizabeth Kiss elect at 2016 Annual Meeting 2016, 2018, 2020
6. The group participated in a Webinar “It’s not like I’m POOR”
7. The remainder of the meeting was devoted to sub-group discussion on Experimental Study. five subgroups were created based on the topic, all of which would analyze the experimental data collected in 2014-2015. They are Main, Methodology, Gender, Race, and Cohort. Group reports can be found in Dropbox shared folder.
8. Next phase to examine housing issue was discussed. The group decided that we need to study current knowledge on this issue in order to further identify the research questions. Some members of the team would work on the housing decision making among young adults.
7. NC 2172 Policy Handbook was reviewed and revised.
8. Annual meeting for 2016 will be held in conjunction with the ACCI Conference in Washington, D.C. Tentative Dates: June 7-8, 2015
9. Monthly conference calls for the upcoming year will be 2-3pm ET second Friday of every month.
Accomplishments
Activities: <br /> <br /> <br /> 1. The following webinar was held by a member on Student Loan topic through eXtension. XX number of participants were reached and educated on the topic. <br /> Forbes Cameron, C. & O'Neill, B. (2015, April 20). Paying for College -- Learn about the Federal Student Aid Toolkit and Other Student Loan Resources. eXtension.org webinar https://learn.extension.org/events/2080#.VXtbfUbOB-A<br /> <br /> <br /> 2. The following invited presentation was given at the 2015 annual conference of the American Council on Consumer Interests. Colleagues in the field were given updates about our project and new members were recruited. <br /> Gutter, M. S., Kim, J., & O'Neill, B. (2015). NC2172 Update: Behavioral Economics and Financial Decision-Making and Information Management Across the Lifespan. Presentation at the ACCI Annual Conference 2015, Clearwater Beach, FL, May 20.<br /> <br /> <br /> Milestones: The group collected to sets of data on student loan. One is a quantitative data, and another is a qualitative data. <br /> The NC 2172 Policy Handbook was finalized.<br /> <br />Publications
Cho, S. H., Xu, Y., and Kiss, D. E. (2015). Understanding Student Loan Decisions: A Literature Review. Family and Consumer Sciences Research Journal, 43(3), 229-243. doi: 10.1111/fcsr.12099<br /> <br /> <br /> DeVaney, S. A. (2014). Book review: Retirement planning, 9th edition. Family & Consumer Sciences Research Journal, 43(1), 102-103. <br /> <br /> <br /> DeVaney, S. A. (2015). 401(k) Accounts. Encyclopedia of Economics and Society. Thousand Oaks, CA: Sage (in press). <br /> <br /> <br /> DeVaney, S. A. (2015). Roth Individual Retirement Accounts. Encyclopedia of Economics and Society. Thousand Oaks, CA: Sage (in press). <br /> <br /> <br /> Fisher, P. J., Hayhoe, C. R., & Lown, J. M. (2015). Gender differences in saving behaviors among low- to moderate-income households, Financial Services Review, 24(1), 1-13.<br /> <br /> <br /> Griesdorn, T. S., Lown, J. M., DeVaney, S. A., Cho, S. H. & Evans, D. A. (2014). Association between life-cycle constructs and financial risk tolerance of low-to-moderate-income households. Journal of Financial Counseling and Planning, 25(1), 27-40. <br /> <br /> <br /> Johnson, C.L. (2015). Understanding federal loan repayment. Family and Consumer Sciences Research Journal, 43(4), 306-312. 10.1111/fcsr.12108.<br /> <br /> <br /> Mauldin, T., & Henager-Greene, R. (2015). Does the Perceived Burden of Student Loan Debt Affect Saving Behaviors? Poster presentation at the ACCI Annual Conference 2015, Clearwater Beach, FL, May 21.<br /> <br /> <br /> Yang, T. Y. & DeVaney, S. A. (2014). Determinants of the retirement assets of older couples (in the U.S.) Proceedings of the Asian Consumer & Family Economics Association, Taiwan, July. <br />Impact Statements
- None to report yet, impacts are still emerging for this 5-year cycle.
Date of Annual Report: 08/23/2016
Report Information
Period the Report Covers: 09/01/2015 - 07/01/2016
Participants
Participants:Bartholomae, Suzanne (suzanneb@iastate.edu) – Iowa State University
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
Gutter, Michael (msgutter@ufl.edu) – University of Florida
Johnson, Carrie (carrie.johnson@sdstate.edu) - South Dakota State University
Kim, Jinhee (jinkim@umd.edu) – University of Maryland
Kiss, Elizabeth (dekiss4@ksu.edu) - Kansas State University
Mauldin, Teresa (tmauldin@fcs.uga.edu) – University of Georgia
Minton, Ernie (eminton@ksu.edu) – Kansas State University (Administrative Advisor)
Travis Mountain (travis35@vt.edu) – Virginia Tech
O’Neill, Barbara (oneill@aesop.rutgers.edu) – Rutgers University
Porto, Nilton (nilton_porto@uri.edu) – University of Rhode Island
Worthy, Sheri (sworthy@uga.edu) – University of Georgia
Xu, Yilan (yilanxu@illinois.edu) – University of Illinois
Absent:
Delgadillo, Lucy (lucy.delgadillo@usu.edu) – Utah State University
Griesdorn, Timothy (griesdor@uiwtx.edu) – University of Incarnate Word
Guillemette, Michael (guillemettem@missouri.edu) – University of Missouri
Krishnan, Palaniappa (baba@udel.edu) – University of Delaware
Linville, Ina – Missouri Cooperative Extension
Lown, Jean (jean.lown@usu.edu) – Utah State University
Welsh, Melissa (drmwelsh@umd.edu) – Maryland Cooperative Extension
Brief Summary of Minutes
Please see attached file for NC2172's full 2016 annual report.
Accomplishments
Publications
Impact Statements
Date of Annual Report: 01/07/2018
Report Information
Period the Report Covers: 09/01/2016 - 07/31/2017
Participants
PresentBartholomae, Suzanne (suzanneb@iastate.edu) – Iowa 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
Gutter, Michael (msgutter@ufl.edu) – University of Florida
Johnson, Carrie (carrie.johnson@sdstate.edu) - South Dakota State University
Kim, Jinhee (jinkim@umd.edu) – University of Maryland
Kiss, Elizabeth (dekiss4@ksu.edu) - Kansas State University
Travis Mountain (travis35@vt.edu) – Virginia Tech
O’Neill, Barbara (oneill@aesop.rutgers.edu) – Rutgers University
Porto, Nilton (nilton_porto@uri.edu) – University of Rhode Island
Worthy, Sheri (sworthy@uga.edu) – University of Georgia
Xu, Yilan (yilanxu@illinois.edu) – University of Illinois
Saboe-Wounded Head, Lorna - South Dakota State
Absent:
Delgadillo, Lucy (lucy.delgadillo@usu.edu) – Utah State University
Griesdorn, Timothy (griesdor@uiwtx.edu) – University of Incarnate Word
Guillemette, Michael (guillemettem@missouri.edu) – University of Missouri
Krishnan, Palaniappa (baba@udel.edu) – University of Delaware
Linville, Ina – Missouri Cooperative Extension
Lown, Jean (jean.lown@usu.edu) – Utah State University
Welsh, Melissa (drmwelsh@umd.edu) – Maryland Cooperative Extension
Brief Summary of Minutes
Project Updates
Student Loan Papers
Race: Nilton reported that there have not been many significant findings. He has decided to shift the focus of the paper around anchoring. (Team consists of Nilton, Cathy, Jinhee and Michael)
Gender: 90% done. Looking at gender differences. Not a lot of interesting findings. Same problems with assumption violations. (Team consists of Suzanne, Elizabeth, Jinhee, Barb and Sheri)
Main: Slow moving. Some interesting results. Just needs a jumpstart. (Team includes Travis, Elizabeth, Soo and Michael)
Barbara reports that the paper describing the twitter study was accepted for publication in the Journal of Human Sciences Extension.
Housing
Data cleaning still in process. Google doc available for anyone interested in writing a paper from the dataset. Carrie is working on a grant for funding to do the qualitative piece of the main paper. (Update: Grant not funded, but Carrie will continue to work on the qualitative portion of the main paper using software at NDSU. David gave Elizabeth the keys to the data cleaning process and will send her the data in May).
Retirement
The group is close to identifying a dependent variable and key intervention. Working on next steps. The dependent variable may be something along the lines of this question: At what age do you expect to begin spending down your retirement?
Soo suggested using a “promotion vs. prevention” approach. A scale focused on that construct would be available for use in data collection.
Discussion:
The ASA has done quite a bit in terms of studying SS behaviors.
Travis: Collecting SS vs Spending down retirement.
Yilan: Looked at personality and decumulation.
Elizabeth: General ideas about SS. Do people still us SS as a way to spend in retirement?
Barbara: Ask people how do you define SS? How do people create their own paycheck?
Elizabeth: People say they’ll keep working but they usually retire at 62. K-State very interested in the age of retirement question.
Barbara: Big gap in actual behavior in terms of when one decides to retire.
Soo, Sheri and Dave suggested starting a panel dataset/longitudinal study as a group.
Yillan: People don’t touch their savings in retirement, they stick to the bare minimum/RMD. To find out what people actually do, we could conduct a focus group of people who have already retired to see what their strategy was/is.
Yilan asked: How do we find a group of people who are retired but are not on pension benefits?
Suzanne: Iowa is doing classes for people one-year away from retiring.
Elizabeth: We keep kind of bumping into the issue of making a retirement decision as a couple.
Where are people getting the idea that there will be no SS in retirement?
Barbara: Content analysis suggestion. Take a look at association websites vs. private websites.
We could do a lit review and a content analysis to show output for the September 2018 report.
2108 Meeting Location
Sheri Worthy agreed to make the arrangements for next year’s meeting location.
A date of June 27th-28th was agreed upon.
The meeting will start in the afternoon on the 27th and go until about 5pm that night. We will continue the meeting on the 28th for the entire work day.
More information to follow regarding the location.
Renewal of NC2172
It was generally accepted that the focus of our next project phase will be on the intersection between Health and Finance (or Family Resource Management as discussed later in the meeting)
Ideas included: collecting our own data (longitudinal), including a wide range of ages, find a gap in existing datasets and collect our own data to fill those gaps, study individual behaviors related to health and finance, use the national framework for health and wellness, make sure we have a random sample for publishing purposes, look into personality differences, include biological factors in our dataset, study retired people with adult children, potential for decision-making studies, look into health care spending and utilization, apply decision-making strategies to health, health and retirement, long-term care, mental health, stress, retirement, rural families, North Central region, contribute to national health and wealth objectives, health disparity, childhood obesity, latinos (latino paradox), gradients of health and wealth.
Data Collection Plans
One year study to cover the whole five year plan.
Challenges exist in terms of collecting data if we focus on the elderly
Unique data has been key to the success of this group.
Data storage
Yilan will send the savings data and the qualitative student loan data up to the Illinois data service system.
Elizabeth will look into some information about ResearchGate and share it with the group if it looks good.
Day 2
4/21/17
Caroline Crocoll
Fiscal year 2015, NIFA could advertise, but had to be a broader description in behavioral economics some candidates were “good”, but not leaders in “your” field. Narrowed it down to one candidate and the search was a failed search.
The Rural Sociologist position was filled and that person is capable of doing justice to “our” work. The selection for this position was made but the hiring freeze happened.
NIFA went from having 9 National Program Leaders to 4 (crushed under workload). Caroline really wants to get this position moving.
Caroline is meeting with Nancy Montoya soon. JumpStart requires a fee so NIFA has stepped back from participation.
Susan left a list of partnerships for Caroline to review.
Caroline will send (and did) the existing listserv to Michael Gutter. Elizabeth will send her list of State Specialists to Caroline.
Michael: “We don’t help people fix their credit score, we do research to help practitioners learn how to motivate people to fix their credit score.”
Caroline said she has a lot of ideas on how to help us with our work.
Aligning with White House priorities:
Personal responsibility was mentioned as one of the priorities we could align with. Schematically, there are some things we can do that align with the priorities.
NIFA Priorities:
1st: Grants!
Family Well-Being
Community Vitality
Financial Capability/Financial Literacy
Substance Abuse and Opioids
Childhood exposure to lead
Financial issues for youth and college-aged consumers
Caroline strongly recommended that we apply for one of the AFRI Grants and suggested that we sit on one of the review panels. Let Caroline know that you are interested.
Jinhee and Barbara will work with JumpStart to help make the transition back onto the NIFA agenda.
Future Direction of NC2172
Michael mentioned choice sets vs rational decision-making. Our priorities would focus on health and finance, the rural/urban divide and translating our intervention work to application.
Sharon mentioned some possibilities in qualitative research in Rural/Urban communication and divide.
Suzanne said our strengths are in consumer decision-making.
Michael asked if there was a good measure of health insurance literacy.
Jinhee mentioned that the director of the health literacy center is new at UMD and talked about publishing our future work in health related journals. The authors of those journals usually just use income and education as control variables. An example of a paper she gave was that of diabetes patients making financial decisions.
Sharon mentioned that hypothetical situations are our bread and butter. Ex: How does uncertainty about health affect my retirement decision-making?
Nilton said that we need more research on how consumers decide to buy health insurance. What information (heuristics) are consumers using to make a decision? Utility maximization experiments (for any situation, not just health). Look into income shock and how people prioritize their decisions when one comes along.
Four new objectives were agreed upon for the next phase of our project:
1) Understanding family resource management under uncertainties over life span
2) Identifying personal characteristics and contextual factors contributing to household financial and health decisions
3) Understanding how financial capability affects household health decisions and outcomes
4) Understanding how health conditions affect household financial decisions
A new number will be assigned for the next five years, but we will supply the name of the project.
Michael urged members to review the new objectives prior to our next meeting.
Accomplishments
<p><strong>Activities:</strong></p><br /> <p>1. UGA led a multistate Proposal submitted to NIFA to request funding to study the retirement behavior of farmers and ranchers in multiple states. </p><br /> <p>2. North Dakota led a National Bureau of Economic Research housing research grant proposal; it was not funded. </p><br /> <p>3. Members of the team won three awards for their work related to this team. </p><br /> <p>4. During the fiscal year of 2017 the research group focused on the analyses of our student loan data collected the previous</p><br /> <p> year. This data consists of an experimental design component to better understand factors affecting the demand for student loans.</p><br /> <p> Data from this survey has already been used in two journal publications where we found significant generational and gender</p><br /> <p> differences. We are still working on this survey data to uncover anchoring effects and plan to publish a main paper with overall</p><br /> <p> findings, which will be submitted later in 2017.</p><br /> <p>5. During last year's meeting the research team also began discussing the analyses conducted by the housing and a retirement subgroup.</p><br /> <p>6. Four team members conducted a Twitter Chat in June 2016 to collect data that resulted in a paper recently accepted for publication.</p><br /> <p>Financial Decisions of Young Adults, NC2172 Research Study in Cooperation with WiseBread #wbchat, June 2. Summary at <a href="https://storify.com/moneytalk1/financial-decisions-of-young-adults-57516f34f0ddf1e72bcf292a">https://storify.com/moneytalk1/financial-decisions-of-young-adults-57516f34f0ddf1e72bcf292a</a></p><br /> <p>7. The team also submitted a proposal to continue the multi state team for 2018-2023. </p><br /> <p><strong>Presentations:</strong></p><br /> <p>Johnson, C., Kiss, E., Evans, D., Xu, Y., & O’Neill, B. Innovative Data Collection in Social Science Research. <em>American Council on Consumer Interests</em>, Albuquerque, NM, 2017.</p><br /> <p>Xu, Y., Johnson, C., Bartholomae, S., O’Neil, B. (presenter), and Gutter, M. (presenter) “Homeownership Among Millennials: The Deferred American Dream?” American Association of Family & Consumer Sciences (AAFCS) 107th Conference and Expo, Bellevue, WA, June 2016</p><br /> <p>Cho, S. (presenter), Xu, Y., and Kiss, D.E. “Understanding Student Loan Decisions: A Literature Review.” American Association of Family & Consumer Sciences (AAFCS) 107th Conference and Expo, Bellevue, WA, June 2016</p><br /> <p><strong>Abstracts:</strong></p><br /> <p>Xu, Y., O’Neill, B., Gutter, M., Saboe-Wounded-Head, L., Kiss, D.E., & Evans, D. The Complexity of Retirement Decision-Making: Insights From a Literature Review. <em>Association for Financial Counseling and Planning Education</em>, 2017, 22.</p><br /> <p>Cho, S.H., Johnson, C., Kiss, D.E., O’Neill, B., & Gutter, M.S.. Student Loan Decision-Making: What We Know and What We Do With It. <em>Association for Financial Counseling and Planning Education</em>, 2017, 44.</p><br /> <p>Johnson, C., Kiss, E., Evans, D., Xu, Y., & O’Neill, B. Innovative Data Collection in Social Science Research. <em>Consumer Interests Annual </em>(American Council on Consumer Interests), (2017), 1 page. <a href="https://urldefense.proofpoint.com/v2/url?u=http-3A__www.consumerinterests.org_assets_docs_CIA_CIA2017_CIA-25202017-2520Johnson-2520Kiss-2520Evans-2520Xu-2520ONeill-2520Gutter-2520SY.pdf&d=DwMGaQ&c=pZJPUDQ3SB9JplYbifm4nt2lEVG5pWx2KikqINpWlZM&r=iqFZE6K3qUUuNxeY2Z-sWQ&m=8MuhFKXHik6c8ZZ9QLw6Ro85j27NAGrWkFt1RYUQml8&s=PNX7gzkU9Tu_4nYF-yuUPhhf3fQBajVncdnBuXYpSSE&e=">http://www.consumerinterests.org/assets/docs/CIA/CIA2017/CIA%202017%20Johnson%20Kiss%20Evans%20Xu%20ONeill%20Gutter%20SY.pdf</a>.</p><br /> <p><strong>Awards:</strong></p><br /> <p>Carrie Johnson won 2016 Emerging Scholar Award for the first paper below: Perceived value of college as an investment in human and social capital.</p><br /> <p>Members of our team won the "Best Paper in Personal Finance/Consumer Economics" that was published in the Family & Consumer Sciences Research Journal during 2016 (awarded June 2017, announced February 2017) for the paper "Cho, S. H., Mountain, T. P., Porto, N., Kiss, D. E., Gutter, M. S., & Griesdorn, T. (2016). Experimental Design to Understand the Student Loan Decision: A Methodological Note. Family and Consumer Sciences Research Journal, 45(1), 65-76. doi:10.1111/fcsr.12186 "</p><br /> <p> </p><br /> <p> </p>Publications
<p>Johnson, C. L., Gutter, M., Xu, Y., Cho, S., & DeVaney, S. (2016). Perceived value of college as an investment in human and social capital: Views of Generations X and Y. <em>Family and Consumer Sciences Research Journal, 45</em>(2).</p><br /> <p>Johnson, C., Evans, D., Worthy, S., & O’Neill, B. (2016). Virtual focus groups in Extension research.<em> Journal of the National Extension Association of Family and Consumer Sciences. </em>Available: <a href="http://www.neafcs.org/assets/documents/journal/2016%20jneafcs.pdf">http://www.neafcs.org/assets/documents/journal/2016%20jneafcs.pdf</a></p><br /> <p>Johnson, C., O’Neill, B., Worthy, S. L., Lown, J. & Bowen, C. (2016). What are student loan borrowers thinking? Insights from focus groups on college selection and student loan decision-making, <em>Journal of Financial Counseling and Planning, 27</em>(2).</p><br /> <p>Mountain, T.P. Gutter, M.S., Ruiz-Menjivar, J. & Copur, Z. (2017). Exploring the Role of Financial Disclosure Forms in Mortgage Type Selection. <em>Journal of Financial Counseling and Planning</em>, 28(2), 285-299. <a href="https://doi.org/10.1891/1052-3073.28.2.285">https://doi.org/10.1891/1052-3073.28.2.285</a></p><br /> <p>Kim, J., Gutter, M. & Spangler, T. (2017). Review of Family Financial Decision Making: Suggestions for Future Research and Implications for Financial Education. Journal of Financial Counseling and Planning, 28(2), 253-267. <a href="http://dx.doi.org/10.1891/1052-3073.28.2.253">http://dx.doi.org/10.1891/1052-3073.28.2.253</a></p><br /> <p>Kim, J., Spangler, T., & Gutter, M.S. (2016). Extended families: Support, socialization, and stress. Family and Consumer Sciences Research Journal. 45(1), 104-118.</p><br /> <p>Xu, Y., O'Neill, B., Gutter, M., Wounded Head, L., and Kiss, D.E., (2017). How Do People Make Retirement Decisions? working paper.</p><br /> <p>Bartholomae, S., Kiss, D.E., O’Neill, B., Worthy, S., Kim, J., & Jurgenson, J. (2017). Examining gender bias in judging student loan borrowing: An experimental survey on the effect of framing. Working paper to be submitted 2018 to Journal of Family and Economic Issue Special Issue on Student Loans.</p>Impact Statements
- Homeownership Among Millennials: Best Paper in Housing Economics for FCSRJ 2015, #1 most downloads for FCSRJ 2016.
Date of Annual Report: 07/23/2018
Report Information
Period the Report Covers: 08/01/2017 - 07/31/2018
Participants
Bartholomae, Suzanne (suzanneb@iastate.edu) – Iowa State UniversitySwarn Chatterjee (swarn@uga.edu) – University of Georgia
Cho, Soo Hyun (SooHyun.Cho@csulb.edu) – California State University Long Beach
Evans, David (devans@purdue.edu) - Purdue University
Angela Fontes (fonts-angela@norc.org) – NORC at University of Chicago
Gutter, Michael (msgutter@ufl.edu) – University of Florida
Johnson, Carrie (carrie.johnson.1@ndsu.edu) - North Dakota State University
Kiss, Elizabeth (dekiss4@ksu.edu) - Kansas State University
Joan Koontz (jkoonce@uga.edu) – University of Georgia
Fran Lawrence (lawrencef@missouri.edu) -
Angela Lyons (on-line) (anglyons@illinois.edu) – University of Illinois
Minton, Ernie (eminton@ksu.edu) – Kansas State University (Administrative Advisor)
Travis Mountain (travis35@vt.edu) – Virginia Tech
O’Neill, Barbara (oneill@aesop.rutgers.edu) – Rutgers University
Porto, Nilton (nilton_porto@uri.edu) – University of Rhode Island
Worthy, Sheri (sworthy@uga.edu) – University of Georgia
Lorna Saboe-Wounded Head (lorna.woundedhead@sdstate.edu) – South Dakota State University
Xu, Yilan (yilanxu@illinois.edu) – University of Illinois
Absent:
Bowen, Cathy (cbowen@psu.edu) – The Pennsylvania State University
Delgadillo, Lucy (lucy.delgadillo@usu.edu) – Utah State University
DeVaney, Sharon (sdevaney@purdue.edu) – Purdue University
Griesdorn, Timothy (griesdor@uiwtx.edu) – University of Incarnate Word
Guillemette, Michael (guillemettem@missouri.edu) – University of Missouri
Krishnan, Palaniappa (baba@udel.edu) – University of Delaware
Kim, Jinhee (jinkim@umd.edu) – University of Maryland
Linville, Ina – Missouri Cooperative Extension
Lown, Jean (jean.lown@usu.edu) – Utah State University
Welsh, Melissa (drmwelsh@umd.edu) – Maryland Cooperative Extension
Brief Summary of Minutes
NC2712 Annual Face-to-Face Meeting
May 20th and 21st2018—Sheraton Sand Key, Clearwater Beach, FL
DAY 1: SAND KEY ROOM, CLEARWATER SHERATON – 8AM TO 5PM
Present – Suzanne Bartholomae, Swarn Chatterjee, Soo-Hyun Cho, David Evans, Angela Fontes, Michael Gutter, Carrie Johnson, Elizabeth Kiss, Joan Koontz, Fran Lawrence,
Angela Lyons (on-line), Travis Mountain, Barbara O’Neill, Nilton Porto, Lorna Saboe Wounded-Head, Yilan Xu
Invited Guest (online): Ernie Minton
WELCOME/LOGISTICS/ INTRODUCING NEW MEMBERS—YILAN XU
AGENDA UPDATES —YILAN XU
APPROVAL OF MINUTES FROM MAY 2018
Approval of May 2018 Minutes (Elizabeth moved, Michael Seconded). Minutes approved.
OFFICER ELECTION
Carrie Johnson: Vice Chair
Outgoing Secretary: David Evans
Nominations: Lorna nominated herself, Elizabeth moved that we approve by acclimation.
Unanimous approval.
REVIEW OF PROGRESS & FUTURE DIRECTIONS/FUNDING OPPORTUNITIES
International Research Possibilities
Nilton is on the international committee for ACCI (American Council on Consumer Interests)
Sheri suggested that we add a discussion about international research to our agenda today. This topic could be discussed with Ernie.
Impact Study
Elizabeth suggested that we discuss involvement in the NIFA (National Institutes of Food and Agriculture) IMPACT study. Ernie played a key role and may have some advice for us.
Michael mentioned that our annual reports should include impact. Asked if everyone had access to NIMSS (National Information Management and Support System).
Funding for meetings
It was suggested that we ask Ernie about possible funding to pay for annual meetings.
Outcomes from membership
Sheri suggested that we discuss exceptions from group members in terms of what they can get out of membership.
ADVISOR COMMENTS – DR. ERNIE MINTON
The annual report
Question from Yilan: How long should the section of the annual report be, specifically the section on contributions from each university.
Response from Ernie: Please articulate which resources are available and where they are located. Emphasize that NC2172 really is designed and functions in a way that Hatch funding was intended to be used.
Chris Hamilton reminded Ernie that the responses to reviewers are due on June 1st. Ernie suggested making sure that assignments are made during the meeting to accomplish this task.
Regarding membership. Ernie suggested sending him the list of members who need to be added or removed from the list. Yilan mentioned the sensitive nature of membership management. Ernie suggested that because this is the last meeting of the previous five year project, and there are members who have never attended a meeting, we have more of a reason to ask them to leave.
Sheri reminded us that the new project list may actually take care of this problem since, in general, those who were inactive in the current project have not signed up for the new one. There are, however, a few new members that we have not met.
Regarding international research
International research has been done before, but it is not a requirement. It is allowable as long as it creates stronger impact or clear application to what you are involved in. Ernie mentioned an ag study where international data collection added quite a bit of value to the Hatch project.
Regarding the NIFA IMPACT project website
Chris Hamilton can help facilitate our inclusion on the NIFA impact website.
Updates from Ernie Minton
Growing Hatch funds has been quite a “heavy lift” lately at the federal level. Any outcomes such as articles written or anything that can be cited helps immensely to convince stakeholders to continue funding multi-state research projects.
Other funding opportunities?
Discuss this with your local program leaders or Extension administrators.
NIFA representative (Toija Riggins) if she has other suggestions for funding. There may be opportunities across multiple agencies in Washington as well.
9:00 - 10:00 Break (ACCI post-conference session)
10:15 Reconvene
PROJECT UPDATES
Retirement Literature Review paper — Status: Reject and re-submit. Journal of Financial Counseling and Planning. Yilan plans to re-submit.
Yilan -lead, Lorna, Michael, Barb, Elizabeth
Gender Paper (Student Loans-SL) — Journal of Family and Economic Issues. The paper has been reviewed
Suzanne is the lead author — Elizabeth, Jesse Jergensen, Barbara, Jinhee and Sheri
“As soon as” paper
Barbara, Elizabeth, Carrie, Yilan and Steve Buyslee
Main Paper (SL) — As of March 26th the paper is under review — “Gender, framing and student loans”
Travis (lead author), others unknown
Anchoring Paper (SL)
Nilton (co-lead author), Jinhee and Michael (co-lead)
Qualitative housing affordability
Carrie (lead author), Jinhee, David, Sheri, Suzanne and Yilan
DATASETS
Savings Dataset
Student Loan Dataset— The value of education.
Experimental Data— What types of things would make a difference in determining the value of higher education?
Qualitative Data — For what purpose/reason did you take out a student loan?
Collected using Survey Sampling International
Online focus group
Housing Affordability Data
Collected using Amazon Turk
Both quantitative and qualitative
Grad student or post doc needed to help clean the data.
Yilan has a summer intern who can help with the documentation for the dataset
Sheri will work with David, Elizabeth and Swarn to get the cleaning going.
Qualtrics Survey — Collected through Twitter chat. Focus on young adult financial education.
Housing, Family Formation and Student Loans(Collected in March of 2017)
Can be made available to NC2172 members
18-34 year olds
Research question: What are the barriers to homeownership?
Survey Sampling International used for data collection — all U.S. Citizens
<Short discussion on qualitative data managers: Deedoose and Orange were two, free programs mentioned.>
NEW PROJECTS
The intersection between health and wealth.
Two presentations: NHOC (National Health Outreach Conference) and ACCI
How consumers pay for healthcare
Review of New Five year Project: NC_temp2172: Behavioral economics and the intersection of healthcare and financial decision making across the lifespan
Michael on track to receive $20,000 to study cancer patients and financial matters on UFL campus. The oncology department at UFL is interested in a concept known as financial toxicity, which essentially means that the cost of cancer treatment inhibits or disrupts recovery.
Yilan mentioned that at UI there was an interdisciplinary meeting regarding cancer research.
Yilan was concerned about data collection. Focusing on cancer patients limits the number of participants observed.
Michael has access to a data trust at Univ of FL that we would have access to.
Angela Fontes mentioned other datasets that could be used to approach this research purpose. Mentioned micro-datasets called Omnibus surveys ($1,000 per question) made up about 5-10 questions.
Angela Lyons pointed out the international possibilities with health and wealth research.
Yilan suggested that our literature reviews regarding experiments need to be a bit more rigorous.
Barbara reminded us that when we write literature reviews, we need to focus more on synthesis.
Elizabeth mentioned the opioid money possibilities.
Angela Fontes mentioned the interest from the Robert Wood Johnson foundation surrounding the health and wealth issue.
Do we focus on recruiting people to NC2172(temp) who have an expertise in this research purpose?
Sheri mentioned a better strategy might be to work with a collaborator instead of fully recruiting them to this group.
Do we bring more international research into the future of NC2172(temp)?
Michael mentioned a PCORI (patient centered outcome research) group on his campus who helped get him access to cancer patients.
Yilan suggested a five -year plan.
Meta analysis of health and wealth research
International Scope
Connecting campus research centers on our separate campuses (Michael will follow-up)
AFRI (Agriculture and Food Research Initiative) Proposal — Farming retirement study
Proposal was not funded through AFRI
Manuscript started — targeting FCSRJ
Wish list of variables we can collect
There is a file shared in the dropbox folder
Waiting on data analysis from NLSY from Swarn
Data have been analyzed
Finding that there is no data on this topic
Toija sees a lot of value
Suggested a co investigator (Shoshanna Inman at Ohio State)
Shoshanna is a rural sociologist at Ohio State
SARE (Sustainable Agriculture Research and Education Program) Grant
Sheri shared a link with all of us to look at that would be another place where our proposal could be submitted.
Deadline for SARE pre proposal is October 2018.
Shoshanna has already talked to a few of our members and said she would love to talk with us about collaboration.
Suggested that we emphasize the research/extension component
Michael suggested doing the project with stakeholders instead of for them
We should invite Shoshanna to the next conference call!
We’ll have an opportunity to chat with Toija about this topic tomorrow morning.
Ask her about SARE deadline.
Travis has some funding (about $3K) to use for a pilot study. Michael can match that amount.
Suggested that farm succession planning be added to the project due to its connection to financial stress.
Questions for Toija tomorrow morning:
Ask her about SARE deadline (maybe October?)
Lunch Break 12 - 2pm
2pm Reconvened
BYLAWS AND PROCEDURES
Changewording in section 3
By phone changed to by email or other means
Remove institution from the “inactive institution”
Milton moved, Frances Seconded the change
Carrie asked for a dataset of “intent to use” documents.
Elizabeth asked for the possibility to have a Qualtrics survey created for Appendix A and B and include the link in the monthly minutes.
Section 5 needs to be updated (project name).
The list of institutions in section 5 needs to be updated on a regular basis.
Update Appendix B’s list of institutions(remove all of the school names from the paragraph and leave the rest of the language).
Motion to remove: Swarn motioned, Barb seconded
Authorship
It was suggested to add a way to cite our main paper to the appendix B.
It was agreed that grad students should be included as authors and then included in sub-group phone calls.
Sheri sent an authorship rubric to the group.
Going forward Michael suggested the number five as a target for total number of authors.
Yilan: When about ten people want to join a project, it is a good time to discuss two different papers.
Future decisions regarding authorship will be discussed in monthly conference calls.
It was suggested that we formalize the way in which groups are formed when about ten people are interested in one project.
Suzanne will send more information on how to proceed regarding co-authorship and group formation.
WORKING GROUPS BREAKOUT SESSIONS
Gender Paper
Retirement Literature Review
Health and Wealth
Anchoring Paper
ANNUAL MEETING DISCUSSION
Soo and Yilan offered to host meetings at their respective institutions
Michael warned that it took years to establish the relationship that we have with ACCI
If we have faculty members coordinating the meetings, it was suggested that those with administrative support should have priority status.
Piggybacking on other conferences was also suggested as an efficient way to hold our meetings.
Yilan suggested that if we break from ACCI that we should have a strong commitment from three institutions for the next three years.
Motion:We collocate with ACCI in 2019 (Elizabeth), Barb seconded the motion.
In Favor: 5
Opposed: 8
Abstention: 2
Next Three Years….
Champaign-Urbana 2019 (Club Quarters/Illini Center)
Travel: Optional shuttle, local airport, or Amtrak
Long Beach 2020
Chicago (downtown offices) 2021
Alternates: Gainesville (UF), Manhattan (K-State), Fargo (ND)
Motion to accept the above locations as official and alternate locations(Lorna), Michael seconded
Elizabeth submitted and then withdrew an amendment.
Angela Lyons suggested the Club Quarters partnership in Chicago along with use of the Illini center.
Amendment to the Champaign option with the possibility of moving the mtg to Chicago.
Motion to approve amendment:Moved by Elizabeth, Seconded by Nilton
Unanimous approval.
Yilan will check on availability before we make a final decision on the date of our next annual meeting.
Monthly Conference Calls
Carrie motioned that we keep the same conference call schedule, Michael seconded.
All in favor, one opposed. Motion passed.
Michael will continue providing Zoom meeting from his institution.
Next conference call is June 8th at 2pm Eastern.
Reminder: List Serv and Dropbox access for all members.
Meeting adjourned at 5:11pm
Accomplishments
<p><strong>Accomplishments</strong></p><br /> <ol><br /> <li>Sharon Devaney won the Master Mentor Award at the annual conference of American Council on Consumer Interests, Clear Water Beach, Florida, on May 18, 2018.</li><br /> <li>NIFA AFRI grant proposal “Behavioral Economics and Retirement Decision-Making for Farmers”, PI: Worthy. Program Area: Agriculture Economics and Rural Communities (AERC)</li><br /> </ol><br /> <p>Priority Area: Economics, Markets and Trade (Program Area Priority Code – A1641)</p><br /> <ol start="3"><br /> <li>Six presentations were made based on the NC 2172 research.</li><br /> <li>The group published nine peer-reviewed articles, and five manuscripts have been under peer review.</li><br /> <li>Two publications of the group were listed among the Top 10 most downloaded articles of FCSRJ IN 2017.</li><br /> <li>Partnership and collaborations with external stakeholders: The team has established a close partnership with the American Council on Consumer Interests by holding a symposium and having annual meetings in conjunction with its annual meetings in the past. Currently NC 2172 team is in consultation with NORC for possible research collaboration on health and finance.</li><br /> </ol><br /> <p><strong>Outputs:</strong></p><br /> <p><strong>Activities:</strong></p><br /> <ol><br /> <li>Renewal proposal was submitted in October 2017 and was approved in May 2018. The project is renewed as “NC2172: Behavioral economics and the intersection of healthcare and financial decision making across the lifespan.”</li><br /> <li>Several presentations were made at the annual conference of the American Council on Consumer Interests, 2018 Biennial Conference of Family Economics and Resource Management Association (FERMA) and the 2018 National Health Outreach Conference. Data are collected from the discussions,</li><br /> <li>The group continued to publish at leading consumer and family science journals.</li><br /> </ol><br /> <p><strong>Milestones:</strong> The group collected data from symposium discussions on the conceptual framework for the intersection between health and financial wellness at 2018 Biennial Conference of Family Economics and Resource Management Association (FERMA) and the 2018 National Health Outreach Conference.</p><br /> <p><strong>Work under review</strong></p><br /> <ol><br /> <li>Bartholomae, S., Kiss, D.E., Jurgenson, J., O'Neill, B., Worthy, S., Kim, J., & (2017). Examining gender bias in judging student loan borrowing: An experimental survey on the effect of framing. Submitted to Journal of Family and Economic Issue Special Issue on Student Loans.</li><br /> <li>Kiss, D.E., Bartholomae, S., Johnson, C.L., O’Neill, Xu, Y., Gutter, M. Discussing the Intersections of Health and Financial Wellness. Under review as of July 18, 2018.</li><br /> <li>Mountain, T.P., Kim, N., Gutter, M.S., Kiss, E., Cho, S., and Johnson, C. Gender, Framing, and Student Loan Decision. Journal of Family and Economic Issues. Under Review as of March 26<sup>th</sup>, 2018.</li><br /> <li>O’Neill, Xu, Y., Johnson, C.L., Kiss, D.E., and Buyske, S. “As Soon As?” Finances:</li><br /> </ol><br /> <p>A Mixed Methods Study of Financial Decision-Making. Under review as of July 18, 2018.</p><br /> <ol start="5"><br /> <li>Xu, Y., O'Neill, B., Gutter, M., Wounded Head, L., and Kiss, D.E., How Do People</li><br /> </ol><br /> <p>Make Retirement Decisions? Under Review as of May 23, 2018.</p><br /> <p><strong> </strong></p>Publications
<p>1. Bartholomae, S., Xu, Y., Kiss, D.E., O’Neill, B., Gutter, M.S. & Evans, D. (2018). Financial distress and foregone healthcare. Consumer Interests Annual(in press). <br />2. Cho, S., Johnson, C., Kiss, D. E., O’Neill, B., & Gutter, M. S. (2017, November). Student loan decision-making: What we know and what to do with it. In Mason, V. J. & Kiss, D. E. 2017 AFCPE Research and Training Symposium Proceedings(pp. 44-45).<br />3. DeVaney, S. A., Spangler, A., Lee, Y., Delgadillo, L. (2018). Tips from the Experts on Conducting and Reviewing Qualitative Research. Family & Consumer Sciences Research Journal, 46(4), 396-405.<br />4. Dyk, P., Monroe, P., Tyler-Mackey, C., Welborn, R., & Worthy, S. L. (2018). Turning the Tide on Poverty, Editors: Lionel Beaulieu and Alice Diebel. Routledge. Available: https://www.routledge.com/Turning-the-Tide-on-Poverty/Beaulieu-Diebel/p/book/9781138081192<br />5. Kim, K.T., DeVaney, S. A., Lee, J.M. (2018). Financial Knowledge and Financial Fragility of US Households. Consumer Interests Annual(in press).<br />6. O’Neill, B., Xu, Y., Johnson, C.L., & Kiss, E. (2018). Twitter Chats as a Research Tool: A Study of Young Adult Financial Decisions. Journal of Human Sciences and Extension, 6(1), 89-97. https://docs.wixstatic.com/ugd/c8fe6e_0c08d600633744c6bc900a4cf81de361.pdf "<br />7. Osmane, S., Bowen, C. F. (2017) Predictors of Consumers’ Health Insurance Knowledge. Journal of Financial Counseling and Planning, 28(2), 300-312.<br />8. Saboe-Wounded Head, L., & Cho, S.H. (2017). Which financial education approach works to increase financial capability of college students: Is something better than nothing?, Proceeding of The Association for Financial Counseling and Planning Education (AFCPE).<br />9. Xu, Y., O'Neill, B., Gutter, M., Wounded Head, L., Kiss, D.E., and Evans, D. (2017). Thecomplexity of Retirement Decision-making. Proceedings of Association for Financial Counseling and Planning Education(AFCPE).<br /> <br /> <br /> Presentations:<br />1. Bartholomae, S., Xu, Y., Kiss, D.E., O’Neill, B., Gutter, M.S. & Evans, D. (2018). Financial distress and foregone healthcare. Symposium at the annual meeting of the American Council on Consumer Interest, Clearwater, FL.<br />2. Cho, S., Johnson, C., Kiss, D. E., O’Neill, B., & Gutter, M. S. (2017, November). Student loan decision-making: What we know and what to do with it. 2017 Financial Counseling and Planning Education (AFCPE) Symposium, San Diego, CA.<br />3. Kiss, D.E., Bartholomae, S., Johnson, C.L., O’Neill, Gutter, M., Xu, Y., Exploring the Intersections of Health and Financial Wellness. 2018 Biennial Conference of Family Economics and Resource Management Association (FERMA), Clearwater, FL.<br />4. Kiss, D.E., Bartholomae, S., Johnson, C.L., O’Neill, Gutter, M., Xu, Y., Exploring the Intersections of Health and Financial Wellness. 2018 National Health Outreach Conference, Bloomington, MN. <br />5. Xu, Y., O'Neill, B., Gutter, M., Wounded Head, L., Kiss, D.E., and Evans, D. (2017). The<br />complexity of Retirement Decision-making. 2017 Financial Counseling and Planning Education (AFCPE) Symposium, San Diego, CA.<br />6. Saboe-Wounded Head, L., & Cho, S.H. (2017). Which financial education approach works to increase financial capability of college students: Is something better than nothing?, 2017 Financial Counseling and Planning Education (AFCPE) Symposium, San Diego, CA.</p>Impact Statements
- Impacts will be determined as final publications are in print and metrics are collected such as citations, etc.