NC_old2172: Behavioral economics and the intersection of healthcare and financial decision making across the lifespan

(Multistate Research Project)

Status: Inactive/Terminating

Project Menu

SAES-422 Reports

Annual/Termination Reports:

[08/14/2019] [08/24/2020] [08/12/2021] [08/07/2022] [03/07/2024]

Date of Annual Report: 08/14/2019

Report Information

Annual Meeting Dates: 06/05/2019 - 06/06/2019
Period the Report Covers: 08/01/2018 - 07/31/2019

Participants

Barbara O’Neill – Rutgers University (on-line)
Bidisha Mandal – Washington State University
Carrie Johnson, Vice Chair – North Dakota Cooperative Extension
Elizabeth Kiss – Kansas State University
Jinhee Kim – Maryland Cooperative Extension (on-line)
Lauren Jones – Ohio State University
Lorna Wounded Head, Secretary -South Dakota State University
Michael Gutter – University of Florida (on-line)
Nilton Porto – University of Rhode Island
Sheri Worthy– University of Georgia
Soo Hyun Cho– California State University, Long Beach
Swarn Chatterjee—University of Georgia
Tim Griesdorn – University of Incarnate Word (on-line)
Travis Mountain – Virginia Polytechnic Institute and State University
Yilan Xu, Chair - University of Illinois (on-line)

Participants Attachment:

2019 Annual Meeting_minutes.docx

Brief Summary of Minutes

Accomplishments

<ol> <li>The group has started several research projects on financial and health wellness.</li> <li>A publication of the group was listed among the Top 10 most downloaded articles of FCSRJ during 2018: Homeownership among Millennials: The Deferred American Dream. By Yilan Xu, Carrie Johnson, Suzanne Bartholomae, Barbara O’Neill, and Michael S. Gutter. FCSRJ 2015, December 44(2). 610 down loads.</li> <li>The group published thirteen peer-reviewed articles, and one manuscript is under peer review.</li> <li>Five presentations were made based on the NC 2172 research.</li> <li>Partnership and collaborations with external stakeholders: Currently NC 2172 team is in consultation with NORC for possible research collaboration on health and finance. The group is also partnering with UF Cancer Center and several oncology clinics to study financial toxicity of medical debt and the financial and health decision-making of cancer patients.</li> <li>Gutter, Mountain, and Salloum (2019) obtained funding from the Abt Associates (Source CFPB) for the project titled “Financial Well Being of Cancer Patients. Funded”.</li> </ol> Activities: <ol> <li>The project was renewed in May 2018 as “NC2172: Behavioral economics and the intersection of healthcare and financial decision making across the lifespan.” In this past year, the group has been focusing on following through legacy projects and establishing new projects.</li> <li>The group has surveyed data sets that collect health insurance and patient related information in search for data to study financial and health wellness.</li> <li>The group is establishing an outreach website to disseminate the group’s research results. The first batch of blog, podcast, and infogram have been prepared for publication on the website out of the group’s most recent publication: O’Neill, B., Xu, Y., Johnson, C., Kiss, D.E., & Buyske, S. (2019). “As Soon As…” Finances: A Study of Financial Decision-Making. Journal of Personal Finance, 18(1), 37-53.</li> <li>The team is establishing partnerships with Cancer Centers and oncology clinics at member institutes to conduct surveys and collect data from cancer patients and their caregivers.</li> <li>Several presentations were made at the annual conferences of the American Council on Consumer Interests, North American Regional Science Council, Association for Financial Counseling and Planning Education,and the National Health Outreach Conference, the CFP Board Academic Research Colloquium.</li> <li>The group continued to publish at leading consumer and family science journals.</li> </ol> Presentations: <ol> <li>Porto, N, Gutter. M and Cho, S. Anchoring Effects on Student Loan Decisions: Evidence from an Experimental Design, 2019 ACCI, Arlington, Virginia.</li> <li>Mandal, B. The effect of rurality of residential location on diagnoses of chronic conditions among older Medicaid enrollees. (2018). North American Regional Science Council, San Antonio, Texas.</li> <li>Kiss, D.E., Xu, Y., Saboe-Wounded Head, L, Gutter, M. and O’Neill, B. (2019) Insights from a Systematic Review of Retirement Planning Recommendations. American Council on Consumer Interests, Arlington, VA, 2019.</li> <li>Gutter,M.S.; Szurek, S.; Navarro, G.; Duncan, L.; and Lynch, W.  (2019) Financial Toxicity Impacting Cancer Patients in Rural Populations. National Health Outreach Conference, Ft Worth Texas</li> <li>Kiss, D.E., Xu, Y., Saboe-Wounded Head, L, Gutter, M. and O’Neill, B. (2019) Retirement planning recommendations from a systematic analysis of financial planning journals. 2019 CFP Board Academic Research Colloquium</li> <li>Crawford, C. & Lawrence, F. Exceeding Expectations -The Synergy of Personal Finance and Positive Psychology to Boost Wellbeing in Retirement Planning.” Association for Financial Counseling and Planning Education. Association for Financial Counseling and Planning Education Annual Conference, Norfolk, VA, November 16, 2018.</li> </ol>  Milestones:  <ol> <li>The group has started a project to study trends in Medicaid take-up rates in non-expansion states from 2012 until 2017. Multiple studies have documented significant increases in Medicaid enrollment rates and reductions in uninsured rates among the low-income population in states that opted to expand Medicaid under the Affordable Care Act (ACA).  An interesting phenomenon is that there appears to be an increase in Medicaid enrollment rates in non-expansion states too, along with a substantial drop in uninsurance rates.  While the latter trend could be driven by the individual and employer mandates of the ACA, the increase in Medicaid coverage rates in non-expansion states is puzzling.  The objective of this study is to understand the Medicaid eligibility conditions in each of the non-expansion states before and after the ACA, and to examine the socio-economic background of Medicaid enrollees in these states in the two time periods. The group planned to submit grant proposal for funds to conduct surveys in partnership with NORC to investigate reasons for Medicaid non-enrollment among the eligible population in both expansion and non-expansion states.</li> <li>The group has started an outreach website to disseminate the research results of the group. The production of outreach materials, including blogs, podcasts, and infograms, will be integrated as part of the research process of the group.</li> <li>On August 1, Sharon Devaney will have completed 10 years as Editor of the Family and Consumer Sciences Research Journal, published by Wiley Blackwell. She has served as editor for 40 issues with approximately 250 articles published during those 10 years. Each issue includes a 2- to 3-page Editorial Note to introduce the issue.</li> </ol>

Publications

Mandal, Bidisha, and Michael P. Brady. "The Roles of Gender and Marital Status on Risky Asset Allocation Decisions." Journal of Consumer Affairs. In press. https://doi.org/10.1111/joca.12261 O’Neill, B., Xu, Y., Johnson, C., Kiss, D.E., & Buyske, S. (2019). “As Soon As…” Finances: A Study of Financial Decision-Making. Journal of Personal Finance, 18(1), 37-53. Johnson, C.L., Hanson, B., Evans, D., Kim, J., Long, A., & Fife, J. (2019). How Americans define affordable housing. Family and Consumer Sciences Research Journal, 47(4). Bartholomae, S., Kiss, D. E., Jurgenson, J. B., O’Neill, B., Worthy, S. L., & Kim, J. (2019). Framing the human capital investment decision: Examining gender bias in student loan borrowing. Journal of Family and Economic Issues, 40(1), 132-145. Mountain, T. P., Kim, N., Gutter, M. S., Kiss, E., Cho, S. H., & Johnson, C. (2019). An exploration of gender bias, framing, and student loan decisions through an experimental design. Journal of Family and Economic Issues. <a href="https://doi.org/10.1007/s10834-019-09640-4">https://doi.org/10.1007/s10834-019-09640-4</a> DeVaney, S. A., Wilmarth, M. J., Lee, Y-A., Delgadillo, L., & Spangler, A. (2019). Helping Graduate Students Develop a Research Path. Family and Consumer Sciences Research Journal, 47(4), June, 384-394. Cho, S. H., Kim, K. T., & DeVaney, S. A. (2019). Racial and Ethnic Differences in Holding a Retirement Saving Motive: A Decomposition Analysis. Consumer Interests Annual. Book Review: Successful Academic Writing: A Complete Guide for Social and Behavioral Scientists. By A. A. Singh and L. Lukkarila. Reviewed by Sharon A. DeVaney. (2018). Family and Consumer Sciences Research Journal, 46(3), March. 317-319. Book Review: Treating People Well: The Extraordinary Power of Civility at Work and in Life. By L. Berman and J. Barnard. Reviewed by Sharon A. DeVaney. (2018). Family and Consumer Sciences Research Journal, 47(1), September, 105-106. Book Review: 100 Years Enriching Lives. Family and Consumer Sciences at University of Georgia. By S. Shannon-Paximadas. (2018). Family and Consumer Sciences Research Journal, 47(2), December, 191-194. Crawford, C., & Lawrence, F. (2019). Exceeding expectations: The synergy of personal finance and positive psychology to boost well-being in retirement planning. Proceedings of the Association for Financial Counseling and Planning Education. Crawford, C., Lawrence, F. & Herring, D. (2018). Retirement planning: Boosting wellbeing by combining financial and positive psychology research and best practices. Consumer Interests Annual, 64. Rabbani, A., O’Neill, B, Lawrence, F.,& Grable, J. (2018). The investment risk tolerance assessment: A resource for extension educators. Journal of Extension, 56(7), <a href="https://urldefense.proofpoint.com/v2/url?u=https-3A__joe.org_joe_2018december_pdf_JOE-5Fv56-5F7tt4.pdf&d=DwQGaQ&c=OCIEmEwdEq_aNlsP4fF3gFqSN-E3mlr2t9JcDdfOZag&r=c5PC6lVxwNkwBNUclesA3Wjo9427V6m9x700VpejqqY&m=dt1ZusdLIKzp0QJfvrxi8b-NKMIZBHxPZwTgAsn5z64&s=xjLR4cVyrIp9Rei73nEXaosUH6ChpS0Vzo66xN0l780&e=">https://joe.org/joe/2018december/pdf/JOE_v56_7tt4.pdf</a>.

Impact Statements

Twenty institutions from across the U.S. have come together to examine the intersection of financial capability and health decisions. Consumers face many choices related to paying for health insurance and healthcare. A 2017 Urban Institute reports that medical debt is the most common financial burden in the U.S. with current estimates suggesting that 1 in 6 Americans have past due healthcare bills on their credit report. This implies that there is an important relationship between the physical and financial health of American families. A better understanding of how families make simultaneous financial and health decisions will advance research on how health access affects a variety of financial outcomes for families; including wealth and asset building, retirement planning, and human capital investments. A group of researchers of NC 2172 have identified several urgent research topics in this area. They have conducted symposium discussions at national conferences to collect field data about health outreach practitioners’ and financial wellness extension specialists’ view of the intersection of financial and health wellness. More impact will be emerging at this point as the project spans 2018-2023.

Date of Annual Report: 08/24/2020

Report Information

Annual Meeting Dates: 06/09/2020 - 06/10/2020
Period the Report Covers: 08/01/2019 - 07/31/2020

Participants

Wheeler, Brandan – Mississippi State University; Johnson, Carrie – North Dakota State University; Kiss, Elizabeth – Kansas State University; Lawrence, Fran – University of Missouri; Jurgenson, Jesse – University of Maryland; Wounded Head, Lorna – South Dakota State University; Erickson, Luke – University of Idaho; Gutter, Michael – University of Florida; Porto, Nilton – University of Rhode Island; Worthy, Sheri – University of Georgia; Cho, Soo Hyun – California State University, Long Beach; Bartholomae, Suzanne – Iowa State University; Chatterjee, Swarn – University of Georgia; Griesdorn, Tim – University of the Incarnate Word; Mountain, Travis – Virginia Polytechnic Institute and State University; Heo, Wookjae – South Dakota State University; Xu, Yilan – University of Illinois; DeVaney, Sharon – Purdue University, Emeritus; Lyons, Angela – University of Illinois; Minton, J. Ernest – Administrative Advisor; Elrod, R. Brent – NIFA Representative

Brief Summary of Minutes

Minutes Attachment:

2020 Annual meeting minutes.docx

Accomplishments

Outputs   A subcommittee group developed a website (<a href="https://www.personalfinanceresearch.org/">https://www.personalfinanceresearch.org/</a>) to showcase research activities. This is where the following outreach materials will be housed: blog articles related to research being conducted; research briefs of peer reviewed publications; infographics; and podcasts.   Activities   <ol> <li>Monthly meetings were held via Zoom.</li> </ol>   <ol start="2"> <li>Subgroups have been formed based on interest of the larger topic.</li> </ol>   <ol start="3"> <li>Oral and poster presentations were given based on research conducted by this group: <ol> <li>Cho, S. H., Davis, M. (2019). Financial Stress and Academic Stress: Role of Race, Working Status, and Debt Attitudes among College Students. Annual AFCPE Research & Training Symposium, November 19-21, Portland, OR.</li> <li>Griesdorn, T. S., Gutter, M. S., Cho, S. H., Lawrence, F. (October, 2019). Determinants of homeownership: Testing the Behavioral Life-Cycle Hypothesis. International Conference of the Academy of Business Research, San Antonio, TX.</li> <li>Heo, W. Grable, J. E., Roszkowski, M., & Rabbani, A. (October, 2019). The Alpha and Omega of Financial Risk-Tolerance Assessment. Presentation at Academy of Financial Services, Minneapolis, MN.</li> <li>Heo, W., Lee, J. M., & Park, N. (February 2020). Estimating Willingness-to-Pay for Financial Planning Services. Oral Presentation at 2020 Academic Research Colloquium for Financial Planning and Related Disciplines, Washington, DC.</li> <li>Heo, W., Park, N., & Lee, J. M. (October, 2019). Why Financial Planners Should Know Clients’ Psychological Factors Even in a Same Job: An Exploratory Study about Farmers. Presentation at Academy of Financial Services, Minneapolis, MN.</li> <li>Heo, W., Rabbani, A., Lee, J. M. (February, 2020). Mediating Effect of Financial Knowledge Underconfidence on the Association Between Financial Risk Tolerance and Equity Ownership. Poster Presentation at 2020 Academic Research Colloquium for Financial Planning and Related Disciplines, Washington, DC.</li> </ol> </li> </ol>   Milestones   <ol> <li>Secondary datasets have been identified that include variables that will assist the group in meeting our four objectives. <ol> <li>Understanding family resource management under uncertainties over life span.</li> <li>Identifying personal characteristics and contextual factors contributing to household financial and health decisions.</li> <li>Understanding how financial capability affects household health decisions and outcomes.</li> <li>Understanding how health conditions affect household financial decisions.</li> </ol> </li> </ol>   <ol start="2"> <li>Financial stress scale was developed and validated by two members of the research team. This measure will be beneficial in future research, not only to this group, but to researchers across the world.</li> </ol>   <ol start="3"> <li>COVID-19 affects household’s health and finances. Because of this, the group has begun drafting a multi-stage data collection survey. Data collection will begin summer 2020 to gather data on how the pandemic affects the objectives previously laid out by the group.</li> </ol>

Publications

Publications   Journal Articles   DeVaney, S. A., Borr, M., Lee, Y-A., Spangler, A., Wilmarth, M. J., & Anong, S. (2020). Helping Professors Grow as They Teach and Advise Graduate Students. Family & Consumer Sciences Research Journal, 48(4), June, pp. 359-368.   DeVaney, S. A. (2019). Selection of Best Papers, the Outstanding Paper, and the Emerging Scholar for 2019. Family & Consumer Sciences Research Journal, 48(2), pp. 294-295.   Kiss, D. E., Bartholomae, S., Johnson, C. L., O’Neill, B., Xu, Y., & Gutter, M. (2019). Conceptualizing health and financial wellness: Using facilitated discussion to collect input from professionals. The Forum for Family and Consumer Issues, 22(1).   Heo, W., Cho, S., & Lee, P. (2020). APR financial stress scale: Development and validation of a multidimensional measurement. Journal of Financial Therapy, forthcoming.   Heo, W., Lee, J. M., Park, N., & Grable, J. E. (2020). Using artificial neural network techniques to improve the description and prediction of household financial ratios. Journal of Behavioral and Experimental Finance, forthcoming. Doi: 10.1016/j.jbef.2020.100273.   Sabri, M. F., Gudmunson, C. G., & Griesdorn, T. S. (2020). Influence of parent-child financial socialization on academic success in college. Journal of Financial Counseling and Planning, forthcoming.   Xiao, J. J. & Porto, N. (2019). Present bias and financial behavior. Financial Planning Review, 22(2), e1048.   Xu, Y., Foreclosed American dream? Parental foreclosure and young adult children’s homeownership. Journal of Family and Economic Issues, forthcoming.   Conference Proceedings   Lee, J. M., Kim, K. T., & DeVaney, S. A. (2020). How Does Financial Education Moderate the Association between Financial Anxiety and Financial Satisfaction? Consumer Interests Annual, online.   Book Reviews   DeVaney, S. A. (2019). Teaching Qualitative Research: Strategies for Engaging Emerging Scholars.  Family & Consumer Sciences Research Journal, 48(1), September, pp. 105-   DeVaney, S. A. (2020). The Dumb Things Smart People Do with Their Money: Thirteen Ways to Right Your Financial Wrongs, Family & Consumer Sciences Research Journal, 49(4), June, pp. 373-374.

Impact Statements

NC2172 has spent the past year examining datasets that provide current data in relation to health and household finances. Many potential datasets have been identified that can be used to answer research questions that meet our four objectives. COVID-19 has disrupted many households’ health and finances in the past several months. This research team is in a unique position to help answer some household health and economic questions related to the pandemic. A survey is currently being drafted to collect longitudinal data of U.S. households and how the pandemic has impacted their healthcare access and household financial situation.

Date of Annual Report: 08/12/2021

Report Information

Annual Meeting Dates: 06/11/2021 - 06/11/2021
Period the Report Covers: 08/01/2020 - 07/31/2021

Participants

Bidisha Mandal – Washington State University; Brandan Wheeler – Mississippi State University; Carrie Johnson, Chair – North Dakota State University; Elizabeth Kiss, Vice Chair – Kansas State University; Jinhee Kim – Maryland Cooperative Extension; Lorna Wounded Head - South Dakota State University; Michael Gutter – University of Florida; Nilton Porto – University of Rhode Island; Rui Yao – University of Missouri; Sharon DeVaney – Purdue University, Emeritus; Sheri Worthy– University of Georgia; Soo Hyun Cho– California State University, Long Beach; Suzanne Bartholomae – Iowa State University; Swarn Chatterjee—University of Georgia; Tim Griesdorn – University of the Incarnate Word; Travis Mountain – Virginia Polytechnic Institute and State University; Wookjae Heo – Purdue University (formerly: South Dakota State University); Yilan Xu - University of Illinois; Suzanne Stluka – Division Director – Family & Consumer Sciences & Youth and 4-H at USDA National Institute of Food and Agriculture

Brief Summary of Minutes

Minutes Attachment:

6-11-21 minutes.docx

Accomplishments

Activities   <ol> <li>Monthly meetings were held via Zoom.</li> </ol>   <ol start="2"> <li>Oral and poster presentations were given based on research conducted by this group: <ol start="2021"> <li>Xu, Y., and Yao, R., “COVID-19 Pandemic and Household Financial Vulnerability,” ACCI annual conference 2021.</li> <li>DeVaney, S. A., Mountain, T., Anderson, C. & Wilmarth, M. J. (2021). FCSRJ Emerging Scholar and Best Papers in FCS Education and Professional Issues. AAFCS Virtual Conference. June 18.</li> <li>Mandal, B. Rural-urban difference in Supplemental Nutrition Assistance Program participation with Medicaid expansion. (2020). Agricultural and Applied Economics Association, Online presentation on August 10, 2020.</li> <li>DeVaney, S. A., Hopkins, E., Johnson, C. L., & Gam, H. J. (2021). FCSRJ Best Papers in Housing and Interior Design, Personal Finance, and Textiles, Apparel, and Merchandising. AAFCS Virtual Conference, June 18.</li> </ol> </li> </ol>   Milestones   <ol> <li>In October 2020, researchers partnered with the RAND American Life Panel (ALP), a nationally representative longitudinal panel, to collect data through the RAND ALP Omnibus 2300 survey. This proved to be an efficient and cost-effective method for collecting nationally representative data.  Researchers could field several simple survey questions, link with current ALP demographic variables, and merge data with results from previously conducted ALP studies. Omnibus Survey results are embargoed for one year after data collection and then made available for public use.</li> <li>Dataset collected in spring 2021 that addressed household finance and how it was impacted by COVID-19. This dataset will be used to present data at conferences and write peer reviewed research journal articles.</li> <li>Discussion started on the next 5-year project and what this group should focus on and what where we are with current project objectives.</li> </ol> Awards   <ol> <li>Elizabeth Kiss received the American Council on Consumer Interests (ACCI) Stewart M. Lee Consumer Education Award</li> </ol>

Publications

Journal Articles   Choi, S., & Heo, W. (2021). Financial Constraints, External Locus of Control, and Emotional Exhaustion. Journal of Financial Counseling and Planning, (pages are upcoming). doi: 10.1891/JFCP-20-00033   DeVaney, S. A. (2021). The Selection Process for Outstanding Papers and Emerging Scholars. Family & Consumer Sciences Research Journal, March, 49(3), 289-290.   Heo, W., Grable, J. E., & Rabbani, A. (2020). A test of the association between the initial surge in COVID-19 cases and subsequent changes in financial risk tolerance. Review of Behavioral Finance, 13(1), 3-19. doi: 10.1108/RBF-06-2020-0121   Heo, W., Lee, J. M., & Park, N. (2020). Financial-related psychological factors affect life satisfaction of farmers. Journal of Rural Studies, 80, 185-194. doi: 10.1016/j.jrurstud.2020.08.053   Heo, W., Lee, J. M., & Park, N. (2021). WTP for financial planning services: Who financial planners serve? Estimating the needs of the broad population. Journal of Financial Consumers, 11 (1), 5-34. doi: 10.30592/KAFC_JFC.11.01.01   Heo, W., Rabbani, A. & Grable, J. E. (2021). An evaluation of the effect of the COVID-19 pandemic on the risk tolerance of financial decision makers. Finance Research Letters, 41, 101842. doi: 10.1016/j.frl.2020.101842   Kim, K. T., Cho, S. & DeVaney, S. (2021). Racial/ethnic differences in saving motives for retirement: An analysis of decomposition. Journal of Consumer Affairs, 55(2), 464-482. DOI: <a href="https://doi.org/10.1111/joca.12338">https://doi.org/10.1111/joca.12338</a>   Mandal, B. (2021), Rural–Urban Differences in Health Care Access and Utilization under the Medicaid Expansion. Applied Economic Perspectives and Policy. https://doi.org/10.1002/aepp.13111. First published (online): 20 October 2020   Porto, N., Cho, S.H. & Gutter, M. Student Loan Decision Making: Experience as an Anchor. J Fam Econ Iss (2021). <a href="https://doi.org/10.1007/s10834-021-09773-5">https://doi.org/10.1007/s10834-021-09773-5</a>   Worthy, S., Mountain, T., Chatterjee, S., Johnson, C., Kiss, E., O’Neill, B., Saboe-Wounded Head, & Gutter, M. (2021). Differences in the determinants of retirement preparation between farm and non-farm households. Journal of Applied Farm Economics, 3(2), Article 5. DOI: 10.7771/2331-9151.1048   Xu, Y., & Yao, R. (2021). Financial Decision-Making Responsibility and Household Wealth Accumulation Among Older Adults: A Comparative Advantage Perspective. Journal of Financial Counseling and Planning.   Xu, Y., & Yilmazer, T. (2021). Childhood socioeconomic status, adulthood obesity and health: The role of parental permanent and transitory income. Social Science & Medicine, 114178.   Book Reviews   DeVaney, S. A. (2020). Book review of A Hands-On Approach to Teaching about Aging: 32 Activities for the Classroom and Beyond. Family & Consumer Sciences Research Journal, December, 49(2), 204-205.

Impact Statements

NC2172 has spent the past year examining datasets that provide current data in relation to health and household finances. Many potential datasets have been identified that can be used to answer research questions that meet our four objectives. COVID-19 has disrupted many households’ health and finances in the past several months. This research team is in a unique position to help answer some household health and economic questions related to the pandemic. A survey is currently being drafted to collect longitudinal data of U.S. households and how the pandemic has impacted their healthcare access and household financial situation.

Date of Annual Report: 08/07/2022

Report Information

Annual Meeting Dates: 06/08/2022 - 06/08/2022
Period the Report Covers: 08/01/2021 - 07/31/2022

Participants

Please refer to attached file.

Participants Attachment:

NC2172 Annual Report SAES-422 2021-2022.pdf

Brief Summary of Minutes

Brief Summary of Minutes of Annual Meeting:

Welcome, Introductions, Agenda Review, and Approval of April 2022 Meeting Minutes: The meeting opened with a general welcome among the group as well as reviewing the agenda. Introductions and a (re-)connection activities followed. Participants welcomed guest Jae Min Lee, Ph.D. from Minnesota State University. Minutes of the April 8, 2022 meeting were approved.

Lightning Talks: In preparation for the discussion of the 2023-2028 project proposal, participants summarized their current and anticipated (next 5 years) individual research agendas in three-minute lightning talks.

Advisor Comments and Discussion: Project Advisor J. Ernest Minton, Kansas State University, shared an administrative update and led the group in a discussion related to the project renewal process, future directions, and funding opportunities.

2023-2028 Project Proposal Discussion: Project participants were unanimous in their desire to pursue project renewal for 2023-2028. Project Chair Elizabeth Kiss led the group in a discussion of the project proposal process and components. She shared aggregated responses from a survey of project participants conducted to gather input for the proposal. Survey questions asked participants to: describe their research focus in five keywords, list large public datasets they have experience with, list the top five journals they have published in over the past five years, list the journals they would like to publish in over the next five years, list conferences they regularly attend and those they would like to attend, journal they review for and would like to review for, and competitive grant programs they have reviewed for. Participants broke into small groups and reviewed areas of strength and opportunity and began to discuss scope, objectives, and methods to pursue in the next project. Small group discussion was captured via Jam Board at https://jamboard.google.com/d/11RtEeQB2M3z7xMuqrrrwMjm4KjVDiR43TCQDQFjVJYg/edit?usp=sharing

Election of Secretary: Brandan Wheeler was elected to a two-year term as secretary to run from July 2022 through the annual meeting in 2024.

Scheduled Monthly Meetings for 2022-2023: Monthly meetings will continue to be held via Zoom on the second Friday of the month from 1-2 p.m. CT.

Accomplishments

Accomplishments: Decisions made by individuals and families related to health are intrinsically also related to financial decisions. There is a pressing need to understand how American households make health decisions in relation to financial decisions and how the health of household members affects household finances and vice versa. Because resources are not unlimited, households make tradeoffs between the human capital of health and financial capital when managing their resources. Over the past year, the NC2172 project team has continued to pursue scholarly activities that can enhance stakeholders understanding of the relationship and impacts of decisions related to health and finances as well as the how individuals and families make these decisions. Short-term Outcomes: No outcomes to report at this time. Outputs: In October 2022 additional data were collected through the Rand American Life Panel, Well Being 581 - Omnibus Survey [W10 2000 Oct 2021]. This data relates to and can be analyzed with data collected last year. A conference paper and presentation have been completed using this data. Data were also collected with funding from a grant from Wells Fargo. The title of the project is, “Investigating financial impact of COVID-19 on low to middle income families.” Abstracts for 2022 conferences have been submitted based upon this research. Finally, in order to further our understanding of household financial and health decisions, Qualtrics was contracted to collect nationally representative data using a survey developed by project participants. A conference paper will be presented in November 2022 that utilizes this data. Activities: Monthly meetings were held via Zoom. Project teams met regularly to work on tasks related to data collection, data analysis, and dissemination. Oral and poster presentations were given based on scholarship conducted by project members. Griesdorn, T. S., Delgadillo, L., & Erickson, L. (2022). 4 pillars of financial well-being. Financial Planning Symposium, University of Alabama Birmingham, April 2022. (Virtual conference). Heo, W., & Cho, S. H. (November, 2021). Tracking financial stress before/during the COVID-19 pandemic & introduction of short version of APR financial stress scale, Oral Presentation at Financial Therapy Association Annual Conference (Online participation by COVID-19). Kim, J., Chatterjee, S., Chung, S. R., Griesdorn, T., DeVaney, S. A., Wounded Head, L., White, K., Russell, M. & Morishige. “Impact of the COVID-19 Pandemic on Low to Moderate Income Households and People of Color.” Poster at the American Council of Consumer Interests (ACCI) Annual Conference on May 20, 2021.  Xu, Y., Heo, W., Kiss, D. E., Cho, S. H., & Gutter, M. S. (2022). “Pushing or clicking the grocery cart? Health and economic concerns during the COVID-19 Pandemic.” Oral presentation at the American Council on Consumer Interests Annual Conference, May 18-21, Clearwater, FL. Xu, Y., & Yao, R. (2021). COVID-19 pandemic and household financial vulnerability. Oral presentation at the American Council on Consumer Interests Annual Conference, May 18-21, Virtual. Milestones: Project members continue to summarize relevant and recent literature on basic and applied empirical work related to consumer issues related to health care financial management. They also continue to use qualitative and quantitative methods of data collection related to health care financial management. In the past year, three unique data sets were collected and analyzed with results being disseminated at academic conferences. Awards: The peer-reviewed article, “Rural healthcare providers’ perceptions of patient    financial well-being and integrating financial capability services,” which was published in the September 2021 issue of the Family and Consumer Sciences Research Journal (FCSRJ), was selected as the Best Paper in Personal Finance and Consumer Economics for FCSRJ for 2021. Winners of the Best Paper awards were honored at the 113th AAFCS (American Association of Family and Consumer Sciences) Annual Conference in June in Orlando, Florida. Project collaborators and NC2172 participants when the research was conducted include: Suzanne Bartholomae (IA), Carrie Johnson, and Elizabeth Kiss. Additional collaborators include J. Michael Collins (WI) and Carol Janney (MI). Funding for the project was received from the North Central Regional Center for Rural Development in FY 18-19.

Publications

Bartholomae, S., Kiss, D.E., Collins, J.M., Johnson, C.L. and Janney, C.A. (2021), Rural Healthcare Providers’ Perceptions of Patient Financial Well-Being and Integrating Financial Capability Services. Family and Consumer Science Research Journal, 50: 27-41. Heo, W., Rabbani, A.*, & Lee, J. M. (2021). Mediation between financial risk tolerance and equity ownership: assessing the role of financial knowledge underconfidence. Journal of Financial Services Marketing, 26, 169-180. doi: 10.1057/s41264-021-00088-y Porto, N., Cho, S. H., & M. S. Gutter. (2021). Student loan decision making: Experience as an anchor. Journal of Family Economic Issues, 42, 773-784. Doi: 10.1007/s10834-021-09773-5 Rabbani, A., Heo, W.*, & Grable, J. E. (2021). The role of financial literacy in describing the use of professional financial advisors before and during the COVIDâ€‘19 pandemic. Journal of Financial Services Marketing, 26, 226-236. doi: 10.1057/s41264-021-00109-w Rabbani, A. G.*, Heo, W., & Lee, J. M. (2021). A latent profile analysis of college studentsâ€™ financial knowledge: The role of financial education, financial well-being, and financial risk tolerance, Journal of Education for Business, 97(2), 112-118. doi: 10.1080/08832323.2021.1895046 Xu, Y., & Yao, R. (2022). Financial Decision-Making Responsibility and Household Wealth Accumulation Among Older Adults: A Comparative Advantage Perspective. Journal of Financial Counseling and Planning. Xu, Y., & Yilmazer, T. (2021). Childhood socioeconomic status, adulthood obesity and health: The role of parental permanent and transitory income. Social Science & Medicine, 283, 114178.

Impact Statements

The environments that families make financial decisions in are increasingly complex. Healthcare decisions and mental health conditions often interact with the financial decisions. The results of our project will lead to greater understanding of personal and contextual factors that affect resource management within families. The knowledge generated from this project will have direct implications families, educators and financial practitioners as well as researchers and policy makers.

Date of Annual Report: 03/07/2024

Report Information

Annual Meeting Dates: 09/08/2023 - 09/08/2023
Period the Report Covers: 08/01/2022 - 07/31/2023

Participants

Please refer to attached file.

Brief Summary of Minutes

Brief Summary of Minutes of Annual Meeting:

Welcome; Introductions; Quick Connections; Logistics, Purpose and Goals of the Meeting, and Agenda Review: The meeting opened with a general welcome among the group. Introductions and a (re-)connection activities followed. The group welcomed new participants who will be officially joining the project with the start of the next five-year project, NC2172: Household financial and health decision-making under economic uncertainties (10/01/2023-09/30/2028). The logistics and purpose and goals of the meeting were reviewed.

Advisor Report and Discussion: Project Advisor Carrie L. Johnson, North Dakota State University, shared an administrative update and led the group in a discussion related to the history and purposes of multi-state projects. She also discussed the benefits of participation for investigators and reviewed the process for officially becoming a project participant.

Wrapping up this Five-Year Project (NC2172 Behavioral economics and the intersection of healthcare and financial decision making across the lifespan, 10/01/2018-09/30/2023): Work in progress, accomplishments, outputs, and outcomes of the past five years were identified.

Chair Transition: Soo Hyun Cho, California State University, transitioned from vice-chair to chair. She will serve as chair through 2025-2026.

Discussion of 2023-2028 Project: The group reviewed the goals and objectives of the project. It was stressed that the current objectives have flexibility and can accommodate a wide range of research interests and projects. Potential activities and outputs were considered. The use of the NC2172 Appendix A to track research questions and data use was reviewed. Small groups were then formed to continue discussing potential projects and collaborations.

Election of Vice-Chair: Wookjae Heo was elected to a two-year term as vice-chair to run from September 2023 through the annual meeting in 2025.

Scheduled Monthly Meetings for 2023-2024: Monthly meetings will continue to be held via Zoom on the second Friday of the month from 1-2 p.m. CT.

Dissemination: The group discussed the possibility of submitting a proposal to ACCI for a symposium that could share/showcase the outputs, outcomes, and impacts of NC2172 over time.

Accomplishments

Accomplishments: Over the past year, the NC2172 project team has continued to pursue scholarly activities that can enhance stakeholders understanding of the relationship and impacts of decisions related to health and finances as well as how individuals and families make these decisions. Short-term Outcomes: No outcomes to report at this time. Outputs: Book chapter, peer-reviewed journal articles, peer-reviewed conference presentations. Activities: Monthly meetings were held via Zoom. Project teams met regularly to work on tasks related to planning future studies, data analysis, writing and revising manuscripts for publication, and presenting at conferences. Milestones: Write/publish manuscripts and outreach publications. Submit proposals for presentations at professional conferences. Successfully completed the reauthorization for the five-project project, NC2172: Household financial and health decision-making under economic uncertainties.

Publications

Chatterjee, S., & Kim, J. (2023). Health, financial behavior, and financial vulnerability during COVID-19. In J. J. Xiao and S. Kuman (Eds.), A Research Agenda for Consumer Financial Behavior. Elgaronline, <a href="https://www.elgaronline.com/edcollchap/book/9781803922652/book-part-9781803922652-30.xml">https://www.elgaronline.com/edcollchap/book/9781803922652/book-part-9781803922652-30.xml</a> Griesdorn, T. S., DeVaney, S. A., Cho, S. H., & Chung, S. R. (2023). Optimism, financial trust, resilience, and life satisfaction during COVID-19 pandemic. Consumer Interests Annual, 69, <a href="https://www.consumerinterests.org/assets/docs/CIA/CIA2023/GriesdornTimothyCIA2023.pdf">https://www.consumerinterests.org/assets/docs/CIA/CIA2023/GriesdornTimothyCIA2023.pdf</a> Mandal, B., Porto, N., Kiss, D. E., Cho, S. H. Saboe-Wounded Head, L. (2023). Health insurance coverage during the COVID-19 pandemic: The role of Medicaid expansion. Journal of Consumer Affairs, 57(1), 296-319. Yao, R., Xu, Y., & Zhang, J. (2023). Financial resilience of two-worker households from a health perspective. Journal of Consumer Affairs, 57(3), 1258–1280. <a href="https://doi.org/10.1111/joca.12525">https://doi.org/10.1111/joca.12525</a>

Impact Statements

The environments that families make financial decisions have become extremely complex. Employment, healthcare decisions, and mental health conditions often interact with financial decisions. The results of our project will continue to lead to greater understanding of personal and contextual factors that affect resource management within families. The knowledge generated from this project will have direct implications for families, educators, and financial practitioners as well as researchers and policy makers.