NC2172: Household financial and health decision-making under economic uncertainties

(Multistate Research Project)

Status: Active

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SAES-422 Reports

Annual/Termination Reports:

[06/24/2024] [05/28/2025] [09/04/2026]

Date of Annual Report: 06/24/2024

Report Information

Annual Meeting Dates: 04/18/2024 - 04/19/2024
Period the Report Covers: 08/01/2023 - 06/15/2024

Participants

Bidisha Mandal – Washington State University; Brandan Wheeler, Secretary – Mississippi State University; Congrong Ouyang – Kansas State University; Elizabeth Kiss – Kansas State University; Jiyun Kang – Purdue University; Lorna Wounded Head - South Dakota State University Extension; Nilton Porto – University of Rhode Island; Rui Yao – University of Missouri; Sharon DeVaney – Purdue University, Emeritus; Sheri Worthy– University of Georgia; Soo Hyun Cho, Chair – California State University, Long Beach; Swarn Chatterjee—University of Georgia; Tim Griesdorn – University of the Incarnate Word; Wookjae Heo, Vice Chair – Purdue University; Yi Liu - St. John Fisher University; Yilan Xu - University of Illinois; Yu Zhang – Kansas State University;

Brief Summary of Minutes

Accomplishments

Activities <ol> <li>Monthly meetings were held via Zoom and in-Person (hybrid).</li> </ol> <ol start="2"> <li>Oral and poster presentations were given based on research conducted by this group: <ol> <li>Diaz, J. & Cho, S. H. (2024). Elaborating on the relationship between financial self-efficacy and life satisfaction; The mediating role of financial stability. Oral presentation at the Annual Conference of the American Council on Consumer Interests, May 21-23, Milwaukee, WI.</li> <li>DeVaney, S. A. & Porto, N. (2024). Journals in Consumer and Family Sciences. Consumer Interests Annual, Volume 70. Handout at 2024 conference and in Consumer Interests Annual.</li> <li>Cho, S. H. & DeVaney, S. A. (2023). ACCI Then and now. Consumer Interests Annual, Volume 69.</li> <li>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, Volume 69.</li> <li>Kim, J., Chatterjee, S., DeVaney, S. A., Griesdorn, T. S., White, K. J., Russell, M., Saboe-Wounded-Head, L., & Chung, S. R. (2023). Impact of the COVID-19 pandemic on low-to-moderate income households and people of color. ACCI Annual Conference. Clearwater Beach, FL. Poster.</li> <li>Saboe-Wounded Head, L. & DeVaney, S. A. (2023). How American Indians and Alaskan Natives managed financially during COVID-19. ACCI Annual Conference. Clearwater Beach, FL Poster.</li> </ol> </li> </ol> <ol start="3"> <li>The following are several ongoing projects utilizing the Wells Fargo and COVID datasets that were collected as a part of NC 2172 collaboration. <ol> <li>Qi, J., Zhang, Y., & Worthy, S. L. (revise & resubmit). Social Determinants of Health and desirable financial behaviors: The mediation effect of financial knowledge. Financial Services Review.</li> <li>Qi, J., Zhang, Y., & Worthy, S. L. (in progress). From financial self-efficacy to financial behaviors: The role of financial advice seeking and stress. Journal of Financial Services Research.</li> </ol> </li> </ol> Milestones <ol> <li>Discussion started on household health decision making. Several secondary datasets were identified, and subgroups were formed to focus on health issues such as food insecurity, healthcare access, and holistic health.</li> </ol> <ol start="2"> <li>Subgroups are formed and working on analyzing data sets that this group collaborated in producing during the COVID-19 pandemic: <ol> <li>2020 RAND American Life Panel omnibus 2300 survey</li> <li>2021 COVID-19 dataset</li> <li>2021 Wells Fargo data</li> </ol> </li> </ol> <ol start="3"> <li>North Central Regional Center for Rural Development (NCRCRD) collected a dataset included APR Financial Stress scale in their survey, which were developed by two members of the NC 2172 group.</li> </ol>

Publications

Journal Articles Chawla, I., Russell, M. B., White, K. J., and DeVaney, S. A. (2023), 31(2 & 3). Fear and Trust in Financial Institutions: A Thematic Analysis. Financial Services Review. DeVaney, S. A. & Lee, J. M. (2023). A Review of Housing Articles in FCSRJ: 2008-2022. Family and Consumer Sciences Research Journal, 50(3).  Heo, W., Moon, K., & Ahn, S. Y. (2024). Unmasking the phantoms of generations: A comparative study of financial responsibility and stress across generational divides. Journal of Financial Therapy, 15(1), 2. doi:10.4148/1944-9771.1382 Heo, W., Yao, R., & Cho, S. H. (2024). Perceived mental health and physical health during the pandemic: The role of financial stress. Journal of Financial Counseling and Planning, Advanced online. doi:10.1891/JFCP-2022-0108 Yi, L., Heo, W., & Pearson, B. (2024). How do personality traits relate to financial satisfaction during the COVID-19 pandemic? Journal of Financial Counseling and Planning (in the publishing process) Heo, W., Kim, E., Kwak E. J., & Grable, J. E. (2024). Identifying hidden factors associated with household emergency fund holding: A machine learning application. Mathematics, 12(2), 182. doi: 10.3390/math12020182 Moon, K., Heo, W., Lee, J. M., & Grable, J. E. (2023). Financial stress and COVID-19: A comprehensive analysis of the factors associated with the pandemic. Risks, 11, 218. doi: 10.3390/risks11120218 Lee, J. M., Rabbani, A., & Heo, W. (2023). Examining financial anxiety focusing on interactions between financial knowledge and financial self-efficacy. Journal of Financial Therapy, 14(1), 2. doi: 10.4148/1944-9771.1279 Kim, K. T., Cho, S. H., and Xiao, J. J. (2023). Is ignorance bliss? Use of alternative financial services, financial literacy, and financial anxiety. Journal of Family and Economic Issues, 44, 956-967. <a href="https://doi.org/10.1007/s10834-022-09883-8">https://doi.org/10.1007/s10834-022-09883-8</a> [SSCI] Gallardo, J.E., MacDonald, M., Lim, H.N., and Kiss, D.E. (2024). An examination of student loan debt, financial threats, and financial anxiety. Journal of Personal Finance, 23(1), p.47 Preece, G. L., & D. E. Kiss (2023). Development of a responsible financial behaviors index. Journal of Financial Counseling and Planning, 34(2). Doi: 10.1891/JFCP-2022-0046 Kim, K. T., Xiao, J. J., & Porto, N. (2024). Financial inclusion, financial capability and financial fragility during COVID-19 pandemic. International Journal of Bank Marketing, 42(3), 414-436. Porto, N. & Xiao, J. J. (2024) “Life Skills: Teaching Personal Finance to College Students during a Pandemic.” Invited book chapter for Effective Methods for Teaching Business Related Topics During and Post Crisis. Vol.2. Edited by Dr. James Blair and Dr. Marcel Robles. National Business Education Association. Reston, VA Mandal, B., Porto, N., Kiss, D. E., Cho, S. H., & Head, L. S. W. (2023). Health insurance coverage during the COVID‐19 pandemic: The role of Medicaid expansion. Journal of Consumer Affairs, 57(1), 296-319. Leedahl, S. N., Pascuzzi, E., McCurdy, K., & Porto, N. (2023). Beyond Employment: Lower Income Participants' Experiences in a Healthcare Training Program for Medical Assistants, Pharmacy Technicians, and Certified Nursing Assistants. Internet Journal of Allied Health Sciences and Practice, 21(3), 24. Xiao, J., Kim, K. T., & Lee, S. (2024). Consumer Financial Capability and Financial Well-being: Multi-year analyses, Applied Research in Quality of Life 19(1), 547-580 [SSCI] <a href="https://nam12.safelinks.protection.outlook.com/?url=https%3A%2F%2Fdoi.org%2F10.1007%2Fs11482-023-10253-1&data=05%7C02%7CSooHyun.Cho%40csulb.edu%7Ce4374da154274dd5b95408dc8c7008c1%7Cd175679bacd34644be82af041982977a%7C0%7C0%7C638539660023600694%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&sdata=Xe2EzwU6vyViQFepjQ5jAl8TSxhIaY7Z120Rno%2Ba5BI%3D&reserved=0">https://doi.org/10.1007/s11482-023-10253-1</a> Wheeler, B. E., & Brooks, C. (2024). Financial safety nets or rescue fantasies? A moderating view of the relationship between usage of alternative financial services and financial anxiety among college students. Journal of Family and Economic Issues. Advanced Online Publication. <a href="https://nam12.safelinks.protection.outlook.com/?url=https%3A%2F%2Fdoi.org%2F10.1007%2Fs10834-024-09961-z&data=05%7C02%7CSooHyun.Cho%40csulb.edu%7C3b12ad8681ec44e3813308dc896c76f5%7Cd175679bacd34644be82af041982977a%7C0%7C0%7C638536346148541090%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&sdata=yrxkypMl1uEcpQuPyzCPq3ZPbNMWW0xAQgApT%2FvCiDw%3D&reserved=0">https://doi.org/10.1007/s10834-024-09961-z</a> Yorgason, J. B., Segel-Karpas, D., Ermer, A., Weller, H., Owens, S., & Wheeler, B. E. (2024). What are we worried about? Mid-life couples’ financial concerns about their retirement. Family Relations. Advanced Online Publication. <a href="https://nam12.safelinks.protection.outlook.com/?url=https%3A%2F%2Fdoi.org%2F10.1111%2Ffare.13028&data=05%7C02%7CSooHyun.Cho%40csulb.edu%7C3b12ad8681ec44e3813308dc896c76f5%7Cd175679bacd34644be82af041982977a%7C0%7C0%7C638536346148557160%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&sdata=J2l%2B7bkwgYSPMnx8%2B9s6DHjMaCkMU6k2FFpXfJsJZbI%3D&reserved=0">https://doi.org/10.1111/fare.13028</a> Wheeler, B. E., Wilmoth, J. D., Phillips, T. M., & Brooks, C. (2024). What factors within the context of a romantic relationship and the couples’ finances are related to the level of religiosity among contemporary emerging adults? Journal of Human Sciences and Extension, 12(1), 1. <a href="https://nam12.safelinks.protection.outlook.com/?url=https%3A%2F%2Fdoi.org%2F10.55533%2F2325-5226.1374&data=05%7C02%7CSooHyun.Cho%40csulb.edu%7C3b12ad8681ec44e3813308dc896c76f5%7Cd175679bacd34644be82af041982977a%7C0%7C0%7C638536346148564318%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&sdata=5pZ4%2BLG%2BWeuOG2Qs7mEIbgAvQ8x222utxtxwIWttWLs%3D&reserved=0">https://doi.org/10.55533/2325-5226.1374</a> Li, X., Wheeler, B. E., James, S., LeBaron-Black, A. B., Holmes, E. K., & Yorgason, J. B., & (2024). For richer, for poorer: Financial behaviors, marital power, and relational aggression among newlyweds. Family Process, 63(1), 176-191. <a href="https://nam12.safelinks.protection.outlook.com/?url=https%3A%2F%2Fdoi.org%2F10.1111%2Ffamp.12886&data=05%7C02%7CSooHyun.Cho%40csulb.edu%7C3b12ad8681ec44e3813308dc896c76f5%7Cd175679bacd34644be82af041982977a%7C0%7C0%7C638536346148571083%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&sdata=cjeECXjR%2Bm1n1Ja%2BalmnRtOwyf363TclKQ4M%2BX3fE1Q%3D&reserved=0">https://doi.org/10.1111/famp.12886</a> LeBaron, A. B., Saxey, M. T., Totenhagen, C. J., Wheeler, B. E., Archuleta, K. L., Yorgason, J. B., & James, S. (2023). Financial communication as a mediator between financial values and marital outcomes. Family Relations, 72(4), 1974-1992. <a href="https://nam12.safelinks.protection.outlook.com/?url=https%3A%2F%2Fdoi.org%2F10.1111%2Ffare.12786&data=05%7C02%7CSooHyun.Cho%40csulb.edu%7C3b12ad8681ec44e3813308dc896c76f5%7Cd175679bacd34644be82af041982977a%7C0%7C0%7C638536346148576253%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&sdata=FROvivuNqtPNCSYByOuh8WPAuk2T6j9vxML35fFmrJU%3D&reserved=0">https://doi.org/10.1111/fare.12786</a> Wheeler, B. E., & Brooks, C. (2023). Financial socialization, financial identity, and financial well-being among university students taking a consumer economics course. Journal of Family and Economic Issues. Advanced Online Publication. <a href="https://nam12.safelinks.protection.outlook.com/?url=https%3A%2F%2Fdoi.org%2F10.1007%2Fs10834-023-09930-y&data=05%7C02%7CSooHyun.Cho%40csulb.edu%7C3b12ad8681ec44e3813308dc896c76f5%7Cd175679bacd34644be82af041982977a%7C0%7C0%7C638536346148581853%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&sdata=qN2bu9CQw1XT22S1qJM6eDO6BmdueqMlQ3v0YXEWqcs%3D&reserved=0">https://doi.org/10.1007/s10834-023-09930-y</a> Phillips, T. M., Smith, J. R., Long, A. C., Wheeler, B. E., Marks, L. D., Goodman, M., Hatch, T., & Wall, S. K. (2023). Family Home Evening as a model for promoting family health. International Journal of Latest Research in Humanities and Social Sciences, 6(11), 98-103. Wheeler, B. E., & Brooks, C. (2023). Financial concerns, relationship happiness, and financial management behaviors: A moderating relationship among married and cohabiting participants. Journal of Family and Economic Issues, 44(2), 325-341. <a href="https://nam12.safelinks.protection.outlook.com/?url=https%3A%2F%2Fdoi.org%2F10.1007%2Fs10834-022-09824-5&data=05%7C02%7CSooHyun.Cho%40csulb.edu%7C3b12ad8681ec44e3813308dc896c76f5%7Cd175679bacd34644be82af041982977a%7C0%7C0%7C638536346148586861%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&sdata=bYZSz%2BxB%2BSENKjEEr2l0w9XKsdGYWFOdN9u4iivat1E%3D&reserved=0">https://doi.org/10.1007/s10834-022-09824-5</a> Phillips, T. M., Wilmoth, J. D., Wheeler, B. E., Long, A. C., Pylate, L., & Brink, J. (2023). Religiosity and well-being in emerging adults. Religion and Education, 50(1), 70-81. <a href="https://nam12.safelinks.protection.outlook.com/?url=https%3A%2F%2Fdoi.org%2F10.1080%2F15507394.2022.2154105&data=05%7C02%7CSooHyun.Cho%40csulb.edu%7C3b12ad8681ec44e3813308dc896c76f5%7Cd175679bacd34644be82af041982977a%7C0%7C0%7C638536346148591792%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&sdata=pYJQNnUXL6clnqUx6%2F5IyA7XgTLdI6WMz1k%2F10IFsEA%3D&reserved=0">https://doi.org/10.1080/15507394.2022.2154105</a> Worthy, S. & Lee, H. (in press). Healthy lifestyle and well-being through the lens of family and consumer sciences, Journal of Family and Consumer Sciences. Qi, J., Chatterjee, S., Worthy, S. L., Herndon, K., & Wojdynski, B. (2024). Using an extended post-acceptance framework to examine consumer adoption of fintech. International Journal of Bank Marketing. <a href="https://doi.org/10.1108/IJBM-10-2022-0448">https://doi.org/10.1108/IJBM-10-2022-0448</a> Zhang, Y. (2024). ESG perceptions: Investigating investor motivations and characteristics. Financial Services Review, 32(2). Zhang, Y., & Fan, L. (2023). An examination of mobile fintech utilization from a stress-coping perspective. Journal of Financial Counseling and Planning, 34, 354–366. DOI: 10.1891/JFCP-2022-0061 Zhang, Y., & Chatterjee, S. (2023). Financial literacy, financial stress, and financial well-being in the United States. Sustainability, 15(5), 4505. DOI: 10.3390/su15054505 Ma, Q., Ying, Y. & Yao, R. (2024). The impact of Chinese public expenditures on household investment in risky financial assets: Evidence from a national survey. Journal of Consumer Affairs, forthcoming Yao, R., Xu, Y. & Zhang, J. (2023). Household financial resilience from a health perspective. Journal of Consumer Affairs, 57(3), 1258-1280. DOI:10.1111/joca.12525. Yao, R. & Zhang, J. (2023). Employment status and financial resilience during the COVID-19 pandemic. International Journal of Bank Marketing, DOI: 10.1108/IJBM-08-2022-0371. Yao, R. & J. J. Xiao. (2023). Financial capability and informal bankruptcy: Comparing student loan holders and non-holders. International Journal of Bank Marketing, 41(1), 34-51. DOI:10.1108/IJBM-05-2022-0207.   Awards and Recognition Lorna Saboe-Wounded Head received the American Council on Consumer Interests (ACCI) Stewart M. Lee Consumer Education Award KT Kim received the American Council on Consumer Interests (ACCI) Mid-Career Award Sharon DeVaney and Jae Min Lee received the FCSRJ Best Paper Award in Housing and Interior Design for 2023. Awarded at the 2024 AAFCS Annual Conference, Minneapolis, Minnesota. Sharon DeVaney and Jae Min Lee’s article was recognized as 2024 Wiley Top Downloaded Article, One of the most downloaded papers during its first 12 months of publication (January 1 2022-December 31 2022). Review of Best Papers in Personal Finance: 2008-2020. Isha Chawla, Mia Russell, Ken White, and Sharon DeVaney received 2023 Academy of Financial Services Conference Best Paper Award for their paper titled, Fear of financial loss due to history, misunderstanding of banking, and trust issues: A thematic analysis. Tim Griesdorn and Sharon DeVaney received 2023 Best Paper Award in its section in the Fall Conference, Academy of Business Research Fall Conference The health and wealth connection to financial wellbeing during COVID-19.

Impact Statements

NC2172 has spent the past year analyzing datasets that were collected as a result of this multi-state research group during the COVID-19.
This research team is in a unique position to help answer some household health and economic questions related to the pandemic.
Members collaborated in producing dozens of research outputs, including conference presentations and peer-reviewed publications.
Several sub-groups started discussions regarding household health decision making, such as healthcare access and food insecurity.

Date of Annual Report: 05/28/2025

Report Information

Annual Meeting Dates: 03/26/2025 - 03/28/2025
Period the Report Covers: 06/16/2024 - 04/30/2025

Participants

Swarn Chatterjee – University of Georgia
Soo Hyun Cho– California State University, Long Beach
Will Davis – Mississippi State University
Sharon DeVaney – Purdue University, Emeritus
Jared Gars – University of Florida
Tim Griesdorn – University of the Incarnate Word
Michael Gutter – Virginia Tech
Wookjae Heo – Purdue University
Jiyun Kang - Purdue University
Kyoung (KT) Kim – University of Alabama
Elizabeth Kiss – Kansas State University
Ally Lee – Purdue University
Jae Min Lee – Minnesota State University-Mankato
Yi Liu – St. John Fisher
Bidisha Mandal – Washington State University
Travis Mountain – University of Georgia
Congrong Ouyang – Kansas State University
Nilton Porto – University of Rhode Island
Lorna Saboe-Wounded Head - South Dakota State University
Mark Schafer – LSU
Tapiwa Sigauke – University of Illinois
Becky Smith – Mississippi State University
Brandan Wheeler – Alabama A&M University
Sheri Worthy – Mississippi State University
Yilan Xu - University of Illinois
Rui Yao – University of Missouri
Yu (Yulia) Zhang – Kansas State University

Brief Summary of Minutes

Accomplishments

Activities   <ol> <li>Monthly meetings were held via Zoom and Annual meeting was held in-Person (hybrid).</li> </ol>   <ol start="2"> <li>Oral and poster presentations were given based on research conducted by this group: <ol> <li>Cruz, L. A., Peñaloza, V., Porto, N., & An, T. (2025) The role of personal and cultural values on saving behavior: a cross-national analysis. Oral presentation at the 2025 American Council on Consumer Interests (ACCI). Pittsburgh, PA.</li> <li>Lee, S., Lim, H., & Cho, S. H. (2025). Overconfidence and Financial Fraud Susceptibility. Poster presentation at the Annual Conference of the American Council on Consumer Interests, April 15-17, Pittsburgh, PA.</li> <li>Lee, J. M., Kim, K. T., & Cho, S. H. (2025). Perceived Experiences in the Financial Market. Oral presentation at the Annual Conference of the American Council on Consumer Interests, April 15-17, Pittsburgh, PA.</li> <li>Choi, S., Hwang, H., Lee, Y. L., Li, X., Cho, S. H., Chang, H., Pak, T.-Y., & Kim, J. (2025). Multidimensional Deprivation and Aging: A Cross-National Study of Older Populations in South Korea and the United States. Symposium presentation at the Annual Conference of the American Council on Consumer Interests, April 15-17, Pittsburgh, PA.</li> <li>Park, H.J., Heo, W., & Liu, Y. (2025). The influence of information resources and psychological factors on financial bandwagon behavior. Poster presentation at the Annual Conference of the American Council on Consumer Interests, April 15-17, Pittsburgh, PA.</li> <li>Cho, S. H., & Saboe-Wounded Head, L. (2024). Financia Knowledge and Food Insecurity during COVID-19. Oral presentation at the annual symposium of Association for Financial Counseling, Planning, and Education. November 20-22, Columbus, OH</li> <li>DeVaney, S. A. & Porto, N. (2024). Journals in Consumer and Family Sciences. Consumer Interests Annual, Volume 70.</li> <li>Griesdorn, T. S., DeVaney, S. A., (2024. September 19). A New Approach to Teaching Personal Financial Education. Academy of Financial Services Conference, Columbus, OH.</li> <li>Mandal, B. “Telehealth utilization and health care expenditures among food insecure individuals”. Poster presentation, April 15, 2025. WSU Health Sciences Research Symposium, Spokane, Washington.</li> <li>Xiao, J. J. & Yao, R. (2024). Does COVID-19 destroy financial life? Factors associated with consumer informal bankruptcy during the pandemic. AFCPE Symposium, Columbus, OH, November.</li> </ol> </li> </ol>   <ol start="3"> <li>The following are several ongoing projects utilizing the Wells Fargo and COVID datasets that were collected as a part of NC 2172 collaboration. <ol> <li>Diaz, J. & Cho, S. H. Elaborating on the relationship between financial self-efficacy and life satisfaction: The mediating role of financial stability. Revise and Resubmit</li> <li>Financial Literacy and food Insecurity. Led by Wounded-Head, L. & Cho, S. H.</li> <li>Stages of Financial Planner using Transtheoretical Model of Change. Led by Chatterjee, S. & Porto, N.</li> </ol> </li> </ol>   <ol start="4"> <li>The following dataset is being collected by members. <ol> <li>Households’ Health and Financial Strain. Lead by Kiss, D. E., Zhang, Y., & Ouyang, C. </li> </ol> </li> </ol>   <ol start="5"> <li>Professional Development: At this year’s annual meeting, Jinhee Kim, Assistant Director of University of Maryland Extension and Sheri Worthy, Director of Mississippi State School of Human Sciences shared their own professional journey and inspiring advice to becoming successful academic administrators.</li> </ol>   Milestones   <ol> <li>Discussion started on household health decision making. Several secondary datasets were identified, and subgroups were formed to focus on health issues such as food insecurity, healthcare access, and holistic health.</li> </ol>   <ol start="2"> <li>Subgroups are formed and working on analyzing data sets that this group collaborated in producing during the COVID-19 pandemic:</li> </ol>   <ol> <li>2020 RAND American Life Panel omnibus 2300 survey</li> <li>2021 COVID-19 data</li> <li>2021 Wells Fargo data</li> </ol>   <ol start="3"> <li>North Central Regional Center for Rural Development (NCRCRD) collected a dataset included APR Financial Stress scale in their survey, which were developed by two members of the NC 2172 group.</li> </ol>   <ol start="4"> <li>A preliminary manuscript outline was developed based on subgroup findings and is currently being prepared for peer-reviewed journal submission.</li> </ol>

Publications

Publications Journal Articles   An, T., Xiao, J.J., Porto, N. & Cruz, L. (2025) Mobile payment, financial behavior and financial anxiety: a multi-group structural equation modeling study. International Journal of Bank Marketing, Vol. 43 No. 3, pp. 549-568.   Cruz, L. A., Peñaloza, V., Porto, N., & An, T. (2025) The role of personal and cultural values on saving behavior: a cross-national analysis. International Journal of Sociology and Social Policy.   Porto, N. & Carroll, K. (2025) Financial Education of Emerging Adults. Invited book chapter for Flourishing and Floundering Financially in Emerging Adulthood: A Handbook. Ed. by A. LeBaron-Black, H. Kelley, & A. Sorgente. Oxford Academic.   Porto, N.& Xiao, J. J. (2025) Life Skills: Teaching Personal Finance to College Students during a Pandemic. Invited book chapter for NBEA Effective Methods for Teaching Business Related Topics During and Post Crisis.   Heo, W., Liu, Y., & Park, H. (2025). Financial stress, psychological factors, and financial knowledge on life satisfaction: A comparative pre- and post-COVID cross-sectional analysis in the United States. Applied Research in Quality of Life, (In press) https://doi.org/10.1007/s11482-025-10431-3   DeVaney, S. A. & Lee, J. M. (2024). A Review of Professional Issue Papers in FCSRJ: 2009-2022. Family and Consumer Sciences Research Journal, 51(1), http://doi.org/10:111/fcsr.12522   Sanjeevi, N., Hebert, L., Mandal, B., Monsivais, P. “Loss of pregnancy-related Medicaid coverage is associated with unmet need for health care, medical financial hardship and lower health care use in postpartum women”. Public Health Challenges, March 2025, 4(1): e70044. <a href="https://nam12.safelinks.protection.outlook.com/?url=https%3A%2F%2Fdoi.org%2F10.1002%2Fpuh2.70044&data=05%7C02%7CSooHyun.Cho%40csulb.edu%7C43b2b8abbca3476fa57008dd8f2aa5fd%7Cd175679bacd34644be82af041982977a%7C0%7C0%7C638824135863033594%7CUnknown%7CTWFpbGZsb3d8eyJFbXB0eU1hcGkiOnRydWUsIlYiOiIwLjAuMDAwMCIsIlAiOiJXaW4zMiIsIkFOIjoiTWFpbCIsIldUIjoyfQ%3D%3D%7C0%7C%7C%7C&sdata=%2BaDH7xJqPpi7xqS%2B6ZhGOh0E%2BJQ19ZhkSntu2dNPFqQ%3D&reserved=0">https://doi.org/10.1002/puh2.70044</a>   Mandal, B. “Medicaid expansion and participation in the Supplemental Nutrition Assistance Program: The role of Integrated Eligibility Systems”. Applied Economic Perspectives and Policy, March 2025, 47(1): 154-175. <a href="https://nam12.safelinks.protection.outlook.com/?url=https%3A%2F%2Fdoi.org%2F10.1002%2Faepp.13466&data=05%7C02%7CSooHyun.Cho%40csulb.edu%7C43b2b8abbca3476fa57008dd8f2aa5fd%7Cd175679bacd34644be82af041982977a%7C0%7C0%7C638824135863058467%7CUnknown%7CTWFpbGZsb3d8eyJFbXB0eU1hcGkiOnRydWUsIlYiOiIwLjAuMDAwMCIsIlAiOiJXaW4zMiIsIkFOIjoiTWFpbCIsIldUIjoyfQ%3D%3D%7C0%7C%7C%7C&sdata=BChnzeCRh4mCGqDDg7ohXUlNQUtaCBgU5Nd%2BifCFizw%3D&reserved=0">https://doi.org/10.1002/aepp.13466</a>   Qi, J., Zhang, Y., & Worthy, S. (2024). Social determinants of health and desirable financial behaviors: The mediation effect of financial knowledge. Financial Services Review, 32(4), 51-77.   Qi, J., Zhang, Y., Worthy, S., & Kim, J. (in press). From financial self-efficacy to financial behaviors: The role of financial advice seeking and stress. Journal of International Bank Marketing.   Heo, W., Moon, K., & Ahn, S. Y. (2024). Unmasking the phantoms of generations: A comparative study of financial responsibility and stress across generational divides. Journal of Financial Therapy, 15(1), 2. doi:10.4148/1944-9771.1382   Yi, L., Wollan, P., & Heo, W. (2024). Evaluating the impact of COVID-19 on financial conditions and well-being: Exploring the moderating influence of personality traits on life satisfaction, Applied Economics Letters, 1-4, <a href="https://doi.org/10.1080/13504851.2024.2404160">https://doi.org/10.1080/13504851.2024.2404160</a>     Heo, W., Liu, Y., & Lee, J. M. (2024). Improving communication with financial consumers: Insights from a study of Phone Call Phobia. Financial Services Review, 32(4), 78-102.   Heo, W., Yao, R. & Cho, S. H. (2024). Perceived mental and physical health during the Pandemic: The role of financial stress. Journal of Financial Counseling and Planning, 35(2), 215-233.   Yao, R. & Zhang, J. (2024). Pandemic-induced job loss and mental health: Evidence from a moderated mediation model. Review of Development Economics, 1–21. <a href="https://nam12.safelinks.protection.outlook.com/?url=https%3A%2F%2Fdoi.org%2F10.1111%2Frode.13162&data=05%7C02%7CSooHyun.Cho%40csulb.edu%7C5b6071ad47f547fb0f5808dd8e94ce8a%7Cd175679bacd34644be82af041982977a%7C0%7C0%7C638823492277839190%7CUnknown%7CTWFpbGZsb3d8eyJFbXB0eU1hcGkiOnRydWUsIlYiOiIwLjAuMDAwMCIsIlAiOiJXaW4zMiIsIkFOIjoiTWFpbCIsIldUIjoyfQ%3D%3D%7C0%7C%7C%7C&sdata=Dz9jkvCnRDXp%2BgpDCrmmJRMh9zsmcOjeEaTMBmXRmcc%3D&reserved=0">https://doi.org/10.1111/rode.13162</a>   Awards   Jinhee Kim received the American Council on Consumer Interests (ACCI) Distinguished Fellow Award   Nilton Porto recognized as Top Reviewer by the Financial Planning Review   2024 Wiley Top Downloaded Article, DeVaney, S. A. & Lee, J. M. “A Review of Best Papers in Personal Finance: 2008-2020.” One of the most downloaded papers during its first 12 months of publication (January 1 2022-December 31 2022).    FCSRJ Best Paper Award in Housing and Interior Design. 2024 American Association of Family and Consumer Sciences (AAFCS) Annual Conference, Minneapolis, Minnesota. DeVaney, S. A. and Lee, J. M. A review of housing articles in FCSRJ: 2008-2022.

Impact Statements

NC2172 has spent the past year actively analyzing multiple datasets collected by this multi-state research group during and in the aftermath of the COVID-19 pandemic.
As the pandemic has receded, this research team is uniquely positioned to address ongoing and emerging household health and economic issues.
Members have collaborated extensively, producing numerous research outputs, including conference presentations, peer-reviewed journal articles, and policy briefs.
Several sub-groups have initiated focused discussions and analyses on specific aspects of household health decision-making, including healthcare access, food insecurity, and holistic well-being, as communities transition beyond the pandemic.

Date of Annual Report: 09/04/2026

Report Information

Annual Meeting Dates: 08/05/2026 - 08/06/2026
Period the Report Covers: 05/01/2025 - 08/06/2026

Participants

Participants during the reporting period

1. Yasemin Akcan Barto — Truman State University
2. Swarn Chatterjee — University of Georgia
3. Soo Hyun Cho — California State University, Long Beach
4. Sharon DeVaney — Purdue University, Emeritus
5. Timothy Griesdorn — University of the Incarnate Word
6. Michael Gutter — Virginia Tech
7. Wookjae Heo — Purdue University
8. Jiyun Kang — Purdue University
9. Kyoung (KT) Kim — University of Alabama
10. Seonjeong Ally Lee — Purdue University
11. Jae Min Lee — Minnesota State University, Mankato
12. Yi Liu — St. John Fisher University
13. Bidisha Mandal — Washington State University
14. Travis Mountain — University of Georgia
15. Congrong Ouyang — Texas A&M University
16. Nilton Porto — University of Rhode Island
17. Jorge Ruiz-Menjivar — University of Florida
18. Lorna M. Saboe-Wounded Head — South Dakota State University
19. Mark Schafer — Louisiana State University
20. Tapiwa Sigauke — University of Illinois
21. Brandan Wheeler — Alabama A&M University
22. Sheri L. Worthy — Mississippi State University
23. Yilan Xu — University of Illinois
24. Rui Yao — University of Missouri
25. Yu (Yulia) Zhang — Kansas State University

Brief Summary of Minutes

The NC2172 Annual Meeting was held at Purdue University on August 4–5, 2026, with both in-person and virtual participation. The meeting focused on reviewing the current project, examining available data resources, identifying collaborative research opportunities, and establishing a more structured plan for the remainder of the project period.

Carrie Johnson provided an administrative advisor update concerning federal funding, possible changes affecting Hatch and Smith-Lever programs, emerging USDA-NIFA opportunities, and the importance of preparing materials in advance for grant opportunities with short application periods. Members also discussed the successful midterm evaluation of NC2172 and the need to begin planning for the next five-year project cycle. Potential future areas included household and rural health, workforce development, and financial well-being under changing economic conditions.

Maria Marshall presented NCRCRD/NCR-STAT data resources. Members reviewed the 2022 and 2024 baseline surveys and datasets addressing caregiving, small businesses, housing, and food security. The discussion covered measures of household income, financial stress, caregiving responsibilities, employment, rural and urban residence, community belonging, loneliness, food security, housing conditions, small-business operations, employee benefits, and workforce challenges. Members discussed how these data could support research, Extension products, and future funding proposals.

Based on these discussions, the group identified several potential research areas: caregiving and its financial consequences; food security, financial stress, and household well-being; substance misuse, loneliness, and community recovery support; small-business owner financial stress and resilience; employee benefits and workforce challenges; and technology adoption and rural systems.

On August 5, members discussed how to move from broad research ideas toward a more organized project pipeline. The group agreed to compile a list of research topics, identify members interested in each topic, and designate a lead or contact person for active projects. Potential outputs include journal manuscripts, Extension publications, reports, grant proposals, webinars, and student-engaged research. Regular monthly meetings will be used to maintain engagement, review available data, and support the development of feasible collaborative outputs.

NC2172 also held a joint session with NC1100 participants. Participants introduced their research interests and met in small groups to identify overlapping areas, including household well-being, caregiving, food security, rural health, community belonging, small-business resilience, workforce issues, technology adoption, and infrastructure. The groups identified possible areas for future collaboration, although no specific joint project was formally approved during the meeting.

Timothy Griesdorn introduced the possibility of developing an edited book as a longer-term NC2172 output. Members agreed that the idea merited further exploration, but no final commitment was made. The next steps are to develop a provisional structure, identify potential contributors, and determine whether the proposed chapters can be aligned with the project’s objectives and ongoing research activities.

The group also discussed leadership succession and future meeting planning. Wookjae Heo will continue as Chair through May 2027, after which Timothy Griesdorn is expected to assume leadership. Wookjae Heo will assist with the transition and planning for the 2027 annual meeting. Members will also begin discussing whether the current project focus should continue after 2028 or be revised for the next project cycle.

Immediate follow-up actions include circulating a meeting summary, developing a research-topic list, identifying interested members and project leads, initiating regular monthly meetings, exploring the edited-volume proposal, documenting project outputs and impacts, and beginning longer-term planning for the next NC2172 cycle.

Accomplishments

ACTIVITIES NC2172 members held regular monthly meetings via Zoom during the reporting period. These meetings supported project administration, research updates, data-sharing decisions, funding discussions, development of collaborative research, planning for the next project cycle, and preparation for the annual meeting. The 2026 NC2172 Annual Meeting was held at Purdue University on August 4–5, 2026, with both in-person and virtual participation. Members reviewed the current project, examined NCRCRD/NCR-STAT data resources, identified collaborative research opportunities, and developed a more structured process for organizing research topics, interested participants, project leads, relevant datasets, and feasible outputs. Members also participated in a joint session with NC1100. The session identified potential areas of cross-project collaboration involving household well-being, caregiving, rural health, food security, community belonging, small-business resilience, workforce conditions, technology adoption, and infrastructure. COLLABORATIVE RESEARCH AND PROJECT DEVELOPMENT Members continued or initiated collaborative studies using data developed or identified through the multistate project. These studies examined relationships among financial conditions, health, psychological characteristics, household behavior, and well-being. Research activities included longitudinal and cross-sectional analyses, policy evaluation, and studies of populations experiencing economic or health-related vulnerability. A manuscript examining WIC Electronic Benefit Transfer and maternal morbidity was completed and submitted for peer review. Members also continued developing research concerning financial stress, health, caregiving, food insecurity, community belonging, household well-being, financial advice use, and small-business resilience. A funded NCRCRD thematic working group, “Strengthening Rural Financial and Health Resilience Through Multistate Research and Extension Collaboration,” was established with NC2172 members Lorna Saboe-Wounded Head, Soo Hyun Cho, and Wookjae Heo. The working group will support multistate research and Extension collaboration concerning rural financial and health resilience. SCHOLARLY AND PROFESSIONAL OUTPUTS Members produced peer-reviewed journal articles and accepted manuscripts addressing financial and health decision-making, financial stress and anxiety, financial capability, financial fraud, disability, food insecurity, health-care access, economic insecurity, mental health, life satisfaction, bankruptcy risk, retirement behavior, and financial education. Members also disseminated project-related work through conference presentations, invited seminars, professional panels, media interviews, books, book chapters, technical reports, and publicly available datasets. Selected presentations during the reporting period included: Cho, S. H., Rusiana, H., & Kreysa, P. (2026, April 13–15). Perceived and actual financial education and financial wellbeing. Oral presentation at the Annual Conference of the American Council on Consumer Interests, Long Beach, CA. Rusiana, H., & Cho, S. H. (2025, November 18–20). Digital tool use and retirement behavior among non-retired adults: Planning more or just tracking? Oral presentation at the Association for Financial Counseling, Planning, and Education Symposium, Phoenix, AZ. Bhandare, P., & Heo, W. (2026, April). Behavioral externality of AI in consumer finance. Poster presented at the Annual Conference of the American Council on Consumer Interests, Long Beach, CA. Liu, Y., Heo, W., Pearson, B., & Park, H. J. (2026, April). The influence of personality traits on the financial bandwagon effect: The moderating role of locus of control. Oral presentation at the Annual Conference of the American Council on Consumer Interests, Long Beach, CA. Heo, W. (2026, January). AI and ML in personal finance: Significance and implications in Korea. Oral presentation at the 40th Anniversary Conference of the Korean American University Professors Association. RESEARCH INFRASTRUCTURE, OUTREACH, AND STUDENT ENGAGEMENT Members released multiple stages of the Financial Planning Canada research project and multiple waves of the Financial Stress Survey, together with supporting documentation, through the Purdue University Research Repository. These resources increased access to project-relevant data and research documentation. Members engaged graduate and undergraduate students in research, conference presentations, manuscripts, and public-resource development concerning consumer finance, financial stress, artificial intelligence, and well-being. NC2172-related findings on food insecurity and telehealth were disseminated through two American Journal of Managed Care video interviews, broadening access to research concerning health-care disparities. A collaboration was also initiated with the California State University, Long Beach Basic Needs Program for Financial Wellness. MILESTONES During the reporting period, NC2172: <ol start="1"> <li> Maintained regular monthly meetings and completed a two-day hybrid annual meeting. </li> <li> Strengthened collaborative research using NC2172 and NCRCRD/NCR-STAT data resources. </li> <li> Established a funded NCRCRD thematic working group involving NC2172 members. </li> <li> Expanded collaboration with NC1100 around shared financial, health, household, rural, and community research interests. </li> <li> Advanced manuscripts, presentations, datasets, technical resources, and student-engaged research. </li> <li> Began developing a structured project pipeline with defined research topics, interested participants, project leads, datasets, and intended outputs. </li> <li> Initiated discussion of an edited volume and planning for the next multistate project cycle. </li> </ol>

Publications

JOURNAL ARTICLES Cho, H., Kim, K. T., & Han, J. (2026). A closer look at Generation Z: Financial knowledge and financial anxiety during an economic shock. The Korean Society of Community Living Science, 37(2), 273–285. <a href="https://doi.org/10.7856/kjcls.2026.37.2.273">https://doi.org/10.7856/kjcls.2026.37.2.273</a> Diaz, J., & Cho, S. H. (accepted). Self-efficacy and life satisfaction: The mediating role of financial stability. Journal of Financial Counseling and Planning, Special Issue on Diversity and Consumer Finance. Grable, J. E., Heo, W., & Rabbani, A. (2026). Decoding household portfolio risk: The interplay of knowledge, tolerance, and aversion. Journal of Financial Service Professionals, 80(2), 61. Griesdorn, T., & DeVaney, S. A. (2025). A new approach to teaching personal financial education. Financial Services Review, 33(4), 75–86. Griesdorn, T. S., DeVaney, S. A., Cho, S. H., & Liu, Y. (2026). Associations among trust, optimism, resilience, and life satisfaction during the COVID-19 pandemic. Journal of Family and Consumer Sciences, 118(2), 29–37. <a href="https://doi.org/10.14307/JFCS118.2.29">https://doi.org/10.14307/JFCS118.2.29</a> Heo, W. (2025). Revisiting algorithmic bounded rationality with potential solutions: How recommendation systems amplify cognitive biases in consumer decision-making. Journal of Consumer Affairs, 59(4), e70032. <a href="https://doi.org/10.1111/joca.70032">https://doi.org/10.1111/joca.70032</a> Heo, W. (2026). Time-varying linkages between survey-based financial risk tolerance and stock market dynamics: Signal decomposition and regime-switching evidence. Mathematics, 14(4), 667. <a href="https://doi.org/10.3390/math14040667">https://doi.org/10.3390/math14040667</a> Heo, W., & Ahn, S. Y. (2026). Rethinking emotional labor: AI’s role in shaping consumer and worker well-being. Journal of Consumer Affairs, e70050. <a href="https://doi.org/10.1111/joca.70050">https://doi.org/10.1111/joca.70050</a> Kim, K. T., Han, J., & Cho, H. (2026). The triad of finance: Understanding financial knowledge, advice-seeking, and financial planning horizons. International Journal of Bank Marketing, 44(6), 1073–1094. <a href="https://doi.org/10.1108/IJBM-01-2025-0033">https://doi.org/10.1108/IJBM-01-2025-0033</a> Kim, K. T., Lee, J., & Lee, S. (in press). From perception to loss: A two-phase approach to understanding financial fraud. International Journal of Bank Marketing. <a href="https://doi.org/10.1108/IJBM-10-2025-0852">https://doi.org/10.1108/IJBM-10-2025-0852</a> Kim, K. T., Liu, Y., & Lee, S. (2026). Exploring diverse drivers: Examining the spectrum of motivations. International Journal of Bank Marketing, 44(3), 422–438. <a href="https://doi.org/10.1108/IJBM-03-2025-0256">https://doi.org/10.1108/IJBM-03-2025-0256</a> Kim, K. T., Todd, T., & Lee, S. (2026). Dwelling on money matters: Repetitive thought, financial anxiety, and financial well-being during the COVID-19 pandemic. Journal of Financial Counseling and Planning, 37(2). <a href="https://doi.org/10.1891/JFCP-2024-0022">https://doi.org/10.1891/JFCP-2024-0022</a> Kim, K. T., Xiao, J. J., & Lee, S. (2025). Gender differences in financial capability: What is behind the gap? Family and Consumer Sciences Research Journal, 54(1). <a href="https://doi.org/10.1002/fcsr.70025">https://doi.org/10.1002/fcsr.70025</a> Lee, S., Kim, K. T., & Lee, H. (in press). Bridging financial gaps: The role of fintech in enhancing well-being for people with disabilities. Journal of Consumer Affairs, 60(3). <a href="https://doi.org/10.1111/joca.70065">https://doi.org/10.1111/joca.70065</a> Li, Z., Yao, R., & Cho, S. H. (2025). Economic insecurity, perceived stress, and depressive symptoms: A longitudinal study on mental health. Applied Research in Quality of Life, 20(4), 1611–1628. <a href="https://doi.org/10.1007/s11482-025-10485-3">https://doi.org/10.1007/s11482-025-10485-3</a> Mandal, B. (2026). Telehealth utilization for primary and preventive care among food-insecure individuals. The American Journal of Managed Care, 32(1), 294–300. <a href="https://doi.org/10.37765/ajmc.2026.89867">https://doi.org/10.37765/ajmc.2026.89867</a> Sanjeevi, N., Amram, O., Mandal, B., Hooker, K., & Monsivais, P. (2025). Rental assistance and cost-related medication nonadherence in low-income adults with diabetes. Journal of Health Care for the Poor and Underserved, 36(4), 1209–1224. Xiao, J. J., & Yao, R. (2025). Did COVID-19 hurt consumer financial well-being? Factors associated with consumer bankruptcy risks during the pandemic. International Journal of Bank Marketing, 43(5), 999–1021. <a href="https://doi.org/10.1108/IJBM-04-2024-0191">https://doi.org/10.1108/IJBM-04-2024-0191</a> BOOKS AND BOOK CHAPTERS Heo, W., & Grable, J. E. (2026). Ethics and compliance in financial services: Case studies and practical examples in North America. Palgrave Macmillan. ISBN 9783032144485. Heo, W. (2026). AI and machine learning in personal finance: Evolution, applications, and insights from South Korea. In S. Kang, W. Heo, W. H. Lee, J. Lee, & Y. B. Choi (Eds.), Korean studies in the artificial intelligence era: Innovations in science, engineering, health, business, industry, and ethics. CRC Press. Heo, W., & Park, H. J. (2026). The role of gender in financial stress effects on life satisfaction: Identifying sources of male vulnerability. In P. Sarpong (Ed.), Financial therapy for men: Navigating the intersection of masculinity and financial behavior in a modern world. Springer Nature. TECHNICAL REPORTS AND DATASETS Heo, W. (2025). FP Canada Research Stage 1. Purdue University Research Repository. <a href="https://doi.org/10.4231/N71T-HB95">https://doi.org/10.4231/N71T-HB95</a> Heo, W. (2025). FP Canada Research Stage 2. Purdue University Research Repository. <a href="https://doi.org/10.4231/DESJ-5X22">https://doi.org/10.4231/DESJ-5X22</a> Heo, W. (2025). FP Canada Research Stage 3. Purdue University Research Repository. <a href="https://doi.org/10.4231/DNR3-D136">https://doi.org/10.4231/DNR3-D136</a> Heo, W. (2026). FP Canada Research Stage 4 Final. Purdue University Research Repository. <a href="https://doi.org/10.4231/R4AN-5611">https://doi.org/10.4231/R4AN-5611</a> Heo, W. (2026). Financial Stress Survey Wave 1 in 2018. Purdue University Research Repository. <a href="https://doi.org/10.4231/JBX4-YZ87">https://doi.org/10.4231/JBX4-YZ87</a> Heo, W. (2026). Financial Stress Survey Wave 2 in 2019. Purdue University Research Repository. <a href="https://doi.org/10.4231/HD6H-1X69">https://doi.org/10.4231/HD6H-1X69</a> Heo, W. (2025). Financial Stress Survey Wave 3 in 2021. Purdue University Research Repository. <a href="https://doi.org/10.4231/2DNX-DP42">https://doi.org/10.4231/2DNX-DP42</a> Heo, W. (2025). Financial Stress Survey Wave 4 in 2022. Purdue University Research Repository. <a href="https://doi.org/10.4231/WBP7-1H72">https://doi.org/10.4231/WBP7-1H72</a> Heo, W. (2025). Financial Stress Survey Wave 5 in 2023. Purdue University Research Repository. <a href="https://doi.org/10.4231/2HP1-CY73">https://doi.org/10.4231/2HP1-CY73</a> Heo, W. (2025). Financial Stress Scale Guideline. Purdue University Research Repository. <a href="https://doi.org/10.4231/9YQT-1D96">https://doi.org/10.4231/9YQT-1D96</a>

Impact Statements

NC2172 research provided educators, counselors, practitioners, and policymakers with evidence on how financial stress, economic insecurity, employment and health shocks, financial capability, and psychological resources are associated with financial, mental, and overall well-being.
Research involving people with disabilities, food-insecure households, low-income adults with diabetes, Generation Z consumers, and households experiencing employment or health shocks identified needs and potential intervention points for accessible financial education, health-care delivery, and consumer support.
Public datasets, technical reports, and financial-stress measurement resources expanded access to reusable research infrastructure for scholars, educators, and practitioners.
NC2172 strengthened multistate research capacity by engaging students, forming cross-institutional working groups, securing support for rural financial and health resilience research, and developing new collaborations with NC1100 and community-based financial-wellness programs.