SAES-422 Multistate Research Activity Accomplishments Report
Sections
Status: Approved
Basic Information
- Project No. and Title: NC1172 : The Complex Nature of Saving: Psychological and Economic Factors
- Period Covered: 10/01/2011 to 09/01/2012
- Date of Report: 09/18/2012
- Annual Meeting Dates: 08/01/2012 to 08/02/2012
Participants
Bowen, Cathy (cbowen@psu.edu) The Pennsylvania State University Cho, Soo Hyun (SooHyun.Cho@sdstate.edu) South Dakota State University DeVaney, Sharon (sdevaney@purdue.edu) Purdue University Evans, David (devans@purdue.edu) Purdue University Gorham, Elizabeth (gorham60@swiftel.net) South Dakota State University Griesdorn, Timothy (tgriesdo@iastate.edu) Iowa State University Gutter, Michael (msgutter@ufl.edu) University of Florida Lown, Jean (jean.lown@usu.edu) Utah State University Mauldin, Teresa (tmauldin@fcs.uga.edu) University of Georgia Minton, J. Ernest (eminton@k-state.edu) Kansas State University, Administrative Advisor. Attended August 1 only. Solheim, Catherine (csolheim@umn.edu) University of Minnesota Worthy, Sheri (slokken@humansci.msstate.edu) Mississippi State University
File is attached
[Minutes]
Accomplishments
External requests to use the survey were discussed and a suggested procedure for handling future requests were offered. C. Bowen will follow-up with the current request from Ronnel Fernando and check for updates with University of Georgia requestor, who was granted permission in early 2011 to use the survey in Africa.
M. Gutter demonstrated how to use Dropbox for sharing NC1172 files. Going forward, Dropbox will be used instead of ANGEL because it is easier and more accessible without passwords. Everyone can upload documents and there is an application for iPhone, iPad, and Android devices.
M. Gutter shared details about the military project proposal initiated by a request from NIFA/Susan Shockey. Former member Celia Hayhoe, and Michael Gutter and Jinhee Kim submitted the initial work. The proposal has received some interest but no funding has been received. The proposal has received some interest but no funding has been received
Members who were involved with international data collection updated the group on the progress
Impacts
- The number of discussions about personal finance parents have with offspring while they are being reared increases the likelihood of respondents planning their spending and having written goals
- Practicing recommended financial management behaviors and a low level of anxiety are likely to encourage saving regularly
- Saving regularly is a predictor in whether low to moderate income consumers have life insurance
- Economic and sociological factors explained whether respondents had a savings or investment account
- Economic factors impacting the likelihood of having a saving account included age and using selected financial practices; while education, gross income and net worth, impacted the likelihood of having both a savings account and an investment account
- The sociological factor associated with saving was the increased number of information sources used in making financial decisions
- No psychological factors were significant to having a savings and investment account
Publications
Gutter, M. S., Hayhoe, C. R., DeVaney, S. A., Kim, J., Bowen, C. F., Cheang, M., Cho, S. H., Evans, D. A., Gorham, E., Lown, J., Mauldin, T., Solheim, C., Worthy, S. L., and Dorman, R. (2012). Exploring the Relationship of Economic, Sociological, and Psychological Factors to the Savings Behavior of Low to Moderate-Income Households. Family & Consumer Sciences Research Journal, 41(1), 86-102.
Hayhoe, C. R., Cho, S. H., DeVaney, S. A., Worthy, S. L., Kim, J., and Gorham, E. (2012). How Do Distrust and Anxiety Affect Savings Behavior? Family & Consumer Sciences Research Journal, 41(1), 69-85.
Cho, S. H., Gutter, M. S., Kim, J. and Mauldin, T. (2012). The Effect of Socialization and Information Sources on Financial Management Behavior. Family & Consumer Sciences Research Journal, 40(4), 417-430.
Hayhoe, C. R., and Gutter, M. S. Reliability of Scales in the NC 1172 Complex Nature of Saving Data Set. (2012). Family & Consumer Sciences Research Journal, 40(3), 284-294.
Kim, H., DeVaney, S. A., Jinhee Kim, J. Which Low and Moderate Income Families Purchase Life Insurance? (2012). Family & Consumer Sciences Research Journal, 40(3), 295-312.
Mauldin, T., Cheang, M., & Bowen, C. F. (2012). Barriers to savings among low- to moderate-income households who do not save regularly: Differences among those who think they can save and those who think they cannot save. Paper presented at the 2012 Eastern Family Economics and Resource Management Association Conference, Charlotte, NC, Feb. 29-Mar. 2.
Mauldin, T., & Bhargava, V. (2012). Human capital, financial knowledge, and social capital: Differences among savers and non-savers in low to moderate income households [Abstract]. In Kabaci, M.J. (Ed.), Consumer Interests Annual: The Proceedings of the 58th Annual Conference of American Council on Consumer Interests. Memphis, TN. Available from: www.consumerinterests.org/pdffiles/CIA_2012.pdf)
Soo Hyun Cho (2012) The effect of regulatory focus on financial management behavior: data from South Dakota employees. Annual Conference for Korean Society for Consumer Studies, May 12, Seoul, Korea
Soo Hyun Cho (2012). The effect of socialization on savings behavior among South Dakota employees. Annual Conference for Korean Family Resource Management Association, June 2, Seoul, Korea