SAES-422 Multistate Research Activity Accomplishments Report

Sections

Basic Information
Additional Info

Status: Approved

Basic Information

Project No. and Title: NC_old2172 : Behavioral economics and the intersection of healthcare and financial decision making across the lifespan
Period Covered: 08/01/2020 to 07/31/2021
Date of Report: 08/12/2021
Annual Meeting Dates: 06/11/2021 to 06/11/2021

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 of Annual Meeting

Attached file:

6-11-21-minutes.docx

Accomplishments

Activities

Monthly meetings were held via Zoom.

Oral and poster presentations were given based on research conducted by this group:
1. Xu, Y., and Yao, R., “COVID-19 Pandemic and Household Financial Vulnerability,” ACCI annual conference 2021.
2. 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.
3. 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.
4. 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.

Milestones

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.
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.
Discussion started on the next 5-year project and what this group should focus on and what where we are with current project objectives.

Awards

Elizabeth Kiss received the American Council on Consumer Interests (ACCI) Stewart M. Lee Consumer Education Award

Impacts

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.

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: https://doi.org/10.1111/joca.12338

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). https://doi.org/10.1007/s10834-021-09773-5

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.

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