Brief Summary of Minutes of Annual Meeting

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.

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:

1. Maintained regular monthly meetings and completed a two-day hybrid annual meeting.

2. Strengthened collaborative research using NC2172 and NCRCRD/NCR-STAT data resources.

3. Established a funded NCRCRD thematic working group involving NC2172 members.

4. Expanded collaboration with NC1100 around shared financial, health, household, rural, and community research interests.

5. Advanced manuscripts, presentations, datasets, technical resources, and student-engaged research.

6. Began developing a structured project pipeline with defined research topics, interested participants, project leads, datasets, and intended outputs.

7. Initiated discussion of an edited volume and planning for the next multistate project cycle.

1. Strengthening Rural Financial and Health Resilience Through Multistate Research and Extension Collaboration

Funding source: North Central Regional Center for Rural Development Thematic Working Group Program
Amount awarded: $37,480
Project period: August 2026–July 2028
Recipients/Co-PIs: Lorna Saboe-Wounded Head, Soo Hyun Cho, and Wookjae Heo

This project supports multistate research and Extension collaboration related to rural financial and health resilience.

2. Forecasting Demand and Costs for the 988 Suicide and Crisis Lifeline in Washington State: An Integrated Economic and Machine-Learning Model

Funding source: Washington State Department of Health
Amount awarded: $164,605
Project period: March 2026–June 2027
Recipient/PI: Bidisha Mandal

This project applies economic and machine-learning methods to forecast demand and costs associated with the 988 Suicide and Crisis Lifeline in Washington State.

3. AI-Driven Solutions to Bridge Income Gaps and Enhance Accessibility

Funding source: Financial Planning Canada
Amount awarded: $30,000
Project period: August 2025–February 2026
Recipient/Investigator: Wookjae Heo

This project supported research concerning artificial intelligence, financial accessibility, financial planning, and consumer well-being.

Total reported new or continuing external support: $232,085.

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. https://doi.org/10.7856/kjcls.2026.37.2.273

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. https://doi.org/10.14307/JFCS118.2.29

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. https://doi.org/10.1111/joca.70032

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. https://doi.org/10.3390/math14040667

Heo, W., & Ahn, S. Y. (2026). Rethinking emotional labor: AI’s role in shaping consumer and worker well-being. Journal of Consumer Affairs, e70050. https://doi.org/10.1111/joca.70050

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. https://doi.org/10.1108/IJBM-01-2025-0033

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. https://doi.org/10.1108/IJBM-10-2025-0852

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. https://doi.org/10.1108/IJBM-03-2025-0256

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). https://doi.org/10.1891/JFCP-2024-0022

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). https://doi.org/10.1002/fcsr.70025

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). https://doi.org/10.1111/joca.70065

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. https://doi.org/10.1007/s11482-025-10485-3

Mandal, B. (2026). Telehealth utilization for primary and preventive care among food-insecure individuals. The American Journal of Managed Care, 32(1), 294–300. https://doi.org/10.37765/ajmc.2026.89867

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. https://doi.org/10.1108/IJBM-04-2024-0191

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. https://doi.org/10.4231/N71T-HB95

Heo, W. (2025). FP Canada Research Stage 2. Purdue University Research Repository. https://doi.org/10.4231/DESJ-5X22

Heo, W. (2025). FP Canada Research Stage 3. Purdue University Research Repository. https://doi.org/10.4231/DNR3-D136

Heo, W. (2026). FP Canada Research Stage 4 Final. Purdue University Research Repository. https://doi.org/10.4231/R4AN-5611

Heo, W. (2026). Financial Stress Survey Wave 1 in 2018. Purdue University Research Repository. https://doi.org/10.4231/JBX4-YZ87

Heo, W. (2026). Financial Stress Survey Wave 2 in 2019. Purdue University Research Repository. https://doi.org/10.4231/HD6H-1X69

Heo, W. (2025). Financial Stress Survey Wave 3 in 2021. Purdue University Research Repository. https://doi.org/10.4231/2DNX-DP42

Heo, W. (2025). Financial Stress Survey Wave 4 in 2022. Purdue University Research Repository. https://doi.org/10.4231/WBP7-1H72

Heo, W. (2025). Financial Stress Survey Wave 5 in 2023. Purdue University Research Repository. https://doi.org/10.4231/2HP1-CY73

Heo, W. (2025). Financial Stress Scale Guideline. Purdue University Research Repository. https://doi.org/10.4231/9YQT-1D96