Just So You Know

Jul 01, 2022


Dr. Dee Warmath received the FACS 2022 Early Career Faculty Research Award. 

Dr. Kimberly Watkins was accepted to the 2022 Lilly Fellows Cohort at the University of Georgia. 

Dr. Lu Fan was awarded the 2022 NEFE/Knology Financial Education Database Training Fellowship.  

Dr. Michael Thomas was invited to present on the topic of “Understanding the Relationship between Social Capital and Financial Well-being" in the Personal Finance Seminar for Professionals at the University of Maryland Extension. 

Doctoral students Francisco Diaz, and Jyotsna Ghimire were awarded the 2022 ACCI Conference Scholarship. 

Doctoral student Jyotsna Ghimire received the 2022 ASHEcon Conference Scholarship Award and was recognized at the ASHEcon Conference in Austin, TX in June. 

Media Spotlight 

Dr. Kristy Archuleta was recently interviewed for a pod-cast Episode #31 “What are your money hopes?” that received international publicity. https://www.themosthatedfword.com/episode-31-what-are-your-money-hopes/ 

Drs. Lance Palmer and Joan Koonce and the VITA program received national media coverage. Yahoo Finance 

Dr. Pamela Turner and her work with the UGA Radon Education program was featured in the June 21, 2022 edition of the Morningagclips. https://www.morningagclips.com/uga-radon-education-program-promotes-awareness-home-testing/ 

Dr. Yilang Peng was recently interviewed by WBAY Wisconsin for his work on “Fitspiration” social media posts and psychological impact. https://www.wbay.com/2022/04/11/your-health-matters-recent-research-fitspiration-social-media-posts-psychological-impact/ 

Recent Research 

Chang, Y., Chatterjee, S., & Kim, J. (2022). Do Households Use Food Budget Stretching to Alleviate Food Insecurity?. Family and Consumer Sciences Research Journalhttps://doi.org/10.1111/fcsr.12438 

This study assesses whether households buy foods of low nutritional value and use coupons and store savings as effective budget-stretching measures to alleviate food insecurity. Interview and food-acquisition data for a sample of 4,235 households from the National Food Acquisition and Purchase Survey and mediation regression models were used. The study found little evidence of compromised nutritional quality as a budget-stretching practice. Stretching budget through coupons and store savings negatively predicted food insecurity, but it was not associated with income, suggesting that the poorest households might not consider coupons and store savings a viable option to maintain food access

Choi, S. L., Harrell, E. R., & Watkins, K. (2022). The Impact of the COVID-19 Pandemic on Business Ownership Across Racial/Ethnic Groups and Gender. Journal of Economics, Race, and Policy, 1-11. https://doi.org/10.1093/geronb/gbac058


We examined the extent to which optimism buffers the effects of physical limitations on depressive symptoms across 4 mid- and later-life age groups (ages 40–49, 50–64, 65–74, 75 and older at baseline). Analyses are motivated by stress theories, which propose that the protective effects of coping resources are evidenced only at high levels of stress. We further explore whether these purportedly protective effects diminish with age, as health-related stressor(s) intensify and become irreversible. 


We use data from 2 waves (2004–2006 and 2013–2014) of the Health and Retirement Study (HRS, n = 4,515) and Midlife in the United States (MIDUS, n = 2,138). We estimate ordinary least squares regression models with 3-way interaction terms to examine prospectively the benefits of optimism as a coping resource for persons with physical limitations across 4 age groups. Physical limitations are assessed with a composite measure encompassing mobility and activity of daily living limitations. 


In HRS and MIDUS, persons with 3+ limitations reported significantly more depressive symptoms than persons with 0–2 limitations, yet these disparities diminished at higher levels of optimism. Buffering effects of optimism vary by age. For midlife and young-old persons with 3+ limitations, optimism is strongly and inversely related to depressive symptoms at follow-up. Comparable protective effects are not evident among the oldest sample members. 


Stress and coping models should consider more fully factors that limit older adults’ capacity to deploy purportedly protective personal resources. Investments in structural or institutional supports may be more effective than interventions to enhance positive thinking. 

Cotwright, M., & Chatterjee, S. (2022). Equity Return Expectations and Financial Wealth Holdings of US Households. Open Economics5(1), 1-10. https://doi.org/10.1515/openec-2022-0118 

This paper examines the association between stock market return expectations and financial wealth holdings of older adults using the 2016 wave of the Health and Retirement Study. Our study finds that less than 30% of individuals assigned a greater than 50% probability that the market will earn a positive nominal return in the following year. However, considerable heterogeneities were observed across racial/ethnic groups. Health status, the cognitive functioning of older adults, and expectations of positive stock market return were positively associated with greater financial wealth holdings among households. Overall, this study contributes to the literature by applying a unique mathematically derived measure of future return expectations, and extends the literature on equity return expectations and the financial portfolios of households. The findings from this study inform policy makers, and underscore the need for prioritizing programs and policies that can be play a critical role in building human capital, in promoting financial capability, and in bridging the financial wealth gap for households belonging to the disadvantaged and underserved racial ethnic groups.

Diaz‐Valenzuela, J. F., Holman, M., Zhang, Y., & Skobba, K. (2022). Local Leaders' Perceptions of Housing Access and Segregation in their Communities. Family and Consumer Sciences Research Journalhttps://doi.org/10.1111/fcsr.12439

Research on housing discrimination and segregation usually focuses on federal-level actions, yet access to housing is determined locally. Local government leaders influence whether or not their communities provide housing to meet all residents' needs. This study uses a statewide survey of local leaders from 240 different municipalities in one Southeastern state to better understand their perceptions of local housing opportunities. The findings, which present areas for future research, suggest that the perceptions of some local leaders may be shaped by the housing needs of an idealized community. Additionally, the needs of some residents may be less visible to local leaders.

Fan, L. & Lim, H. (2022). Cognitive Abilities and Seeking Financial Advice: Differences in Advice Sources. Journal of Financial Counseling and Planning33(1), 97-114. DOI:  


This study used the 2017 National Financial Well-Being Survey to investigate the relationship between cognitive ability and seeking financial advice. Three aspects of cognitive ability were examined: memory, objective numeracy, and subjective numeracy. The results showed that in general, the three were not associated with seeking financial advice. However, after decomposing the sources of the advice, we found that among financial advice-seekers, memory and objective numeracy were positively associated with seeking financial advice from family. When adding the interactions between cognitive ability factors and age, older individuals with good memories were less likely to seek advice from family, while older individuals with higher objective numeracy were less likely to use social networks to seek financial advice. The study’s findings suggest future development in policies and practices to benefit those with low cognitive abilities to seek better financial advice using multiple advice sources

Fan, L., Chatterjee, S., & Kim, J. (2022). Young adults’ personality traits and subjective well-being: The role of perceived money management capability. Journal of Behavioral and Experimental Finance, 100689. https://doi.org/10.1016/j.jbef.2022.100689 

This study examines the association between personality traits and subjective well-being (SWB) of young adults, the mediating role of perceived money management capability (PMMC), and whether these associations differed by gender. Using the 2015 wave of the Transition into Adulthood Supplement study of the Panel Study of Income Dynamics, this study finds that several personality traits, including extraversion, conscientiousness, and agreeableness, were positively associated with SWB, while neuroticism was negatively associated with SWB. PMMC was positively associated with SWB and partially mediated the relationships between extraversion, conscientiousness, neuroticism and SWB. Furthermore, gender differences were observed in the associations between personality traits and SWB. Although four of the five personality traits, with the exception of openness, were consistently associated with SWB for young men and women; gender differences were found in the relationships between personality traits and PMMC. The mediating role of PMMC also differed by gender. Discussion and implications of the findings for policymakers and scholars are included. 

 Grable, J., Warmath, D., & Kwak, E. J. (2022). An Assessment of the Association between Political Orientation and Financial Risk Tolerance. Journal of Risk and Financial Management15(5), 199. https://doi.org/10.3390/jrfm15050199 

The purpose of this paper is to present findings from research that was undertaken to answer the following questions. First, to what extent is political orientation associated with financial risk tolerance, and second, to what degree is political orientation predictive of changes in risk tolerance across periods? Using panel collected before and after the 2020 U.S. presidential election, it was determined that the strength of affiliation with the Republican and Democratic Parties was descriptive of cross-sectional financial risk tolerance. Republicans were found to exhibit greater risk tolerance compared with Democrats. Across periods, the risk tolerance of Republicans was less stable, whereas the financial risk tolerance of Democrats was more stable. A significant decrease in risk tolerance was observed for those affiliating as a Republican pre-election to post-election. When political orientation was measured on a scale, the decrease in risk tolerance across periods for Republicans was significant. The risk tolerance of those affiliating as a Democrat increased across the periods but at a lower rate than in the drop in scores among Republicans. When viewed across the variables of interest in this study, political orientation was found to be an important descriptor of FRT. 

Grable, J., & Kwak, E. J. (2022). An Evaluation of the Consistency of Financial Risk-Aversion Estimates. Journal of Personal Finance21(1), 19-30. 

This paper reports results from tests designed to determine whether financial risk aversion—the opposite of which is financial risk tolerance—varies based on the at-risk dollar amount presented in a risk-aversion evaluation. Risk aversion was observed to decrease slightly when respondents were presented with a low at-risk dollar amount, although the difference in observed scores across three at-risk dollar scenarios was less than one point on a 10-point scale. It was also noted that survey respondents were relatively risk averse and that females and older respondents exhibited greater risk aversion. When presented with a high at-risk dollar choice, those who self-identified as Black and those with high incomes exhibited less financial risk aversion. 

Heo, W., Rabbani, A., Grable, J. E., & Roszkowski, M. (2022). The alpha and omega of financial risk-tolerance assessment. Financial Planning Review, 5, 2022;e1138. https://doi.org/10.1002/cfp2.1138  

Over the past three decades, numerous scaling and attitudinal measurement techniques have been developed to facilitate the assessment of an individual's financial risk tolerance. Cronbach's alpha has traditionally been used as the primary measure of scale reliability for assessment tools that have been developed using classical psychometric theory. Recently, however, psychometricians have raised concerns about the ongoing use of Cronbach's alpha as a robust measure of scale reliability. In its place, some have argued that reliability estimates should be based on greatest lower bound (GLB) and omega estimations. The purpose of this paper is to describe and compare these alternative reliability measures to Cronbach's alpha for a widely used research-focused financial risk-tolerance scale. Using a dataset with 179,450 observations, findings from this study suggest that while estimates based on Cronbach's alpha, omega, and the GLB do differ, for the most part, reliability estimates across the measures are more similar than dissimilar

Osinubi, A., Skobba, K., Ziebarth, A., & Tinsley, K. (2022). Perceptions and affordable rental housing: A small-town perspective from Georgia. Housing and Society49(2), 187-208. https://doi.org/10.1080/08882746.2021.1940447

Many rural small towns are facing a shortage of rental housing affordable to low-income households at a time when the stock of existing affordable housing is increasingly vulnerable. Previous research suggests that local decision-makers in small towns may be reluctant to advocate for an increase in affordable housing due to their proximity to residents, local power dynamics and racial inequality. This study uses survey data from 164 decision-makers in rural, small towns in Georgia to examine perceptions of housing affordability and the need for rental housing for low-income households compared to place-level data on rental housing supply, demand, affordability and other community characteristics. Many communities in the study have housing market and economic conditions that are likely affecting their lower-income residents, however increasing affordable rental housing was not an identified need for the majority of respondents in the study. Our analysis found no clear pattern between the data-based indicators of housing need and decision-makers’ assessments of changes needed in housing for low-income renters. Small town politics may contribute to this lack of awareness or acknowledgment of housing need. Further research about the factors that shape perceptions of and actions on housing issues among leaders in rural small towns.

Pak, T. Y., & Fan, L. (2022). Childhood Experience of Parental Affection and Financial Well‐being in Later Life: Evidence from the Health and Retirement Study. Journal of Consumer Affairshttps://doi.org/10.1111/joca.12463 

Childhood experience of parental affection has been shown to be influential in numerous domains of a child's life. Using a nationally representative sample of older Americans, this study examined the association between childhood experience of parental affection and financial well-being four to five decades later. Consistent with the literature, childhood experience of parental affection was found to be positively related to both objective and subjective financial well-being, as evidenced by greater total assets and lower total debt, debt-to-assets ratio, propensity to experience difficulty paying bills, and financial satisfaction. The results were robust to controlling for early life characteristics of parents and family, as well as addressing potential recall bias in retrospective reports. Our findings suggest that parental affection in childhood exerts a long-lasting influence on financial well-being, which persists into later life. Early intervention for those who lack parental affection may complement financial education programs and yield significant lifetime benefits 

Peng, Y. (2022). Politics of COVID-19 vaccine mandates: Left/right-wing authoritarianism, social dominance orientation, and libertarianism. Personality and Individual Differences


Mandatory and punitive vaccination policies, such as requiring vaccination certificates for public activities and firing employees who refuse vaccination, have raised considerable objections. With a sample of U.S. crowdsourced workers (N = 983), this study investigates how four ideologies–left-wing authoritarianism (LWA), right-wing authoritarianism (RWA), social dominance orientation (SDO), and libertarianism–explain vaccine acceptance and attitudes toward vaccine policies. Results show that LWA predicts higher vaccine acceptance and support for COVID-19 vaccine mandates and the punishment of unvaccinated individuals, whereas libertarianism and RWA show negative relationships. SDO is linked to opposition to vaccine mandates. This study underscores the role of specific ideological components in shaping attitudes toward vaccine policies while also contributing to the arguments that LWA and libertarianism have important implications for studying sociopolitical attitudes

Qi, J., Chatterjee, S., & Liu, Y. (2022). Retirement Preparedness of Generation X Compared to Other Cohorts in the United States. International Journal of Financial Studies10(2), 45. http://dx.doi.org/10.3390/ijfs10020045 

According to the U.S. Census records, 40% of the population is aged between 35 and 64. This statistic means that a substantial percentage of the nation’s population is in the wealth-formation phase of their life cycle and should be saving towards their retirement goals. Hence, the demand for retirement planning is anticipated to increase over the next decade. However, many economists and policymakers are concerned that a substantial number of American households are not well prepared for retirement. The Retirement Confidence Survey of the Employee Benefit Research Institute found that 36% of workers do not have any retirement savings. In particular, Generation X is the cohort that is least prepared for retirement. This research focuses on Generation X (40–54 years old) and explores this cohort’s retirement preparedness relative to their Baby Boomer and Millennial peers. The study also models cohort effects and identifies the key factors affecting retirement preparedness. The result indicates that Generation X is better prepared for retirement than Millennials in safer portfolio allocations, but there is no significant difference in retirement adequacy between Gen Xers and Baby Boomers. Income, risk tolerance, and attainment of a college education are positively associated with retirement preparedness. 

Sharma, M., & Babiarz, P. (2022). Spending behavior and stimulus transfer use in response to income shocks among older Americans: evidence from the COVID-19 pandemic. Applied Economics Lettershttps://doi.org/10.1080/13504851.2022.2078774 

This study examines household behavioural responses to the pandemic-induced income shocks regarding their overall spending and spending out of 2020 CARES stimulus payments. Using data from the 2020 Health and Retirement Study COVID-19 project and restricting our sample to older adults (51 years old and above), we show that the negative income shocks experienced during the COVID-19 pandemic put downward pressure on household spending. Results also reveal that, relative to those who did not experience an income shock, stimulus recipients who experienced income losses were more likely to use the stimulus transfer to increase spending, pay off debt, or for other purposes rather than to save

Zhang, H., & Peng, Y. (2022). Image clustering: An unsupervised approach to categorize visual data in social science research. Sociological Methods & Research


Automated image analysis has received increasing attention in social scientific research, yet existing scholarship has mostly covered the application of supervised learning to classify images into predefined categories. This study focuses on the task of unsupervised image clustering, which aims to automatically discover categories from unlabelled image data. We first review the steps to perform image clustering and then focus on one key challenge in this task—finding intermediate representations of images. We present several methods of extracting intermediate image representations, including the bag-of-visual-words model, self-supervised learning, and transfer learning (in particular, feature extraction with pretrained models). We compare these methods using various visual datasets, including images related to protests in China from Weibo, images about climate change on Instagram, and profile images of the Russian Internet Research Agency on Twitter. In addition, we propose a systematic way to interpret and validate clustering solutions. Results show that transfer learning significantly outperforms the other methods. The dataset used in the pretrained model critically determines what categories the algorithms can discover

Zhang, Y., & Fan, L. (2022). Financial Capability, Financial Education, and Student Loan Debt: Expected and Unexpected Results. Journal of Financial Counseling and Planning. DOI: 10.1891/JFCP-2021-0039 

This study used the 2015 National Financial Capability Study to investigate the relationships among financial capability, financial education, and student loan debt outcomes. Specifically, this study examines four student loan outcomes: delinquency, stress, preparation, and satisfaction among borrowers who obtained loans for themselves. Three forms of financial capability (objective financial knowledge, subjective financial knowledge, and perceived financial capability) and two forms of financial education (formal school/workplace education and informal parental education) were used as potential predictors in the study. The Probit regression results showed that expectedly, several financial capability and financial education factors were positively associated with desirable financial outcomes such as loan calculation and loan satisfaction, and negatively associated with undesirable outcomes such as loan stress and loan delinquency. However, this study also showed several unexpected results. For example, objective financial knowledge was negatively associated with loan calculation and loan satisfaction, and subjective knowledge and formal financial education were positively associated with loan delinquency

If you have any news items or current research you would like included in Just So You Know…. please email Swarn Chatterjee. Just So You Know…. is now available at https://www.fcs.uga.edu/fhce/just-so-you-know

For more program updates, follow me on Linked In.  

Apr 04, 2022

Dr. Lance Palmer has been named the Josiah Meigs Distinguished Teach Professor. The highest honor for teaching at the University of Georgia.

Dr. Lu Fan has been selected as the recipient of  the 2022 ACCI Richard B. Morse Early-Career Award. She will be recognized at the 2022 ACCI Annual Conference in Clearwater Beach, FL (May 19-21, 2022). 

Doctoral student Heejae Lee and Dr. Sheri Worthy have received the 2021 Family and Consumer Sciences Best Paper Award in the Food and Nutrition category for their paper “Adoption of fad diets through the lens of diffusion of innovations”. 

Doctoral student Zongze Li will receive the 2022 ACCI Consumer Movement Archives Applied Consumer Economics Award for the best Student Paper for his article entitled “Materialism and use of credit cards: The mediation effects of the Theory of Planned Behavior constructs”. His co-authors on this paper are Drs. Diann Moorman and Swarn Chatterjee. 

Drs. Joan Koonce, Lance Palmer, and the Virtual Vita team were highlighted in two National Extension Association of Family and Consumer Sciences Impact Statements. 

Two FHCE students Linda Olvera and Caleb Ray have been selected to be inducted into the UGA Blue Key National Honor Society. 


Dr. Karen Tinsley was inducted into the Honor Hall of Recognition at the 43rd Annual Alumni Awards event on March 26 at the Classic Center.  

Eliza Paris Harrison received the Pacesetter Award at the 43rd FACS Annual Alumni Awards. This award is given to a graduate of the last 10 years who actively promotes the beliefs and values of family and consumer sciences. Eliza graduated in 2014 with a degree in Consumer Journalism. She was a successful member of the investment banking team at UBS Financial Services in New York with a strong record of volunteerism and mentorship. Prior to her death in June 2021 following a 3 1/2 year battle with cancer, she appeared on CNN, the Today Show and in People Magazine advocating for immuno-compromised people.


Warmath, D., Bell, D. R., & Winterstein, A. P. (2022). The Role of Athlete Competitiveness in High School Sport Specialization in the United States. Orthopaedic Journal of Sports Medicine, 10(3), 23259671221079670. https://doi.org/10.1177/23259671221079670

This study examined the role of athlete competitiveness (enjoyment of competition and competitive contentiousness) as a characteristic associated with propensity to specialize in the United States. We hypothesized that, at the high school level, athletes would be more likely to engage in sport specialization owing to enjoyment of competition versus competitive contentiousness. Study findings indicated that, while athlete competitiveness is associated with sport specialization, the nature of that competitiveness determined the association. Being an argumentative contrarian may predispose athletes to lower levels of sport specialization, whereas enjoying competition may encourage higher levels of specialization.

White, K. J., Ouyang, C., Machiz, I., McCoy, M., & Qi, J. (2022). An Application of Financial Resilience to Retirement Planning by Racial/Ethnic Status. The Journal of Retirement. DOI: https://doi.org/10.3905/jor.2022.1.111

A great majority of Americans are underfunded and/or financially stressed about their retirement future. Black and Hispanic individuals have a greater risk for inadequate retirement savings and experience higher levels of financial stress in their retirement age. This study investigates which factors increase financial resilience among Black and Hispanic individuals in terms of their retirement preparedness. Results from the 2018 wave of the National Longitudinal Survey of Youth 1979 indicate that all four components of the financial resilience framework (economic resources, access to retirement resources, retirement knowledge, and social capital) are predictors of individuals’ subjective retirement preparedness. Results and implications are examined separately for Black, Hispanic and non-Black, non-Hispanic individuals to help financial professionals decrease the retirement planning racial and ethnic gap.

Mar 29, 2022


Doctoral Candidate Aditi Routh has been hired by the Federal Reserve Bank of Kansas City. She will be joining the Kansas City Fed as an Economist. 

Doctoral Candidate Jaeyong Yoo has accepted a position as an Assistant Professor of Housing at Virginia Tech. 

Dr. Kenneth White has been promoted with tenure to the position of Associate Professor. 

Dr. Lu Fan has been invited join the editorial board of the Journal of Financial Counseling and Planning

Dr. Lu Fan has been selected to receive the FCSRJ Emerging Scholar award, and her paper co-authored with alumna Dr. Lini Zhang entitled “The influence of financial education sources on emergency savings: The role of financial literacy” has been selected to receive the FCSRJ Best Paper Award. Dr. Fan will be recognized for both these awards at the 113th AAFCS Annual Conference (June 25-27th, 2022) in Orlando Florida. 

Dr. Yilang Peng for receiving a $500,000 grant from the National Science Foundation (NSF) for his study entitled Collaborative: SaTC: Core: Small: Understanding how visual features of misinformation influence credibility perceptions” received in collaboration with faculty from UC Davis. 

Dr. Yilang Peng also won two best paper awards for his research: 

Best Paper Award in the 2021 International Communication Association Conference, Washington DC. 

Top Faculty Paper Award in the 2021 National Communication Association Conference, Washington DC.  

Prof. Sherle Brown has received this year’s FACS Super Includer Award

Recent Research 

Archuleta, K. L. (2022). Financial and Relationship Satisfaction. De Gruyter Handbook of Personal Finance, 509. https://doi.org/10.1515/9783110727692-029 

Couple relationships are complex and uniquely intertwined with personal finances. According to theory and empirical research, the intersectionality of multiple factors impacts the relationship and financial satisfaction of intimate partner couples. This chapter conceptualizes financial and relationship satisfaction and illustrates the connection between the two. This chapter also introduces the growing field of financial therapy and how financial therapy modalities can help practitioners improve relationship and financial satisfaction for their couple clients. 

 Fan, L. (2022). The Use of Financial Advice: Consumers’ Financial Advice-Seeking. De Gruyter Handbook of Personal Finance, 551. https://doi.org/10.1515/9783110727692-031 

This chapter provides an overview of the research on consumers’ financial advice-seeking decisions and behavior. The overview includes a comprehensive review of studies from a historic perspective, theoretical foundations, research and policy issues, and practitioner tools and techniques. This chapter also discusses potential limitations in the literature and understanding of consumers’ financial advice- seeking behavior. The chapter concludes with future directions for research on the consumers’ demand and usage of financial advice

Grable, J. E. (2022). Accounting for Time When Saving and Investing. De Gruyter Handbook of Personal Finance, 157. https://doi.org/10.1515/9783110727692-010 

The purpose of this chapter is to introduce how the conceptualization and study of time correspond to the development of personal finance as an interdisciplinary profession. This chapter describes time in the context of one of four dimensions: (a) time horizon, (b) decision frame, (c) orientation/preference, and (d) perception/ perspective. As noted in this chapter, the concept of time is an un-unified concept. Researchers, policymakers, and personal finance practitioners interested in applied financial decision making often focus on goal time horizons. Those interested in decision- maker behavioral tendencies generally limit their inquiries to describing decision time frames or modeling time orientation and time preference. Researchers who are interested in the nonconscious processes underlying human behavior typically focus on evaluating time perceptions and perspectives. To date, these disparate research agendas have not been unified in any meaningful way. This includes, for example, the lack of unified time horizon definitions. This chapter reintroduces the notion that a time horizon definition can be identified and standardized. This chapter concludes with an insight that the future of personal finance will be closely aligned with time horizon, decision time frame, orientation/preference, and perception/perspective research developments that occur over the next few decades

Grable, J. E., & Kwak, E. J. (2022). The Disappointment Dilemma: The Role of Expectation Proclivity and Disappointment Aversion in Describing Financial Risk Aversion and Investing Risk-Taking Behavior. Journal of Financial Counseling and Planning. DOI: 10.1891/JFCP-2021-0012 

This article adds to the existing literature on financial risk aversion and risk taking by testing the possibility that a person’s degree of disappointment aversion, as an anticipatory emotion, may be an antecedent of risk-taking behavior. In this regard, the purpose of this article is to introduce two interrelated measures—the expectation-proclivity scale and the disappointment-aversion scale—and to establish the empirical association between expectation-proclivity and disappointment-aversion scale scores and financial risk aversion and financial risk taking. Results from this study show that disappointment aversion is positively associated with financial risk aversion, whereas establishing high outcome expectations is negatively related with financial risk aversion. Additionally, findings show that disappointment aversion and expectation proclivity are inversely related. Findings from this study provide support for what is termed in this article the disappointment dilemma hypothesis. Specifically, financial decision-makers who are averse to disappointment may be prone to allocating assets and investment dollars in ways that minimize or avoid disappointment in the short-run, but by doing so, may regret risk-avoiding behavior in the future

Grable, J. E., & Kwak, E. J. (2022). Personal Finance: A Policy and Institutional Perspective. De Gruyter Handbook of Personal Finance, 17. https://doi.org/10.1515/9783110727692-002 

Personal finance is often thought of as something most directly associated with the delivery of an educational intervention or the placement of financial products and services. Much of the extant literature in the field of personal finance tends to test hypotheses and models of household consumption and decision making with the goal of assessing and describing individual, family, and household well-being. This narrow view of personal finance does not take into account the profound role that personal finance has in shaping and responding to public and institutional policies. Concepts, tools, and techniques from personal finance have been shown over several decades of analysis to be important descriptors of local, state, regional, and national economic and social outcomes. Public policy has also played an important role in shaping the way personal finance has been defined and applied in practice. Public and institutional policies can have a significant impact, both positive and negative, on the financial well-being of households. In addition to providing a historical review of the relationship between and among public policy, institutional management, and personal finance, this chapter also highlights ten areas with the domain of personal finance that appear to offer the highest impact potential related to public policy and institutional management outcomes over the next few decades.  

Grable, J., Kwak, E. J., Fulk, M., & Routh, A. (2022). A simplified measure of investor risk aversion. Journal of Interdisciplinary Economics34(1), 7-34. https://doi.org/10.1177/0260107920924518 

This article introduces a simplified measure of investor risk aversion. The singleitem question combines elements from revealed preference and propensity measurement techniques in a way that matches traditional constant relative risk-aversion estimation procedures. Based on survey data from 500 investors living in the United States, scores from the proposed measure were found to correlate with other measures of risk aversion, as well as with indicators of risk-taking. A validity test showed that answers to the proposed measure were statistically associated with equity and cash ownership holdings in respondent portfolios. The simplicity and intuitive nature of the proposed measure and the alignment of question response categories to estimates of constant relative risk aversion make this a potentially valuable addition to the toolkit of researchers, financial educators, investors and those who provide advice to investors

Grable, J. E., & Hubble, A. (2022). Fit-for-Purpose: What It Means in the Context of Risk-Tolerance Assessment. Journal of Financial Service Professionals76(1). 

Over the past few years, you have probably heard the term “fit-for-purpose” being used as a way to describe the value of risk-tolerance assessment tools. In this column, we review what is meant by the term fit-for-purpose and summarize nine standards that we believe comprise fit-for-purpose standards.  

Heo, W., Kwak, E. J., & Grable, J. E. (2022). The Role of Big Data Research Methodologies in Describing Investor Risk Attitudes and Predicting Stock Market Performance: Deep Learning and Risk Tolerance. In Handbook of Research on New Challenges and Global Outlooks in Financial Risk Management (pp. 293-315). IGI Global. DOI: 10.4018/978-1-7998-8609-9.ch014 

The purpose of this chapter is to compare the performance of a deep learning modeling technique to predict market performance compared to conventional prediction modeling techniques. A secondary purpose of this chapter is to describe the degree to which financial risk tolerance can be used to predict future stock market performance. Specifically, the models used in this chapter were developed to test whether aggregate investor financial risk tolerance is of value in establishing risk and return market expectations. Findings from this chapter's examples also provide insights into whether financial risk tolerance is more appropriately conceptualized as a predictor of market returns or as an outcome of returns

Heo, W., Rabbani, A., Grable, J. E., & Roszkowski, M. The alpha and omega of financial risk‐tolerance assessment. Financial Planning Review, e1138. https://doi.org/10.1002/cfp2.1138 

Over the past three decades, numerous scaling and attitudinal measurement techniques have been developed to facilitate the assessment of an individual's financial risk tolerance. Cronbach's alpha has traditionally been used as the primary measure of scale reliability for assessment tools that have been developed using classical psychometric theory. Recently, however, psychometricians have raised concerns about the ongoing use of Cronbach's alpha as a robust measure of scale reliability. In its place, some have argued that reliability estimates should be based on greatest lower bound (GLB) and omega estimations. The purpose of this paper is to describe and compare these alternative reliability measures to Cronbach's alpha for a widely used research-focused financial risk-tolerance scale. Using a dataset with 179,450 observations, findings from this study suggest that while estimates based on Cronbach's alpha, omega, and the GLB do differ, for the most part, reliability estimates across the measures are more similar than dissimilar

Nicolini, G., & Cude, B. J. (Eds.). (2022). The Routledge Handbook of Financial Literacy. Routledge.  


Financial literacy and financial education are not new topics, even though interest in these topics among policymakers, financial authorities, and academics continues to grow. The Routledge Handbook of Financial Literacy provides a comprehensive reference work that addresses both research perspectives and practical applications to financial education. This is the first volume to summarize the milestones of research in financial literacy from multiple perspectives to offer an overview

Peng, Y. (2022). Give Me Liberty or Give Me COVID-19: How Social Dominance Orientation, Right-wing Authoritarianism, and Libertarianism Explain Americans’ Reactions to COVID-19. Risk Analysis. https://doi.org/10.1111/risa.13885

While previous research has revealed an ideological divide in Americans’ perceptions of COVID-19, specific ideological components can additionally explain public reactions to the pandemic. With two surveys—one sample of crowdsourced workers (N = 482) and a nationally representative sample of American adults (N = 7449)—this research investigates how multiple ideological facets simultaneously predict individuals’ reactions to COVID-19. The effects of ideological variables were largely consistent when trust in science was considered. This study highlights the role of specific ideological components in contributing to the political divide regarding attitudes toward the COVID-19 pandemic beyond the liberal–conservative identification


Sholin, T. L., Lim, H. N., Reiter, M., Antonoudi, E., & Lurtz, M. (2021). The Money Scripts Related to the Use and Trust of Investment Advice. Journal of Financial Therapy12(2), 4. https://newprairiepress.org/jft/vol12/iss2/4/ 

This study examines the association between four money scripts (i.e., money avoidance, money worship, money status, and money vigilance) and the use of investment advice and trust in that advice from a variety of sources (i.e., family and friends, financial software, financial professionals, and one’s own research). Using primary data, we found that money avoidance was negatively associated with trust in professional financial advice. Money worship is positively associated with receiving investment advice from financial software and doing one’s own research. Money status was negatively associated with trusting one's own research. Money vigilance was positively associated with using a financial professional for investment advice and trusting advice from a financial professional and family and friends. This study's findings provide implications for financial professionals and researchers focused on helping consumers with different money attitudes seek investment advice, utilizing narrative financial therapy and financial education

Thomas, M. G. (2022). Budgeting and Cash Flow Management. De Gruyter Handbook of Personal Finance, 87. https://doi.org/10.1515/9783110727692-006 

Budgeting and cash flow management are often viewed as mundane, trivial, restrictive, and time-consuming household financial tasks. However, individuals who consistently engage in these activities experience higher levels of financial well-being and are more likely to create wealth. Budgeting involves setting clear financial goals and planning how and when financial resources will be allocated before they are spent. Cash flow management is the process of monitoring all sources of cash inflows and outflows necessary to achieve budgetary aims. Both, in tandem, are paramount to feeling a sense of financial control, having the flexibility to make choices, developing the capacity to absorb economic shocks, and confidently planning for the future. Failing to engage in both of these processes may lead to adverse and unforeseen financial consequences. The purpose of this chapter is fivefold. First, the chapter provides a foundational understanding of budgeting and cash flow management. Second, historical and contemporary perspectives on budgeting and cash flow management are explored. Third, research and policy issues are presented. Fourth, practitioner tools and techniques are examined. Fifth, the chapter concludes with a discussion on budgeting and cash flow management’s future direction and applications.  

Warmath, D. (2022). Measuring and Applying Financial Literacy. De Gruyter Handbook of Personal Finance, 473. https://doi.org/10.1515/9783110727692-027 

While financial literacy is hailed as the promised antidote or remedy to poor financial decision making, there is mixed evidence for the ability of financial literacy to deliver on this promise and a lack of consensus as to what financial literacy is. The dominant view equates financial literacy with knowledge of financial concepts and calculations. Numerous studies suggest that financial knowledge alone is insufficient to improve financial outcomes. Despite attempts to conceptualize financial literacy as more than mere knowledge, there remains a misalignment between the concept and its measures. There is an opportunity to clarify and potentially expand what is needed to make effective financial decisions (i.e., what financial literacy is) as well as produce stronger evidence of the role of (or lack of a role for) financial literacy in financial outcomes


White, K. J., & Antonoudi, E. (2022). 12 Income, Income Transfers, and Taxes. De Gruyter Handbook of Personal Finance, 189. https://doi.org/10.1515/9783110727692-012 

The generation of income, and the taxation of such income, is a keystone element in the study and practice of personal finance. Research suggests that income is often broadly defined and the taxation of income varies from country to country and taxing authority to taxing authority. In this chapter, we discuss components of income and types of taxes using examples from the United States as well as other taxing authorities.  

Feb 02, 2022


Dr. Joan Koonce is the 2022 recipient of the Hill Award for Distinguished Achievement in Public Service and Outreach

Dr. Pamela Turner received 3 national awards for her work on Family Health & Wellness, and Environmental Education related projects in the 2021 National Extension Association of Family & Consumer Sciences (NEAFCS) Conference.  

Dr. Kim Skobba has been selected as a participant for the Public Service and Outreach Rural Engagement Workshop

Dr. Jermaine Durham was accepted to the 2022 cohort of the Fanning Institute’s Facilitation Academy. 

Drs. Andy Carswell and Diann Moorman were recognized by students in fall 2021 through the Center for Teaching and Learning (CTL) Thank-a-Teacher program. 


Drs. Lu Fan and Kimberly Watkins have started their new assignments as Assistant Professors of Financial Planning at the University of Georgia from the Spring of 2022. 

Other Updates

FHCE Financial planning annual celebration (Virtual) is scheduled for Feb 25th 1-3:00 pm (ET). Everyone is welcome to attend. Registration and event related information can be found here:



Effie Antonoudi and co-authors presented her paper entitled “College students’ financial socialization processes and otucomes: Implications for first-generation college students” at the 2021 AFCPE symposium 

Lim, H., Harris, J., & Antonoudi, E. (2021). College students’ financial socialization processes and otucomes: Implications for first-generation college students. 2021 AFCPE Symposium (Virtual)

Recent Research Publications

Archuleta, K. L., Glenn, C., Lawson, D. R., Clady, J. P., & Solomon, S. (2021). I know I should, but do I do it? Connecting covert and overt financial behaviors. Journal of Financial Counseling and Planning, 32(3), 550-563. doi: 10.1891/JFCP-2021-0008  


 When it comes to money, clients often know what they should do, but they do not always do it. The purpose of this study was twofold: (a) to introduce a new scale to measure financial cognition and (b) to explore the link between thinking (i.e., covert behavior) and financial behavior (i.e., overt behavior). Social Cognitive Theory and Cognitive Behavioral Theory framed the study. Data were collected in two stages from 236 employees in a Midwestern region. Stage one results suggest a newly developed measure, the Financial Cognition Scale, shows acceptable reliability, and construct validity. Stage two found positive associations between the covert behaviors of financial cognition, financial knowledge, and financial self-efficacy and the overt behavior of financial behavior, and a negative association between financial anxiety and financial behavior. Implications for practitioners and researchers are presented. 

Horwitz, E., Seay, M. C., Archuleta, K. L., Anderson, S. (2021). The association between financial education and change in financial knowledge: The impact of a comprehensive workplace financial education. Journal of Financial Counseling and Planning, 32(3), 449-463. doi: 10.1891/JFCP-19-00082  

This exploratory study employed quasi-experimental research methods to investigate the relationship between adult participation in a comprehensive workplace financial education program and changes in financial knowledge levels. Results revealed a positive association between participation in the education program and changes in financial knowledge levels, even when controlling for demographic and socioeconomic differences between the participant and non-participant groups. However, results did not support an association between perfect attendance in the program and changes in financial knowledge. Evidence from this study provides meaningful insight into the association between adult financial education and financial knowledge and offers guidance for the future development of effective comprehensive workplace financial education programs. 


Lurtz, M., Kothakota, M., Archuleta, K. L., & Heckman, S. (2021). The effect of risk literacy and visual aids on portfolio choices among professional financial planners. Financial Services Review, 29(1), 209-225.    https://www.academyfinancial.org/resources/Documents/Journal/Finser_29_3_Merged_PART_I.pdf 

Financial planners and their clients come together regularly to discuss financial decisions, which are inherently risky. Yet, financial planning research has not explored the impact of risk literacy (i.e., objective numeracy)--the ability to understand and interpret probabilistic trade-offs--and graph literacy on client-planner decision-making quality. This study uses an experimental design to test financial planners' risk literacy and their ability to select the most resilient portfolio based on whether they were given probabilistic information and a visual representation or only probabilistic information. Results indicate that visual representation do help financial planners determine the appropriate choice, but risk literacy does not. Implications for financial planners and future research in this area are discussed


Ryu, S., Fan, L. (2022). The Relationship Between Financial Worries and Psychological Distress Among U.S. Adults. Journal of Family and Economic Issues. https://doi.org/10.1007/s10834-022-09820-9 

This study examines the association between financial worries and psychological distress among US adults and tests its moderating effects by gender, marital status, employment status, education, and income levels. Data were derived from the cross-sectional 2018 National Health Interview Survey (NHIS) of the adult population. The hierarchical regression analysis revealed that higher financial worries were significantly associated with higher psychological distress. Additionally, the association between financial worries and psychological distress was more pronounced among the unmarried, the unemployed, lower-income households, and renters than their counterparts. The findings suggest that accessible financial counseling programs and public health intervention programs are needed to mitigate financial worries and its negative influences on overall psychological health, with greater attention devoted to vulnerable populations. 

Jan 13, 2022

January 2022 Just So You Know… 


The UGA Financial Planning team mentored by Dr. Michael Thomas placed second in the 2021 AFCPE® Knowledge Bowl. 

Prof. Sherle Brown was recognized as the Institute of Real Estate Management (IREM)—GA Academic Member of the year. 

FHCE alumni Alan Moore, Bo Hanson, and John Loftin were recognized in the Bulldog 100 list of top 100 fastest-growing business owned or operated by UGA alumni.  

Effie Antonoudi for putting together the Diversitas event in collaboration with Charles Schwab Asset Management and the University of Akron. 

FHCE Career fair in Fall 2021 was attended by 143 students and 21 companies. Dr. Mary Carlson, Sherle Brown, and Christi Sanders helped tremendously in putting this event together. 

Conference Presentations 

Dr. Yilang Peng and Muna Sharma presented their research entitled "Effects of Visual Aesthetics and Calorie Density on Food Image Popularity on Instagram: A Computer Vision Approach" at the 107th Convention of the National Communication Association in Seattle, WA. 

Michael Gawrys presented his research entitled “Exploring the Pathways of Long-Term Extended Stay Hotel Residents” at the 2021 HERA Conference in Minneapolis, MN. 

Recent Research 

Chatterjee, S., & Fan, L. (2021). Older Adults’ Life Satisfaction: The Roles of Seeking Financial Advice and Personality Traits. Journal of Financial Therapy, 12(1), 4. 51-78. https://doi.org/10.4148/1944-9771.1253 

This paper uses 1,237 respondents from the Health and Retirement Study dataset to examine the relationships among personality, financial advice-seeking, and life satisfaction of U.S. older adults. The results indicate that extraversion is negatively associated with seeking professional financial advice, while conscientiousness and openness were associated positively with seeking professional financial advice. Individuals with a neurotic personality trait were positively associated with seeking financial advice from families and friends. Additionally, seeking professional financial advice, and being extraverted and conscientious, were positively associated with life satisfaction among older adults. The implications for financial therapists and counselors include suggestions for implementation of cross-functional collaborative counseling strategies when working with older clients who may be experiencing physical and mental health-related problems. Implications of the findings for policymakers are also discussed. 

 Exley, J., Doyle, P. C., Grable, J., & Campbell, W. K. (2022). OCEAN wealth profiles: A latent profile analysis of personality traits and financial outcomes. Personality and Individual Differences, 185, 111300. https://doi.org/10.1016/j.paid.2021.111300 

There is a growing interest in the role of personality characteristics in describing financial outcomes. The Big Five personality traits have been shown to predict relevant financial outcomes including income and net worth. In the present research (n = 395), we move beyond individual Big Five personality traits to look at personality profiles in the prediction of financial outcomes. Using latent profile analyses, we identified three profiles—Under Controlled, Resilient, and Over Controlled—which were uniquely associated with income, risk tolerance, and life satisfaction. These patterns held even after controlling for gender, education, and age. The discussion focuses on the relative benefits of a personality approach over the common risk-tolerance approach. 

Grable, J., Kruger, M., Byram, J., & Kwak, E. J. (2021). Perceptions of a Partner's Spending and Saving Behavior and Financial Satisfaction. Journal of Financial Therapy, 12 (1) 3. https://doi.org/10.4148/1944-9771.1257 

The purpose of this study was multifaceted. The first purpose was to test a relatively new scale—the Spender-Saver Perception Scale (Kruger, 2019)—to determine if perceptions of one’s marriage or cohabitation partner’s spending and saving behavior can be used to describe the subjective financial satisfaction of the one making the appraisal. The second purpose was to determine in an exploratory manner whether perceptions of spending and saving differ by the gender of someone in a marital or committed cohabitating relationship. Data for the study were obtained from an online survey of 313 adults. Partner perceptions were evaluated using a scale developed by Kruger (2019), whereas financial satisfaction was measured using a 10-point subjective self-evaluation item. Respondents were categorized into one of three spender and saver groups: (1) those who perceived their partner as a spender, (2) those who perceived their partner as a saver, and (3) those who perceived their partner somewhere between a spender and saver. It was determined that perceiving one’s marital or cohabitating partner as a spender was not associated with the financial satisfaction. However, perceiving one’s partner as a saver was found to be positively associated with financial satisfaction for the person making the assessment. 

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. https://doi.org/10.1016/j.frl.2020.101842 

This paper documents the negative effect of the COVID-19 pandemic on financial risk attitudes across a broad sample of financial decision makers (N = 18,913). Findings show that the risk tolerance of financial decision makers can be altered when an extreme economic, social, or environmental shock occurs. A general shift away from be willing to take financial risk was noted after the COVID-19 pandemic emergency declaration. The COVID-19 pandemic shifted risk preference downward for the majority of financial decision makers in this study. 

Heo, W., Kwak, E. J., & Grable, J. E. (2022). The Role of Big Data Research Methodologies in Describing Investor Risk Attitudes and Predicting Stock Market Performance: Deep Learning and Risk Tolerance. In Handbook of Research on New Challenges and Global Outlooks in Financial Risk Management (pp. 293-315). IGI Global. 10.4018/978-1-7998-8609-9.ch014. 

 The purpose of this chapter is to compare the performance of a deep learning modeling technique to predict market performance compared to conventional prediction modeling techniques. A secondary purpose of this chapter is to describe the degree to which financial risk tolerance can be used to predict future stock market performance. Specifically, the models used in this chapter were developed to test whether aggregate investor financial risk tolerance is of value in establishing risk and return market expectations. Findings from this chapter's examples also provide insights into whether financial risk tolerance is more appropriately conceptualized as a predictor of market returns or as an outcome of returns. 

Lee, H., & Worthy, S. (2021). Changes in consumer wellness during the early weeks of the pandemic. Journal of Family & Consumer Sciences, 113(3), 36-43. https://doi.org/10.14307/JFCS113.3.36 

COVID-19 has affected consumers' wellness-related behavior and lifestyle choices. Online survey respondents were asked about changes in their health and wellness perceptions and behaviors--overall wellbeing, diet, physical activity, and sleep--due to the pandemic. Age was related to changes in all four wellness areas, with older respondents experiencing less change than did younger respondents. Race was related to changes in overall well-being, diet, and sleep. Whites and Asians reported less change than did Blacks or Hispanics. Change in sleep was associated with age, race, marital status, and BMI. Educating consumers on healthy behaviors is more important than ever during COVID-19. 


Lee, H., & Worthy, S. (2021). Adoption of fad diets through the lens of the diffusion of innovations. Family and Consumer Sciences Research Journal. (Advance online publication) https://onlinelibrary.wiley.com/doi/pdf/10.1111/fcsr.12419 

Despite unconfirmed health benefits, consumers continue to adopt fad diets. Based on Rogers’ (2003) diffusion of innovations theory, we investigate which attributes are related to adoption of three popular fad diets (ketogenic, paleolithic, and intermittent fasting) relative to the expert-recommended Mediterranean diet. Binary logistic regression results using data from an online survey of 424 US adults revealed that a diet’s complexity was negatively associated with adoption, while a diet’s relative advantage and compatibility were not related. This study adds to the literature about pro-innovation bias by presenting evidence that Rogers’ theory may not apply to fad diet adoption behavior.

Rabbani, A. G., & Grable, J. E. (2021). Can portfolio risk be described with estimates of financial risk tolerance calibration?. Finance Research Letters, 102492. https://doi.org/10.1016/j.frl.2021.102492 

The purpose of the study was to analyze the degree to which categories of financial risk-tolerance miscalibration are associated with portfolio choices made by financial decision-makers. A differential prediction model was applied to investment risk tolerance data from 2017 to 2018 to assess the presence of miscalibration. Results from Tobit regressions showed that some survey respondents did engage in the miscalibration of their financial risk tolerance. Although results varied by sub-samples, those who systematically under-estimated their financial risk tolerance were observed to hold portfolios that were less risky than those who were able to match their self-assessed risk tolerance to their psychometrically reliable score. No clear pattern of portfolio choice for those who over-estimated their financial risk tolerance was noted. Being female and between the age of 55 to 64, having an income of $100,000 or more, and working with a financial advisor were found to be more consistent descriptors of portfolio risk compared to risk-tolerance miscalibration

Warmath, D., Chen, P. J., Grable, J., & Kwak, E. J. (2021). Soft landings: Extending the cushion hypothesis to financial well‐being in collectivistic cultures. Journal of Consumer Affairs, 55(4), 1563-1590. https://doi.org/10.1111/joca.12408 

This study extends the cushion hypothesis to examine cultural differences in the role of willingness to take financial risk in an individual’s objective financial outcomes (e.g., the experience of material hardship) and in an individual’s assessment of their financial well-being. Using data collected in South Korea, Taiwan, and the United States, we find support for a cushion (i.e., weaker relationship) in the association between material hardship and present and future financial well-being. A cushion was also observed in a weaker association between willingness to take financial risk and expectations for future financial security but not in the experience of material hardship or current money management stress. Our results suggest that cultural context influences an individual’s objective situation as well as their subjective assessment of that situation. This paper adds to existing literature by documenting a cushion effect beyond risk taking to include a person’s objective financial situation and financial well-being.   


Warmath, D., Winterstein, A. P., & Myrden, S. (2021). Parents and coaches as transformational leaders: Motivating high school athletes’ intentions to report concussion symptoms across socioeconomic statuses. Social Science & Medicine, 114559. https://doi.org/10.1016/j.socscimed.2021.114559 

Purpose: Studies demonstrate that parents and coaches play a role in an athlete’s concussion reporting decision primarily through their influence on the decision environment. Little work, however, has explored how a given parenting/coaching style operates to promote intentions and much less work has examined whether the impact of parenting/coaching on concussion reporting differs by socioeconomic status. Transformational parenting/coaching (i.e., a focus on building autonomy and self-efficacy in athletes) represents one promising approach given its effects on other outcomes (e.g., health, burnout, aggression). We hypothesize that athlete perceptions of transformational parenting/coaching will be associated with their reporting intentions directly and through the athlete’s motivation for playing their sport regardless of household income.  

Methods: A national survey of 1,023 high-school athletes measured athlete perceptions of transformational parenting/coaching, sport motivation, and reporting intentions. Structural Equation Modeling was used to examine hypotheses.   

Results: Transformational parenting was directly associated with reporting intentions (β: Reporting Intentions=.265; Scenario 1=.206; Scenario 2=.260) and indirectly through increased autonomous/decreased controlled motivation. Transformational coaching was not directly associated with Reporting Intentions (β=.008, p=.816) or Scenario 2 (β=.046, p=.198) but was for Scenario 1 (β=.077, p=.003). Transformational coaching was also associated with reporting intention indirectly through increased autonomous, but not controlled motivation. Athletes with household income of $50,000+ were more likely to report transformational parenting/coaching. The effects of transformational parenting/coaching did not differ for athletes from higher versus lower income households.  

Conclusions: Transformational parenting/coaching may encourage greater concussion reporting intentions, primarily through increased autonomous (i.e., self-directed) sport motivation regardless of socioeconomic status. Cultivating transformational leadership in parents/coaches can have a positive impact on the athlete’s intention to report concussion-like symptoms.   

White, K., Park, N., Watkins, K., McCoy, M., & Morris, J. (2021). The relationship between objective financial knowledge, financial management, and financial self-efficacy among African American students. Financial Services Review, 29(3), 169-185. 

Research consistently shows the positive associations of objective financial knowledge, management, and self-efficacy on college students' financial literacy. However, there is a need for a more nuanced examination of the factors contributing to African American college students' financial literacy. Using the National Student Financial Wellness Study and structural equation modeling, findings suggest that for African American students, objective financial knowledge is not directly or indirectly associated with financial self-efficacy. Only financial management is significantly associated with increased financial self-efficacy. These findings indicate that experiential learning may be effective for improving African American students' financial literacy. 

Oct 07, 2021


FHCE visiting scholar, Dr. Marlene Haupt, RW University of Applied Sciences (RWU) and the Munich Center for the Economics of Aging, Germany. Dr. Haupt plans to collaborate with FHCE faculty and doctoral students on related research projects. 


Dr. Kenneth White was recognized as the 2021 Outstanding Young Faculty at the 35th Annual Meeting of the Academy of Financial Services (Virtual) Conference in September, 2021. 

Drs. Lance Palmer, Dee Warmath, and Joan Koonce along with Karen Demeester, Catherine O’Neal, Anthony Mallon, Theodore Futris received approval for the continuation of their grant entitled “ Increasing ACE Protective Factors through Expanded Utilization of the EITC among Minority Households” from the US Department of Health and Human Services for $448,899.  

Drs. Pamela Turner and CAES colleagues Dr. Timothy Davis (PI), and CO-PIs Virginia Brown and Maria Bowie received a grant entitled “Preparing Extension Employees for Emergencies & Natural Disasters” from the USDA Smith-Lever Special Needs Competitive Grants Program for $148,911 (Term: 9/1/21-8/31/22).  

Dr. Brenda Cude was invited to participate on two panels of experts along with our current and former visiting international scholars Drs. Marlene Haupt and Gianni Nicolini at the International Academy of Financial Consumers’ Global Forum for Financial Consumers. The website for the conference is https://www.iafico.org/2021. The two sessions were: 

Cude, B. J., Haupt, M., Nicolini, G., Yang, H. K., & Van, D. T. T. (2021, August 7). The many dimensions of financial literacy [Chaired panel]Global Forum for Financial Consumers, virtual. 

Tennyson, S., Cude, B. J., Kerton, R., Loibl, C., Seog, S. H., & Mamun, M. (2021, August 67). Financial consumer protection: Linking theories and evidence to policy practices [panel]. Global Forum for Financial Consumers, virtual  

Dr. Kristy Archuleta has been invited to speak on the topic entitled “Exploring your attitudes, values, and beliefs to better serve your clients” at the 2021 National Conference of the National Association of Personal Financial Advisors (NAPFA), Las Vegas, NV. She also serves as the Consumer Representative on the Board of NAPFA. 

Eunjin Kwak (co-authored with Dr. John Grable) presented their research entitled “A Comparison of Financial Risk Tolerance Assessment Methods” at the 35th Annual Meeting of the Academy of Financial Services Conference in September, 2021. 

Michael Gawrys (faculty mentor: Dr. Kim Skobba) presented his research entitled “Understanding The Subtleties Of Small Dollar Mortgage Origination” at the 35th Annual Meeting of the Academy of Financial Services Conference in September, 2021. 

Heejae (Hannah) Lee (faculty mentor: Dr. Dee Warmath) will be presenting her research entitled “Help-Seeking as a Moderator Between Financial Decision-Making Ability and Decision Fatigue”, at the Society for Judgment and Decision-making 2021 Conference in San Diego, Nov. 2021.

Jia Qi (co-authored with Dr. Sheri Worthy and Swarn Chatterjee, and Drs. Keith Herndon and Bartosz Wojdynski of the Grady College ) will be presenting his research entitled “Using an Extended Post-Acceptance Framework to Examine Consumer Adoption of Fintech” at the CFP Board’s Academic Research Colloquium (Virtual Conference) in Nov, 2021

Yingyi (Tracy) Liu, Yulia Zhang, and Jia Qi (faculty mentor: Dr. Swarn Chatterjee) will be presenting their research entitled “Financial wellbeing among American households during the COVID-19 pandemic: the role of CARES Act” at the CFP Board’s Academic Research Colloquium (Virtual Conference) in Nov, 2021

Recent Research 

Ghimire J, Carswell AT, Ghimire R, Turner P.R. (2021). The Impact of U.S. Housing Type and Residential Living Situations on Mental Health during COVID-19. International Journal of Environmental Research and Public Health, 18(16):8281. https://doi.org/10.3390/ijerph18168281 

Residential environments could be associated with the mental health of residents, in general, and during the COVID-19 pandemic. However, limited studies have investigated the relationship between these two. This study used data from the Household Pulse Survey, collected between 23 April 2020 and 23 November 2020 to explore the relationship between mental health status as perceived by the residents and housing tenure (own or rent), building type, and the number of household members, while accounting for sociodemographic characteristics, general health-related variables, and week-specific unobserved heterogeneities. The findings suggest that renters had higher odds of experiencing mental health issues than homeowners. Residents in multifamily housing units had higher odds of experiencing mental health problems than single-family units. Further, more people in the household were associated with lower odds of experiencing mental health episodes during the COVID-19 pandemic

Liu, Y., Zhang, Y., & Chatterjee, S. (2021). Financial hardship and depression experienced by pre-retirees during the COVID-19 pandemic: the mitigating role of stimulus payments. Applied Economics Letters, https://doi.org/10.1080/13504851.2021.1989364

This study examines the association between financial hardship and depression among pre-retirees (ages 50 to 65) using the Health and Retirement Study (HRS) and its 2020 COVID-19 supplement. We find a negative association between the amount of stimulus received and financial hardship experienced by respondents during the pandemic. Additionally, the results indicate that African American households were less likely to increase spending, Hispanic households were more likely to increase savings, and households with lower educational attainment were more likely to pay down debt using their stimulus money. Financial wealth was negatively associated with the perception of feeling depressed. Overall, the findings from this study underscore the important role that the stimulus checks and other financial resources played in buffering the economic shock experienced by American households during the COVID-19 pandemic

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 COVID-19 pandemic. Journal of Financial Services Marketing, 1-11. https://link.springer.com/article/10.1057/s41264-021-00109-w

This paper documents the effect of the COVID-19 pandemic on the use of profession financial advisors across a broad sample of financial decision makers (N = 16,431). Findings show that financial literacy played a significant role in describing the use of financial advisors in the USA before and during the pandemic. Those who exhibited higher levels of financial literacy were more likely to use the services of professional financial advisors. Based on a series of regression tests, it was determined that the effect of COVID-19 on the use of financial advisors was, to some extent, moderated by financial literacy. 

Skobba, K., Moorman, D., & Meyers, D. (2021). The Cost of Early Independence: Unmet Material Needs Among College Students With Homelessness or Foster Care Histories. Journal of Adolescent Research, 07435584211014831. 

Qualitative interview data were used to explore the experiences of college students with foster care or homelessness experiences. Participants, with an average age of 21 years, included 18 female and nine male students with a history of homelessness or foster care enrolled in several independent 4-year colleges in one Southeastern state. Participants were recruited through a flyer that was distributed via an email message to individuals and organizations who worked with prospective participants. The qualitative data were collected over the course of an academic year from several in-depth, semi-structured interviews. Interviews were analyzed using a directed content analysis approach to identify key themes: getting by on their own, meeting material needs requires agency, and the Catch-22 of managing academic and material needs. Findings suggest that many of the students in the study experienced a fragile and seemingly unsustainable balance between meeting material needs and academic demands. The current financial aid model, which relies on significant contributions from parents, was insufficient for most students in the study. Results support the need for interventions that improve the ability of students with foster care and homelessness histories to manage their material and academic needs as college students

Warmath, D., O’Connor, G. E., Newmeyer, C., & Wong, N. (2021). Have I Saved Enough to Social Distance? The Role of Household Financial Preparedness in Public Health Response. Journal of Consumer Affairs. https://doi.org/10.1111/joca.12410

Behavioral responses such as social distancing are important in the fight to contain COVID-19 transmission, yet motivating such responses is an overwhelming, resource-intensive task. Using multi-wave data from 23,735 US adults collected in May/September 2020, and January 2021, this study examines how financial preparedness in the form of savings influences the relationship predicted by the Health Belief Model between the degree of concern for COVID-19 and engagement in social distancing. Findings indicate that general concern for COVID-19 is related to the decision to engage in social distancing for individuals who have less saved. Curiously, higher levels of financial preparedness are associated with a lower likelihood of social distancing at least among people who had been laid off during the pandemic. The findings suggest a tradeoff between protecting one's standard of living and their health. Government and public health agencies should consider financial preparedness in the design of public health communications

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