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Just So You Know

Oct 28, 2020

Michael Rupured will be retiring from his positon as Senior Public Service Associate and Extension Financial Management Specialist in the Department of Financial Planning, Housing and Consumer Economics effective January 1, 2021. Please join me in thanking Michael for his 21 years of service to UGA, and congratulating him on entering this new phase of his life.

Dr. Brenda Cude will also be retiring from her positon as Georgia Athletic Association Professor in Family and Consumer Sciences & Undergraduate Coordinator in the Department of Financial Planning, Housing and Consumer Economics effective January 1, 2021. Please join me in thanking Brenda for her 22 years of service to UGA and congratulating her on entering this new phase of her life.

Congratulations to Lance Palmer and Joan Koonce for again obtaining IRS funding of $43,498 for “Strengthening Families throughout Georgia through UGA VITA Initiatives.”

Lance Palmer, Joan Koonce, and Dee Warmath along with Tony Mallon, K.M DeMeester, Ted Futris and Catie O’Neal have been awarded $1,366,697 over three years from the US Department of Health and Human Services. This grant is for “Increasing ACE Protective Factors through Expanded Utilization of the EITC among Minority Households.”

Joe Goetz, Lance Palmer and Joan Koonce have started working on a new DHHS grant funded for a project called Frameworks, “The Dissemination of Healthy Marriage and Relationship Education to Couples Across Georgia.

Futris, T. G., Richardson, E. W., DeMeester, K., Simmons, B., O'Neal, C. W., Gale, J. E., Goetz, J. E., Palmer, L., Koonce, J. (10/2020 – 9/2025). US Department of Health and Human Services. Awarded $1,249,758 (1st year); $6,248,791 total anticipated (5 years).

Kudos to John Grable and Eun Jin Kwak for being awarded a Best Research Award at the Financial Planning Association/Academy of Financial Services conference for your paper, "The role of disappointment aversion and expectation proclivity in describing financial risk aversion." Journal of Financial Planning.

Congratulations to HMP major Chloe Freeman for being recognized as a Student Scholar by IREM at the

Cheers to your Peers! Benefitting the IREM Foundation on October 5.

Congratulations to financial planning major Linda Olvera for being selected as one of 100 Hispanic Scholarship Fund Scholars, who receive funding to attend the HSF Financial Conferences national meeting of Hispanic scholars in areas associated with finance. https://www.hsf.net/finance-conference

Effie Antonoudi was nominated and selected by the Chief Diversity and Inclusion Officer's office from the Office of the President at K State to be a student speaker at the KsUnite 2020 event on October 13.  She shared her story about how difference makes us stronger and spoke about our contributions to the UGA Diversity and Inclusion in Financial Planning initiative https://www.k-state.edu/diversity-inclusion/ksunite/2020/Text%20Only%20Breakout%20Sessions.html

FHCE Research

Johnson, P.L., & Carswell, A.T. (2020).  The effects of unplanned moves on post-crisis housing situations.  Housing and Society.  https://www.tandfonline.com/doi/full/10.1080/08882746.2020.1796109

Currently, there is not much research on subsequent housing decisions for households that are displaced due to a crisis event. Crisis events include disasters, but can also include unplanned moves related to eviction and foreclosure as well. The American Housing Survey provides the research community the opportunity to examine such situations through a special module related to recent movers introduced in 2013. Using measures of well-being related to residential satisfaction and housing cost burden, we analyze the differences in these measures for both regular movers and those who have moved due to circumstances of crisis. Initial analysis shows that there are highly significant differences between the two populations, with regular movers having higher housing unit satisfaction and neighborhood satisfaction, and lower housing cost ratios, when compared against households which moved under crisis situations. Similar findings are made when comparing against households’ previous housing situations as well. After controlling for demographic and other independent variables, however, the effect of crisis events is nullified for residential satisfaction. Housing cost ratios take divergent paths according to tenure, with renters having heavy cost burdens upon relocation and homebuyers actually reducing their ratios significantly.

Peng, Y. (2020). What makes Politicians’ Instagram posts popular? Analyzing social media strategies of candidates and office holders with computer vision. International Journal of Press/Politicshttps://journals.sagepub.com/doi/full/10.1177/1940161220964769

Previous research on the success of politicians’ messages on social media has so far focused on a limited number of platforms, especially Facebook and Twitter, and predominately studied the effects of textual content. This research reported here applies computer vision analysis to a total of 59,020 image posts published by 172 Instagram accounts of U.S. politicians, both candidates and office holders, and examines how visual attributes influence audience engagement such as likes and comments. In particular, this study introduces an unsupervised approach that combines transfer learning and clustering techniques to discover hidden categories from large-scale visual data. The results reveal that different self-personalization strategies in visual media, for example, images featuring politicians in private, nonpolitical settings, showing faces, and displaying emotions, generally increase audience engagement. Yet, a significant portion of politician’s Instagram posts still fell into the traditional, “politics-as-usual” type of political communication, showing professional settings and activities. The analysis explains how self-personalization is embodied in specific visual portrayals and how different self-presentation strategies affect audience engagement on a popular but less studied social media platform.

White, K. J., Watkins, K., McCoy, M., Muruthi, B., & Byram, J. L. (2020). How financial socialization messages relate to financial management, optimism and stress: Variations by race. Journal of Family and Economic Issues. DOI: 10.1007/s10834-020-09704-w  https://link.springer.com/article/10.1007/s10834-020-09704-w

This study explored how explicit family financial socialization as reflected in three types of parental financial messages (messaging about saving, banking, and investing) relate to three financial outcomes (financial management, financial stress, and financial optimism) and how these relationships varied by race. We used cross-sectional data from 14,662 respondents from the 2014 National Student Financial Wellness Survey (NSFWS), a nationally representative dataset inclusive of students from 52 colleges and universities across the United States. Results from this study offer an understanding of how specific financial messages regarding saving, banking, and investing shape college students’ financial management behaviors and attitudes and how race/ethnicity is associated with the specific types of messaging in one’s family of origin. Specifically, results demonstrated that African American students received significantly fewer saving and banking messages and Hispanic students received fewer investing messages compared to other racial/ethnic groups. Across all racial categories, those who received the investing message reported better financial management, higher financial optimism, and experienced less financial stress.

Hopkins, E. A., Carswell, A.T., & Love, K.R. (2020). Rent impacts of ENERGY STAR appliances on U.S. multifamily renters. Family and Consumer Sciences Research Journal, 49(1), 37-51. https://onlinelibrary.wiley.com/doi/full/10.1111/fcsr.12372

Implementation of ENERGY STAR appliances can be a significant source of energy efficiency within the multifamily rental industry. While there are many positive environmental outcomes by reducing energy consumption, there are also potential positive financial outcomes including lower operating costs, increased asset valuation, and higher rent potential. This study, through a rental hedonic estimation using the American Housing Survey (AHS) dataset, examines the rent impacts of ENERGY STAR appliances in multifamily rental units in the United States. The results suggest that there is a 1.6% average rent premium per ENERGY STAR product included in a rental unit. Knowing that these types of ENERGY STAR appliance changes may actually warrant rent increases could help improve the chances of changes taking place, but more research is needed with other datasets to further account for other rental unit features and location.

Sep 30, 2020

Dr. Pamela Turner has been awarded the HERA Distinguished Service Award. This award recognizes those who have made outstanding contributions to the Housing Education and Research Association (HERA). Kudos on this outstanding and well-deserved achievement Dr. Turner!

Congratulations to the following doctoral students for being awarded funds from the Jan M. Hathcote Social Sciences Academic Support Fund to support their research:

  • Pan-Ju ‘Cindy’ Chen ($1,370) “Hope as a mediator of the relationship between social comparison and financial well-being”
  • Portia Johnson ($1,500) “Homeownership financial literacy: A multi-method study toward consensus among experts”
  • Jaeyong Yoo ($900) “Predicting U.s> internal migration with online search”

We look forward to seeing the results from these research proposals.

I am  pleased to announce that the BSFCS in FACS Education will now be housed in the Department of Foods and Nutrition. This degree program has synergy with FDN and Dr. Tracey Brigman and Dr. Ginnefer Cox have been working actively to update the curriculum and learning outcomes and assessments.  

Dr. Dee Warmath was an invited attendee to NEFE’s invitation-only financial literacy measurement forum during the week of September 14, 2020. The paper Dr. Warmath co-authored on a formative financial literacy scale was selected as one of two papers attendees discussed at the forum. The purpose of the forum was to expand how we approach financial literacy in research and practice.

Warmath, D., & Zimmerman, D. (2019). Financial literacy as more than knowledge: The development of a formative scale through the lens of Bloom’s Domains of Knowledge. Journal of Consumer Affairs, 53(4), 1602-1629. https://doi.org/10.1111/joca.12286.

Congratulations to Portia Johnson for being accepted into the 2020 Future Faculty Diversity Program at Virginia Tech. She will be an invited fellow in the Apparel, Housing, and Resource Management department under Dr. Dustin Read.  Only 16% of the 250+ applicants who applied were accepted. The event is typically an all-expense paid pre-faculty interview visit where the awardee is expected to deliver research presentations. Due to COVID it will happen virtually this year.

Dr. Kenneth White was the profiled researcher in the latest Journal of Financial Therapy


Two of our financial planning students also published book reviews in that issue of Journal of Financial Therapy:

Kernodle, A. (2020). Book review: Surviving debt expert advice for getting out of financial trouble, Journal of Financial Therapy https://newprairiepress.org/jft/vol11/iss1/8/

Bruce, E. (2020). Book review: Advice that sticks, Journal of Financial Therapy https://newprairiepress.org/jft/vol11/iss1/7/

Dr. Dee Warmath has been invited by Abt Associates to serve as an expert panel member for CFPB’s Financial Skill project. This project, which supports the CFPB’s larger body of work to better understand the principal drivers of consumer financial well-being, is focused on using the CFPB’s financial skill score to: 1) better understand the relationships between financial skill and other factors; and 2) develop a framework to help financial educators support financial skill development. In addition, the project will involve the development of benchmarks for the financial skill score.

Recent FHCE Research (*Designates former PhD student) 

Choung, Y.*, Pak, T.Y.*, & Chatterjee, S. (2020). Consumption and Life Satisfaction: The Korean Evidence. International Journal of Consumer Studies. https://onlinelibrary.wiley.com/doi/10.1111/ijcs.12620

This study examines the association between consumption expenditure and life satisfaction among older Koreans (aged 50 or older). We estimate a series of individual fixed effects regressions that link life satisfaction to various types of household consumption using data drawn from the Korean Longitudinal Study of Aging. The results show that leisure consumption is positively related to life satisfaction and that this association is driven largely by uncommon and infrequent leisure activities, like travel and entertainment. Expenditures for leisure that provides more ordinary experiences, such as recreation and self‐development programs, were generally uncorrelated with life satisfaction, despite being consumed by a large fraction of older Koreans. Finally, the evidence on whether material purchases or status‐enhancing purchases were positively correlated with life satisfaction is mixed. On the one hand, our findings reaffirm the conventional wisdom that people feel more satisfied when spending money on experiences than on material possessions. On the other hand, we provide the novel finding that consumption directed toward extraordinary and memorable experiences that go beyond everyday life tends to generate greater future life satisfaction.

Cude, B., Chatterjee, S., & Tavosi, J. (2020). Financial knowledge, personality traits, and risky borrowing behaviors. Sustainability. https://www.mdpi.com/2071-1050/12/18/7608

This article examines the influence of financial knowledge and personality traits on risky borrowing behaviors among Iranian respondents. A proprietary dataset was used in this study. Logistic regression results indicated that numeracy and knowledge of the time value of money were negatively associated with two of the three risky borrowing behaviors (borrowing more than $1500 USD and use of rent-to-own). Conscientiousness was negatively related to the same two borrowing behaviors. Neuroticism negatively influenced use of payday lending. The article concludes with financial education policy suggestions for Iran and directions for future research.

Gangopadhyay, D.*, Nielsen, R.B. & Zahirovic-Herbert, V. (2020). Methodology and axiomatic characterization of a multidimensional and fuzzy measure of deprivation. Social Indicators Research, https://doi.org/10.1007/s11205-020-02486-6.

This article proposes a general methodology to measure multidimensional deprivation in a fuzzy setup. Each dimension comprises multiple dimensional attributes. The methodology is developed in a flexible manner to incorporate any theoretical construct of wellbeing. The new fuzzy membership functions proposed in the method combines the absolute and relative notions of deprivation and take the functional form of normalized and weighted deprivation gaps. A new weight structure is proposed for aggregations within and across the dimensions. Three forms of deprivation indices are discussed: the headcount ratio, the adjusted deprivation index, and the deprivation index. A unified axiomatic framework is discussed for the multidimensional and fuzzy measures of deprivation. Various desired axiomatic properties of the fuzzy membership functions are included as precursory axioms in the framework. The proposed measure satisfies a majority of the desirable axioms.

Warmath, D. & Winterstein, A. P. (2020). A social-marketing intervention and concussion-reporting beliefs, Journal of Athletic Training, https://doi.org/10.4085/1062-6050-242-19

Context: Concussion-symptom education remains the primary approach used by athletic trainers to address underreporting of possible sport-related concussions. Social marketing represents an untapped approach to promote concussion reporting by communicating the benefits or consequences of reporting or not reporting, respectively.

Objective: To apply expectancy value theory and identify how marketing the possible consequences of concealing concussion symptoms influenced young adults' concussion-reporting beliefs to increase the likelihood of reporting.

Design: Randomized controlled clinical trial.

Setting: Laboratory.

Patients or Other Participants: A total of 468 competitive collegiate club sport athletes at a large US university who engaged in 1 of 46 sports with various levels of concussion risk.

Intervention(s): Participants were randomly assigned by team to 1 of 3 conditions. The treatment condition was a social-marketing program focused on the possible consequences of the reporting decision. The control condition was traditional concussion-symptom education based on the National Collegiate Athletic Association's publication, “Concussion: A Fact Sheet for Student-Athletes.” An additional condition mirrored the traditional symptom education but included a less clinical delivery.

Main Outcome Measure(s): Positive and negative beliefs regarding concussion reporting were assessed. We applied expectancy value theory, which posits that changing beliefs in the short term will produce greater reporting intentions in the long term.

Results: Club sport athletes exposed to consequence-based social marketing showed higher levels of positive reporting beliefs and lower levels of negative reporting beliefs than athletes exposed to traditional or revised symptom education. We observed no differences between the traditional and revised symptom-education programs. Exposure to consequence-based marketing decreased negative beliefs about reporting (B = −0.165, P = .01) and increased positive beliefs about reporting (B = 0.165, P = .01).

Conclusions: Social marketing offers athletic trainers another strategic tool for motivating athletes to report concussion symptoms by translating scientific findings into marketable statements and then communicating the benefits of reporting or the negative consequences of concealing concussion symptoms.

Zahirovic-Herbert, V., Turnbull, G. K. & Waller, B. D. (2020) Do home sellers know their market? Evidence from neighbourhood sober-living houses, Applied Economics Letters, DOI: 10.1080/13504851.2020.1782330, available: https://www.tandfonline.com/doi/full/10.1080/13504851.2020.1782330 .

We use a listing price hedonic model coupled with a standard selling price model to identify seller beliefs about how the housing market responds to refurbished formerly substandard properties serving as group homes. Occupied houses benefit the most and vacant houses the least in the long run from a nearby group home. The listing price model indicates that sellers of owner-occupied and rental houses anticipate these price effects whereas sellers of vacant properties appear to systematically underestimate the discount associated with vacant houses per se but correctly anticipate the smaller long run group home premia for their properties.

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

Sep 01, 2020

Congratulations Dr. Dee Warmath and Dr. Brenda Cude for being awarded a $120,750 grant from Access Lex. This grant will provide an assistantship for Jordan Bell. Their study is “An Evaluation of Collegiate Financial Education.”

Dr. Kim Skobba is working in partnership with the Southern Rural Development Center and USDA Office of Partnerships and Public Engagement on a “Housing Quality Challenges” grant for $15,000. The purpose is to present workshops and materials to help build community capacity around housing and other key topics. This grant will provide an assistantship for Kaylee Ranck.

Congratulations to Dr. Sophia Anong & Dr. Joan Koonce for being awarded $99,103 for their Facebook Economic Impact of Digital Technologies research award to study “Impact of contactless payments for small business services” (research.fb.com). This grant will employ two graduate assistants yet to be determined.

I’m excited to announce that Molly Sutz will be working as a financial literacy graduate assistant for the College of Pharmacy and College of Veterinary Medicine this year. She is supervised by Dr. Joseph Goetz.

The Air Force grant Dr. Lance Palmer and Dr. Joseph Goetz are a part of also employs two graduate assistants, Aditi Routh and Jerard Adams.

Dr. Velma Zahirovic-Herbert and Dr. Patryk Babiarz have received an in-kind data grant from Zillow to study “Marijuana Legalization Effects on Housing Market.” The Zillow Transaction and Assessment Dataset (ZTRAX) is the country’s largest real estate database with more than 400 million detailed public records across 2,750+ U.S. counties. The dataset has more than 20 years of deed transfers, mortgages, foreclosures, auctions, property tax delinquencies and more, for both commercial and residential properties. Zillow also provides property characteristics, geographic information and prior valuations for approximately 150 million parcels in 3,100+ counties nationwide.

Congratulations Dr. Michael Thomas for being elected to the AFCPE board to represent University/Education for the next 3 years. 

Dr. Andrew Carswell has been elected by the tenured faculty in the College of Family and Consumer Sciences for a 3-year term of service on the University Appeals Committee. The University Appeals Committee plays an important role in the University of Georgia’s promotion and tenure process. Thank you for serving in this role Dr. Carswell.

The University of Georgia’s Financial Planning Program and FPA of Georgia are looking forward to hosting the Financial Planning Speed Interviewing Event. This inaugural event will be 100% virtual on Thursday, October 15, 2020, from 1 to 3 pm EST. Firms, Sponsors and students can register for this event here: https://www.fcs.uga.edu/financial-planning/uga-financial-planning-fpa-of-georgia-speed-interviewing-event

Recent FHCE Research

Warmath, D., Winterstein, A. P, & Myrden, S. (2020) Sport Motivation as a Possible Indicator of Concussion Reporting Intentions Among Young Athletes. Clinical Journal of Sports Medicine doi: 10.1097/JSM.0000000000000804


Objective: To assess the relationship between sport motivation and intentions to report concussion symptoms among young adult athletes.

Design: Cross-sectional study (level of evidence: 3)

Subjects: 1,305 young adult athletes of various sports and levels of competitiveness from the Survey Sampling International panel

Methods: Data was collected through an online survey. Ordinary least squares regression was used to examine the relationship between motivation and reporting intentions controlling for competitiveness and perceived risk of injury.

Results: Athletes who play their sport for self-regulated (autonomous) reasons have higher intentions to seek care for concussion-like symptoms while those who play to achieve gains external to the sport or avoid punishment (controlled motivation) have lower intentions. A one-point increase in autonomous motivation was associated with an 11.5-point increase in reporting intention (t = 6.629, p < .001) while a one-point increase in controlled motivation was associated with an 8.1-point decrease in reporting intention (t = -4.562, p < .001). Betas from the model suggested that autonomous motivation had a stronger effect than controlled motivation (.226 vs. -.163).

Conclusions:  Innovation in care, concussion education, and cultivation of team culture supportive of autonomous motivation could increase concussion reporting. Measuring sport motivation may reveal which athletes require more proactive attention to ensure symptoms are not concealed. Further, messages to reinforce autonomous motivation may increase willingness to report.

Heo, W., Grable, J. E., & Rabbani, A. G. (2020). A test of the association between the initial surge in COVID-19 cases and subsequent changes in financial risk tolerance, Review of Behavioral Finance


Purpose: The purpose of this paper is to provide an estimate of the degree to which financial risk tolerance changed in relation to the initial surge of COVID-19 cases in the US.

Design/methodology/approach: Data from a large sample of investors and other consumers covering the period beginning April 2019 and ending in early May 2020 were used to estimate aggregate levels of financial risk tolerance and to determine if the willingness to take financial risk changed across five distinct periods in relation to the spread of COVID-19.

Findings: A general reduction in aggregate levels of financial risk tolerance was observed during the initial peak of COVID-19 period and the subsequent declaration of a pandemic, with the most significant drop in risk tolerance being exhibited by those who were 25 years of age or younger.

Practical implications: The findings from this study – primarily that in terms of FRT, the COVID-19 pandemic impacted young people disproportionately – suggest that in addition to helping young people feel comfortable in terms of their personal health situation and access to employment and health insurance, policy makers, financial service firms and financial literacy educators should provide information and guidance to young people regarding why being willing to take financial risks is important and how FRT corresponds to the proper functioning of the investment markets.

Originality/value: A data-drive methodology was utilized in this study to define the periods. This approach was taken due to the lack of defined and published pandemic interval periods specific to COVID19. However, the findings based on the data-driven methodology bring practical implications such as young people are sincerely considered in the catastrophic situation.

Grable, J. E. (2020). How Reliable Is Your Risk-Tolerance Questionnaire? Journal of Financial Service Professionals, 74(3), 10–14.

Professional and regulatory practice standards require financial advisors to evaluate the risk tolerance of clients prior to the development and presentation of recommendations. Financial advisors typically use either a revealed-preference test or a propensity measure when evaluating the risk tolerance of clients. Results from a preliminary test show that the reliability and consistency of test scores from different measurement techniques vary over time. As discussed in this column, financial advisors are advised to use caution when interpreting risk-tolerance scores obtained from commonly used assessment tests.

Pasztor, J. (2020). Fiduciary Standard Battle Fatigue. Journal of Financial Service Professionals, 74(3), 19–21.

The ongoing struggle between sales and advice, and what standard should apply, suitability or fiduciary, has been disruptive to many dedicated financial services professionals who, regardless of which standard they are currently being held to, just want to do what is best for their clients. Let brokers be brokers, and insurance agents be insurance agents, and be held to the suitability standard. Let advisors be advisors, and financial planners be financial planners, and be held to the fiduciary standard.

Jul 30, 2020

Congratulations to Dr. Joan Koonce for winning the 2020 Education Award from the AAFCS Family Economics and Resource Management Community. Her nomination received the highest scores and compliments among all packets reviewed. In lieu of the usual presentation at annual conference, FERM is organizing a webinar where Dr. Koonce will present her program.

Congratulations to Dr. Andy Carswell and Dr. Kristy Archuleta for being chosen to participate in the UGA Aspire Fellows program. Fellows will work together to build upon existing successes and strengths to create and complete a signature project that will extend professional impact. To support this project, each fellow will formulate and adopt an individual professional development plan. Fellows will benefit from an interdisciplinary community of peers and from a structured approach to support their professional development and signature projects.

Congratulations to the following individuals for successfully defending their dissertations this past month. Also, a big thank you to their major professors and committees.

  • Dr. Jamie Lynn Byram - major professor Dr. John Grable
  • Dr. Sae Rom Chung - major professor Dr. Patryk Babiarz
  • Dr. Seongsu Kim - major professor Dr. Andrew Carswell
  • Dr. Ebun Odeyemi major professor Dr. Kimberly Skobba
  • Dr. Narang Park – major professor Dr. John Grable

I’m also happy to announce that Dr. Jamie Lynn Byram will be starting a position as an instructor with the Department of Finance, Insurance, and Business Law in the Pamplin College of Business at Virginia Tech University in August.

Recent FHCE Research:

Zhao, H., Zhang, L. & Anong, S. (2020). Financial experiences, beliefs, and near field communication (NFC) based mobile payments among young adults, Journal of Financial Counseling and Planning, 31(1), 69-82. Available: https://www.afcpe.org/news-and-publications/journal-of-financial-counseling-and-planning/volume-31-1/financial-experiences-beliefs-and-near-field-communication-based-mobile-payments-among-young-adults/

This study examined a conceptual model on the intention to adopt NFC-based mobile payment that incorporates financial experiences and beliefs. NFC refers to Near Field Communication, a new technology in mobile payments. From an online experimental survey of 463 U.S. young adults, this research found consumers who used cards among their payment methods as opposed to cash-only were less likely to adopt NFC mobile payment. Previous experience in non-NFC mobile payments had a significant positive association with intention to adopt NFC mobile payment. Among the beliefs, consumers with higher trust and higher perceived usefulness about NFC mobile payment had greater intentions to adopt it. Moreover, trust was found to have a mediating effect between non-NFC mobile payment experience and the intention to adopt NFC mobile payment. This study not only provides mobile payment providers with effective marketing strategies to increase consumers’ adoption of NFC mobile payment but also provides financial educators with important implications to develop targeted education programs.

Archuleta, K. L., Stueve, C., Stebbins, R., Kemnitz, R. J. Chaffin, C. R., Williams, K. K. Poplaski, S. C., Sages, R. A., Tibbetts, R. H., & Burr, E. A. (2020). Exploring perceptions of graduates’ experiences that impact certified financial planner certification: A multiple case inquiry. Journal of Financial Counseling and Planning, 30(2). Available: https://www.afcpe.org/news-and-publications/journal-of-financial-counseling-and-planning/volume-30-2/exploring-perceptions-of-graduates-experiences-that-impact-certified-financial-planner-certification-a-multiple-case-inquiry/

This study utilized qualitative methods to explore perceptions of graduates from Certified Financial Planning Board of Standards, Inc. Registered Programs regarding experiences that impact Certified Financial Planner (CFP) certification completion. Participants (N = 16) were classified into four different groups: Certified, In Progress, With Intentions, and No Intentions. In general, the themes that emerged from within case analyses and across cases related to four areas, including preservice experience, intrinsic motivation, employment, and respect for the CFP marks. The results of this study suggest that financial service firms have a number of opportunities to strengthen the interest in a financial planning career and assist recent graduates in their pursuit of CFP certification with time and financial support of the examination process.

Yang, T., & Peng, Y. (2020). The importance of trending topics in the gatekeeping of social media news engagement: A natural experiment on Weibo. Communication Research.   https://journals.sagepub.com/doi/abs/10.1177/0093650220933729

Digital gatekeepers have greatly shaped the gatekeeping process of news consumption and news engagement, but how digital gatekeepers work is understudied. This study focuses on one example of digital gatekeepers, trending topics on social media, which aggregate the most popular search terms and present them to the public. We utilize a natural experiment on Weibo by analyzing user engagement data of 36,239 posts in three consecutive weeks, during which trending topics were removed for 1 week. We show that trending topics implemented two layers of gatekeeping: trending topics increased user engagement with top news posts within each news outlet and widened the engagement gap between popular posts and less popular ones (intra-outlet gatekeeping), and the increases in engagement with top news items were most salient among the least popular news outlets, thus reducing the inequality among outlets (inter-outlet gatekeeping).

If you have any news items or current research you would like included in Just So You Know…. please email Sheri Worthy

Jun 29, 2020

Congratulations to Dr. Sophia Anong for being awarded a $25,000 Faculty Seed Grant in STEM for “Mobile money opportunities: Field trials for empowering women in Ghana.”

Sherle Brown has been selected to serve as the FHCE 2020-2022 Faculty Ambassador. She will continue to recruit for all our FHCE majors. Thank you for taking on this role again Sherle!

Communication Essentials for Financial Planners: Strategies & Techniques by Drs. John Grable and Joe Goetz is on Michael Kitces’ Summer Reading List of “Best Books” for Financial Advisors – 2020 Edition.

Gary Clement will be an Assistant Professor in the Department of Consumer Sciences, College of Human Environmental Science at the University of Alabama starting August 2020. Congratulations!

Martha Fulk has started a position as Lead Learning Technologist for Online Learning at Georgia State. She will be coordinating the design and development of online courses and programs as well as leading initiatives for new learning technologies in the online format. Congratulations!

Narang Park has accepted a post-doc position in the School of Family and Consumer Sciences at Texas State University. She will work under FHCE alum, assistant professor Dr. Leslie Green and her research fellows. The position will involve working on several research projects focusing on the economic well-being of families and individuals. Congratulations!

Thank you for your 3 ½ years of service as Graduate Coordinator, Dr. Swarn Chatterjee!

Thank you Dr. Velma Zahirovic-Herbert for taking on the role of FHCE Graduate Coordinator beginning July 1, 2020.

Thank you Dr. Brenda Cude for your years of service and continued service as FHCE Undergraduate Coordinator.

Recent FHCE Research

Anong, S., & Zahirovic-Herbert, V. (2020) Homeownership and high-cost alternative borrowing. Applied Economic Letters, 27(2), 118-121. Available: https://doi-org.proxy-remote.galib.uga.edu/10.1080/13504851.2019.1610696

Homeowners are generally less likely to use short-term alternative loans such as payday loans, car title loans, and tax refund anticipation loans but this association has not been fully explored across all income groups and in the context of other homeownership characteristics. Using the 2009 U.S. National Financial Capability Study, this study shows that homeownership generally reduces the propensity for high-cost alternative borrowing across all income quintiles. However, home purchases made within the 5 years prior to 2009 increased the probability of alternative borrowing in the bottom two quintiles. Also, apart from the bottom quintile, homeowners with adjustable-rate mortgages are more likely to resort to alternate loans compared to those without such mortgages. Surprisingly, those with home equity loans in the lower quintile are more likely to have used AFS loans as well.

Goetz, J., Palmer, L. Zhang, L., & Chatterjee, S. (2020). Changes in household net financial assets after the great recession: Did financial planners make a difference? Journal of Personal Finance, 19(1), available: https://www.iarfc.org/publications/journal-of-personal-finance/current-issue-of-the-journal

This study utilized the 2007-2009 Survey of Consumer Finances (SCF) Panel Data Set to examine the impact of financial planner use on household net financial asset level during the Great Recession. Data included 3,862 respondents who completed the SCF survey and a follow-up panel interview. The results indicated that starting to use a financial planner during the Great Recession had a positive impact on preserving and increasing the value of households’ net financial assets, while curtailing the use of a financial planner during this time had a negative impact on preserving the value of households’ net financial assets. Thus, study findings indicated that the benefit of using a financial planner may be particularly helpful during a major a financial downturn.

Murashka, V., Liu, J, & Peng, Y. (2020). Fitspiration on Instagram: Identifying topic clusters in user comments to posts with objectification features. Health Communication. https://www.tandfonline.com/doi/full/10.1080/10410236.2020.1773702

This study aimed to examine features of objectified images in popular fitspiration accounts on social media, identify the most prevalent user discussion topics about these images, and investigate the linkages between specific objectification cues and discussion topics. We employed content analysis to identify gender-specific objectification elements in fitspiration images (N = 2,000) on Instagram and unsupervised topic modeling to uncover topics in user comments (N = 35,263). Multilevel regressions were conducted to examine how gender and objectification features associate with the topics. Results revealed that one-third of the images were objectified. Objectification features such as sexual posing and the presence of objectified chest or abdomen were associated with the occurrence of two out of the three most prominent topic clusters (inspiration, body, and image-related discussions). We concluded that objectified fitspiration may distract users from health goals.

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

May 26, 2020

Congratulations to the following faculty for their promotions in the Department of Financial Planning, Housing and Consumer Economics effective July 1, 2020:

  • Dr. Kristy Archuleta promotion to Professor
  • Dr. Andrew Carswell promotion Professor
  • Dr. Joseph Goetz promotion to Professor
  • Dr. Velma Zahirovic-Herbert promotion to Professor
  • Dr. Pamela Turner promotion to Professor
  • Dr. Patryk Babiarz tenure and promotion to Associate Professor
  • Dr. Jerry Shannon promotion to Associate Professor

Please welcome your new GSO leadership board:

  • President - Portia Johnson
  • Vice President - Dyna Ty
  • Secretary - Aditi Routh
  • Social Chair - Yingyi (Tracy) Liu 

Keane Swenson, CURO student mentored by Dr. Sophia Anong, won the third place in the ACCI Undergraduate Student Poster Competition this year. The award was presented virtually at the ACCI Annual Conference last week.

UGA was well represented at the ACCI Virtual Conference. The conference committee included Dee Warmath (chair), Brenda Cude, and Mary Carlson as well as Karen Duncan, Nilton Porto, Yoko Mimura, and Elizabeth Kiss.  Research was presented by FHCE PhD students Pan-Ju Chen, Marty Cotwright, Jyostna Ghimire, Danah Jeong, Portia Johnson, Seongsu Kim, Yingyi Liu, Narang Park, Aditi Routh, and, Muna Sharma, and faculty members Sophia Anong, Swarn Chatterjee, and Brenda Cude.

Congratulations Tammy Williams for being selected as a recipient of the Envestnet Scholarship. This Scholarship will reimburse up to $5,000 for the cost of tuition within a CFP Board Registered certificate program.

Recent FHCE Research

Fan, L., & Chatterjee, S. (2020). The Utilization of Robo-Advisors by Individual Investors: An Analysis Using Diffusion of Innovation and Information Search Frameworks. Journal of Financial Counseling and Planning.  DOI: 10.1891/JFCP-18-00078


This study examines the roles of internal and external search characteristics and attitudinal factors in investors’ decisions to utilize robo-advisor-based platforms. Using the 2015 state-by-state National Financial Capability Study and Investor Survey, this study finds that the need to free up time, higher risk tolerance, higher subjective financial knowledge, and higher amounts of investable assets were positively associated with individual investors’ adoption of robo-advisors. Additionally, the results from the interaction model indicates that individuals under 65 with a higher risk tolerance and greater perceived investment knowledge were more likely to use robo-advisors. Implications of the key findings for scholars, practitioners, and industry leaders are included.

Peng, Y. (2020). The ideological divide in public perceptions of self-driving cars. Public Understanding of Science. 29(4), 436–451.


Applications in artificial intelligence such as self-driving cars may profoundly transform our society, yet emerging technologies are frequently faced with suspicion or even hostility. Meanwhile, public opinions about scientific issues are increasingly polarized along the ideological line. By analyzing a nationally representative panel in the United States, we reveal an emerging ideological divide in public reactions to self-driving cars. Compared with liberals and Democrats, conservatives and Republicans express more concern about autonomous vehicles and more support for restrictively regulating autonomous vehicles. This ideological gap is largely driven by social conservatism. Moreover, both familiarity with driverless vehicles and scientific literacy reduce respondents’ concerns over driverless vehicles and support for regulation policies. Still, the effects of familiarity and scientific literacy are weaker among social conservatives, indicating that people may assimilate new information in a biased manner that promotes their worldviews.

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

Apr 24, 2020

Dr. Jerry Shannon has been awarded the Richard B. Russell Award for Excellence in Undergraduate Teaching. Congratulations on this highest early career teaching honor.

Kristin Short (major professor Dr. Joseph Goetz), Youngjoo Choung (major professor Dr. Swarn Chatterjee), and Timi Jorgensen (major professor Dr. Kenneth White) successfully defended their dissertations this month. Congratulations Dr. Short, Dr. Choung, and Dr. Jorgensen!

PhD student, Seongsu Kim has just been hired as a tenure track Assistant Professor in the Finance, Insurance and Real Estate Department at St. Cloud State University.  He will begin working in the Fall.

PhD student, Jamie Lynn Byram has be awarded one of the UGA Graduate School Dean’s Awards for Social Sciences for $2,750. This award is intended to help defray the cost of conducting dissertation research.

The following CURO Research Assistants presented research at the virtual CURO Symposium this week:

  •        Andy Li, supervised by Dr. Swarn Chatterjee
    •    Financial Capability and Asset Building Among Generation-Z: Evidence from a National Study
  •        Devarsh Vaghela, supervised by Dr. Swarn Chatterjee
    •    The Demand for Fintech and Automated Investment Platforms for Individual Investors: Evidence from a National Study
  •        Keane Swenson, supervised by Dr. Sophia Anong
    •    Mobile Financial Services and Healthcare Utilization in Zimbabwe

Melissa Slaughter, UGA Griffin Consumer Economics major, will receive the 2020 American Business Women’s Association Scholarship Award.

Housing, Management & Policy major, Chloe Freeman has won the IREM Global Summit Student Scholarship. The scholarship includes round trip airfare, hotel accommodations at The Sheraton Centre Toronto Hotel, complimentary registration to the conference, plus $250 to cover miscellaneous meal and other expenses.

FHCE Research Highlights:

Nickols, S. Y. (2020). Home management houses: Part I history and a case study of Kansas State University. Family and Consumer Sciences Research Journal, 48, 3 https://onlinelibrary.wiley.com/doi/abs/10.1111/fcsr.12343

For much of the 20th century, living in a home management house for the purpose of applying principles and practices of household resource management was a core feature of the home economics curriculum. Home management houses were an integral part of the infrastructure on campuses of colleges and universities offering home economics majors. The purpose of this study was to explore the history of the home management house as an educational method in home economics and to illustrate the conversion of the physical facilities into contemporary purposes. Using multiple research methods, this study summarizes the development and repurposing of home management residences. In addition, Part I presents a case study of Kansas State University on the history of the home management course, the residences for the practicum, and the repurposing of the physical structures to meet contemporary academic needs. Part II will present further discussion and two case studies.

Nickols, S. Y. & Allison, B. N. (2020). Exploring home management houses: Part II tow case studies: The University of Georgia and Texas Tech University. Family and Consumer Sciences Research Journal, 48, 3 https://onlinelibrary.wiley.com/doi/abs/10.1111/fcsr.12356

Home management courses, and the houses where those course principles and practices were applied, played an historical role in the home economics curriculum in the United States from the 1920s to the 1980s. The residence course was taught in a variety of settings. However, the course was taught most often in houses located on campus. Using multiple research methods, this study explored home management courses and residences at the University of Georgia and Texas Tech University. Part I which was published in the March issue of the Family & Consumer Sciences Research Journal provided a general historical overview and a case study of the home management houses at Kansas State University. Eventually, the home management houses were repurposed to meet changing academic, research, and public service needs over their decades‐long history. Opportunities for future research are explored.

Goetz, J., Palmer, L., Zhang, L., & Chatterjee, S. (2020). Changes in household net financial assets after the Great Recession: Did financial planners make a difference? Journal of Personal Finance, 19, 1 https://www.iarfc.org/publications/journal-of-personal-finance/current-issue-of-the-journal

This study utilized the 2007-2009 Survey of Consumer Finances (SCF) Panel Data Set to examine the impact of financial planner use on household net financial asset level during the Great Recession. Data included 3,862 respondents who completed the SCF survey and a follow-up panel interview. The results indicated that starting to use a financial planner during the Great Recession had a positive impact on preserving and increasing the value of households’ net financial assets, while curtailing the use of a financial planner during this time had a negative impact on preserving the value of households’ net financial assets. Thus, study findings indicated that the benefit of using a financial planner may be particularly helpful during a major a financial downturn.

Several FHCE faculty and graduate students had research published in the March 2020 Special Issue on the Intersection of Finances and Overall Well-being in Contemporary Family Therapy volume 42.


Grable, J., Archuleta, K., Ford, M., Gale, J., & Goetz, J. (2020). The moderating effect of generalized anxiety and financial knowledge on financial management behavior. Contemporary Family Therapy.

When financial and mental health issues intersect, the study and practice of financial therapy is warranted. The purpose of this study was to determine the extent to which the following two psychosocial constructs—financial knowledge and generalized anxiety—are associated with and related to risky financial management behavior. Research findings from a sample of 110 clients who sought services at an integrated service clinic suggest that anxiety and financial knowledge individually are significantly associated with financial behaviors. In addition, evidence suggests a moderating effect between anxiety and financial knowledge exists. The outcomes associated with this study can be used by not only financial therapists, but also mental health clinicians and financial professionals when developing, presenting, and implementing behaviorally focused treatments, interventions, and counseling recommendations within the professional’s scope of practice.

Ford, M., Ellis, E., Goetz, J., Archuleta, K., Gale, J., Grossman, B., Grant, E., & Gonyea, J. (2020). Depression and financial distress in a clinical population: The value of interdisciplinary services and training. Contemporary Family Therapy.

Therapy professionals who work from a systems theory perspective recognize the complex nature of client problems, as well as the value of a holistic, ecosystemic approach. In practice, a specific area of crossover that therapists may notice involves mental health issues and financial concerns; two of the most pervasive include depression and financial distress. This study sought to explore whether findings from an interdisciplinary clinical population were consistent with existing literature on the relationship between depression and financial distress. It was hypothesized that financial distress would predict depression, and that depression would predict financial distress. Evidence of a significant relationship between depression and financial distress in the interdisciplinary clinical sample was found (N = 118). As a result, additional education, training, and collaborative work with complementary areas like financial planning or financial counseling may be of benefit to therapists working with similar populations. The value and implications of interdisciplinary training, as well as an existing interdisciplinary clinic model, are discussed.

White, K. J. (2020). Financial stress and the relative income hypothesis among black college students. Contemporary Family Therapy.

The majority of college students experience financial stress, but not all experience it with the same frequency or intensity. Research suggests Black students experience a greater intensity of financial stress than their White peers do. This study revealed a link between perception of relative consumption and financial stress among 965 Black students at 52 predominantly White colleges and universities in the United States. The relative income hypothesis (RIH) literature offers potential mediators of financial stress. The findings have implications for families, college students, therapists, financial educators, and school administrators.

Ford, M. R., Ross, D. B., Grable, J. & DeGraff, A. (2020). Examining the role of financial therapy on relationship outcomes and help-seeking behavior. Contemporary Family Therapy.

Disagreements about money are a significant and frequent source of conflict in couple relationships. Few studies to date have explored the dynamics of money in a couple context, and even fewer have explored the influences financial therapy may have on relationship outcomes and help-seeking intentions. The current exploratory study describes a three-session model involving a collaborative approach to financial therapy. Initial findings demonstrate a benefit to the couple relationship as well as insights on subsequent help-seeking intentions following the collaborative process. Financial therapy approaches may help prime couples for additional therapeutic and financial services, as emotional and relational topics tied to shared financial decisions and behaviors are disentangled. Implications and benefits for therapists and financial planners are discussed.

Archuleta, K. L., Mielitz, K. S., Jayne, D. & Le, V. (2020). Financial goal setting, financial anxiety, and solution-focused financial therapy (SFFT): A quasi-experimental outcome study. Contemporary Family Therapy.

Financial anxiety appears to have a significant effect on the lives of many Americans (APA Stress in America™, paying with our health, American Psychological Association, Washington, DC, 2015) and a source of client distress among mental health clinicians, financial professionals, and financial therapists. Solution-Focused Brief Therapy (SFBT) has been utilized in number disciplines as a way to help professionals interact with clients to create change and improve well-being. This study utilized a version of SFBT that applies its principles and techniques to financially related issues called Solution-Focused Financial Therapy (SFFT; Archuleta et al. in J Financial Ther 6(1):1–16, 2015a; in Financial therapy: theory, research, & practice, Springer, New York, 2015b). More specifically, SFFT was applied to a financial goal setting session. Using quasi-experimental methods, the purpose of this study was to discover whether or not financial anxiety levels were reduced after clients participated in a brief SFFT goal setting session. Results indicate that a SFFT approach to goal setting can reduce financial anxiety for the short-term. Implications for research and mental health, financial, and financial therapy practice are provided.

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

Mar 30, 2020

Congratulations to the following individuals will all be recognized at the Celebrating Excellence Luncheon in October 2020:

  • Effie Antonoudi has been awarded the 2020 FACS Outstanding Undergraduate Faculty Advisor Award.
  • Melissa McBride is the 2020 recipient of the Super Includer Award for the College of Family and Consumer Sciences.
  • Christie Sanders is the 2020 FACS Outstanding Undergraduate Professional Advisor.

Dr. Kim Skobba has been selected to participate in the 2020 Active Learning Summer Institute to redesign FHCE 3300 Housing in Contemporary Society.

Young Joo Choung has been awarded one of the $1,000 Endsley-Peifer Student Research Paper Awards (/docs/Endsley_Peifer.pdf) for her paper published paper in the social sciences area: Relative Deprivation and Suicide Attack in South Korea, Social Science and Medicine, Swarn Chatterjee, faculty mentor.

Young Joo Choung has accepted a position as the head of data science for Samsung headquartered in Seoul.

Consumer Journalism major, Camryn Cobb, has written a book, To Hear a Girl Scream, a memoir-style prose anthology about racial identity and growing up in the 2000’s. If you are interested in pre-ordering or supporting her crowdfunding campaign, the link is below.


Recent FHCE Research

Pak, T.Y. & Choung, Y. (2020). Relative deprivation and suicide risk in South Korea. Social Sciences & Medicine, 247. Available: https://doi.org/10.1016/j.socscimed.2020.112815

Psychosocial stress and the related biochemical response have been hypothesized as a potential mechanism underlying the link between relative deprivation and mortality. While suicide is known as the likely manifestation of severe mental illness, less is known about the effect that relative deprivation has on suicide risk. Using the 2012 to 2018 waves of the Korean Welfare Panel Study, we examined the association between relative deprivation in income and suicide risk among South Koreans aged 25 or older. Relative deprivation is assessed with the Yitzhaki index, Deaton index, and income rank within the reference group, and suicide risk is measured as suicidal ideation and suicide planning or attempt in the preceding year. Adjusted for absolute income and other socioeconomic characteristics, the odds ratios of reporting suicidal ideation for each 10000 k KRW (8300 USD) increase in the Yitzhaki index were around 1.42 (95% CI: 1.08–1.87) to 1.72 (95% CI: 1.30–2.28). The estimated odds ratios were in the range of 1.70 (95% CI: 1.04–2.78) to 1.95 (95% CI: 1.26–3.02) for suicide planning or attempt. The association between relative deprivation in income and suicidal ideation was found significant only for men, not for women. The inferences were robust to various definitions of relative deprivation and reference group. Taken together, our findings suggest that relative deprivation in income is independently associated with higher odds of suicidal ideation and suicide planning or attempt over and above the effect of absolute income and material living conditions. Narrowing the income gap between individuals would be an effective policy response to a suicide epidemic in South.

Fan, L., & Chatterjee, S. (2019). Bequest expectations among the U.S. older adults: The roles of generational differences and personality traits. Financial Planning Review, 3/4. Available: https://doi.org/10.1002/cfp2.1057

This study used the 2012 and 2014 panels of the Health and Retirement Study, a nationally representative dataset, to examine the associations between personality traits, generational cohorts, and bequest expectations among elderly households in the United States. The results indicated that neuroticism was associated with a lower subjective probability of leaving a bequest, and extroversion was associated with a higher subjective probability of leaving a bequest. Income, assets, and educational attainment were also positively associated with self‐reported bequest expectations. Generational differences were observed in the subjective probabilities of leaving bequests. The results of this study help in understanding the psychosocial factors associated with leaving bequests in an aging society, and provide implications for financial planners, practitioners, and policy makers.

Nicolini, G., & Cude, B. J. (2019). The Influence of Financial Well‐Being on Pawnshop Use. Journal of Consumer Affairs, 53(4), 1674–1692. Available: https://doi.org/10.1111/joca.12244

This research examined the influence of financial well‐being on pawnshop use. Data from the 2015 National Financial Capability Study were used to construct a measure of financial well‐being, based on the Consumer Financial Protection Bureau's definition. A higher financial well‐being reduced the odds of pawnshop use by 17%, even after controlling for having a bank account, having a credit card, being financially overconfident, proximity to local pawnshops, and selected demographic characteristics. The authors make recommendations for future research based on changes in the pawnshop industry and its users.

If you have any news items or current research you would like included in Just So You Know…. please email Sheri Worthy. Just So You Know…. is now available at /fhce/just-so-you-know.

For more program updates, follow me on Linked In

Feb 26, 2020

I am pleased to announce that Dr. Velma Zahirovic-Herbert will be taking on the role of Graduate Coordinator for FHCE effective July 1, 2020. Dr. Swarn Chatterjee will continue to serve in this role until June 30, 2020. Thank you both for your service to our Department! Dr. Brenda Cude has agreed to continue to serve as Undergraduate Coordinator and I want to thank her for her several years of serving in this role as well.

Dr. Velma Zahirovic-Herbert is ranked No. 13 worldwide for real estate related research productivity, according to the recent study that considers the total portfolio of academic research produced by real estate researchers, published in the Journal of Real Estate Literature. (Regina M. Beard and Marcus T. Allen (2019) Where Else Do the Top 47 Real Estate Researchers Publish?. Journal of Real Estate Literature: 2019, Vol. 27, No. 1, pp. 67-76).

Dr. Lance Palmer was awarded the 2020 Service-Learning Research Excellence Award. He will be recognized at the 2020 Faculty Recognition Banquet on April 20. Congratulations on this well-deserved honor Lance!

Dr. Brenda Cude and Dr. Dee Warmath: Congratulations, the AccessLex Center for Legal Education Excellence® is pleased to inform you that your Financial Education Research Grant application was recommended for funding in the full amount requested ($120,741) in your proposal.

Sherle Brown was awarded the IREM CPM Candidate of the Year Award!

Eun Jin Kwak and Jamie Lynn Byram were accepted into the 2020 ARC Doctoral Seminar in Washington, DC. The program is designed to provide job market insights for doctoral students.

Jan 10, 2020

The FACS Alumni Awards were announced and the following FHCE alumni have been awarded and will be honored at the FACS Alumni Awards Brunch on March 21:

  • Jessica Tripp (BSFCS Consumer Economics ’04), Outstanding Service Award
  • Alan Moore, BSFCS Consumer Economics ’09 & MS Housing & Consumer Economics ’12), Pacesetter Award
  • Scott Edwards, (BSFCS Consumer Economics ’02), Emily Quinn Pou Professional Achievement Award

The EPA awarded Dr. Pamela Turner’s radon program an additional $28,740 for the current grant year (7/1/19 – 6/30/20).

Dr. Kim Skobba was invited to be a keynote speaker at the Homelessness Symposium at Iowa State University on December 11, 2019.

Dr. Pamela Turner has been invited by the Georgia Budget & Policy Institute to be part of a health and housing panel at their annual policy conference in January 2020.

Update from last JSYK: Out of 27 students in Dr. Carswell’s FHCE 5320 RPM Technology class fall 2019, 20 took the REFM certification Level I exam and passed. The Real Estate Financial Modeling (REFM) Level I exam tests proficiency on Microsoft Excel based housing and real estate applications. Twelve students passed "with distinction", meaning they scored 85% or higher.

Current FHCE Research:

White, K., McCoy, M., Love, K., Kwak, E. J., Bruce, E., & Grable, J. (2019). The role of signaling when promoting diversity and inclusion at the firm level: A financial advisory professional case study. Advances in Business Research, 9(1). Available: http://journals.sfu.ca/abr/index.php/abr/article/view/209

Based on signaling theory and visual perception theory, this study evaluated how financial advisory firms depict diversity through online platforms. Signals sent by firms may impact outsiders’ understanding of race and gender inclusion at the firm level, which may explain why some struggle to recruit and retain a diverse workforce. To evaluate, 1,379 advisor biographies on 73 firm websites were analyzed. In this study, 29% of all client-facing advisors with known gender were women; only 0.5% of those with known race were Black. This is much lower than what other studies, based on different industrial codes, have reported. The fact that White males featured predominantly in depictions of employees on firm websites may influence who applies for positions in financial advisory firms. This signaling pattern may also indicate hiring preferences among firm owners and managers. Results have implications for firms that wish to recruit and retain a diverse workforce.

Warmath, D. & Zimmerman, D. (2019). Financial literacy as more than knowledge: The development of a formative scale through the lens of Bloom’s Domains of Knowledge, Journal of Consumer Affairs, 53(4), 1602-1629. Available: https://onlinelibrary.wiley.com/doi/10.1111/joca.12286

For well over a decade, financial literacy has been a primary lens through which researchers approach financial education. Unfortunately, in most cases, this potentially rich construct is reduced to mere financial knowledge. This myopic conceptualization hampers the development of the concept and programs to build financial literacy. Despite research that reveals these limits, the field has either persisted with this narrow definition of financial literacy or abandoned the model altogether in favor of capability or similar constructs. Using Bloom's domains of knowledge, we redefine financial literacy as the combination of three different indicators reflecting three domains of knowledge: financial skill, self‐efficacy, and explicit knowledge. Using data from a national survey, we apply the methods of formative scale development to construct and validate a more robust conceptualization and measurement of financial literacy. We explore how this financial literacy index might inform development of innovative financial education programs.

Dec 05, 2019

Dr. Jermaine Durham has been accepted into the 2020 Public Service and Outreach Facilitation Academy. The academy is a professional development program designed to provide a select number of diverse UGA faculty and staff the opportunity to cultivate effective facilitation, leadership and presentation skills.

Christie Sanders, Velma Zahirovic-Herbert, Caleb Brown, Dee Warmath, Diann Moorman, Jamie Lynn Byram, Michael G. Thomas Jr., Effie Antonoudi, and Michael Rupured had at least one graduate in the Class of 2019 identify them as a person who has contributed greatly to their career development and success. Great job!

Dr. Kristy Archuleta was featured in the New York Times in November for a story about fear of spending money, Don't Save Too Little, or Too Much. She was also quoted in another New York Times article in September on parenting and money, A Simple Trick to Reset Your Post-Baby Budget.

The UGA Team made up of Maliah Bush, Brooke Cantrell, Kevin VanCise and advised by Dr. Joe Goetz won the 2019 AFCPE Knowledge Bowl in Portland OR on November 20! A record seven teams competed this year, so that’s a great accomplishment!

Dr. Kristy Archuleta and Danah Jeong (UGA Ph.D. Student) along with colleagues Derek Lawson, Joy Clady, and Christina Glenn received the National Endowment for Financial Education's Research to Practice Award for their paper, "Can Money Habitutes Make a Difference? An Experiment to Bridge Research and Practice" at the 2019 Association for Financial Planning and Counseling Education annual conference in Portland, OR.

eMoney will be sponsoring our 2020 T3 competition team. Team members are: financial planning PhD students Marty Cotwright and Jerard Adams, and Computer Systems Engineering Major Eddy Ndungu, and Computer Sciences major Michael Ekpo. Dr. Stephen Kuzniak is advising the team. They will compete at the T3 Advisor Conference in San Diego February 17-20, 2020.

Watch this video to hear about what students learned in FHCE 4010/6010 Introduction to Social Entrepreneurship this semester: https://youtu.be/DGw4pOEJiiM FHCE 4010/6010 Students:

  • Tackled the challenge of improving financial decision making through changes in the physical environment in which those decisions are made.
  • Developed hypotheses about the space through in-home research with real consumers, a review of the academic literature, and social listening.
  • Shared these hypotheses with students in a TXMI Furnishings & Interiors class who translated the hypotheses into actual spaces.
  • Used virtual reality equipment funded by a UGA Center for Teaching and Learning Technology grant to test their hypotheses by having research participants make financial decisions while in the virtual room environments.
  • Developed recommendations for anyone to use in improving the space in which they make financial decisions.

Please mark your calendars for the 2020 Diversity and Inclusion Financial Planning Symposium February 28, 2020, 8am-1pm on Griffin campus: /financial-planning/di-sym

FHCE alumni have been named to the Bulldog 100 Class of 2020

  • Dental ClaimSupport, Ryan Delettre (BSFCS ’06), Consumer Economics
  • EastWest Bottlers, Charlie Holderness (BSFCS ’05), Consumer Economics
  • Fairway Insurance Group, John Loftin (BSFCS ’03), Housing
  • Macallan Real Estate LLC, Edward Heath Milligan (BSFCS ’05), Consumer Economics
  • Queen Bee Designs, Allison Priebe (BSFCS ’00), Consumer Journalism
  • SEOteric, Matt Brooks (M ’04), Matriculate
  • Telecom Innovations LLC, Emily Poole (BSFCS ’00), Consumer Journalism

Luis Contreras (BSFCS Housing Management & Policy) has been selected to give the Student Perspective address at the December 2019 FACS Commencement and Maliah Bush (BSFCS Financial Planning & Double Dawg) and Olivia Phillips (BSFCS Financial Planning/Consumer Economics double major) have been selected as marshals.

9 of 9 students from Dr. Andy Carswell’s FHCE 5320 RPM Technology class this semester sat for and passed the Real Estate Financial Modeling (REFM) Level I exam, which tests proficiency on Microsfot Excel based housing and real estate applications. 7 of the 9 students passed “with distinction” scoring 85 or higher. Impressive!

Recent FHCE Research:

Archuleta, K. L., *Stueve, C., *Stebbins, R., *Kenmitz, R., Chaffin, C., *Williams, K., *Poplaski, S., Sages, R. A., *Tibbets, R., *Burr, E. A. (in press). Exploring perceptions of graduates’ experiences that impact CFP® certification: A multiple case inquiry. Journal of Financial Planning and Counseling, 30(2), 323-334.


This study utilized qualitative methods to explore perceptions of graduates from Certified Financial Planning Board of Standards, Inc. Registered Programs regarding experiences that impact Certified Financial Planner (CFP) certification completion. Participants (N = 16) were classified into four different groups: Certified, In Progress, With Intentions, and No Intentions. In general, the themes that emerged from within case analyses and across cases related to four areas, including preservice experience, intrinsic motivation, employment, and respect for the CFP marks. The results of this study suggest that financial service firms have a number of opportunities to strengthen the interest in a financial planning career and assist recent graduates in their pursuit of CFP certification with time and financial support of the examination process.

Ewen, H. H., Dassel, K. B., Chahal, J. K., Roberts, A. R., & Azugbene, E. (2019). Social lives and cliques within senior housing communities, Housing and Society, 46(3), 129-143.


A better understanding of social environments will benefit facilitation of social cultures within senior housing communities. Social cliques naturally form among groups of people, particularly those living in close proximity. Research has shown that often older adults experience stigma based upon their health status and are excluded from social groups. This study examined residents’ perceptions of life in senior housing, social stigma, and cliques. Forty-eight residents from two types of senior housing communities participated in the study. Qualitative thematic coding was used to analyze responses to open-ended interview questions. Overall, residents reported satisfaction with the community and their privacy and reported difficulties with distance from family, caregiving, and bereavement. The majority were able to identify cliques, defining them based upon common interests, health status, and shared histories. The most salient finding was that while social cliques existed they were not a source of dissatisfaction or stigma.

For more program updates, follow me on Linked In.

Nov 12, 2019

FHCE PhD Student Danah Jeong won the best behavioral finance award at the Academy of Financial Services annual conference this past month. Congratulations Danah!

FHCE Alum, Dr. Wookjae Heo won the best young scholar award at the Academy of Financial Services annual conference.

Mr. Michael Rupured, Dr. Michael Thomas, and Dr. Velma Zahirovic-Herbert and had at least one graduate in the Class of 2019 identify them as a person who has contributed greatly to their career development and success. Great job!

Dr. Dee Warmath has been invited to join the Australian Securities and Investment Commission’s National Financial Capability Research Steering Committee and has also been invited to serve as a moderator at the CFPB Financial Well-Being Symposium in Washington, DC.

FHCE Alum, Dr. Lu Fan, and Han Na Lim will be awarded the 2019 AFCPE Symposium Research Paper Award for their paper next week, The Relationship Between Cognitive Abilities and Financial Help-Seeking Behavior

Thanks to 1% Giving Club donations, we were able to provide travel funds and matching financial planning shirts to 16 students to attend 3 conferences this fall:

  • The following students were able to attend NAPFA, chaperoned by PhD candidate Jamie Lynn Byram:
    • Jerard Adams, Amy Yang, Hannah Reed, Richie Pinnock & Andrejs Pilajevs
  • The following students were able to attend Schwab Impact, chaperoned by Dr. Lance Palmer:
    • Krupa Patel, Logan Harr, Lucas Freund, Hunter Guess, Callie Huggins & Michael Umezurike
  • The following students will be able to attend AFCPE next week, chaperoned by Dr. Joe Goetz:
    • Adam Thorne & Kelly Howe
  • Dr. Goetz is also advising and prepping the AFCPE competition team:
    • Maliah Bush, Kevin VanCise & Brooke Cantrell

Thank you to the faculty who advise and chaperon these students and thank you to Dr. Mary Carlson for leading the study tour course that helps all these students prepare for their conference attendance.

FHCE Recent Research:

Zahirovic-Herbert, V. & Turnbull, G.K. (2019) Private government, property rights and uncertain neighborhood externalities: Evidence from gated communities. Urban Studies. Doi: https://journals.sagepub.com/doi/10.1177/0042098019872391

Economists traditionally view public and private land use regulation as alternatives to each other. An alternative view argues that public and private regulation are not equally suited to accomplish the same outcomes. In particular, government regulation is easily changed while private regulation is not, making the latter better suited to control future externality risk. One implication of the alternative view is that more risk-averse households are drawn to gated neighbourhoods while their less risk-averse counterparts are not. This paper exploits exogenous differences in neighbourhood amenity uncertainty created by public school attendance zone changes to test this prediction of the alternative view. The results show that greater exogenous amenity uncertainty yields stronger house price capitalisation in gated subdivisions than in open neighbourhoods, a pattern consistent with the risk-aversion sorting hypothesis. The results are robust and are consistent with the key implication of the alternative view of private regulation.

Shannon, J. and Walker, K. (2019). Ventures into viral cartography: Waffle House, educational attainment, and the social life of maps. The Professional Geographer. https://doi.org/10.1080/00330124.2019.1653774

Viral maps—ones that are shared widely on social media and media outlets—have become an increasingly common part of online conversations about a range of issues. Despite their increasing prevalence, only a few academic researchers have examined the factors leading to their popularity or their social use and effect. In this article, we analyze two case studies of viral maps, a viral tweet about the August 2017 total eclipse and an interactive tool for exploring educational attainment by neighborhood in the United States. By reflecting on our experience as authors of these maps and analyzing the reactions they elicited, we identify several key elements of these maps and their circulation. First, viral maps act as a form of phatic communication, allowing users to restate and react to shared social identities. Second, maps are read from specific times and places, and this spatiotemporal context significantly shapes the reactions of map readers. Lastly, viral maps illustrates gaps or improvements in trust between us and map readers, including questions about map accuracy or the intentions behind the map. We close by considering implications for future research and viral cartography.

This was also written up in Columns: https://news.uga.edu/trending-maps-reveal-viral-content/

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