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#ResearchWednesday: Retaining Clients

The shift from traditional defined benefit plans to defined contribution plans has changed the personal financial planning landscape significantly. Today, many individuals look to financial professionals such as advisors for guidance on establishing financial goals, investing, and identifying the right financial products for protection against an uncertain future. The services...

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#ResearchWednesday: Financial ratios and financial satisfaction

Exploring associations between objective and subjective measures of financial well-being among older Americans.Financial planners and counselors use various methods to measure individuals’ financial situations. One method is to calculate financial ratios and compare them to benchmarks recommended by financial professionals.This study examines three financial ratios including the liquidity ratio, the...

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#ResearchWednesday: Financial Knowledge, Confidence, Credit Use, & Financial Satisfaction

In our article, “Financial Knowledge, Confidence, Credit Use, and Financial Satisfaction” we investigate the associations between consumers’ confidence in their financial knowledge and their financial behaviors and financial satisfaction. We observe that in order for customers to use their financial knowledge when making credit card use decisions, they must be...

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#ResearchWednesday: How do money-lessons taught by family at an early age affect the development of money habits and skills?

Financial literacy has become a popular topic of study and research. For several years now, academics have advocated for more financial literacy education in schools, and public funding for other such programs. At face value, this seems like a good thing: the more financial education the better. But this assumes...

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#ResearchWednesday: Your money or your values? Young Adults’ Relationship Choice

Today, more couples are delaying marriage. Many are choosing to cohabit before marriage or instead of marrying, and this is especially true among young adults. Money, specifically not enough of it, is often cited as a reason for this decision. Our study explored this possibility with survey data from 424...

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#ResearchWednesday: Counselors share lessons about working with diverse clients

 At times financial counseling with culturally diverse clients may seem daunting and counselors may be unsure of how best to connect with their clients and help them effectively. This was true for some of the counselors we interviewed as part of our research, "Financial Counselors’ Experiences Working with Clients of...

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#ResearchWednesday: Risk Tolerance and the Financial Satisfaction of Credit Card Users

 What makes people unhappy with their credit cards?  Surprisingly, it’s not the interest charges.  This paper finds that what causes people stress and dissatisfaction with their credit cards has to do with how they use the cards more than how much the cards actually wind up costing.  Being late on...

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#ResearchWednesday: Does Financial Literacy Education Influence Career Attitude?

 This study develops a general method for evaluating changes in response relating to students’ perceptions of personal finance and financial products using data from a sample of 1,250 students aged 16-18 who participated in a financial capability education study in the UK. We find significant changes in the responses of...

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#ResearchWednesday: A Women’s Financial Self-Efficacy Scale

 In Volume 30 (1) of the Journal of Financial Counseling and Planning (JFCP), Hoa Thi Nguyen’s paper presents the development and validation of a Financial Self-Efficacy Scale that was tested with women in the United States. The Women's Financial Self-Efficacy Scale (WFSES) showed good evidence of reliability and validity. Its...

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#ResearchWednesday: Tax-time Savings Interventions

Being unbanked makes it difficult for low and moderate-income (LMI) households to manage finances, save, and access credit. In this study, we assessed effects of an online tax-time savings intervention on savings account openings in the 6 months following tax filing among a sample of 4,692 LMI tax filers. New research...

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#ResearchWednesday: Financial Advice and Other Desirable Financial Behaviors

Research brief contributed by Keith MorelandExciting Findings:The most exciting findings of my paper1 are that obtaining financial advice is associated with improved (more productive) financial behaviors, such as avoiding bank overdrafts, paying credit card balances on time and in full, establishing a retirement account, and checking credit scores/reports. Further, this association is...

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Behind the Numbers: Understanding the Survey of Consumer Finances

Research is not about numbers but rather, telling a story. In family economics it often is about the relationship of household characteristics such as income and education, to investment decisions, retirement adequacy, and general household well being. A frequently used source of data is the Survey of Consumer Finances (SCF) conducted by...

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