Household Financial Planning eJournal最新文献

The Evolution of Financial Services in the Digital Age 数字时代金融服务的演变

Household Financial Planning eJournal Pub Date : 2021-06-24 DOI: 10.2139/ssrn.3873370

Angela M. Lyons, Josephine Kass‐Hanna

{"title":"The Evolution of Financial Services in the Digital Age","authors":"Angela M. Lyons, Josephine Kass‐Hanna","doi":"10.2139/ssrn.3873370","DOIUrl":"https://doi.org/10.2139/ssrn.3873370","url":null,"abstract":"This chapter provides an overview of how digital technologies are transforming the financial services landscape. We highlight the latest in digital financial product and service offerings related to payments and transfers, savings and investments, borrowing, and risk management. We then consider how digitalization is impacting the delivery of financial advice - including virtual advisors, robo- and hybrid advisors, and personal finance communities. While many of these digital innovations were underway prior to Covid-19, the pandemic accelerated the transition raising concerns that some individuals and families may be at risk of being excluded from financial services due to growing socioeconomic and digital divides. We look at barriers to access and usage and emphasize the need for digital financial literacy. Legal and regulatory challenges are also examined. Particular attention is given to recent efforts by regulatory and supervisory authorities to balance innovation and competition with consumer protection. The insights from this chapter provide a useful starting place for scholars and practitioners who are interested in exploring in greater detail how digital technologies are impacting the financial services industry. © 2022 Walter de Gruyter GmbH, Berlin/Boston.","PeriodicalId":252294,"journal":{"name":"Household Financial Planning eJournal","volume":"104 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-06-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124805396","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 4

Investor Experience and Portfolio Choice 投资者经验与投资组合选择

Household Financial Planning eJournal Pub Date : 2021-04-17 DOI: 10.2139/ssrn.3828373

B. Scherer, Sebastian Lehner

引用次数: 0

New Frontiers of Robo-Advising: Consumption, Saving, Debt Management, and Taxes 机器人咨询的新领域:消费、储蓄、债务管理和税收

Household Financial Planning eJournal Pub Date : 2021-02-01 DOI: 10.2139/ssrn.3778244

Francesco D’Acunto, Alberto G. Rossi

引用次数: 14

ETF Heartbeat Trades, Tax Efficiencies, and Clienteles: The Role of Taxes in the Flow Migration from Active Mutual Funds to ETFs ETF心跳交易、税收效率和客户:税收在从主动式共同基金向ETF流动中的作用

Household Financial Planning eJournal Pub Date : 2020-12-08 DOI: 10.2139/ssrn.3744519

R. Moussawi, Ke Shen, Raisa Velthuis

{"title":"ETF Heartbeat Trades, Tax Efficiencies, and Clienteles: The Role of Taxes in the Flow Migration from Active Mutual Funds to ETFs","authors":"R. Moussawi, Ke Shen, Raisa Velthuis","doi":"10.2139/ssrn.3744519","DOIUrl":"https://doi.org/10.2139/ssrn.3744519","url":null,"abstract":"We study the use of “heartbeat trades” by ETFs in explaining their superior tax efficiency. By relying on the in-kind-redemption exemption rule, authorized participants help ETFs avoid distributing realized capital gains and reduce their tax overhang. In recent years, ETFs end up with 0.92% lower tax burden per year than active mutual funds, partly due to heartbeat trades. Challenged by ETFs’ tax efficiencies, mutual funds exhibit higher flow-tax sensitivity than flow-fee sensitivity. Active mutual funds with relatively higher tax burdens had more outflows from tax-sensitive investors at the same time when ETFs with similar investment styles experienced stronger inflows. Using holdings data of institutions with high-net-worth clients, we find that investment advisors with tax-sensitive investors allocate four times more assets to ETFs than other institutions, representing an important driver behind the overall surge in ETF flows, especially after the increase of capital gains tax rate in 2013. We conclude that the migration of flows from active mutual funds to ETFs is driven primarily by tax considerations.","PeriodicalId":252294,"journal":{"name":"Household Financial Planning eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128736600","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 10

Perceived Financial Preparedness, Saving Habits, and Financial Security 感知财务准备，储蓄习惯和财务安全

Household Financial Planning eJournal Pub Date : 2020-09-24 DOI: 10.2139/ssrn.3790588

Cfpb Office of Research

{"title":"Perceived Financial Preparedness, Saving Habits, and Financial Security","authors":"Cfpb Office of Research","doi":"10.2139/ssrn.3790588","DOIUrl":"https://doi.org/10.2139/ssrn.3790588","url":null,"abstract":"This brief uses data from the CFPB’s Making Ends Meet survey to explore consumers’ savings-related behaviors, experiences, and outcomes. We highlight the relationship between how much money people think they need in savings for emergencies and how much money they report actually having in their checking and savings accounts combined. Together, these two elements provide insight into consumers’ perceived financial preparedness. For many people, we observe a gap between what they think they need and what they have.<br><br>We also explore the relationship between saving and more objective measures of respondents’ financial situations, such as past experiences with financial shocks and difficulty paying bills—that is, making ends meet. We find that consumers who report their household’s monthly saving habit as “don’t save” (versus “save”) are more likely to report having difficulty paying bills in the past year, and this gap exists at all levels of income. We also find that when negative circumstances are compounded, consumers experience greater financial strain. Specifically, when consumers have less than they think they need for emergencies and they do not have a habit of saving, their financial well-being is particularly low and they are even more likely to report that finances control their lives. Similarly, consumers who experience a financial shock and do not have a habit of saving are more likely to have difficulty paying bills and other expenses. This research brief enhances the evidence base of the CFPB’s Start Small, Save Up initiative, which aims to promote the importance of building a basic savings cushion and saving habits among U.S. consumers as a pathway to increased financial well-being and financial security.","PeriodicalId":252294,"journal":{"name":"Household Financial Planning eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-09-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128683560","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 1

Financial Literacy and Precautionary Insurance 金融知识和预防性保险

Household Financial Planning eJournal Pub Date : 2020-03-18 DOI: 10.2139/ssrn.3346477

Christian Kubitza, Annette Hofmann, Petra Steinorth

引用次数: 5

SeLFIES: A-New(-ity) Look for Retirement 自拍:一个新的(城市)寻找退休生活

Household Financial Planning eJournal Pub Date : 2020-03-04 DOI: 10.2139/ssrn.3548324

A. Muralidhar, R. C. Merton, P. Hogan

引用次数: 0

College Students and Mid-Month Eating Adjustments: Balancing Budgets Through Low Food Secure Behavior 大学生和月中饮食调整:通过低食物安全行为平衡预算

Household Financial Planning eJournal Pub Date : 2020-02-13 DOI: 10.2139/ssrn.3553937

J. Webster, A. Cornett, Carla Fletcher

引用次数: 0

Robo-Advising Robo-Advising

Household Financial Planning eJournal Pub Date : 2020-01-15 DOI: 10.2139/ssrn.3545554

Francesco D’Acunto, Alberto G. Rossi

引用次数: 27

Financial Advice and Discretion Limits 财务建议和自由裁量权限制

Household Financial Planning eJournal Pub Date : 2020-01-06 DOI: 10.2139/ssrn.2430938

S. Davies

引用次数: 3