Household Financial Planning eJournal最新文献

{"title":"Medicare and the Geography of Financial Health","authors":"Paul Goldsmith-Pinkham, M. Pinkovskiy, Jacob Wallace","doi":"10.2139/ssrn.3522721","DOIUrl":"https://doi.org/10.2139/ssrn.3522721","url":null,"abstract":"We use a five percent sample of Americans’ credit bureau data to study the effects of public health insurance on the geography of consumer financial health. Exploiting the nearly universal eligibility for Medicare at age 65, we find a 30 percent reduction in the level of debts in collections with limited effects on other financial outcomes. Medicare reduces the geographic variation in collections by two-thirds at age 65 and halves the geographic correlation between collections and demographics like race and education. Areas that experienced the largest gains in financial health at age 65 had higher shares of black residents, people with disabilities, and for-profit hospitals.","PeriodicalId":252294,"journal":{"name":"Household Financial Planning eJournal","volume":"311 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122252541","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}

{"title":"Do Financial Crises increase Income Inequality?","authors":"C. Bodea, C. Houle, Hyunwoo Kim","doi":"10.2139/ssrn.3486470","DOIUrl":"https://doi.org/10.2139/ssrn.3486470","url":null,"abstract":"This paper investigates the impact of economic crises on income inequality. Important evidence has emerged that in the aftermath of crises politics becomes polarized and economists have linked this to greater differences in income due to crises. The evidence however on whether crises can be linked to divergent incomes is weak and plagued by i) the possibility of a reverse effect going from great disparity in incomes to major economic crises; ii) the persistent nature of income inequality; and iii) important measurement error in both the dependent and independent variables. We use the longest time stretch of available data on crises and types of crises (Reinhart and Rogoff 2011) and income inequality (Solt 2009), as well as General Method of Moments and Error Correction Models to more credibly tackle the complex theoretical and empirical relationship between crises and inequality. We find strong evidence that currency, banking, inflation and debt crises increase inequality, particularly in the long run.","PeriodicalId":252294,"journal":{"name":"Household Financial Planning eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-11-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122751886","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}

{"title":"Behind the Success of Dominated Personal Pension Plans: Sales Force and Financial Literacy Factors","authors":"Giuseppe Marotta","doi":"10.2139/ssrn.3468241","DOIUrl":"https://doi.org/10.2139/ssrn.3468241","url":null,"abstract":"The revealed preference for dominated insurance-based personal pension plans (PPPs) in Italy is a decade-long puzzle. I surmise that a motivation from the supply side is a sales force factor deriving from the geographical distribution of financial providers, including the countrywide network of the state controlled Post Office. I provide supporting evidence using three biennial waves of the Bank of Italy's survey on household finances from 2010 to 2014. The time interval includes a public pension system reform sharply raising the statutory age retirement, legislated in December 2011 to defuse a sovereign debt crisis. I show that the salience effect on the awareness of the benefits of supplementing lower perspective public pensions with PPPs increased the explanatory power of financial strength indicators. Exploiting a module in the 2010 wave I estimate a surprising decrease in the probability of subscription to PPPs in 2014 associated with the indicator for the highest financial literacy level.","PeriodicalId":252294,"journal":{"name":"Household Financial Planning eJournal","volume":"17 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-10-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124678852","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}

{"title":"A Perspective on Financial Literacy and Inclusion in India","authors":"S. Kapadia","doi":"10.2139/ssrn.3396241","DOIUrl":"https://doi.org/10.2139/ssrn.3396241","url":null,"abstract":"The financial inclusion is a crucial element in the fight against poverty. The ability to take effective decisions regarding the use and management of money with required informed judgments is financial literacy. It enables a person to understand the importance of savings and thus regarded as an important requirement for functioning effectively in modern society. Large sections of the rural population borrow from moneylenders (their sole resource) at a very high and unreasonable cost causing slavery and have no access to any financial services. The article highlights that considering the immensely large population of the country, the progress on financial inclusion is not enough and financial institutions and banks need to manage their efforts towards financial inclusion since the development of the economy is impacted and linked with the extent of financial inclusion in the country. Access to finance by the underprivileged group, poor, and disadvantaged is essential to remove poverty on one hand and the economic growth on the other.","PeriodicalId":252294,"journal":{"name":"Household Financial Planning eJournal","volume":"20 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-05-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125232003","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}

{"title":"The Impact of Financial Knowledge on the Allocation of Household Assets - Evidence from China","authors":"Hongming Zhang, Yanqiang Qiu","doi":"10.2139/ssrn.3336141","DOIUrl":"https://doi.org/10.2139/ssrn.3336141","url":null,"abstract":"This paper studies the impact of family finance knowledge on household asset allocation through China Household Financial Survey Data (CHFS). The study found that the increase in family financial knowledge will significantly increase the diversity of household asset allocation and promote more family participation in financial markets. This conclusion is still significant after being subdivided into money market and capital market. In addition, this paper also finds that household purchase of self-owned housing has a significant crowding out effect on its investment financial market. The increase in education level and risk appetite will increase the diversification of household asset allocation, and the ability of households from rural areas in China to take risks is lower, its assets are mostly deployed in the lower risk currency market.","PeriodicalId":252294,"journal":{"name":"Household Financial Planning eJournal","volume":"3 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-02-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129944091","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}

{"title":"Everyone Else Is Making a Mistake: Effects of Peer Error on Saving Decisions","authors":"Elizabeth A. Perry","doi":"10.2139/ssrn.3348672","DOIUrl":"https://doi.org/10.2139/ssrn.3348672","url":null,"abstract":"This paper describes an intervention to increase retirement saving among 1,254 federal employees. Specifically, we sent two emails encouraging employees to leave the default retirement contribution amount (3 percent of salary) and start saving enough to get the full match available to them (at least 5 percent of salary). Email 1 provided employees with personalized information, while Email 2 included similar information about their peers. We find that after 3.5 months, those who received either email were more than twice as likely to increase their contributions compared to those who received no email. Results both support previous research that personalized information can motivate action and raise questions about the nuances of peer influence.","PeriodicalId":252294,"journal":{"name":"Household Financial Planning eJournal","volume":"55 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131102750","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}

{"title":"Behavioral Finance. Una introducción a los conceptos y aplicaciones (Behavioral Finance. An Introduction to Concepts and Applications)","authors":"Diego A. Agudelo","doi":"10.2139/SSRN.3297121","DOIUrl":"https://doi.org/10.2139/SSRN.3297121","url":null,"abstract":"En los ultimos 30 anos Behavioral Finance se ha convertido de un area marginal a un tema recurrente en estudios academicos y de creciente importancia en la practica de las Finanzas. En este documento pretendo ofrecer una introduccion al tema de Behavioral Finance, orientada para estudiantes y profesionales en Finanzas, enfocada en los sesgos cognitivos que con mas frecuencia afectan las decisiones financieras. Se parte de una discusion breve de los origenes sicologicos de los sesgos, y se explican los principales sesgos, incluyendo aquellos basados en heuristicas, los de origen social y los que proceden de limitaciones de procesamiento mental, ilustrandolos con ejemplos de su presencia en Mercados Financieros e Inversiones, y en algunos casos, en Finanzas Corporativas o Personales. Se expone al final porque los sesgos de Behavioral Finance tienen un efecto importante en los Mercados Financieros, con base en la teoria de los limites al arbitraje.","PeriodicalId":252294,"journal":{"name":"Household Financial Planning eJournal","volume":"26 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123961829","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}

{"title":"The Causal Mechanism of Financial Education: Evidence From Mediation Analysis","authors":"Fenella Carpena, B. Zia","doi":"10.2139/ssrn.3244634","DOIUrl":"https://doi.org/10.2139/ssrn.3244634","url":null,"abstract":"This paper uses a field experiment in India with multiple financial education treatments to investigate the causal mechanisms between financial education and financial behavior. Focusing on the mediating role of financial literacy, the paper proposes a broader definition of financial knowledge that includes three dimensions: numeracy skills, financial awareness, and attitudes toward personal finance. The analysis then employs causal mediation analysis to investigate the proportion of the treatment effect that can be attributed to these three channels. Strikingly, numeracy does not mediate any effects of financial education on household outcomes. For simple financial actions such as budgeting, both awareness and attitudes serve as critical pathways, while for more complex financial activities such as opening a savings account, attitudes play a more prominent role. These findings underscore the importance of changing perceptions about financial products and services as a vital mechanism for the success of financial education.","PeriodicalId":252294,"journal":{"name":"Household Financial Planning eJournal","volume":"30 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131300410","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}

{"title":"Significant Issues of Legal Regulation of Vehicle Owners’ Civil Liability Insurance in Georgia","authors":"Z. Mushkudiani, Nana Shonia, Tamila Khurtsidze, Darejan Saldadze","doi":"10.15406/sij.2018.02.00082","DOIUrl":"https://doi.org/10.15406/sij.2018.02.00082","url":null,"abstract":"The article deals with vehicle owners’ civil liability insurance as the third party car insurance and social mechanism of security and highlights its significance under present conditions. On the basis of an analysis of the constitutional practices, it studies Georgian law on vehicle owners’ civil liability insurance, whether it was expedient to abolish the previous law and anticipated results that would follow enactment of a new law and undoubtedly occur in case of introducing vehicle owners’ civil liability insurance in respect of all motor vehicles, not limited to transit cars only. The article encompasses recommendations and modest suggestions. The work compiles the results of the research based on vehicle owners’ awareness survey of the law on insurance and their attitudes towards it. It also concerns a shortage of financial education in Georgia, which hinders establishment of “Insurance Ethics”.","PeriodicalId":252294,"journal":{"name":"Household Financial Planning eJournal","volume":"35 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132829077","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}

{"title":"Entering the Market for Financial Advice: Insights from Advisors and Financial Planning Students","authors":"Chris Browning, M. Evers, Amber Lemmon","doi":"10.2139/SSRN.3249715","DOIUrl":"https://doi.org/10.2139/SSRN.3249715","url":null,"abstract":"We are acutely aware of the change in the financial advisory landscape. The industry has moved from a product centric focus to an advice model. Given the change in landscape, financial advisory firms and future advisors may benefit from assessing the marketplace to determine opportunities for successful entry and retention of new talent. Such efforts may help to ensure quality client experiences and increased demand for the profession among future entrants. \u0000According to the CFP® Board’s Professional Demographics, there are more CFP® certificants older than age 70 than under the age of 30. This asymmetry causes concern for advisors looking to retire with confidence that their clients will continue to receive high quality services. We seek to add insight by highlighting what motivates current students to enter the field and their perceptions of the industry and their value in it. By covering these topics, we hope to identify opportunities for improvement, momentum, and growth in the financial advice profession. \u0000This project uses primary research to determine asymmetries in expectations between various stakeholders in the financial planning industry. The initial focus is to look at the firm’s expectations for new advisors, specifically students graduating with degrees in Personal Financial Planning, and compare them to the expectations students have of firms in their first few years of employment. Considering variation in business models and compensations structures, we seek to identify potential gaps in the expectations between hiring firms and students entering the financial advice market. \u0000To understand the differences in expectations, we use survey data collected from individuals currently employed in the financial planning industry and students at various CFP® Board registered Personal Financial Planning programs, including undergraduate, graduate, and professional certificate programs. Our initial analysis focuses on the expectation gaps between firms and students. In future studies, client and advisor expectations will be examined. \u0000We seek to identify where expectation gaps exist in order help firms and universities build better client, employee, and student experiences, ultimately improving the financial planning profession. Potential benefits for firms include improved retention, better recruitment, and increased loyalty of new advisors entering the industry. This research could be used by firms to help align the interests of firms and new talent entering the profession.","PeriodicalId":252294,"journal":{"name":"Household Financial Planning eJournal","volume":"16 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-09-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134537449","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}