Journal of Consumer Affairs最新文献

{"title":"A National Risk Aversion Perspective on Pension Contributions and Benefits Paid: Insights From OECD Countries","authors":"Van Dinh,&nbsp;Thai Le,&nbsp;Huong Phung","doi":"10.1111/joca.70021","DOIUrl":"https://doi.org/10.1111/joca.70021","url":null,"abstract":"<div>\u0000 \u0000 <p>This study delves into the role of national risk aversion culture and other institutional factors, such as financial efficiency, stock market volatility, technology development, age dependency, labor education, life expectancy, and mortality rate, in shaping pension contributions and paid benefits, with evidence drawn from OECD countries. Reputable data sources, such as OECD Statistics, the Global Preference Survey, Global Financial Data, and World Development Indicators, were utilized in the study. The authors adopted a two-way fixed effects regression model and other alternative estimators (FGLS and GMM) to address heteroscedasticity, serial correlation, and potential endogeneity. The sensitivity and robustness checks confirmed the significant impact (more than 60%) of national risk aversion and other institutional factors on pension contributions and benefits paid. This study aims to bridge the gap between theoretical perspectives and practical implications for policymakers and individuals in developing suitable risk-based pension programs and improving the management practices of pension systems.</p>\u0000 </div>","PeriodicalId":47976,"journal":{"name":"Journal of Consumer Affairs","volume":"59 3","pages":""},"PeriodicalIF":3.2,"publicationDate":"2025-08-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144869513","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Relationship Between Financial Satisfaction and Financial Literacy: A Structural Equation Modeling Approach","authors":"Joelle H. Fong,&nbsp;Talia Ye Tao","doi":"10.1111/joca.70022","DOIUrl":"https://doi.org/10.1111/joca.70022","url":null,"abstract":"<p>This study examines the relationship between financial literacy and financial satisfaction in Singapore, focusing on possible behavior-based paths to satisfaction. We establish a conceptual framework building on past theories to address the possible interconnections among financial knowledge, behaviors, and attitudes and their relationships with satisfaction, and empirically test the model using national-representative data and structural equation modeling. Results highlight the importance of financial knowledge as a key driver of satisfaction through behavior-based pathways. We find that the association between knowledge and satisfaction is largely indirect: financially knowledgeable individuals tend to engage in financial planning behaviors, which in turn improve satisfaction. Furthermore, financial attitude serves as a separate mediating factor in the path from knowledge to satisfaction. Financially savvy respondents are more likely to exhibit rational financial attitudes, which contribute to positive behaviors that, ultimately, increase satisfaction. These results are robust to alternative empirical specifications. The observed relationships are stronger for males than females. Our findings underscore the importance of behavioral and psychological factors as mediators, which bear implications for financial education initiatives and public policy.</p>","PeriodicalId":47976,"journal":{"name":"Journal of Consumer Affairs","volume":"59 3","pages":""},"PeriodicalIF":3.2,"publicationDate":"2025-08-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/joca.70022","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144861687","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Enhancing Financial Knowledge Through High School Education: The Effect of Mandated Economics and Personal Finance Courses","authors":"Taufiq Hasan Quadria,&nbsp;Israt Jahan","doi":"10.1111/joca.70019","DOIUrl":"https://doi.org/10.1111/joca.70019","url":null,"abstract":"<div>\u0000 \u0000 <p>This study examines the impact of state-mandated economics and personal finance education policies on individuals' financial knowledge, measured through subjective financial knowledge (SFK) and objective financial knowledge (OFK). Using data from the National Financial Capability Study (NFCS) and state-level policy records, we apply regression analysis and matching techniques to evaluate the effects of these mandates. The findings reveal that economic education standards significantly enhance OFK, particularly when implemented as district requirements, while personal finance education shows smaller yet positive effects. The results show that younger individuals, who are directly exposed to personal finance courses, benefit more with improvements in SFK and OFK. Despite limitations related to data periodicity and potential biases, the results support increasing high school financial education requirements to help people make better financial decisions.</p>\u0000 </div>","PeriodicalId":47976,"journal":{"name":"Journal of Consumer Affairs","volume":"59 3","pages":""},"PeriodicalIF":3.2,"publicationDate":"2025-08-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144833245","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Skating on Thin Ice: New Evidence on Financial Fragility","authors":"Jasmira T. E. Wiersma,&nbsp;Rob J. M. Alessie,&nbsp;Adriaan S. Kalwij,&nbsp;Annamaria Lusardi,&nbsp;Maarten C. J. van Rooij","doi":"10.1111/joca.70017","DOIUrl":"https://doi.org/10.1111/joca.70017","url":null,"abstract":"<p>This paper examines the financial fragility of Dutch households by assessing their ability to raise €2000 within a month in the event of a financial emergency. We show that one in seven Dutch households was financially fragile well before the start of the pandemic and resulting slow-down of the economy. The most fragile groups were the young, households with children, and those with lower education and income levels. While most households relied on their savings to cope with a financial emergency, other coping methods include seeking help from family and friends or credit card borrowing. Further, our findings show that financial and probability literacy are associated with financial fragility and the chosen methods to cope with a financial emergency. These findings emphasize the importance of financial knowledge and numerical ability for financial decision-making. The results of this study can be used to design targeted policies and financial education initiatives.</p>","PeriodicalId":47976,"journal":{"name":"Journal of Consumer Affairs","volume":"59 2","pages":""},"PeriodicalIF":2.5,"publicationDate":"2025-06-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/joca.70017","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144472806","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Household Financial Wellbeing During the COVID-19 Pandemic: An Instrumental Variable Approach","authors":"Nilton Porto,&nbsp;Gary R. Mottola,&nbsp;Olivia Valdes","doi":"10.1111/joca.70018","DOIUrl":"https://doi.org/10.1111/joca.70018","url":null,"abstract":"<p>Using data from the 2021 wave of the FINRA Foundation's National Financial Capability Study (NFCS), collected between June and October 2021, we found that adults in households where at least one member contracted the COVID-19 virus had lower financial wellbeing and were more likely to be financially fragile than those in which no members had contracted the virus. Our analyses also revealed that COVID-19-positive households were more likely to report experiencing objective general financial difficulties and difficulties specifically tied to medical costs and debt. Further, to assess whether evidence of a causal link between a COVID-19 infection and negative financial outcomes existed, we used state vaccination rates as an instrumental variable. Our analysis supported a causal link and contributes to a growing body of research on the effects of the pandemic on household finances. Together, our findings can inform how policy makers and other stakeholders may want to respond to the financial repercussions caused by future global health crises and disruptions.</p>","PeriodicalId":47976,"journal":{"name":"Journal of Consumer Affairs","volume":"59 2","pages":""},"PeriodicalIF":2.5,"publicationDate":"2025-06-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/joca.70018","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144472807","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Exploratory Factor Analysis of Financial Services and Products Indicators: The Dimensionality of Financial Access","authors":"Yingying Zhang,&nbsp;Julie Birkenmaier,&nbsp;Jin Huang","doi":"10.1111/joca.70016","DOIUrl":"https://doi.org/10.1111/joca.70016","url":null,"abstract":"<div>\u0000 \u0000 <p>This study explores the underlying dimensions of mainstream financial services and products commonly used to measure consumer financial access, whose psychometric properties remain underexplored. Based on 2023 data collected online from a national sample of 1085 respondents, Exploratory Factor Analysis (EFA) was conducted to identify the latent structure of the financial access measure. The analysis identified three distinct factors, accounting for 41% of the total variance: (1) Basic banking services (checking and savings accounts); (2) Advanced financial services (retirement accounts, Certificate of Deposits, investments, disability insurance, life insurance, bank loan, line of credit, financial counseling/coaching, and credit score); and (3) Mobile/online banking services (mobile banking, transfer applications, and debit cards). These findings underscore the academic and practical significance of evaluating financial access using a comprehensive set of financial products and services across these three categories. The results offer a validated framework for improving financial access measurement and informing inclusive financial policies.</p>\u0000 </div>","PeriodicalId":47976,"journal":{"name":"Journal of Consumer Affairs","volume":"59 2","pages":""},"PeriodicalIF":2.5,"publicationDate":"2025-06-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144309108","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Factors That Influence Willingness to Commit Insurance Fraud","authors":"Brenda J. Cude,&nbsp;Hanchun Zhang","doi":"10.1111/joca.70015","DOIUrl":"https://doi.org/10.1111/joca.70015","url":null,"abstract":"<p>Insurance fraud increases premiums for all U.S. households and undermines the insurer/insured relationship. This article examines willingness to commit insurance fraud using data from an online survey completed by 1505 U.S. adults and analyzed using multiple linear regression analysis. Roughly one-half of the sample would never commit any of the nine types of insurance fraud in the survey. Fewer than 20% (17.2%) of the respondents said they had committed at least one of the types of fraud. Both of the moral intensity variables were significant, but the signs were opposite. Moral Intensity PC1 (Magnitude of Consequences, Probability of Effect, Temporal Immediacy, and Concentration of Effect) was negatively related to willingness to commit insurance fraud, while Moral Intensity PC2 (Social Consensus and Proximity) was positively related. Peer acceptance was significantly and positively related to willingness to commit insurance fraud, while the relationship with the belief that insurance fraud is a crime was negative. Several control variables were significant, including age; older respondents were significantly less likely to be willing to commit insurance fraud than younger respondents. The article concludes by discussing future directions for research and practical implications for consumer educators.</p>","PeriodicalId":47976,"journal":{"name":"Journal of Consumer Affairs","volume":"59 2","pages":""},"PeriodicalIF":2.5,"publicationDate":"2025-06-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/joca.70015","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144281586","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Correction to “Financial Literacy Among Autistic Adults”","authors":"","doi":"10.1111/joca.70014","DOIUrl":"https://doi.org/10.1111/joca.70014","url":null,"abstract":"<p>Galizzi, M., A. Hillier, and D. Schena. 2023. “Financial Literacy Among Autistic Adults.” <i>Journal of Consumer Affairs</i> 57, no. 4: 1650–1683.</p><p>Accordingly, in the second paragraph of Section 3.2 on “Representativeness” the following text was incorrect: “Along other dimensions however, our ASD individuals did not differ from what has been found in other studies. Their employment rate was reported at 63%, and their college attendance was 29%. Previous research focused on autistic adults has previously reported employment rates approximating 58%–62% (Ohl et al., 2017; Roux et al., 2021). Shattuck et al. (2012), in a survey of the National Longitudinal Transition Study 2 dataset, found that 35% of autistic individuals had attended college. Our ASD sample was also …”</p><p>This should have read: “The college attendance of ASD participants was 69% while Shattuck et al. (2012), in a survey of the National Longitudinal Transition Study 2 dataset, found that only 35% of autistic individuals had attended college.</p><p>Along other dimensions, however, our ASD individuals did not differ from what has been found in other studies. Their employment rate was reported at 63%. Previous research focused on autistic adults has previously reported employment rates approximating 58%–62% (Ohl et al., 2017; Roux et al., 2021). Our ASD sample was also…”</p><p>In the second paragraph in Section 3.4 on “Data analyses” the following text was incorrect: “This results in a sample with an overall lower level of education, but also higher income (Table1).” This should have read: “This results in our participant sample showing a higher level of education, and a higher income (Table 1).”</p><p>In the second paragraph in Section 4.1 on “Demographics and socioeconomic characteristics” the following text was incorrect: “Both groups also reported similar levels of education, with 29% of the autistic group and 23% of the MTurk group holding a college degree. Such values are consistent with the rate of 29% reported by the FINRA population, and lower than the national average of 38% (US Census Bureau, 2022).”</p><p>This should have read: “Both groups also reported similar levels of education, with 69% of the autistic group and 77% of the MTurk group holding a college degree. Such values are higher than the rate of 29% reported by the FINRA population, and higher than the national average of 38% (US Census Bureau, 2022).”</p><p>We apologize for these errors.</p>","PeriodicalId":47976,"journal":{"name":"Journal of Consumer Affairs","volume":"59 2","pages":""},"PeriodicalIF":2.5,"publicationDate":"2025-06-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/joca.70014","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144244654","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Social Capital and Its Psychological Consequences on Consumer Resilience–A Mediated Moderation Model","authors":"Lucie K. Ozanne,&nbsp;Girish Prayag,&nbsp;Mesbahuddin Chowdhury","doi":"10.1111/joca.70013","DOIUrl":"https://doi.org/10.1111/joca.70013","url":null,"abstract":"<p>Adverse events such as disasters, pandemics, and other environmental threats can create perceived uncertainty about potential impacts and outcomes, exacerbating feelings of anxiety and vulnerability for some consumers. Drawing on social capital theory and the health belief model, the central question this research addresses is how do consumers build resilience in the face of perceived uncertainty and psychological vulnerability? We argue that their social capital pre-crisis can provide the foundations for coping and strengthening consumer resilience in the face of perceived uncertainty and psychological vulnerability. Using data from 809 consumers in Australia and New Zealand during the COVID-19 pandemic, we found that pre-crisis social capital played a key role in building consumer resilience. However, perceived uncertainty and psychological vulnerability did not mediate and partially mediated, respectively, the relationship between pre-crisis social capital and consumer resilience. COVID-19 preparedness only positively moderated the effect of consumers' psychological vulnerability on their resilience. Implications for policy makers are discussed.</p>","PeriodicalId":47976,"journal":{"name":"Journal of Consumer Affairs","volume":"59 2","pages":""},"PeriodicalIF":2.5,"publicationDate":"2025-05-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/joca.70013","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144085200","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Becoming Competent Consumers: Exploring the Dynamics of the Consumer Socialization Process Between Parents and Their Adolescents","authors":"Bo Dhondt,&nbsp;Dieneke Van de Sompel,&nbsp;Liselot Hudders","doi":"10.1111/joca.70012","DOIUrl":"https://doi.org/10.1111/joca.70012","url":null,"abstract":"<div>\u0000 \u0000 <p>This study explores consumer socialization between parents and adolescents, aiming to provide a holistic understanding of primary, reverse, and reciprocal learning. Focus group interviews, combined with a diary study among 20 families with adolescents aged 11–16 years, demonstrate that consumer socialization is a dynamic, multidirectional process involving primary, reverse, and reciprocal socialization. Our first key conclusion advocates for a more holistic approach to consumer socialization, urging researchers to expand beyond traditional domains like product choice and brand preferences to include broader areas such as online shopping, where digital competency is crucial. Adolescents, as digital natives, contribute significantly to reverse socialization, guiding their parents through online shopping and helping them navigate digital consumption challenges. Additionally, our findings highlight the role of reciprocal socialization as a key mechanism for facilitating knowledge exchange and strengthening family bonds in consumption decisions. Our second key conclusion contrasts the formal, verbal nature of primary socialization, particularly in the online context, with the informal, observational learning processes characterizing reverse socialization. These findings not only expand the scope of consumer socialization research but also highlight the evolving nature of family dynamics in the digital era.</p>\u0000 </div>","PeriodicalId":47976,"journal":{"name":"Journal of Consumer Affairs","volume":"59 2","pages":""},"PeriodicalIF":2.5,"publicationDate":"2025-04-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143875517","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}