Journal of Financial Counseling and Planning

Journal of Financial Counseling and Planning

Research Services

Kingston, RI 720 followers

Peer-reviewed research journal and the official journal of the Association for Financial Counseling & Planning Education

About us

The journal’s mission is to disseminate scholarly research related to: the financial decision making of individuals and families; financial education and financial counseling techniques; and the education of professional financial educators, counselors, planners and others within related multidisciplinary fields. Research concerning all audiences, both U.S. and international, is encouraged.

Industry
Research Services
Company size
11-50 employees
Headquarters
Kingston, RI
Type
Public Company
Founded
1990

Locations

Employees at Journal of Financial Counseling and Planning

Updates

  • Journal of Financial Counseling and Planning reposted this

    Debt Collection Experience and Health: Financial Access as a Moderator A new study looked at how dealing with debt collectors impacts people's physical health. The researchers also examined if having access to mainstream financial services like bank accounts and credit cards makes a difference. To do this, they used 2022 Financial Health Pulse data, and they identified three groups of people based on their access to financial services - the "Investors" had the most access, the "Working Class" had moderate access, and the "Thinly Banked" had very little access. The study found that people who had experienced debt collection in the past year reported worse physical health compared to those who didn't deal with debt collectors. This negative impact on health was strongest for the "Thinly Banked" group with the least access to financial services.  For the other two groups with better financial access, the harmful effects of debt collection on physical health were still present but not as severe. This suggests that being able to use mainstream banking and credit products may help cushion some of the health strains from dealing with debt collectors. Overall, this research highlights how the stressful experience of debt collection can take a toll on people's physical well-being, especially for those already facing financial exclusion and limited access to financial services. https://lnkd.in/eCeUm4B8 AFCPE® (Association for Financial Counseling and Planning Education®) #debt #experience #health

    • No alternative text description for this image
  • Journal of Financial Counseling and Planning reposted this

    Professional Women’s Perceptions of Financial Well-Being in a Patrifocal Culture This qualitative study explored the perception of financial well-being among 30 professional women belonging to the middle to upper class in India through a series of in-depth one-to-one interviews. The major dimensions of financial well-being revealed from the narratives were financial adequacy, financial security, having control over one’s finances, being independent, and having a balance in life. The findings were explained based on psychological theories on human motivation. This study improves the present state of knowledge about the financial well-being of women by providing fresh insights into their perspectives, its key driving factors, and the key issues that are critical to their financial futures. The information can be used to develop effective financial intervention strategies and policies to improve financial well-being that target the specific needs of women in an emerging country context. #professional #women #finance #culture AFCPE® (Association for Financial Counseling and Planning Education®) Dr.Santhosh Kumar P K

    • No alternative text description for this image
  • Journal of Financial Counseling and Planning reposted this

    Financial Self-Efficacy as a Mediator Between Financial Socialization, Early Childhood Consumer Experiences, and Financial Well-Being This research looked at how young people learn about money from their parents, friends, and teachers, and how this affects their overall financial well-being. The authors found that learning from parents and teachers plays a crucial role, but surprisingly, what friends do with money doesn't directly influence how young people feel about their own finances. Interestingly, learning from others' financial experiences helps young adults feel more confident managing their money, which ultimately leads to them feeling better about their financial situation. This suggests that financial education in schools and homes is crucial in building young people's confidence to make sound financial decisions, which can have a positive impact on their future. These findings highlight the importance of policymakers considering these factors when designing programs to improve financial literacy among young people, especially in developing countries. #socialization #finances #children https://lnkd.in/e8mRWAqF AFCPE® (Association for Financial Counseling and Planning Education®)

    • No alternative text description for this image
  • Revisited: Money on My Mind: How Does Hardiness Relate to Financial Stress?

    Money on My Mind: How Does Hardiness Relate to Financial Stress? AFCPE® (Association for Financial Counseling and Planning Education®) Abstract: The purpose of this study is to examine the role of hardiness in the association between perceived income adequacy (PIA) and financial stress. Hardiness refers to an individual’s ability to find meaning and purpose in stressful events. We utilized a sample of 482 college students who completed questionnaires on hardiness, PIA, financial stress, and various objective financial measures. Relative weights analyses, bivariate correlations, and moderated regression indicated support for our hypotheses that PIA is negatively related to financial stress, hardiness is positively related to PIA, and hardiness moderates the PIA and financial stress relationship. Our study highlights the importance of the financial stress process and the role of hardiness. Future directions and practical and theoretical implications are discussed. #hardiness #financialstress #money

    • No alternative text description for this image
  • Journal of Financial Counseling and Planning reposted this

    “What About the Children?”: College Students Simulating a Child’s Role During the Community Action Poverty Simulation AFCPE® (Association for Financial Counseling and Planning Education®) Roughly 11% of individuals live in poverty in the USA. AFCPE®️ professionals may work with low-income individuals. Poverty simulations are effective tools for helping individuals understand the lived realities of poverty. During the Community Action Poverty Simulation (CAPS), participants can simulate someone living in poverty. This study analyzed college students’ reflection papers of those who completed a CAPS simulation. The students reported developing more compassion towards those living in poverty and cited specific anti-poverty actions they planned to take due to the experience. This study demonstrated the importance of AFCPE®️ professionals becoming more empathetic to those living in poverty.

    • No alternative text description for this image
  • Revisited: Consumer Finance Scales: Comparing English and Spanish Versions of a National Survey in the United States https://lnkd.in/ec2rxYPH

    Consumer Finance Scales: Comparing English and Spanish Versions of a National Survey in the United States AFCPE® (Association for Financial Counseling and Planning Education®) Abstract: Financial scales were developed to understand and explain the financial behavior of adults in the United States using data from the 2018 National Financial Capability Study (NFCS) and the Spanish-Language Supplement. The main difference between them is that the Spanish-Language Supplement was composed only of Hispanics who prefer Spanish as their first language. Researchers combined various related questions using factor analysis (principal component analysis) to create the scales for financial anxiety, financial capability, financial readiness, financial self-efficacy, and financial technology. These scales and their corresponding scores allowed researchers to better measure specific concepts related to consumer financial management. Cronbach’s alpha showed scales were reliable and the Kaiser–Meyer–Olkin index confirmed the appropriateness of factor analyses. Except for financial capability, all financial scales using the 2018 NFCS State-by-State Survey were validated using the 2018 NFCS Spanish Supplement.

    • No alternative text description for this image
  • Journal of Financial Counseling and Planning reposted this

    Gender Differences in Knowledge, Experience, and Preference of Sustainable Investments Scientific research has already proven gender differences in investment knowledge and behavior. This study aimed to investigate gender differences in prospective retail investors’ knowledge, experience, and preference for sustainable investment in specific. Sustainable investments are relevant, because of their contribution to achieving sustainability-related goals, such as the transition to a climate-neutral economy. Based on online survey data from Portugal dating from December 2020, we find significant gender differences. Women have less knowledge of sustainable investments but a higher affirmation to invest according to their values. Whereas male respondents are more likely to know about sustainable investments with no priority to invest in such. Investment experience in sustainable investments is low for women and men alike. A lack of bank offerings regarding sustainable investment is stated by both groups without significant differences. Further, about one-third of female respondents quit the survey when they should assess their financial knowledge. We conclude general financial education is needed to empower women and strengthen their confidence. To promote sustainable investment, education, and offerings are needed. Latest European regulations demand addressing and considering the potential sustainability preferences of investors when providing investment advice or portfolio management services, opening room for assessment of regulations' impact on gender differences in sustainable investments. AFCPE® (Association for Financial Counseling and Planning Education®)

    • No alternative text description for this image
  • Revisited: Mortgage Status and Financial Stress: Do Home Equity Loans, Negative Home Equity, and Mortgage Default Matter? AFCPE® (Association for Financial Counseling and Planning Education®) https://lnkd.in/eari-iuh

    Mortgage Status and Financial Stress: Do Home Equity Loans, Negative Home Equity, and Mortgage Default Matter? AFCPE® (Association for Financial Counseling and Planning Education®) Abstract A home is often the largest asset held by U.S. households. If home equity accumulation is slowed through acquiring a home equity loan, threatened through mortgage default, or undermined through the occurrence of negative home equity, homeowners may experience increased financial stress. This study used the 2018 National Financial Capability Study to assess the relationship between three mortgage statuses (having a home equity loan, negative home equity, or mortgage default) and financial stress among nonretiree mortgage holders (N = 5,058). Financial stress was measured by an index of financial difficulty perceptions. Findings revealed that negative home equity is related to greater levels of financial stress than mortgage default or having a home equity loan. Additionally, experiencing a large drop in income intensified the positive relationship between negative home equity and the financial stress index. These findings suggest that conditions seemingly outside the control of homeowners may influence their financial stress perceptions. #mortgage #finance #homeequity https://lnkd.in/eari-iuh

    • No alternative text description for this image
  • Journal of Financial Counseling and Planning reposted this

    The Unbanked Among U.S. Hispanic/Latinx Households: A Literature Review Roughly 5% of individuals are unbanked. Unbanked households do not have a checking or savings account. Subsequently, these households may be susceptible to high-interest financial products such as payday loans or check cashing fees. This research explored what is known about specifically Hispanic/Latinx unbanked households. Some of the common reasons why Hispanic/Latinx households are unbanked are due to lack of documentation, distrust in banks, and not having the minimum required to open an account. AFCPE®️ professionals might consider educating clients on the benefits of bank products. Additionally, programs such as Individual Taxpayer Identification Number (ITIN) banking and culturally-responsive financial education programs are beneficial. AFCPE® (Association for Financial Counseling and Planning Education®) #unbanked #hispanic #litreview

    • No alternative text description for this image
  • Revisited: The Retirement Consumption Puzzle: A Mental Accounting Explanation AFCPE® (Association for Financial Counseling and Planning Education®)

    The Retirement Consumption Puzzle: A Mental Accounting Explanation While traditional intertemporal and life-cycle theories generally posit that retirement assets are accumulated during years of employment and then decumulated to finance retirement consumption, recent findings show that retirees are decumulating their assets at slower-than-predicted rates and are ending life with non-trivial asset balances, even when controlling for bequest intentions. The trade-off between current consumption and ensuring adequate resources remain to finance future consumption may result in cognitive spending hurdles, restricting retirees from utilizing their saved resources to promote an enjoyable retirement experience. Given that retirees have limited accumulated assets, resulting in consumption trade-offs, we examine if retirees are “picky” with which assets are utilized to finance retirement consumption. Specifically, we observe retirees as they age between 1992-2018 to examine if retirees tend to display categorical retiree asset decumulation tendencies, observing patterns among retiree wealth, non-housing wealth, stocks, retirement accounts, bonds, liquid assets, vehicles, primary residence, and home equity. Our findings generally suggest that asset decumulation rates during retirement differ based on asset type, which can be explained by retirees’ discretionary spending propensities. Based on our findings, we encourage financial services professionals working with retired clients to be engaged in spending dialogues, specifically underscoring the current and future retirement consumption balance beam and optimal asset utilization. Using calculated systematic payments or annuitization can help calibrate consumption timing, which not only ensures adequate resources remain to finance future consumption but also provides increased liberty to enjoy current spending. #retirement #spending #accounting AFCPE® (Association for Financial Counseling and Planning Education®)

    • No alternative text description for this image

Similar pages

Browse jobs