Emergency Saving and Household Hardship

Households with limited income and wealth often struggle to access the financial liquidity needed to address unexpected expenses or income drops. Emergency savings can act as form of insurance against such economic shocks and reduce the risk of hardships that influence family wellbeing. Prior research has established that threshold amounts of liquid assets can reduce the risk of economic hardship. This study used a measure of self-reported emergency saving behavior to examine whether households who reported saving for emergencies were less likely to experience subsequent economic hardships in a longitudinal sample of households in disadvantaged neighborhoods from the Annie E. Casey Foundation’s Making Connections project. Results across a range of regression models suggest that households who saved for emergencies experienced slightly less overall hardship and were less likely to report several specific hardships, such as food insecurity and having a phone disconnected, three years later. This study supports the idea that small, unrestricted savings may play a protective role for low-income households.     

The Financial Literacy of Social Work Students

The financial literacy of social work students has become the focus of curriculum development and research, but no study to date has attempted to assess the financial knowledge possessed by social work students. This study addressed that gap by assessing the level of objective financial knowledge reported by social work student respondents (N?=?1,506) to an Internet-based survey. Results indicated that the majority of social work student respondents scored more than 70% correct on a 48-item measure of financial literacy. Multiple regression analysis explained 33.7% of the variance and suggested that the dominant pathway to acquiring objective financial knowledge is through personal experience. Accordingly, financial education programs for social work students may be most appropriate for traditional undergraduates.     

Financial Hardship and Emergency Relief in Victoria

Abstract

The existence and provision of emergency relief remains one of the more contentious aspects of poverty relief in Australia. This is largely due to a fundamental difference of opinion within government and the welfare sector about how to best tackle the financial hardship being experienced by people in need. Some contend that emergency relief should be expanded and better funded by the Commonwealth, whereas others believe it should be discontinued altogether and replaced by more generous social welfare payments. This debate continues unresolved for a number of reasons, including a lack of reliable and comprehensive data on who uses emergency relief in Australia and why. This paper reports on a State-wide investigation undertaken of emergency relief use in Victoria between 2007 and 2008. It has found that existing social welfare recipients—especially those on the disability support pension, parenting payment, and Newstart allowance—are the main users of emergency relief, who are living in households headed by a single adult, and forced to rent housing in the private sector. A disaggregation of the findings over both time and spatial regions of Victoria suggests that the level of need is not uniform. Several recommendations are offered to address the financial hardship that some people living in differing parts of Victoria face on an ongoing basis.     

Financial Literacy,Human Capital and Stock Market Participation in Europe

Households’ stock market participation has significant effects on savings and on an economy’s financial development and performance. Yet participation into capital markets is limited and quite heterogonous both among and within several countries. This phenomenon represents an empirical puzzle whose understanding is rather incomplete. In this work, we exploited a combination of datasets for nine European countries and used different econometric specifications that allow to control for endogeneity of financial literacy and human capital, to assess the role of several variables in affecting the probability to participate in the stock market in year 2010. Besides socio-demographic variables, we found that financial literacy has a positive and significant effect on stock market participation, together with the level of human capital and social interaction. Country level differences are explained by such institutional factors as the effectiveness of the education system and by the attractiveness of the stock markets.     

Financial Literacy: Building Economic Empowerment with Survivors of Violence

The purpose of this paper is to outline key constructs including financial literacy, economic self-efficacy, economic self-sufficiency, and economic empowerment, and then present findings from an exploratory study that sought to understand the relationship among these variables in a sample of abused women. The results revealed positive and significant relationships between financial literacy with economic empowerment, economic self-efficacy and economic-self sufficiency. Results also indicated that financial literacy, race, and economic self-sufficiency were significant predictors of economic empowerment. By focusing this research on abused women, it is our intention to raise awareness about the importance of financial literacy curricula with advocates, policy-makers and researchers, so more focus can be given to economically empowering IPV survivors.     

Assessing the Reliability and Validity of the Jump$tart Survey of Financial Literacy

Financial education represents an area of popular interest, owing largely to the Jump$tart surveys of financial literacy. However, while the surveys represent indicators of financial knowledge among high school seniors, these measures have not been statistically validated. This article describes an assessment of the surveys reliability (internal consistency), and validity. It reports a moderately high degree of consistency overall, however, discloses low to moderate internal consistencies among subscales. It also finds significant response differences to one quarter of comparable items between surveys. The researcher observes challenges to affirming the surveys validity and offers statistics suggesting social bias among survey items. He calls for further research into measures of financial literacy.The author appreciates the guidance and support of Dr. Duane Giannangelo, Dr. Jean Steiz, Dr. Lou Franceschini, and Dr. Steven Ross.     

Evaluation of a Financial Literacy Test Using Classical Test Theory and Item Response Theory

The purpose of this study was to evaluate the quality (item difficulty and discriminability, construct validity, and reliability) of a financial literacy test that has been used to measure financial literacy in multiple countries. The test was analyzed based on Classical Test Theory and Item Response Theory, specifically the Rasch model, with the goal of identifying areas of improvement. The findings from the two measurement frameworks were quite comparable and identified similar measurement problems. Steps to improve the financial literacy measure were recommended.     

Spending Today or Saving for Tomorrow: The Influence of Family Financial Socialization on Financial Preparation for Retirement

Many of the factors that motivate individuals occur within the context of the family, and can be influenced through family socialization processes. To better understand the influence family socialization processes may have on financial capabilities and financial behaviors, 334 married couples were sampled. Structural equation modeling was used to examine both direct and indirect associations. Findings indicated direct relationships between materialism and financial strain, between religiosity and determination of needs, and between financial strain and saving for retirement. Indirect relationships were found between materialism and saving for retirement through financial strain. Our study found evidence to support the Family Financial Socialization theoretical framework. Financial counselors may benefit by understanding how couples socialize each other as they prepare for retirement.     

A Feminist Moral-Political Economy of Uneven Reform in Austerity Britain: Fostering Financial and Parental Literacy

Abstract

This article draws on two empirical case studies to draw out the way in which the causes of poverty in austere times in the UK are inverted, from their socio-economic causes to making the poor themselves responsible for their misery but also responsibilising them for fighting their way out of poverty. We particularly focus on how austerity policy in the UK has involved a return of moral language of the ‘undeserving poor’. We highlight the way in which this ‘moral-political economy’ has gendered effects, targeting single-mothers and their children and families, through the lens of ‘literacy’. The first case study show how promoting ‘financial literacy’ is seen to solve indebtedness of the poor and the second case study highlights how ‘parental literacy’ is employed to turn around ‘troubled families’. Indeed, these two studies demonstrate how the morality of austerity is shaped through deeply gendered practices of the everyday in which women’s morality is what ultimately needs reforming.     

A Randomized Controlled Trial of a Financial Literacy Curriculum for Survivors of Intimate Partner Violence

Financial literacy programs are quickly gaining in popularity around the globe. A relatively new target group is survivors of intimate partner violence (IPV), an economically vulnerable group for whom resource acquisition is related to personal safety and well-being. This study is a randomized controlled trial of a financial literacy curriculum designed for and delivered to a sample of 300 IPV survivors from 14 agencies in seven US states and Puerto Rico. Findings, based on difference-in-difference analyses and OLS regression models, indicate a strong effect of the curriculum on self-reported financial knowledge and behaviors and support the expansion of similar programs for survivors.     

Community Literacy Resources and Home Literacy Practices Among Immigrant Latino Families

ABSTRACT

This paper reports relationships among communities, families, and Spanish-speaking children's language and literacy development in kindergarten and grade 1. Findings from a study of 35 communities show that communities with greater concentrations of Latinos are less likely to have printed materials, and available materials are more likely to be in Spanish. Communities with higher income and education levels have more literacy materials in English. Contrary to predictions, there are few associations among community literacy resources, frequency of children's home reading activities, and children's literacy achievement. This lack of association is due to within-community variation in home literacy practices and to schools' impact on home literacy. However, there are associations among community and family language characteristics and child literacy outcomes in Spanish and English, suggesting that at least in the early stages of literacy development, communities' influence on Spanish-speaking children's literacy development is through language-learning opportunities rather than literacy-learning opportunities per se.     

Causal Thinking and Computer Literacy

Summary

Professional practice in the human services often is based on implicit theories of causality regarding assessment of a problem and related interventions in a client's life. Complex applications of computing to this kind of professional activity require literacy about the underlying processes by which individuals make causal judgments. This paper presents a conceptual framework for understanding three components of causal thinking, the causal field, cues-to-causality, and causal theories, and their relationship to computing applications. For each component, several cognitive heuristics are described that can help individuals understand the components of causal thinking and link them to computer applications that might enhance the quality of professional practice.     

Saving regret and procrastination

In countries, where a substantial proportion of retirement income rests on savings, there is much concern that a sizeable fraction of the population reaches retirement with insufficient financial resources. We define saving regret as the wish in hindsight to have saved more earlier in life. We measured saving regret and possible determinants in a survey of U.S. households in which respondents were aged 60–79. We find high levels of saving regret, affirmed by some 58%. Saving regret exhibits significant and plausible correlations with personal characteristics and wealth: Married, older, healthier and wealthier respondents are less likely to report saving regret, suggesting the measure’s validity. We find only weak evidence for correlations between saving regret and measures of procrastination: persons with traits associated with procrastination express saving regret about as often as those without those traits.     

Adult Literacy Education and Community Development

SUMMARY

This article responds to the concern that low-literate community residents often are marginalized in community development processes. They are unable to give voice to their concerns, interests and their vision for their community. Perspectives and approaches in the fields of adult literacy education and community development are explored to determine how adult literacy education might be used to further the goals of community development. While there are parallels between these two disciplines, there are also barriers to overcome if an integrated approach to dealing with community issues is realized. This article reflects an interest in advancing a comprehensive approach to community development in communities with limited economic resources, low-level literacy and limited access. It seeks to address the issue of whether adult literacy education programs have a meaningful role to play in community development. The strengths of participatory approaches such as community-based literacy, and community development principles such as collective action, shared values, participation, social justice, political awareness and action, comprehensiveness, empowerment, and learning and reflection, facilitate an interdisciplinary approach.     

新媒介素养与青年能力构建

以网络和手机为代表的新媒介已经极大地改变了青年的媒介交互模式与社会的大众传播模式,当前,青年的媒介素养,特别是新媒介素养滞后于新媒介科技的发展。在这个全新的信息社会中进行数字化生存的青年．急需培养与之匹配的新媒介素养能力。这些能力包括培养信息素养与新媒介素养融合、交互,最终促使青年养成并达到一体化的新能力：形成青年解析媒介信息必然反映“某种意识形态和价值观念”,是政治社会化必然过程的认知新能力;提高青年强化维护“信息主权”。防范“信息入侵”行动性的能力。