Financial Stress,Shaming Experiences and Psychosocial Ill-Health: Studies into the Finances-Shame Model

The aim of the study was to test the Finances-Shame model and its explanatory power regarding the prevalence of psychosocial ill-health. The Finances-Shame model postulates that (i) the greater the financial stress and the more experiences of having been shamed, the greater the risk for psychosocial ill-health, (ii) the lesser the financial stress and the fewer experiences of having been shamed, the lower the risk for psychosocial ill-health. The study was based upon a survey carried out during the period March 2000–May 2000 in a mid-Swedish region (n = 5,666). The response rate was 69%. The results of the study supported the hypotheses.     

Consumer Financial Capability and Financial Satisfaction

The purpose of this study was to examine associations between consumer financial capability and financial satisfaction. Consumer financial capability was measured by three sets of variables, perceived financial capability, financial literacy, and financial behavior. Using data from the 2009 US State-by-State Survey of Financial Capability, the results indicated the positive association between perceived financial capability and financial satisfaction. The findings suggested that desirable financial behavior increases while risky financial behavior decreases financial satisfaction. Subjective financial literacy was also found to contribute positively to financial satisfaction. The positive association between objective financial literacy and financial satisfaction was found in bivariate analyses but not in multivariate analyses. The results imply that to enhance consumer financial well-being, consumer financial education programs should emphasize action taking and encourage consumers to avoid risky financial behavior, engage in desirable financial behavior, and improve financial self-efficacy.     

Comparing Financial Socialization and Formal Financial Education: Building Financial Capability

Social Indicators Research - Many individuals learn financial knowledge and skills in school (namely formal financial education) and through friends and family (e.g., family financial...     

Social Capital and Casino Gambling in U.S. Communities

This paper empirically analyzes the impact that the spread of casino gambling has on social capital in communities throughout the United States. Social capital is a networking process that translates into an individual’s effectiveness in the community and workplace, and binds communities together. Several recent studies have also demonstrated a link between higher levels of social capital and quality of life. In this study, social capital is measured based on six dimensions: trust, civic, volunteerism, group participation, giving, and meeting obligations of family and friends. Using data from the DDB Needham database for the years 1978, 1988, and 1998, regression analysis is conducted on over 300 Metropolitan Statistical Areas throughout the United States to determine the impact that the spread of casino gambling has on social capital. The results of the analysis indicate that the presence of casino gambling significantly reduces social capital when a casino is located within 15 miles of a community, suggesting that a casino’s location influences a community’s quality of life and should be a consideration when deciding on the merits of gambling legalization.     

Financial Literacy,Portfolio Choice and Financial Well-Being

The increased variability in family types and forms of relationships is the most apparent outcome of family change in recent decades in Europe. One relationship that has emerged and recently become more visible, both in society and in science, is a ‘nonresidential partnership’ termed living apart together (LAT). We explore the meaning and incidence of LAT partnerships across Europe using a life course perspective. Cluster analysis using five cluster variables (living independently from parents, never having lived as a couple before, the intention to cohabit in the future, the age of the respondents, and the duration of the relationship) was carried out on data from the Generations and Gender Survey for ten countries. Four types of non-residential partnership across Europe are revealed. From a measurement perspective, a simplified model provides empirical evidence that three indicators are sufficient to detect and situate LAT relationships on a partnership continuum: (1) having a nonresidential partner, (2) the age of the respondent, and (3) the duration of the LAT relationship. Classifying relationships with a non-resident partner can be carried out efficiently if information about the age of the respondent and the duration of the current LAT relationship is available.     

Independent Correlates of Reported Gambling Problems Amongst Indigenous Australians

To identify independent correlates of reported gambling problems amongst the Indigenous population of Australia. A cross-sectional design was applied to a nationally representative sample of the Indigenous population. Estimates of reported gambling problems are presented by remoteness and jurisdiction. Multivariable logistic regression was used to identify independent correlates of reported gambling problems amongst individuals and their social and family networks. The analysis was stratified by remoteness. Indigenous people living in remote locations reported significantly more gambling problems than those living in non-remote locations. In non-remote areas, being female, having high personal income, being more socially connected (i.e. involved in an Indigenous organisation or living in a household where all members were Indigenous) and reporting community problems were associated with higher levels of reported gambling problems. In remote areas, multifamily households, participation in sports and cultural events, and reporting of community problems were associated with higher reported gambling problems, while having a relative removed from their natural family was associated with lower reported problems. Problematic gambling is clearly related to the social and environmental contexts in which it occurs. Harm minimisation policies that focus on a reduction in crowding (especially in remote locations), increased public awareness of the negative consequences of gambling, improving access to support services, and lifting the socioeconomic status of Indigenous people may reduce gambling related harm in the medium to long term.     

The Role of Financial Fragility and Financial Control for Well-Being

Social Indicators Research - Financial fragility is recognized as a substantial issue for individual well-being. Various estimates show that between 46 and 59% of American adults are financially...     

Gambling Drivers: Regulating Cultural Technologies,Subjects, Spaces and Practices of Mobility

Abstract

In this article, we analyse intersections between gambling and driving as everyday cultural practices of mobility. Building on Nikolas Rose’s argument that subjects in post‐industrial democratic societies are governed through appeals to ‘freedom’ rather than through overt forms of coercion or organised campaigns of state propaganda, we explore the different ways that producers, regulators and consumer advocates involved in gambling and driving appeal to our ‘powers of freedom’. We demonstrate that promotional and regulatory discourses of driving and gambling rely on a concept of freedom as self‐regulation. And we argue that the cultivation of social responsiveness is needed to address some of the problems created by individualising practices, spaces and technologies of mobility currently offered by automobiles and poker machines.     

Financial Well-Being Components

The reported study advances psychological theory of well-being by offering deeper insight into the factors underlying financial well-being (FWB) in particular. An empirical investigation conducted into the determinants of FWB for two population groups, young workers and families with young children in the UK. Their financial decisions have important consequences for their households. A substantial internet survey of 654 people was conducted, which identified the most significant drivers of FWB or satisfaction, which is analogous to the measurement of subjective well-being in the domain of healthcare. The most significant finding from the regression is the significance for both groups of having control over their finances; control is even more important than the amount of available money for this population. A conclusion of the research is that the FWB would be increased if individuals could experience a greater sense of overall control of their money. In particular, financial institutions could provide products and processes to improve the FWB of their customers. There are also potential policy implications from the benefits of lower unsecured debt and increased savings to mitigate unexpected life events.     

Building Financial Satisfaction

This paper aims to contribute further research on the conceptualization of individual financial satisfaction as a particular domain of satisfaction with life as a whole. Based on the 2003 Survey on Living Conditions and Poverty for Andalucía (Spain) and using a self-reported measure of welfare, ordered probit models are used to analyze the extent to which individual financial satisfaction can be solely explained by income in absolute terms, or alternatively, by taking into account the importance of relative income in its two dimensions: (1) personal aspirations as individual’s adaptation to previous and future income levels (intra-individual comparisons), and (2) social comparisons as individual’s concern for her peer’s income (inter-personal dependency).     

Financial Literacy Overconfidence and Stock Market Participation

Stock market participation is considered as an indicator of consumer financial well-being. This study examined the association between financial literacy overconfidence and stock market participation. Financial literacy overconfidence was measured by the difference between an individual’s subjective and objective financial literacy scores. Data from the 2012 Chinese Survey of Consumer Finance was analyzed. The results showed that financial literacy overconfidence is positively correlated with stock market participation. On the other hand, under-confidence is negatively correlated to stock market participation. This study contributes to the existing literature by relating a unique factor, financial literacy overconfidence, to stock market participation.     

Fertility and Financial Development in South Asia

The paper empirically examines old-age security hypothesis to explain fertility rates in South Asia. Panel data is used for the period 1972–2013 for seven South Asian countries which include Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan and Sri Lanka. The estimated results reveal that in South Asia fertility rate decreases with the increase in financial development. Thus, the findings support old-age security hypothesis that parents use children as financial instruments to secure their old age. This paper validates the theory that the availability of alternative financial tools reduces the incentives of households to have large offspring. Infant mortality is also shown an important factor for high fertility rate in South Asia. This implies that households cover their risk from losing children by producing more children. The results also reveal that fertility rate decreases with the increase in per capita income, which implies that households treat children as inferior good in this region. In other words, households prefer quality of children over quantity of children when their income level increases. The results have also shown that fertility decreases with the increase in education, urbanization, agriculture productivity and industrialization. The study has some important policy implications.     

Posttraumatic Stress Disorder and Older Women

SUMMARY

This article examines the literature related to the identification and treatment of posttraumatic stress disorder in older women. From this review, several key findings emerge. Consistent in the research literature is the fact that American women are more at risk for PTSD than are men as a result of the high frequency of sexual and domestic physical abuse that women experience. Studies on older women and PTSD indicate that older women are under-diagnosed and are more typically perceived as suffering from depression, anxiety or poor physical health. It was found consistently that older women who present with age-related stressors may not be asked about earlier trauma history or it may not be understood within the context of trauma-related variables. In several research studies, trauma history was often not identified either as a result of current assessment practice or because women from certain age cohorts did not disclose trauma-related data to health professionals. Key researchers emphasize the necessity of clinicians, staff and medical personnel to attend to the historical variables present in trauma histories of older women. Researchers underscore the importance of understanding the impact of early and repeated trauma, especially interpersonal trauma, on the physical health and social functioning of older women–even though a significant amount of time may have elapsed since exposure. These findings indicate that further study of PTSD in older women is warranted. The paper concludes with a discussion of assessment and treatment options.     

The Role of Financial Development and Economic Misery on Life Expectancy: Evidence from Post Financial Reforms in India

Several survey studies have found that internal migrants report lower levels of happiness than locals, even after accounting for socio-economic factors. Traditional global self-ratings reveal that the migrant–local happiness-gap is also present in the data we present. The reasons for the migrant–local happiness-gap are as yet unclear. This paper aims to open this ‘black box’ by exploring the role of daily activities among a population that has generally been overlooked despite their high migration frequency: young adults. An innovative smartphone application is used that combines two techniques for multiple moment assessment: the experience sampling method and the day reconstruction method. Based on the application data, we examine whether internal migrants spend their time differently than locals and in which situations they feel noticeably less happy than locals. The data reveal that internal migrants distribute less time to happiness-producing activities such as active leisure, social drinking/parties, and activities outside home/work/transit. Internal migrants feel less happy than locals when spending time with friends and while eating. Possible explanations focusing on the role of social capital are discussed. Further analyses reveal that daily life experiences greatly enhance the explanation of the migrant–local happiness-gap. This paper demonstrates the potential value of real-time data and phone applications in solving happiness puzzles.     

Effect of Financial Inclusion on Poverty and Vulnerability to Poverty: Evidence Using a Multidimensional Measure of Financial Inclusion

This study examines the effect of financial inclusion on poverty and vulnerability to poverty of Ghanaian households. Using data extracted from the seventh round of the Ghana Living Standards Survey in 2016/17, a multiple correspondence analysis is employed to generate a financial inclusion index, and three-stage feasible least squares is used to estimate households’ vulnerability to poverty. Endogeneity associated with financial inclusion is resolved using distance to the nearest bank as an instrument in an instrumental variables probit technique. Results showed that while 23.4% of Ghanaians are considered poor, about 51% are vulnerable to poverty. We found that an increase in financial inclusion has two effects on household poverty. First, it is associated with a decline in a household’s likelihood of being poor by 27%. Second, it prevents a household’s exposure to future poverty by 28%. Female-headed households have a greater chance of experiencing a larger reduction in poverty and vulnerability to poverty through enhanced financial inclusion than do male-headed households. Furthermore, financial inclusion reduces poverty and vulnerability to poverty more in rural than in urban areas. Governments are encouraged to design or enhance policies that provide an enabling environment for the private sector to innovate and expand financial services to more distant places. Government investment in, and regulation of, the mobile money industry will be a necessary step to enhancing financial inclusion in developing countries.

     

Conceptualizing and Measuring Financial Resilience: A Multidimensional Framework

Financial inclusion has become a policy priority. For many countries, this has meant focusing on the delivery and practical aspects of financial products and services. This paper argues that this approach is not sufficient to improve financial wellbeing more broadly. It suggests a more comprehensive approach moving away from asking whether people are excluded or not to asking whether they have access to accessible, acceptable and appropriate resources and supports in adverse financial circumstances. A better understanding of individuals’ financial resilience: how they bounce back from adverse financial events and the resources and supports they draw on; could help determine where resources can and should be invested to assist people to cope with financial adversity, assist the development of effective policy and, ultimately, improve financial wellbeing. This paper puts forward a definition of financial resilience and a methodology for measuring it. Australia is used as a case country from which to draw conclusions using a survey of 1496 representative adults (18+). The findings indicate that over 2 million Australian adults experienced severe or high levels of financial vulnerability raising very real concerns about financial wellbeing. Implications for academics and policy makers are presented.

     

Measuring Financial Capability and its Determinants Using Survey Data

Financial capability, or people’s ability to manage and take control of their finances, is receiving increasing interest among policy makers as more people find themselves in difficult financial situations during the current economic downturn. We tackle the problem of how to measure financial capability—with a specific focus on making ends meet and money management—using data from a general household survey (the British Household Panel Survey), and then identify its key determinants using panel data models. This is important if appropriate policies and programmes are to be targeted at those most in need. We find the lowest financial capability among young unemployed single adults living in households with other unrelated non-working adults. In contrast, older men and women in full-time work with an employed spouse have the most financial capability.     

Modeling Causality Between Financial Deepening and Poverty Reduction in Egypt

This paper explores the determinants of immigration to Portugal. It is the first study to empirically evaluate an extended set of determinants to explain this new phenomenon in Portugal, a highly globalized economy and a 40-year-old democracy. This study finds evidence that the use of Portuguese as the mother tongue and prior Portuguese immigration are the main determinants of current immigration to Portugal from a given country. Depending on which subgroup is considered (refugees, students, or workers), more specific findings also arise. For refugees and foreign workers, human rights violations help explain increased immigration; for foreign students, low per capita income (in the home country) is a significant factor. Dividing the sample into Portuguese speakers and non-Portuguese speakers, we also identified the level of economic development as an important determinant for immigrants from non-lusophone countries. The military situations of the home countries were also important determinants for lusophone immigrants.     

人口老龄化与我国金融结构的变迁

我国于2000年正式迈入人口老龄化社会,截止2008年底,60岁以上人口的数量在总人口中的比例已经达到了12．0％。根据生命周期理论,随着年龄结构的不断变化,个人的储蓄和家庭金融资产的再配置随之改变。这种同质性变化就会明显影响金融机构以及金融机构提供的金融工具的竞争力．从而金融结构提供这些金融工具时显现出比较适应和比较不适应的特征,正是这种互动变化导致了不同金融机构发展潜力的此消彼长。最终促使了我国金融结构的变迁。