Financial Strain and Participation in the Supplemental Nutrition Assistance Program

Participation in the Supplemental Nutrition Assistance Program (SNAP) has increased over the past decade. Although poverty and sudden financial shock faced by households via unanticipated adverse events, such as sudden loss of income, are among major contributors, the findings of our study suggest that having an adequate stock of savings and financial assets might reduce the probability of household SNAP participation. Using data from the Panel Study of Income Dynamics, we tested whether a household’s emergency savings, asset poverty, and debt burden could predict SNAP participation separately from the effects of income and program participation. Results demonstrate that a household’s lack of emergency savings and asset inadequacy increased the probability of its SNAP participation. Implications for financial practitioners and policy makers are discussed.     

The Financial Behavior of Emerging Adults: A Family Financial Socialization Approach

The current study examined the role of attachment insecurity, locus of control, and parental financial communication on the financial behavior of emerging adults from a family financial socialization theory perspective. Data were used from the Emerging Adult Financial Capability Study, the sample consisted of emerging adult college students (N = 321) from a large southeastern university in the United States. Structural equation modeling was used to examine the direct and indirect effects as well as the overall fit of the model that was constructed according to family financial socialization theory. Results suggested that increased attachment insecurity predicted decreased financial communication from parents and a decreased perception of an internal locus of control. Emerging adults who received greater financial instruction (both direct and indirect) and who felt they had a greater ability to influence outcomes in their life engaged in more sound financial behavior. Results also suggested that financial communication and locus of control mediated the relationship between attachment insecurity and financial behavior. The findings supported the inclusion of attachment as an important family relationship variable in the financial socialization process, as well as the structure of a conceptual model of family financial socialization theory.     

The Value of Seeking Financial Advice

Retirement planning data gathered from an online survey at a large university in October 2009 are used to examine differences in a variety of retirement planning measures between people who have and have not met with a financial advisor. Problems of self-selection and endogeneity are addressed through the use of propensity scores. The study’s major finding is that working with an advisor is related to several important financial planning activities, including goal setting, calculation of retirement needs, retirement account diversification, use of supplemental retirement accounts, accumulation of emergency funds, positive behavioral responses to the recent economic crisis, and retirement confidence. Use of a financial advisor was not related to self-reported retirement savings or short-term growth in retirement account asset values.     

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.     

Measuring Economic and Social Impacts of Membership in a Community Development Financial Institution

This study uses qualitative and quantitative measures to answer the question: “does a community development financial institution (CDFI) provide a measurable level of social benefit to its members?” Results indicate that a CDFI does change lives in many important ways, from providing members with the ability to get their financial houses in order, to helping members take control of their financial futures, and finally through building a sense of empowerment that reaches beyond the finances of an individual or family. In general, impacts were greater for lower income and less educated households, households with children, households that used more services, and for households that indicated wealth and asset building services were most important.     

不同家庭经济背景大学生择校差异研究

家庭经济背景影响子女进入不同类型的高校,在收费较高的各类民办高校学生中,来自中、高收入家庭子女的比例较高。通过对大学新生的调查发现,不同家庭经济背景的学生对所读高校的满意度并无显著差异;与此同时,无关家庭经济背景,就业前景成为学生择校时的最重要影响因素。作为一种有目的性的社会行动,不同家庭经济背景子女的高校选择过程是个体主观理性选择的结果,是个体出于自身条件、资源的不同及需求和偏好的不同所作出的最符合自身利益的选择,具有充分的理性和实践逻辑。     

Family Financial Socialization: Theory and Critical Review

Financial literacy research of the past 40 years (1970–2010) has largely ignored the reasons for sociodemographic differences in financial outcomes. The primary purpose of this paper is to initiate a theoretical discussion regarding family financial socialization—what it is; why it is important; and how its tenets could help advance understanding of individual differences in financial literacy. To this end, we propose a conceptual model that integrates family socialization theory and recent trends in financial literacy research. The study concludes with an interdisciplinary critical review of 100 articles which provide illustrations, highlight gaps, and present opportunities for further research with many practical guidelines for advancing deeper understanding of financial literacy from a socialization perspective.     

Giving Unto Others: Private Financial Transfers and Hardship Among Families With Children

Prior research shows that financial assistance from family and friends is an important source of support for families with children. Research on financial transfers has largely focused on the recipients of transfers, however. In this study, using longitudinal data from the Fragile Families and Child Wellbeing Study (n ～ 16,000 person‐waves), the authors examine the association between the provision of financial assistance to family and friends and material hardship. The results from pooled regression and fixed effects models indicate that providing financial transfers is associated with an increased risk of hardship. The most economically disadvantaged groups, single mothers, those in the bottom income tertile, and Black mothers are the most likely to experience hardship after giving a transfer. These findings have important implications for understanding why families may have difficulty meeting basic and essential needs and how social networks may exacerbate the challenges of escaping poverty and establishing economic self‐sufficiency.     

Financial Strain and Smoking

Using the 1999–2005 waves of the Panel Study of Income Dynamics (PSID), this study examines the relationship between family financial strain and smoking among women and men. Family financial strain is reflected by family financial solvency and the availability of emergency funds. Results indicate that individuals residing in families with insufficient emergency funds are more likely to smoke. Moreover, the relationship between insufficient emergency funds and smoking is observed across various income and education groups. Further analysis suggests that the onset of a financial strain increases their probability of a smoking relapse among men by 8–14% points.     

Future Planning and Financial Education Needs for Asset Building Among Persons with Multiple Sclerosis in Rural Areas

Abstract

This paper presents findings from a study of individuals with multiple sclerosis examining their planning and preparation activities for their future independent living and long-term care needs. Data collected from a representative sample of National Multiple Sclerosis Society members in the greater metropolitan St. Louis and eastern Illinois area indicate significant differences in income, assets, education, health and functional limitation status between individuals living in rural versus urban areas. Additionally, findings show respondents with greater levels of education and assets, and those living in urban areas, are more likely to have saved for retirement, made legal preparations, or engaged in planning activities for future needs. Recommendations for asset building programs include incorporating education and training on planning for independent living and long-term care into financial planning curriculum, particularly for people with multiple sclerosis living in rural areas.     

Research in family financial counseling

Domains of family financial counseling research are proposed in order to establish criteria for assessing research needs in this relatively new field. Identification of the research domains implies progress for an emerging profession. A survey of the family financial counseling research to date is reported. Results of research in several domains are shown to demonstrate how results from empirical studies can contribute to the theory and practice of family financial counseling.Research conducted under the auspices of Agricultural Experiment Station Research Project 01803, Family Economic Problems and Resource Management.Dr. Williams is an Associate Professor in the Department of Consumer Sciences and Retailing, Purdue University, West Lafayette, Indiana 47907. Her Ph.D. was received from Purdue. Current research interests include income adequacy, economic security, financial problems, and financial counseling.     

Adopting a financial capability and asset-building curriculum at historically Black colleges and universities

ABSTRACT

Social workers currently engage in financial capability practice with low-income and financially vulnerable individuals and families in diverse practice settings, but typically lack professional preparation for this work. In response, several schools of social work have begun adopting financial capability curricula. Using an in-depth interview methodology, this study examines the adoption of a curriculum in financial capability and asset building (FCAB) from the perspectives of faculty and administrators (N = 19) at four historically Black colleges and universities (HBCUs). Findings show that key reasons for curriculum adoption are prior working relationships and trust, relevance of FCAB content to student and community needs, and alignment with program, institutional, and professional goals. Using the diffusion of innovation theory to understand curriculum adoption in HBCUs suggests that perhaps trust and relationship building are particularly important in the case of minority serving institutions.     

Lone Motherhood and its Educational Outcomes for Children in Vietnam

Micro-data from the 2009 Vietnam census indicate that lone mothers represent 11.0% of all women aged 15 to 49 living with at least one of their children (≤17 years old). Results from logistic regression models show that school enrollment and attainment levels are lower for children of lone mothers than for children living with two parents. This negative effect is observed for children of never married, divorced or separated, and widowed lone mothers as well as for children of women currently married to a migrant not residing in the household provided they are not head of household. This disadvantage may be explained by reduced availability of human, material, and financial resources; restricted agency of the mother; and long-term socioeconomic and demographic processes shaping family relations and migration.     

Financial therapy in foster care

The introduction of prevention-oriented financial therapy in foster care is presented. Consideration of emotional demands in financial literacy and therapy is examined and remedies provided that address them. Revisions to the five-step model of financial therapy are considered in terms of the needs of foster care client populations. A pared down prevention model provides aging out foster children with a means of successfully navigating lifestyle challenges. The need to empirically evaluate the prevention model is advised to demonstrate its value with this population.     

The Differences in Financial Structure Between Women- and Men-Owned Family Businesses

Lenders often are faced with the challenge of evaluating the financial success of a business or a proposed business by examining the financial records of the household, reasoning that an assessment of the household's financial position should be a plausible indicator of the financial status of the business. Utilizing data from the recently released Family Business Survey, this study uses financial information about both the family and the business to examine the relationship between household financial indicators and business financial indicators for women- and men-owned family businesses. The results suggest that, while household financial statements may be good indicators for men-owned businesses, they appear to be much less reliable for women-owned businesses.     

Financial management: Development of scales

This study is a contribution to the development of family resource management scales, specifically financial management scales. Principal axis factor analysis, with varimax rotation, is used to assess underlying relationships in 23 family resource management variables related to time and money resources. Reliability and content, construct, and criterion-related validity of the scales are assessed. Two scales that are reliable and have some degree of validity are developed: frequency of financial problems and frequency of financial management. The scales could be used in future research, teaching, or counseling to organize financial management concepts.Preparation of this research was supported in part by the Illinois Agricultural Experiment Station. Data were collected in conjunction with the cooperative regional research project NC-182, Family Resource Utilization as a Factor in Determining Economic Well-Being of Rural Families. Cooperating states are Arizona, California, Illinois, Indiana, Iowa, Kansas, Michigan, and Minnesota.She received her Ph.D. from the University of Illinois; her current research interests include gender roles, family financial management, and economic well-being.Her current research interests include family financial management and consumer bankruptcy. She received her Ph.D. from the University of Missouri.Her current research interests include the economic well-being of various family forms. She received her Ph.D. from the University of Illinois.She received her Ph.D. from the University of Illinois. Her research interests are economic well-being and quality of life.     

Continuity and Change Within the Core Corporate Elite

This study examines the core corporate elite in both 1935 and 1970 in order to assess three alternative theoretical explanations of the composition of this elite. The elite members are identified as those 83 individuals in 1935 and those 70 individuals in 1970 who served as directors of four or more of the 200 largest nonfinancial and the 50 largest financial corporations. The three explanations of the social characteristics and institutional affiliations of the members of the core corporate elite are derived from the alternative theories of corporate control: family control theory, financial control theory, and management control theory. From the results of this analysis, it is apparent that individuals affiliated with financial institutions represent a disproportionately large and relatively constant share of the core corporate elite. Individuals who possess super-wealth or who are members of the upper class represent a significant but somewhat declining share of this elite. Finally, most of the members of the core corporate elite are managers rather than entrepreneurs or inheritors. Moreover, the proportion of elite members who are managers has increased whereas the proportion of elite members who are entrepreneurs has decreased over time. In general, the core corporate elite is remarkably stable, in terms of its composition, even over a period of several decades.     

The Intergenerational Transmission of Financial Stress and Relationship Outcomes

Numerous studies have focused on the intergenerational transmission of poverty, financial stress, and family functioning. Other research has shown how financial stressors can predict various family processes, including parent–child interactions, family conflict, and couple communication, and relationship outcomes, including marital stability and satisfaction. This study shows continued evidence that financial stress from the male and female partner's family of origin may predict marital dissatisfaction using dyadic data techniques. Also, an exploration of indirect paths also found that the presence of current financial stress partially mediates these associations.     

创新金融服务助力现代农业结构升级——新供给经济学的视角

从农业供给侧全产业链分析,金融在农业供给侧改革中发挥着全过程作用:一是现代都市农业生产要素的集约化,使得规模化金融服务需求增加;二是现代都市农业生产经营链条化,产业链金融服务需求增长;三是农业经营主体多元化,特色化金融服务需求增加;四是农村产业融合发展,功能型金融服务需求增加.     

“Some of My Children Are Worth More Than Others”: Perceptions of Nonresidential Fathers with Second Families as to the Fairness of the Australian Child Support Agency's Handling of First Family Child Support Financial Arrangements

One in three Australian marriages end in divorce, and over half of such divorces involve children. Research indicates that men tend to repartner within 1 to 2 years of a divorce and women within 3 to 5 years. A significant issue for repartnered men is the provision of financial support for children from both their first and second families. Although only 6% of all Australian first family children spend near/equal time (shared care) after divorce with both parents, fathers in Australia are mandated under child support legislation to provide financial support for their first family children, whether they reside with them or not. However, it is argued by this study's nonresidential fathers that the Child Support Agency, when considering the level of financial support for first family children, tends to overlook the needs of second family children, thus creating an advantaged and disadvantaged set of siblings. This finding is reviewed through a distributive justice theory lens. Finally, some future directions for research aimed at exploring the impact of Child Support Legislation on second families are suggested.