Who Uses Alternative Financial Services? A Latent Class Analysis of Consumer Financial Knowledge and Behavior

ABSTRACT

We examine the heterogeneity of alternative financial services (AFS) use by constructing an empirically rigorous typology of financial knowledge and behaviors. Using the 2012 National Financial Capability Study, we conducted latent class analysis of financial knowledge and behaviors to identify latent classes of AFS users (N = 25,509). The proportion of the distal outcome of AFS was investigated among latent classes. The latent classes in the best fitting model were regressed on demographic variables and selected covariates using multinomial logistic regression. Results indicate that five meaningful subgroups were found. Over half of the U.S. population struggles to establish and maintain savings and position themselves for future financial security and mobility (i.e., financially precarious (25.9%), financially striving (20.5%), and financially at-risk (18.4%) classes). The financially thriving class (27.7%) has the healthiest financial behaviors and the least probability of using AFS. The financially stable (7.4%) and financially at-risk (18.4%) classes have the highest probability of using AFS. Widespread use of AFS suggests a general consumer demand for the products and services. Future research is needed to inform policy and practice efforts to shape the formal financial system to meet the long-term financial needs of the majority of consumers.     

Public Assistance Eligibility and the Well-Being of Poor People in China

ABSTRACT

This study adopted content analysis to examine policy papers concerning the eligibility requirements of the Minimum Living Standard Scheme (MLSS) in China's 31 capital cities. It was found that local officials not only assess applicants’ assets and incomes, but also their living space, quality of home decoration, possession of luxury goods, leisure activities, and behavior. The local governments’ use of a lifestyle assessment approach is caused by financial constraints and the lack of an effective mechanism to check applicants’ incomes. The lifestyle approach leads to regional inequalities in accessing public assistance, because some of the terms, which define the quality of life, are too ambiguous. The lifestyle approach, which requires applicants to live in very poor living conditions and also demonstrate their hardship to local officials, will be a barrier preventing poor people from being integrated into their communities. This study suggests that the key words and terms in the policy documents need to be clearly explained and similar criteria should also be adopted across different regions. It also proposes that the gap between MLSS eligibility criteria in the policy papers and their actual implementation requires further study in order to understand the impact of special local factors and the quality of life of poor people in China.     

Helping each other: a peer supervision group with facilitators of mutual aid groups

ABSTRACT

Mutual aid groups can help people cope with life’s problems. A peer supervision group can help facilitators to better understand their role and improve their facilitating skills in mutual aid groups. Peer supervision groups aim to support facilitators ability to reflect on their difficulties in working with groups, deepen their methodological questions, and improve their understanding regarding how to best proceed as facilitators. This paper studied a peer supervision group of experts-by-experience facilitators to demonstrate the dynamics of mutual aid that characterized the group’s functioning.     

Kin Financial Support: Receipt and Provision Among Unmarried Mothers

ABSTRACT

Using data from the Fragile Families and Child Wellbeing Study (N = 2,039), we investigate how social resources influence unmarried mothers' provision and receipt of financial support within their social networks and whether patterns of financial support vary by race and ethnicity. Multinomial regression results indicate that relative to neither giving nor receiving, more advantaged mothers have higher odds of providing others with financial help, yet less advantaged mothers do not have consistently higher odds of receiving help. Tests for interactions indicate that financial support may be less available for Blacks in need than for other groups. Our findings provide evidence that because of its unpredictable nature and unequal availability among disadvantaged groups, informal financial support cannot be expected to fill gaps in the public safety net.     

Changes of Electoral Politics under the Growing Wealth Gap in East Asia since the Global Financial Crisis: South Korea and China’s Taiwan in Comparison

Abstract

The economic recession caused by the global financial crisis of 2008 affected political change across the world in different ways. Economic and social problems turned into political crises in North Africa. In Europe and America, dissatisfaction over such problems caused social unrest but did not imperil the political order. In East Asia, where competitive party politics have just emerged, the financial crisis sparked a correlative political and economic reaction model involving economic recession—growing wealth gap—public policy transition in electoral politics. Major electoral campaigns over the past five years in China’s Taiwan, the Republic of Korea and other economies in East Asia indicate that prioritizing economic growth and equitable distribution are emerging to be common core issues in different parties’ electoral competition despite remnant historical questions and highly politicized issues. The new electoral politics based on public policy competition has gained greater space for development against the background of an economic recession and a growing wealth gap, and is exerting a profound influence on the political and economic development process in East Asia.     

Exploring how workplace and social policies relate to caregivers’ financial strain

Informal caregiving is a critical component of the US long-term care system, but can have significant negative impacts on caregiver employment, finances, and well-being. An online survey of Colorado caregivers was piloted in 2016–17 to explore whether workplace and social policies such as access to paid family leave and public health insurance can buffer the negative financial impacts of caregiving and help caregivers to remain in the workforce. Using standardized measures, the survey assessed caregivers’ employment and financial status, well-being (physical and mental health, caregiver strain, benefits of caregiving), access to workplace supports, and covariates (e.g., caregiver demographics, health, social support, and service utilization). Ninety-five caregivers, recruited through community agency partners, completed the survey. Respondents were predominately female (89%), middle-aged (M = 57), non-Hispanic White (64%) or Latino/a (22%), and caring for a parent (40%) or spouse (30%) for over one year. Half (51%) reported working full- or part-time jobs, while 16.4% had stopped working because of caregiving. In multivariate regression modeling, predictors of financial strain included the care recipients’ financial strain and the caregiver’s reduction or ceasing of work. Medicare may be protective to minimize caregivers’ need to reduce or cease work. Implications for caregivers’ ability to stay engaged in the workforce and prepare for their own retirement are explored.     

Student Perceptions of Financial Literacy: Relevance to Practice

ABSTRACT

The relevance of financial literacy to social work has been framed almost exclusively in the context of poverty relief, but this study expands this framework to the evidence linking financial stress, not merely poverty, to adverse client outcomes. Using a new 15-item, quantitative instrument, student (N= 1,506) perceptions were collected. Respondents demonstrated a moderate awareness of the relevance of financial literacy in 11 of 15 problem issues commonly encountered in practice, indicating a moderate receptivity to financial education. Future research should clarify the contours of financial knowledge that is required to assist clients.     

The contribution of emotion knowledge,language ability,and maternal emotion socialization style to explaining toddlers’ emotion regulation

In this study, we set out to advance understanding of the association between emotion knowledge (EK) and emotion regulation (ER) in toddlerhood, by innovatively examining a model that simultaneously takes into account both individual factors, such as age, gender, and language ability, and contextual factors, such as maternal emotion socialization styles (coaching vs. dismissing). Participants were 242 toddlers (141 girls; M_age = 28.79 months, SD = 3.48) and their mothers (M_age = 35.60 years; SD = 4.95). We evaluated children’s language ability and ER via parent‐report questionnaires, assessing their EK via a direct measure individually administered at the nursery. The mothers also completed a questionnaire on their own emotion socialization style. Children’s EK was positively correlated with their ER skills as reported by their parents. Structural equation modeling showed that emotion‐dismissing maternal behaviors were significantly negatively associated with toddlers’ emotional competencies whereas maternal emotion‐coaching styles were significantly positively associated with higher levels of these competences. Finally, language ability was positively associated with ER. We discuss the theoretical and educational implications of these outcomes, as well as potential new lines of inquiry.     

Pathway to Financial Success: Autonomy Through Financial Education in India

ABSTRACT

This study evaluates attitudinal outcome of financial education workshops on the financial autonomy of the participants (homemakers) in the state of Gujarat, India. A series of financial education workshops were conducted with 300 female homemakers. A pretest and follow-up (after 3 months) survey design was used to assess changes. The survey identified 3 types of autonomy outcomes (reflexive, emotional, and functional) using 15 variables. Data were analyzed using a paired t test, and significant results were obtained between the pretest and follow-up surveys. Specific findings may help financial education providers to design and implement such programs more effectively and may provide guidelines to assess their effect. Directions for future research are suggested.     

Native American Stepfamilies: Children’s Expectations Concerning Their Residential Stepparents’ Behavior

Abstract

This study examined how a Native American stepchild’s expectations for their stepparents’ behavior associated with the stepfamily quality. The responses of Native Americans and multiracial Native Americans were compared to the general population in order to identify cultural differences that affect stepfamily quality. Data came from the Stepfamily Experience Project (STEP). Findings suggest that Native Americans differed from other races concerning stepfamily quality, stress from the stepfamily forming, a child’s expectation for a stepparent’s control behaviors, and a child’s relationship with their biological parent. For practical use, clinicians should consider Native American stepchildren’s expectations regarding their stepparent’s behaviors in order to better assess stepfamily quality and provide more effective services.     

What becomes of social science knowledge: New Zealand researchers' experiences of knowledge transfer modes and audiences

Abstract

The transfer and uptake of research-based knowledge by end users is a measure of the utility of research, and, from a funder's perspective, a measure of an effective investment. What constitutes uptake to social scientists and whether such practice is a routine or novel outcome of New Zealand social science research is largely unexplored. In the 2006 National Survey of Social Scientists respondents were asked to report recent experiences of knowledge transfer and research uptake, including the organization to which information had been conveyed. This paper presents an analysis of these responses. Forty-two percent of respondents reported at least one example of research transfer or uptake in their main research field in the previous 12 months. Accounts ranged from passive forms of information transfer such as making journal articles or reports available to potential end users to instances of organizational, programme, curriculum or policy change that the researcher attributed, at least in part, to the uptake of research-based knowledge. Government agencies were the target of 31% of reported examples, across sectors as diverse as agriculture, fisheries and conservation as well as those in the social, health, justice and welfare areas.     

A Predictive Model for Financial Literacy among the Educated Youth in Kerala,India

ABSTRACT

The economic importance of financial literacy among individuals necessitates policy intervention. Estimation of financial literacy is a prerequisite for strategies to improve financial literacy. This paper, using data collected from the educated young adults in Kerala, the most literate state in India, builds a predictive model for financial literacy employing logistic regression. The study reveals the low level of financial literacy in the state. The model points to the significance of gender, age, religion, discipline of study, occupation, and personal income as determinants of financial literacy. The findings have implications for policies aimed at improving the financial literacy of young adults in India.     

Parenting a 6-Year Old Is Not What I Planned in Retirement: Trauma and Stress among Grandparents Due to the Opioid Crisis

ABSTRACT

There is little research about trauma, financial stress, and social service needs emanating from the experience of parenting grandchildren caused by the opioid crisis in the United States. We conducted a qualitative study with 15 grandparents who currently or in the past had custodial care of their grandchildren. We also interviewed nine issue-related stakeholders in Eastern Massachusetts. Specific inquiries centered on events leading up to a change in guardianship, stressors related to legal, financial, and family issues, and system-wide response to the grandparents’ needs. Results indicate that the opioid crisis presents distinct challenges for the grandparent-led families and for the systems that serve the new family arrangement. Crisis triggers a change in guardianship and continues throughout the years. The continued crises stem from events related to the parent’s opioid use disorder (OUD) and from expenses related to raising a young family, especially when the grandchild has adverse childhood experiences. Our analysis shows that systems break down on a number of levels, and the fluidity of custodial arrangements due to parents’ OUD status does not map onto existing support or benefit systems. Policy responses must focus on the immediate and long-term needs of grandparent caretakers, especially since the opioid crisis is likely to continue.     

Physician-Assisted Suicide and Midwest Social Workers: Where Do They Stand?

ABSTRACT

Physician-assisted suicide (PAS) is explicitly legal in five states and by court decision in one. Legislative bills have been introduced in other states including Minnesota, Iowa, and Wisconsin. This quantitative study was designed to understand Midwest, hospice and palliative care at end-of-life social workers’ attitudes toward PAS, preferred terminology, perception of preparedness for the implementation, and awareness of PAS legislation in their state. Sixty-two social workers from Minnesota, Iowa, and Wisconsin completed an anonymous online survey. The results indicated that over one-half of the participants supported PAS legislation and is consistent with previous research on social workers across the country. While there was a range of perceived preparedness for implementation, a majority felt moderately to very prepared. Professional and personal values as well as professional experience influenced their perceived preparedness. Few social workers had accurate awareness of PAS legislation in their state or had attended workshops/events for further education or as a policy advocate. To practice competently and advocate at all levels of practice, hospice and palliative care at end-of-life social workers’ need to understand their own attitudes and values toward PAS and pursue additional education around this ethical issue.     

Researching the Senses as Knowledge

ABSTRACT

Research in the growing field of sensory studies has begun to identify the sensory aspects of experience, particularly in our engagement with material culture. What is yet to receive much attention is how the senses are acquired and used by individuals and communities, and how they inform action. Adopting barth's argument that cultural phenomena are most productively examined as different kinds of knowledge, this article argues that the senses can be examined as any other knowledge source. This article demonstrates the value of examining the senses as knowledge through an account of learning to hear medically. This example is taken from a broader ethnographic study of the aural practices and experiences of ninety-two musicians, doctors, adventurers, and Morse code operators. It argues that hearing is learned, specialized, and specific to the places we go, the people that surround us, and the things that we do. To seek out the sources and value of this taken-for-granted aspect of our experience, it argues that the senses can be analyzed in terms of their foundations, their acquisition, and practice.     

Longitudinal relations of emotion knowledge to psychosocial adjustment in European and Chinese American school-age children

The study is the first to examine the developmental trajectory of emotion knowledge as it relates to psychosocial adjustment in a cross-cultural context. European American (EA, n = 68, 28 boys) and Chinese American (CA, n = 62, 31 boys) children and their mothers participated. Children's emotion knowledge was assessed, and their psychosocial adjustment was reported by mothers at three time points when children were 6.5, 7, and 8 years of age. Although EA children had greater emotion knowledge at Time 1, CA children's emotion knowledge grew faster over the following 1.5 years. In addition, emotion knowledge predicted fewer internalizing problems in CA children but predicted fewer externalizing problems in EA children. Thus, emotion knowledge was associated with psychosocial adjustment for both cultural groups, and particularly helpful for children to cope with issues to which they are most vulnerable in their respective cultural contexts. The findings shed critical light on the developmental trajectories of emotion understanding and psychosocial adjustment in specific cultural contexts.     

Determinants of Income Generation and Financial Performance Through Self-Help Groups

ABSTRACT

This study examines the efficacy of a microcredit-linked self-help group (SHG) program in identifying the problems faced by group members such as income generation and financial performance. To examine this, 120 members in each of three selected blocks in Birbhum District in West Bengal, India, were invited to participate. A multiple regression equation focused on identifying the contributing factors toward explaining SHG income. Results indicated that income generation for all the blocks together was significantly influenced by factors like loan amount, amount of saving, years of existence of SHG, education level of the group leader, and availability of the training facility. However, SHG-wise efficiency scores varied across the blocks that might be related to different sociocultural dimensions. Implications of the analytical findings for future research are discussed at the end of the article.     

Chinese immigrant child and maternal reactions to disappointment: Cultural fit impacts the bidirectional associations

Culture provides a context in which emotion socialization is embedded, and the bidirectional effects between parents’ emotion socialization and children's emotional behaviors may work differently across cultures. To understand how emotion socialization may be shaped by the cultural context, we examined the moderating role of Asian cultural values in bidirectional associations between maternal emotion socialization practices and child anger and sadness. Seventy-four U.S. Chinese immigrant mothers (M_age = 40.71 years, SD = 3.61) completed measures assessing their Asian cultural values and parenting style. Children experienced a disappointment task in the lab (Cole, 1986), and mothers and their children (M_age = 6.73 years, SD = .95; 55% female) were observed at two different time intervals. Mothers’ socialization practices (emotion dismissing, emotion coaching, and moral and behavioral socialization) and children's anger and sadness responses at both intervals were coded. Mothers’ greater Asian cultural values buffered the negative effects of their emotion dismissing practices on children's anger and sadness. However, Asian cultural values did not impact the effects of children's anger and sadness on mothers’ emotion dismissing practices. When mothers endorsed fewer Asian values, their emotion coaching practices reduced children's anger and sadness. Children's anger and sadness evoked more emotion coaching practices when mothers endorsed lower levels of Asian cultural values. In addition, children's anger and sadness evoked greater moral and behavioral responses from their mothers when mothers endorsed more Asian values. Overall, findings underscored the importance of cultural values in the interplay between mothers’ emotion socialization practices and children's emotions.     

Thinking for themselves? The effect of informant independence on children's endorsement of testimony from a consensus

Testimony agreement across a number of people can be a reassuring sign of a claim's reliability. However, reliability may be undermined if informants do not respond independently. In this case, social consensus may be a result of indiscriminate copying or conformity and does not necessarily reflect shared knowledge or opinion. We examined children's emerging sensitivity to consensus independence by testing whether it affected their judgements in a social learning context. Children ages 5, 6, and 8–9 years (N = 92), and 20 adults for comparison received conflicting testimony about an unfamiliar country from two consensual groups of informants: An independent group who responded privately and a nonindependent group who had access to each other's answers. We found increasing levels of trust in independent consensus with age. Adults and 8–9‐year olds preferred to accept the claims of the independent consensus, whereas 5‐year olds favored the claims of the nonindependent consensus and 6‐year olds were mixed. Although previous work has shown that children trust a consensus over a lone dissenter as young as 2 years, the developmental shift in this study indicates that children's reasoning about the nature of consensus and what makes it reliable continues to develop throughout middle childhood.