financial therapy, financial education
Financial knowledge has been identified as an issue of importance to individual financial wellness. The FINRA Financial Capability Study provides data that make it possible to assess financial knowledge, and to analyze it in the context of financial satisfaction and participation in financial behaviors that are generally considered positive. This paper looks at these relationships by gender and by age group, identifying key differences in outcomes and behaviors. The aim of this study was to identify areas and issues where policy makers can focus efforts, and where practitioners can develop education and therapy protocols to assist clients in financial development and restoration.
Creative Commons License
This work is licensed under a Creative Commons Attribution-Noncommercial 4.0 License
Woodyard, A., & Robb, C. (2012). Financial Knowledge and the Gender Gap. Journal of Financial Therapy, 3 (1) 1. http://dx.doi.org/10.4148/jft.v3i1.1453
Baker, H. K., & Nofsinger, J. R. (2002). Psychological biases of investors. Financial Services Review, 11(2), 97-116.
Barber, B. M. & Odean, T. (2001). Boys will be boys: Gender, overconfidence, and common stock investment. Quarterly Journal of Economics(116), 261-292.
Borden, L. M., Lee, S. A., Serido, J., & Collins, D. (2008). Changing college students’ financial knowledge, attitudes, and behavior through seminar participation. Journal of Family and Economic Issues, 29(1), 23-40
Braunsberger, K., Lucas, L. A., & Roach, D. (2004). The effectiveness of credit-card regulation for vulnerable consumers. Journal of Services Marketing, 18(5), 358-370.
Brobeck, S., & Montalto, C. (2008, June). The financial condition of women on their own. Study of the Consumer Federation. Retrieved online August 23, 2010 from http://www.consumerfed.org/elements/www.consumerfed.org/file/Women_on_Their_Own_Report_12-2-08.pdf.
Bricker, J., Bucks, K., Kennickell, A., Mach, T., & Moore, K. (2011). Surveying the aftermath of the store: Changes in family financies from 2007 to 2009. Finance and Economics Discussion Series. Federal Reserve Bank, Washington, DC.
Bureau of Labor Statistics. (2011). Consumer credit. Federal Reserve Statistical Release, G.19. Retrieved online July 29, 2011 from http://www.federalreserve.gov/releases/g19/hist/cc_hist_sa.html
Chen, H., & Volpe, R. P. (1998). An analysis of personal financial literacy among college students. Financial Services Review, 7(2), 107-128.
Chen, H., & Volpe, R. P. (2002). Gender differences in personal financial literacy among college students. Financial Services Review, 11, 289-307.
Employee Benefit Research Institute. (2010). The 2010 Retirement Confidence Survey: Confidence stabilizing, but preparations continue to erode. Issue Brief 340. Washington, DC: Author.
FINRA Investor Education Foundation. (2009). Financial Capability in the United States. Retrieved June 22, 2010 from www.finrafoundation.org/capability.
Hilgert, M. A., Hogarth, J. M., & Beverly, S. G. (2003). Household financial management: The connection between knowledge and behavior. Federal Reserve Bulletin, 309-322.
Hira, T. K. & Mugenda, O. (2000). Gender differences in financial perceptions, behaviors and satisfaction. Journal of Financial Planning, 13(2), 86-92.
Huston, S. J. (2010). Measuring financial literacy. Journal of Consumer Affairs, 44(2), 296-319.
Joo, S. (2008). Personal financial wellness. In Xiao, J. J. (Ed). Handbook of Consumer Finance Research (pp. 21 -33). New York, NY: Springer Science + Business Media.
Joo, S., & Grable, J. E. (2004). An exploratory framework of the determinants of financial satisfaction. Journal of Family and Economic Issues, 25, 25-50.
Juster, F. T., Lupton, J. P., Smith, J. P., & Stafford, F. (2005). The decline in household saving and the wealth effect. Review of Economics and Statistics, 87(4), 20-27.
Lusardi. A. & Mitchell, O. S. (2006). Financial literacy and planning: Implications for retirement wellbeing. Paper No. 1, Pension Research Council, Wharton School, University of Pennsylvania.
Lusardi, A, & Mitchell, O. S. (2007). Financial literacy and retirement preparedness: Evidence and implications for financial education. Business Economics 42, 35-44.
Lusardi, A, & Mitchell, O. S. (2008). Planning and financial literacy: How do women fare? NBER Working Papers Series, Vol. w13750. Retrieved September 8, 2010 from http://ssrn.com/abstract=1087003.
Maton, C. C., Maton, M., & Marty, W. M. (2010). Collaborating with a financial therapist: The why, who what, and how. Journal of Financail Planning, 23(2), 62-70.
Poterba, J., Rauh, J, Venti, S., & Wise, D. (2007). Defined contribution plans, defined benefit plans, and the accumulation of retirement wealth. Journal of Public Economics, 91, 2062-2086.
Robb, C. A. (2011). Financial Knowledge and Credit Card Behavior of College Students. Journal of Family and Economic Issues. Online first,
Robb, C. A. & James, R. N. (2009). Associations between individual characteristics and financial knowledge among college students. Journal of Personal Finance, 8, 170-184.
Robb, C. A., & Woodyard, A. S. (2011). Financial knowledge and ‘best practice’ behavior. Journal of Financial Counseling and Planning, 22(1), 36-46.
Strauss, W., & Howe, N. (1991). Generations: The history of America’s future. New York: William Morrow and Company.
White, J. M., & Klein, D. M. (2002). Family Theories (2nd ed.). Thousand Oaks, CA: Sage Publishing.
Willis, L. E. (2008). Against financial literacy education. Iowa Law Review, 94, 197-286.
Xiao, J. J., Tang, C., Serido, J., & Shim, S. (2011). Antecedents and consequences of risky credit behavior among college students: Application and extension of the Theory of Planned Behavior. Journal of Public Policy & Marketing (in press).