The Effects of Parental Advice and Financial Literacy on Asset Accumulation Among American Youth PDF Download
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Author: Alexander Joel Rosenberg
Publisher:
ISBN:
Category : Economics
Languages : en
Pages : 136
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Book Description
Financial literacy is an important body of knowledge and set of skills that consumers need to successfully navigate the 21st century economy. Prior research shows financial literacy bears a significant relationship, along with other factors, to the wealth outcomes of adults. While some of this research has examined how specific behaviors related to self-control affect wealth, few include the effects of parental socialization as measured through advice given from parents to children. This paper estimates an empirical relationship amongst wealth, literacy, and parental advice using data from the National Longitudinal Study of Youth’s 1997 Cohort (NLSY 97). I find financial literacy and parental advice are strongly related to wealth. I also find that women on average have lower wealth than men, even after controlling for literacy, advice, and other demographics. The source of the parental advice also proves statistically important.
Author: Alexander Joel Rosenberg
Publisher:
ISBN:
Category : Economics
Languages : en
Pages : 136
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Book Description
Financial literacy is an important body of knowledge and set of skills that consumers need to successfully navigate the 21st century economy. Prior research shows financial literacy bears a significant relationship, along with other factors, to the wealth outcomes of adults. While some of this research has examined how specific behaviors related to self-control affect wealth, few include the effects of parental socialization as measured through advice given from parents to children. This paper estimates an empirical relationship amongst wealth, literacy, and parental advice using data from the National Longitudinal Study of Youth’s 1997 Cohort (NLSY 97). I find financial literacy and parental advice are strongly related to wealth. I also find that women on average have lower wealth than men, even after controlling for literacy, advice, and other demographics. The source of the parental advice also proves statistically important.
Author: Jing Jian Xiao
Publisher: Springer
ISBN: 3319288873
Category : Psychology
Languages : en
Pages : 379
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Book Description
This second edition of the authoritative resource summarizes the state of consumer finance research across disciplines for expert findings on—and strategies for enhancing—consumers’ economic health. New and revised chapters offer current research insights into familiar concepts (retirement saving, bankruptcy, marriage and finance) as well as the latest findings in emerging areas, including healthcare costs, online shopping, financial therapy, and the neuroscience behind buyer behavior. The expanded coverage also reviews economic challenges of diverse populations such as ethnic groups, youth, older adults, and entrepreneurs, reflecting the ubiquity of monetary issues and concerns. Underlying all chapters is the increasing importance of financial literacy training and other large-scale interventions in an era of economic transition. Among the topics covered: Consumer financial capability and well-being. Advancing financial literacy education using a framework for evaluation. Financial coaching: defining an emerging field. Consumer finance of low-income families. Financial parenting: promoting financial self-reliance of young consumers. Financial sustainability and personal finance education. Accessibly written for researchers and practitioners, this Second Edition of the Handbook of Consumer Finance Research will interest professionals involved in improving consumers’ fiscal competence. It also makes a worthwhile text for graduate and advanced undergraduate courses in economics, family and consumer studies, and related fields.
Author:
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
This effect is weakened by the number of children in the household: the more children in the household, the weaker the effect. In addition, the effect is potentially mediated by the guardian saving for the adolescent. The findings contribute to the institutional perspective on saving arguing that saving is not only a function of individual characteristics, but also institutional opportunities. Findings may help inform programs and policies facilitating asset-building initiatives for youth in developing countries, particularly in sub-Saharan Africa.
Author: John O.S. Wilson
Publisher: Taylor & Francis
ISBN: 1000404528
Category : Business & Economics
Languages : en
Pages : 161
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Book Description
A growing body of evidence suggests that financial literacy plays an important role in financial well-being, and that differences in financial knowledge acquired early in life can explain a significant part of financial and more general well-being in adult life. Financial technology (FinTech) is revolutionizing the financial services industry at an unrivalled pace. Views differ regarding the impact that FinTech is likely to have on personal financial planning, well-being and societal welfare. In an era of mounting student debt, increased (digital) financial inclusion and threats arising from instances of (online) financial fraud, financial education and enlightened financial advising are appropriate policy interventions that enhance financial and overall well-being. Financial Literacy and Responsible Finance in the FinTech Era: Capabilities and Challenges engages in this important academic and policy agenda by presenting a set of seven chapters emanating from four parallel streams of literature related to financial literacy and responsible finance. The chapters in this book were originally published as a special issue of The European Journal of Finance.
Author: OECD
Publisher: OECD Publishing
ISBN: 9264012575
Category :
Languages : en
Pages : 181
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Book Description
This book describes the different types of financial education programmes currently available in OECD countries, evaluates their effectiveness, and makes suggestions to improve them.
Author: Olivia S. Mitchell
Publisher: Oxford University Press
ISBN: 0199273391
Category : Business & Economics
Languages : en
Pages : 315
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Book Description
Employees are being given more and more decisions to make with regards to their pension and healthcare plans. Yet increasing research in the social sciences shows that the decisions 'real' people make are not those of the thoughtful and well-informed economic agent often portrayed in economic research, but are often based on flawed information and made without a full understanding of their financial implications. The contributors to Pension Design and Structure explore theassumptions behind commonly-held theories of retirement decision-making, and the consequences of the growing volume of research in behavioural finance and economics for the field of pension research. Contributors are drawn from a variety of disciplines, and include leading pensions experts.
Author:
Publisher:
ISBN:
Category : Finance, Personal
Languages : en
Pages : 634
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Book Description
Author: Margaret Sherraden
Publisher: Oxford University Press
ISBN: 0190238577
Category : Social Science
Languages : en
Pages : 473
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Book Description
Financial struggles of American families are headline news. In communities across the nation, families feel the pinch of stagnant and sometimes declining incomes. Many have not recovered from the Great Recession, when millions lost their homes and retirement savings. They are bombarded daily with vexing financial decisions: Which bills to pay? Where to cash checks? How to cover an emergency? How to improve a credit report? How to bank online? How to save for the future? Low- and moderate-income families have few places to turn for guidance on financial matters. Not many can afford to pay a financial advisor to help navigate an increasingly complex financial world. They do their best with advice from family and trusted individuals. Social workers, financial counselors, and human services professionals can help. As "first responders," they assist families and help in finding financial support from public and private sources. But these professionals are too often unprepared to address the full range of financial troubles of ordinary working families. Financial Capability and Asset Building in Vulnerable Households prepares social workers, financial counselors, and other human service professionals for financial practice with vulnerable families. Building on more than 20 years of research, the book sets the stage with key concepts, historical antecedents, and current financial challenges of families in America. It provides knowledge and tools to assist families in pressing financial circumstances, and offers a lifespan perspective of financial capability and environmental influences on financial behaviors and actions. Furthermore, the text details practice principles and skills for direct interventions, as well as for designing financial services and policy innovations. It is an essential resource for preparing the next generation of practitioners who can enable families to achieve economic security and development.
Author: Michael Sherraden
Publisher: Routledge
ISBN: 1317577787
Category : Social Science
Languages : en
Pages : 231
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Book Description
Asia has long been a testing ground for efforts to augment financial and social security by developing assets that may support individuals and households and contribute to long-term social development. Rapid growth in the number and breadth of asset-based social policies has prompted Asian scholars, practitioners, and policymakers to share lessons from current efforts and chart future directions. This book offers a unique collection of macro- and micro-level analyses on asset-based social development and compares and contrasts national social policies across the Asia Pacific region. Many asset-building policies and programmes have been undertaken in Asia, and innovative proposals continue to emerge. The contributions in this book present and assess this broad, often nuanced, and evolving landscape, and offer an insightful analysis of the evolution of asset-building policies, innovative programmes in rural populations, asset-based interventions to facilitate the development and well-being of children, as well as case studies on new, ground-breaking asset-building projects. Asset-Building Policies and Innovation in Asia will be an invaluable resource for students and scholars of Asian social policy, social welfare, social development and social work.
Author: United States. Congress. House. Committee on Ways and Means. Subcommittee on Income Security and Family Support
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 128
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Book Description
