Abstract
Financial stability refers to having the ability to manage financial resources to meet family financial needs throughout one’s life cycle and through ups and downs of economy at large. Size, allocation, and composition of household’s financial resources play a critical role in achieving such financial stability. The composition of a household’s financial resources is a function of financial habits, values, beliefs, and practices. Complexity of financial behavior calls for a multidisciplinary approach to future education and research efforts. The goal of all financial educational efforts must be to ensure that people gain knowledge leading to the development of habits and behaviors resulting in long-term financial security of their households and society at large. Research results must guide government policies and business practices ensuring a safe financial environment where individuals can demonstrate sound financial behaviors and sustain healthy financial status for the long term.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
References
Bandura, A., & Walters, R. (1964). Social learning and personality development. New York: Holt, Rinehart and Winston.
Bristow, B. J. (1997). Promoting financial well being: Running a successful Money 2000 campaign. Ithaca, NY: Cornell Cooperative Extension.
Classon, G. S. (1926). The Richest Man in Babylon: The success secrets of the ancients. New York: Signet Classics, Penguin.
Cones, J., & Gilovich, T. (2010). Understanding money’s limits: People’s beliefs about the income–happiness correlation. The Journal of Positive Psychology, 15(4), 294–301.
Deacon, R., & Firebaugh, F. (1988). Family resource management: Principles and applications (2nd ed.). Boston: Allyn and Bacon.
Duhigg, C. (2014). The power of habit: Why we do what we do in life and business. New York: Random House.
Eccles, D. W., Ward, P., Goldsmith, E., & Guler, A. (2013). The relationship between retirement wealth and householders’ lifetime personal financial and investing behaviors. Journal of Consumer Affairs, 47(3), 432–464.
Fitzsimmons, V., Hira, T., Bauer, J., & Hafstrom, J. (1993). Financial management: Development of scales. Journal of Family and Economic Issues, 14(3), 257–274.
Hira, T. (1987a). Households’ financial management factors influencing solvency and satisfaction. Journal of Japan Society of Household Economics, 10(3), 99–207.
Hira, T. (1987b). Money management practices influencing household asset ownership. Journal of Consumer Studies and Home Economics, 11, 183–194.
Hira, T. (1997). Financial attitudes, beliefs and behaviors: Difference by age. Journal of Consumer Studies and Home Economics, 21, 271–290.
Hira, T. (2012). Promoting sustainable financial behavior: Implications for education and research. International Journal of Consumer Studies, 37(1), 502–507.
Hira, T., Fanslow, A., & Vogelsang, R. (1992). Determinants of satisfaction with preparation for financial emergencies. Financial Counseling and Planning Education, 3, 43–62.
Hira, T., Fitzsimmons, V., Hafstrom, J., & Bauer, J. (1993). Factors associated with expectation of household’s future financial condition. Journal of Family and Economic Issues, 14(3), 237–256.
Hira, T., & Loibl, C. (2008). Gender differences in investment behavior. In J. J. Xiao (Ed.), Handbook of Consumer Finance Research (pp. 253–270). New York: Springer.
Hira, T., & Mugenda, O. (1999). Predictors of financial satisfaction: Differences between retirees and non-retirees. Financial Counseling and Planning, 9(2), 75–83.
Hira, T., & Mugenda, O. (2000). Gender differences in financial perceptions, behaviors, and satisfaction. Journal of Financial Planning, 13(2), 86–92.
Hira, T., Sabri, M., & Loibl, C. (2013). Financial socialization’s impact on investment orientation and household net worth. International Journal of Consumer Studies, 37(1), 29–35.
Loibl, C., & Hira, T. (2005). Impact of self-directed financial learning on financial and career satisfaction of white-collar employees. Financial Counseling and Planning, 16(1), 11–21.
Loibl, C., & Hira, T. K. (2007). New insights into advising female clients on investment decisions. Journal of Financial Planning, 20(3).
Mugenda, O., Hira, T., & Fanslow, A. (1990). Assessing the causal relationship among communication, money management practices, satisfaction with financial status, and satisfaction with quality of life. Lifestyles: Family and Economic Issues, 11(4), 343–360.
OECD (2015). Skills for Social Progress: The power of social and emotional skills. OECD Skills Studies, OECD publishing, http://dx.doi.org/10.1787/97892642226159-en
Power, M., & Hira, T. (2010). Insurance company employees’ financial expertise and practices: Implications on benefit participation and satisfaction. Risk Management and Insurance Review, 13(1), 111–125.
Prochaska, J. O. (1979). Systems of psychotherapy: A transtheoretical analysis. Homewood, IL: Dorsey.
Prochaska, J. O., DiClemente, C. C., & Norcross, J. C. (1992). In search of how people change: Applications to addictive behaviors. American Psychologist, 47(9), 1102–1114.
Sabri, M., Cook, C., Shelley, M., Hira, T., Garasky, S., & Swanson, P. (2012). Relation of early childhood consumer experience, financial socialization and financial knowledge with perceived financial. Asia Life Sciences, 21(2), 499–526.
Sass, S., Anek, B., Thomas, C., & Ramos-Mercado, J. D. (2015). What do subjective assessments of financial well-being reflect? CRR WP 2015-3.
Schmeiser, M. D., & Seligman, J. S. (2013). Using the right yardstick: Assessing financial literacy measures by way of financial. Journal of Consumer Affairs, 47(2), 243–262.
Schuchardt, J., Bagwell, D., Bailey, W., DeVaney, S., Grable, J., Leech, I., & Xiao, J. (2007). Personal finance: An interdisciplinary profession. Journal of Financial Counseling and Planning, 18(1), 61–69.
Shockey, S. S., & Seiling, S. B. (2004). Moving into action: Application of the transtheoretical model of behavior change to financial education. Financial Counseling and Planning, 15(1), 41–52.
Stanley, T. J., & Danko, W. D. (1996). The millionaire next door: Surprising Secrets of America’s Wealthy. New York: Pocket Book.
Sumarwan, U., & Hira, T. (1993). The effects of perceived locus of control and perceived income adequacy on satisfaction with financial status among rural households. Journal of Family and Economic Issues, 14(4), 343–364.
Titus, P., Fanslow, A., & Hira, T. (1989a). Effect of financial management knowledge of household money managers on behaviors and outputs. Journal of Vocational Home Economics Education, 7(1), 58–70.
Titus, P., Fanslow, A., & Hira, T. (1989b). Net worth and financial satisfaction as a function of household money managers’ competence. Home Economics Research Journal, 17(4), 309–318.
Weisberg, C. J. (2010). What caused the great recession? Newsweek, 155(3), 19.
Willis, L. (2009). Evidence and ideology in assessing the effectiveness of financial literacy education. San Diego Law Review, Spring, 46(2), 415
Xiao, J. J. (2013). Chapter 8: Money and happiness: Implications for investor behavior. In H. K. Baker & V. Riccardi (Eds.), Investor behavior: The psychology of financial planning and investing. Hoboken, NJ: Wiley.
Xiao, J. J., Chen, C., & Chen, F. (2014). Consumer financial capability and financial satisfaction. Social Indicators Research, 118(1), 415–432.
Xiao, J. J., Newman, B. M., Prochaska, J. M., Leon, B., Bassett, R., & Johnson, J. L. (2004b). Applying the transtheoretical model of change to debt reducing behavior. Financial Counseling and Planning, 15(2), 89–100.
Xiao, J. J., Newman, B. M., Prochaska, J. M., Leon, B., & Bassett, R. (2004a). Voice of consumers in credit card debts: A qualitative approach. Journal of Personal Finance, 3(2), 56–74.
Author information
Authors and Affiliations
Corresponding author
Editor information
Editors and Affiliations
Rights and permissions
Copyright information
© 2016 Springer International Publishing Switzerland
About this chapter
Cite this chapter
Hira, T.K. (2016). Financial Sustainability and Personal Finance Education. In: Xiao, J. (eds) Handbook of Consumer Finance Research. Springer, Cham. https://doi.org/10.1007/978-3-319-28887-1_29
Download citation
DOI: https://doi.org/10.1007/978-3-319-28887-1_29
Published:
Publisher Name: Springer, Cham
Print ISBN: 978-3-319-28885-7
Online ISBN: 978-3-319-28887-1
eBook Packages: Behavioral Science and PsychologyBehavioral Science and Psychology (R0)