Abstract
This research uses data from the 2018 National Financial Capability Study to investigate the attributes of households that engage in higher levels of family financial planning. Greater levels of financial planning are evidenced when households report more positive responses in planning for retirement, saving for emergencies, and establishing a will. Based on an ordinal logistic regression, various demographic attributes, objective and subjective financial knowledge scores, frequency of participation in financial education, and the frequent use of financial websites or apps to help with financial tasks are positively related to higher levels of family financial planning. The results have implications for financial literacy education and the development and marketing of websites and apps for personal finance.
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Data Availability
The FINRA National Financial Capability Study datasets are available from Financial Capability Study: Data and Downloads (usfinancialcapability.org).
Code Availability
Custom code was used to run the analyses in SAS and is available upon request.
Notes
For a more complete description of the National Financial Capability Study, see Mottola and Kieffer (2017). Understanding and Using Data From the National Financial Capability Study. Family and Consumer Sciences Research Journal. 45(1): 31–39.
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Both authors contributed to the study conception and design. The introduction, literature review, and conclusion sections were written by Dr. Lisa Burke-Smalley. The methodology and results sections were written by Dr. Christi Wann. Both authors contributed to the discussion section and commented on previous versions of the manuscript. Both authors read and approved the final manuscript.
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Wann, C.R., Burke-Smalley, L.A. Attributes of Households that Engage in Higher Levels of Family Financial Planning. J Fam Econ Iss 44, 98–113 (2023). https://doi.org/10.1007/s10834-021-09805-0
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DOI: https://doi.org/10.1007/s10834-021-09805-0