The Academy of Financial Services (AFS) is excited to be collaborating with FPA to provide an "integrated conference experience" for AFS members this year. The AFS research conference will run for the full 2.5 days of the FPA Conference as part of a dedicated research track bringing the best of AFS and the Journal of Financial Planning (JFP) to you.
- A dedicated Research Room for presentations designed to bring the most relevant research impacting professional financial planners. This includes research sessions sponsored by the JFP and peer-reviewed research papers presented by AFS members. These sessions are CE credit approved.
- The winner of the JFP's Montgomery-Warschauer Award for best research from the prior year will present their research.
- In the Research Room AFS will coordinate other research content such as a panel discussion with the editors of the 4 major FP research journals explaining to planners and academics the type of research content to be found, how to best consume/digest research and apply it to a FP practice and more.
- A new FP Research Shark Tank. Based on the format of the popular TV series a select number of researchers will do 5 minute "pitches" on research that they believe would be significantly impactful for practitioners. Planners and researchers will then vote on the most exciting research proposal.
- AFS are co-ordinating 2 additional mini-breakout research rooms where researchers will present additional peer-reviewed, unpublished research selected from the many submissions we received. A timetable of these sessions can be found below.
- AFS will manage the research rooms for fully-hybrid attendance with face-to-face or virtual attendance. Although the content will be exceptional, we hope to see many of you in person as the networking, exhibit hall, FPA keynote speakers and other sessions outside of the research cannot be experienced any other way.
Reexamining Young Adults’ Financial Overconfidence and Behaviors
Short Description
This study investigated proper methods to measure financial knowledge overconfidence and evaluate the effect of a financial education intervention on young adults. We examined the 2021 National Financial Capability Study survey data by applying the generalized structural equation model with latent class analysis. This approach allowed us to identify overconfidence endogenously and the relation between overconfidence and inappropriate financial behavior. Our econometric model successfully identified three classes (overconfidence, accurate, and reluctant groups). The analysis results indicated that financial education in high school and college could reduce the probability of being overconfident; however, young adults who rejected financial education were more likely to be overconfident. Furthermore, overconfidence in financial knowledge encourages young adults to use alternative financial services, which is problematic for future financial well-being. Financial planners should be aware of ways to identity overconfidence issues their clients may have and consider this when providing financial advice.
Upload a BLIND copy in Word Document format. Ensure all authors names are removed from the submission. Use the Paper Name + BLIND as the name of the file.
Lead & Corresponding Author
Travis Mountain, University of Georgia
Email Address
Names of authors in order
Namhoon Kim, Travis Mountain, Kyoungae Lee