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are co-ordinating 2 additional mini-breakout research rooms where researchers will present additional peer-reviewed, unpublished research selected from the many submissions we received.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.
Financial Literacy and The Use of AFS: The Role of Credit Card Behavior
Short Description
While a large body of research has examined the impact of financial knowledge on payday lending, less research has been done on the influence of financial knowledge on other forms of alternative financial services (AFS) such as rent-to-own stores, auto title loans, tax return advances, and pawn shops. Using the large pool of cross-sectional datasets from the National Financial Capability Study (NFCS) 2018 and 2021, this paper estimates the association between financial knowledge: objective and subjective, and the use of AFS. The findings show that while subjective financial knowledge is positively linked with using AFS, higher objective financial knowledge is inversely associated with its use. Further, the findings suggest that individuals with responsible credit card behavior are less likely to use AFS. Additionally, the use of AFS and objective financial knowledge are mediated by responsible credit card behavior, but a mediation effect was not found for subjective knowledge.
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Lead & Corresponding Author
Ichchha Pandey, Ph.D., CFP®, Augusta University
Email Address
Names of authors in order
Ichchha Pandey, Olamide Olajide, Sabina Pandey