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2013 Conference

del 10 al 12 de April del 2013

The Benson Hotel, Portland, Oregon

This section lists poster sessions as well as concurrent sessions by day, time, and room. Concurrent sessions have multiple presentations. You may search by title, author names, or keyword. A Schedule-at-a-Glance is posted on the Website and will provide the overview. This is the detail.

Financial Stress in the U.S. - Lack of Financial Knowledge or Lack of Income?

jueves, el 11 de abril de 2013 a las 09:45–11:00 PDT
Cambridge Room (Breakout Session B)
Major Area of Focus

Financial Services

Secondary area of focus

Financial Services

Short Abstract

In recent years, the consequences of the downturn in the economy have been evident in numerous consumer behaviors, including increased use of debt and more expensive financial products such as payday loans. The assumption in popular press reports and even in some scholarly work is that limited financial knowledge and skills are the likely explanations for these behaviors. Yet, even consumers with strong financial skills and knowledge may make questionable financial decisions during times of financial stress, such as after a sudden drop in income.  The aim of this paper is to test the hypothesis that financial knowledge has a different influence on financial behaviors for consumers with different incomes who are experiencing financial stress. The results can be relevant to public and private decision makers debating the relative merits of financial literacy education vs. income support programs.  The paper first reviews the literature, focusing on financial stress and its measurement. After describing the methodology, results are reported and implications are discussed.

Corresponding Author

[photo]
Gianni Nicolini, PhD, University of Rome "Tor Vergata" (Rome, ITALY)
Job Title

Assistant Professor

City & State (or Province & Country)

Rome (ITALY)

Additional Authors

[photo]
Dr. Brenda J Cude, University of Georgia
Job Title

Full Professor

City & State (or Province & Country)

Athens (GA, USA)

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