Doctor of Philosophy / Department of Human Ecology-Personal Financial Planning / Dorothy Durband / D. Elizabeth Kiss / Using constructs derived from expected utility theory and data from the RAND American Life Panel 2012 Well Being 186 and 193 surveys, this study explored the extent to which financial knowledge, financial risk tolerance, and the uncertainty regarding the future need for long-term care were associated with long-term care insurance (LTCI) ownership by baby boomers (N = 1,152). Although extensive studies have been conducted regarding long-term care (LTC) issues facing baby boomers in the United States (U.S.), no studies have been found that investigate whether or not these specific factors were predictive of LTCI ownership by baby boomers. Regression analysis was used to estimate the relationship between the dependent and the independent variables in this study. Consistent with the hypotheses of this study, LTCI knowledge was statistically significantly associated with LTCI ownership by baby boomers. Subjective financial knowledge regarding LTCI had the greatest influence on LTCI ownership. An examination of items used to measure uncertainty regarding the future need of LTC indicated that merely thinking about needing LTC at some point in the future positively influenced LTCI ownership. Baby boomers with higher household income were also more likely to own LTCI. Results of this study may contribute to the existing literature on LTCI ownership among baby boomers. As the need for, and cost of, LTC are expected to increase as the U.S. population ages, study results may also provide information for financial advisors and other stakeholders to better engage baby boomers in ways that promote comprehensive risk management decision making in retirement planning. More specifically, study results may provide stakeholders with information to better understand factors that influence LTCI ownership by baby boomers.

This study presents the financial behavior of individuals in Umeå and how their allocation of financial assets has changed as an effect of the financial crisis of 2008. We have also elaborated further on what variables that has had the most impact on individuals’ reallocation behavior. We have chosen a quantitative approach and based our findings on the data derived from 210 participants. Our entire sample was drawn from the geographical area of Umeå and the data was collected through the use of a survey. Our research is built upon a deductive approach; hence we are not generating new theory but rather drawing our conclusions from the comparison of our collected data with previous made research. Our analysis led us to the conclusion that the majority of the individuals in Umeå have not chosen to reallocate their financial assets due to the financial crisis of 2008. Our research was to most parts in line with previous research made within this area. We were also able to determine some main variables that have had a evident effect on the individuals decision to reallocate or not. Some of the most prominent variables are; gender, income and risk willingness.

This article explores the role of financial intelligence in the context of intelligence studies. Reviewing relevant literature, the field of intelligence studies is divided into a public, and a private sphere, which is directly related to businesses and organizations. Consequently, this context is clarified before financial intelligence could be placed in a theoretical framework and further defined in a content-related way. The recent lack of a useful definition, that addresses several aspects, was emphasized by providing an appropriate explanation of financial intelligence. For illustration purposes, a link to the theory on organizational power (bases of power) is made to show how organizational power can be promoted by financial intelligence. Thus, financially intelligent individuals have good opportunities to increase their expert power and informational power for example. In fact, it is advantageous for both individuals and organizations. Within our line of argumentation, we assume that financial intelligence is a good source for power, because finance in general is recognized as essential for organizations and business success. In a nutshell, there are good reasons for focusing financial intelligence in future studies and in practice.

[pt] O principal objetivo da tese foi examinar a relação do conhecimento financeiro com as decisões financeiras pessoais. Para atingir este objetivo foram elaborados três ensaios, sendo o primeiro um exame da relação entre o conhecimento financeiro e a tolerância ao risco. O segundo ensaio verificou a relação do conhecimento financeiro com as decisões de endividamento, enquanto o terceiro investigou como as decisões de investimento são afetadas por esse conhecimento. Foram propostas medidas para avaliar os níveis de conhecimento financeiro básico, de crédito e de investimento, adaptadas a partir da revisão da literatura para o contexto de produtos financeiros brasileiros. Com base nos resultados da pesquisa, realizada com 467 jovens universitários, foram propostos os índices de conhecimento financeiro básico, de crédito e de investimento, usados para verificar a relação do conhecimento financeiro com a tolerância ao risco e com as decisões de endividamento e investimento. Foram estabelecidos modelos econométricos para testar as hipóteses de pesquisa. O grupo estudado apresentou bom nível de conhecimento financeiro, sendo a maior dificuldade relacionada ao conceito dos juros compostos. A compreensão das questões relativas a inflação e ilusão monetária apresentaram bons resultados, o que pode ser atribuído à experiência inflacionária vivida no país. Os resultados mostraram que existe relação entre o conhecimento financeiro e a tolerância ao risco, sugerindo que pessoas com maior conhecimento financeiro seriam mais propensas a escolher produtos financeiros de maior risco. Nos demais ensaios observou-se também relação entre conhecimento financeiro e as decisões financeiras. No que se refere ao uso do crédito, foram encontradas evidências de que pessoas com maiores níveis de conhecimento financeiro de crédito tendem a fazer uso de produtos de crédito menos onerosos. Por outro lado, na avaliação dos investimentos, o estudo revelou que os indivíduos que possuem menor grau de menor conhecimento financeiro são aqueles que não fazem investimentos.Utilizando a técnica de análise de cluster promoveu-se o agrupamento dos sujeitos em categorias de endividamento e de investimento, que em seguida foram analisadas em conjunto com as características sociodemográficas de cada grupo. Nesta análise verificou-se que os mais jovens praticamente não fazem uso de operações de crédito e usam basicamente o cartão de crédito. Estes são também os que fazem menos investimentos.Os resultados deste estudo exploratório trazem importantes contribuições para agenda de programas de educação financeira, identificando grupos mais expostos às operações de crédito mais onerosas, bem como grupos menos preparados para as incertezas financeiras do futuro. As evidências obtidas poderão ser aplicadas em políticas públicas voltadas para melhoria nos padrões de conhecimento financeiroe para melhor utilização dos produtos e serviços financeiros. / [en] The main purpose of the thesis was to assess the relation between financial knowledge and personal financial decisions. So as to achieve such goal, three essays were carried out: the first one addressed the relation between financial knowledge and risk tolerance, while the second analyzed the relation between financial knowledge and debt decisions and the third focused on investment decisions.In order to evaluate the financial knowledge, we proposed some measurements of knowledge on basic financial concepts, on credit and investments, which were extracted from a literature review and adapted to the context of Brazilian financial products. According to the results from a research conducted with 467 young university students, some rates of knowledge on basic financial concepts, on credit and investments were suggested, so as to verify the relation between financial knowledge, risk tolerance and both debt and investment decisions. Some econometric models were set forth to test the hypothesis of such research. The studied group presented a good level of financial knowledge, and the most significant difficulty faced by these individuals was related to compound interests. In answer to questions about inflation and monetary illusion, they showed good results, which may be attributed to the recent inflationary experience lived within the country.The results showed a relation between financial knowledge and risk tolerance, thus suggesting that individuals with higher financial knowledge would be more inclined to opt for higher-risk financial products. The other essays also disclosed a relation between financial knowledge and financial decisions. As refers to the use of credits, some evidences indicate that individuals with higher financial knowledge on credit tend to make use of less onerous credit products. Besides, in relation to investments, we found that individuals with low financial knowledge are those who less likely to invest in financial products.By using the cluster analysis method, we grouped the studied individuals within categories relating to indebtedness and investment, which were subsequently assessed in the light of social and demographic characteristics of each group. Upon such analysis, we verified that the youngest individuals practically refrain from making use of credit operations, and basically use credit cards. They are also the ones who make less investment.The results from such exploratory study bring material contributions to the agenda of financial education programs, as they identified groups which are more exposed to high-cost borrowing, as well as groups which are less prepared to future financial uncertainties. The evidences hereby disclosed may be applied to public policies aimed at the improvement of financial knowledge standards, as well as at a better use of financial products and services.

Doctor of Philosophy / School of Family Studies and Human Services / Sonya L. Lutter / Stuart J. Heckman / College is a time when many young adults are beginning to make financial decisions on their own. The financial behaviors they engage in can have effects on their academic success, life satisfaction, relationship quality, physical and mental well-being, and financial well-being. This dissertation examined the direct and indirect relationships between financial socialization, financial knowledge, financial self-efficacy, and financial behaviors in college students using data from the 2014 National Student Financial Wellness Study (NSFWS). The sample consisted of 12,598 college students from 52 college institutions. Structural Equation Modeling (SEM) was conducted with the tested model guided by Gudmunson and Danes’ (2014) Family Financial Socialization (FFS) conceptual framework. Results revealed financial socialization has a direct influence on financial knowledge, financial self-efficacy, and financial behaviors. An indirect association between financial socialization and financial behaviors through its association with financial self-efficacy was also found. Alternative models discovered neither parental financial socialization nor formal financial education alone impacted financial knowledge, but when combined, their influence became significant, suggesting a possible interaction effect between formal financial education and parental financial socialization. Objective financial knowledge was not found to influence financial self-efficacy or financial behaviors in college students. Results showed financial self-efficacy to be the strongest predictor of students engaging in positive financial behaviors. A one standard deviation increase in financial self-efficacy was associated with a 90% increase in the standard deviation of financial behavior. This study provides support and implications for the FFS conceptual framework. Financial counselors, advisors, and therapists can use these findings to educate their clients on the importance of financial socialization of their children. Furthermore, results reinforce the need for mandatory formal financial education and infer the importance of parents and educators working together to cultivate financial knowledge in children.

The aim of this thesis was to examine the financial knowledge of older people as a vulnerable group of the population of the Czech Republic. The respondents were asked about the field of financial institutions and products. Survey was conducted in homes and homes for the elderly in the town of Netolice and in a surrounding of this town

Owner-operator lack of knowledge about financial and operation costs is a serious impediment to business survival. The purpose of this correlational study was to examine the relationship between the knowledge of financial and operational costs among trucking owner-operators and their business performance. The theoretical framework for the study was the resource-based theory and knowledge gap theory. A convenience sample of 78 owner-operator truckers across the United States participated in this study. The response rate was 17% for a web-based survey that was distributed to owner-operators in Facebook, and 83% for the paper-based surveys from the owner-operators who were visiting more than 10 truck stops in Delaware, Maryland, New Jersey, and Pennsylvania. The findings from multiple linear regression analysis indicated a significant relationship between the trucking owner-operators' financial knowledge, operational costs knowledge, and financial performance. A significant relationship also existed between the financial knowledge of trucking owner-operators, operational costs knowledge, and nonfinancial performance. The findings of this study provide the owner-operator with a better understanding of factors that relate to business performance, which may inform their reasons for successes and failures. The implications for social change will occur if the failure rate of owner-operators declines and the opportunities for sustainable businesses increase. Sustainable owner-operator performance could lead to higher employment by the trucking industry and contribute to a better economy

Financial illiteracy broadly affects people’s financial and economic well-being. The purpose of this thesis is to identify how the magnitudes of financial literacy determinants change under different residency settings. A county-level calculation of financial literacy is created, and logit and negative binomial regressions are employed to compare the relationship between demographic variables and financial literacy in metro/non-metro and urban/rural counties. Data on individual’s financial knowledge and personal characteristics is obtained from the FINRA National Financial Capability Study. Urban and rural residency is determined using USDA ERS Rural-Urban Continuum Codes and the Index of Relative Rurality. These results provide an improved understanding of who is more likely to experience higher and lower financial literacy and may be useful for policymakers and educators wanting to provide targeted resources for improving financial literacy in their area.

A current national concern is the low financial literacy of college students. College students are not receiving the financial knowledge necessary to be successful in today's fast paced economy. Due to an increasingly complex marketplace, college students need greater knowledge about their personal finances and the economy. The financial decisions made early in life create habits difficult to break and affect students' ability to become financially secure adults. Most recent studies show average personal financial scores declining with average scores close to a failing grade. The College Student Financial Literacy Survey (CSFLS) was created to collect data specifically for this study. The purpose of this descriptive, cross-sectional, on-line survey design study is three fold. First, I investigated the personal financial literacy (knowledge, attitudes and behavior) of a sample of undergraduate and graduate college students using the personal characteristics of gender, class rank, and socioeconomic status (SES). Second, I examined parental and peer influences on the level of financial literacy of college students. Finally, I examined how college students' financial knowledge and attitudes correlated with their financial behavior. The study found that financial knowledge, attitude, and behavior scores were low but that they significantly increased each year from freshman to masters. Further, students who were financially influenced by their parents had higher financial knowledge, attitude, and behavior scores. Finally, students with higher financial knowledge also had higher financial attitude and behavior scores. / Master of Science

In the three chapters of my dissertation, I analyze the individual behaviors including health (vaccination and preventive care) and consumer (financial literacy) behaviors and the corresponding interventions by nonlinear econometric modeling. In the first chapter, I suggest an appropriate econometric model that investigates the effect of paid sick leave on workers' decision to receive the seasonal flu vaccination. For this investigation, I apply a Bayesian non-linear structural regression model with one-outcome and two-endogenous equations. The results of my estimation indicate that having paid sick leave affects workers' vaccination decisions differently based on their income levels. Low-income workers are willing to be vaccinated because they perceive the high cost of claiming paid sick leave. However, high-income workers are willing to be vaccinated because paid sick leave reduces the cost of vaccination for seasonal flu. In the second chapter, I suggest new econometric regression models that investigate the effect of "Don't Know" or "Refuse" (DK/RF) responses on parameter identification. I estimate the effect of group characteristics and financial education on the level of young respondents' objective financial knowledge and find the actual effects and biases by my suggested models. This study examines six questions about personal finance and selects covariates in the 2015 National Financial Capability Study (NFCS). Because these questions include DK/RF responses, a simple regression model that does not consider DK/RF responses could lead to misleading conclusions, such as gender/income difference and educational effectiveness in schools. In the last chapter, I investigate the effect of three health-related interventions including a doctor's recommendation, information about human papillomavirus (HPV), and HPV vaccination, on the misuse of cervical cancer screening including too-early screening, unnecessary HPV test, annual Pap test, and no Pap smear that are not recommended for women younger than 30 years. I examine the National Health Interview Survey conducted in 2015 and applies binary and multinomial logistic regression models. From the estimation result, I observe that doctor's recommendation plays a significant role in increasing the probability of receiving cervical cancer screening while it induces the too-early screening, unnecessary HPV testing, and overuse of Pap smears. / Ph. D.