Doctor of Philosophy / Department of Personal Financial Planning / Sonya L. Britt / John E. Grable / This dissertation explores financial behavior outcomes based on economic, relational, and behavioral characteristics within marriages and individually. Data for the three essays are obtained from the National Longitudinal Survey of Youth 1979 cohort (NLSY79) and the NLSY79 Child and Young Adult (1986-2008) survey. Essay one examined the determinants of money arguments within marriage utilizing Lundberg and Pollak’s (1994) theory of non-cooperative game theory. Respondents’ negative financial behaviors, higher income, and birth order (being laterborn) were found to influence a greater frequency of money arguments. Essay two examined the predictors of individuals’ financial behaviors, specifically socialization characteristics and gender role attitudes (traditional versus non-traditional). Using a theoretical framework of gender role theory (Eagly, 1987), younger age, not being married, being non-Black, non-Hispanic, being males, and having higher income were all found to be predictive of at least of one of the three financial behaviors used in this study. Finally, using a theoretical framework of Becker’s (1993) theory of human capital, essay three explored the intergenerational transfer of attitudes and human capital across two generations and their possible link to the respondents’ financial behaviors. Results showed that mothers’ enhanced human capital, endowed and attained, and nontraditional gender role attitudes have a significant positive impact on the children’s financial behaviors. Respondents’ income was also found to be significant. Combined results of the dissertation reveal that a link exists between the three issues discussed in the individual papers. Essay one examined what factors, including financial behaviors, might influence spousal money arguments. In response, essays two and three explored the predictors of financial behaviors within one generation and across two generations. These studies may be beneficial to financial planners, counselors, and therapists by exposing specific determinants of positive versus negative financial behaviors. These findings also provide useful information for policymakers in creating programs that best serve the needs of individuals related to their personal financial issues. Overall, by exploring not only monetary, but attitudinal and socialization effects of financial behaviors, this study adds to the body of knowledge related to the encompassing field of personal financial planning.

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. / 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. In the first chapter, I investigate the effect of paid sick leave on workers' decision to receive the seasonal flu vaccination. From this investigation, I observe that low-income workers are willing to be vaccinated because they perceive the high cost of claiming paid sick leave while 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 investigate the effect of Don't Know or Refuse (DK/RF) responses that are commonly ignored in many studies. From this investigation, I observe the disadvantage of rejecting financial education offers in obtaining proper financial knowledge and the ineffectiveness of formal and informal financial education on the level of objective financial knowledge. In addition, I observe few or no gender, income, and age differences in the level of objective financial knowledge among young adults. In the last chapter, I investigate the effect of a doctor's recommendation, information about human papillomavirus (HPV), and HPV vaccination on the too-early screening, unnecessary HPV test, annual Pap test, and no Pap smear that are not recommended for women younger than 30 years. From this investigation, 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.

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Financial security in retirement is an important social issue, yet many affluent women may have behaviors, attitudes or perceptions that could be detrimental to their financial security—putting them at risk for poverty in their retirement years. A survey was developed and implemented in 2009 to investigate the behaviors, attitudes, and perceptions regarding financial management among affluent ($250,000 or more of household investable assets) United States women in their prime years (aged 50–69) to determine if Social Norms Theory could be applied to this population. Three hypotheses were tested: 1.) most affluent prime-of-life women have “healthy” financial behaviors and attitudes; 2.) the majority of women in this group misperceive the reality, underestimating the percent of their peers who have “healthy” financial behaviors and attitudes; and 3.) the minority of women who have unhealthy financial behaviors/attitudes will be more likely than those who have healthy behaviors/attitudes to misperceive their peers as having unhealthy financial behaviors and attitudes. The results determined that Social Norms Theory does apply to affluent women in their prime years and that a Social Norms Marketing approach may be useful.

Using a mixed method design, this study explored financial knowledge, behaviors, and economic socialization in a sample of men (N = 155) incarcerated in a Midwestern county jail. A financial knowledge assessment, adapted from the FLLIP assessment (Zhan, Anderson, & Scott, 2006), was administered as well as a survey of financial behaviors and criminal history characteristics. Based on responses to the quantitative survey, a theoretical sample of participants (n = 12) was selected to participate in in-depth, qualitative interviews regarding economic socialization to the formal economy, particularly banks. Quantitative analyses revealed that the mean financial knowledge score for the sample was 59%, with Whites (M = .68; n = 46) scoring significantly higher than non-Whites (M = .55; n = 108). Factors related to financial knowledge were explored through bivariate and partial (controlling for age and race) correlational analyses. Hierarchical linear regression was conducted to determine the demographic factors, criminal history characteristics, and financial behaviors that predicted financial knowledge. Results revealed that having filed a tax return was the strongest predictor of financial knowledge. Qualitative analysis, using a grounded theory methodology, revealed that the majority of the men were distrustful of banks and other financial institutions. There appeared to be two pathways to distrust of banks: (1) anti-bank socialization through family and peers, which was solely experienced by the older Black men in the sample and (2) usage problems, which was the predominant pathway for the White men.