Doctor of Philosophy / Department of Family Studies and Human Services / Martin Seay / Retirement savings and income projections are among the most financially complex calculations individual Americans will encounter. The movement towards self-directed employer retirement plans has shifted the responsibility for securing an adequate retirement increasingly to the employee, who may lack the financial understanding needed for proper calculations and decisions. There is an expressed preference among employees for the delivery of financial education in the workplace, where a majority of their financial knowledge is obtained. However, adoption of workplace comprehensive financial education programs has been slow due to the cost, time commitment, and lack of empirical support for their value. While there have been some mixed findings, literature has generally supported associations between financial education programs and improved literacy and behaviors. A great deal of these mixed results can be explained by the lack of consistency among definitional frameworks for financial literacy, the lack of consistent measures, and the variety of topics and methods used, all of which limit the ability to establish causal support for the educational program’s effectiveness. However, the preference for financial education in the workplace among employees suggests both the need and desire for more comprehensive financial education offered by employers. The purpose of this research was to investigate and test the links between the components in the framework for financial literacy by testing participation in a worksite comprehensive financial education program. In Essay One, the link between financial education and change in financial literacy was tested. Essay Two tested the link between the financial education program and financial well-being. In Essay Three, the link between financial literacy and financial behavior was explored. The results indicated associations between all three links in the financial literacy model, utilizing both primary research employing quasi-experimental methods, and secondary research from a larger national data sample. For financial educators who are interested in developing and facilitating comprehensive financial education programs for employee or other groups, this research can help provide support and guidance for those efforts. If comprehensive financial education programs can be better positioned to help improve the levels of financial literacy among Americans, fewer negative associated behavioral effects, such as lack of planning and under saving for retirement, may occur.

The purpose of this research was to examine the effects of workplace financial education on workers' personal finances and work outcomes and determine relationships among financial management (attitudes, knowledge and behaviors), financial well-being, personal finance-work conflict, and work outcomes with data of white-collar workers in an insurance company in mid-western states. Research questions were (1) What are the profiles of financial attitudes, financial knowledge, financial behaviors, financial well-being, personal finance-work conflict, productivity, absenteeism, work time use, organizational commitment, pay satisfaction, loyalty, and intention to leave?, (2) Do the profiles of financial attitudes, financial knowledge, financial behaviors, and financial well-being differ by the individual characteristics?, (3) Do the profiles of personal finance-work conflict, productivity, absenteeism, work time use, organizational commitment, and pay satisfaction differ by the individual characteristics?, (4) What are the relationships among financial attitudes, financial knowledge, financial behaviors, financial well-being, and work outcomes (productivity, absenteeism, organizational commitment, and pay satisfaction)?, (5) What are the effects of workplace financial education on financial attitudes, financial knowledge, financial behaviors, financial well-being, and work outcomes?, and (6) What are the individual profiles of workplace financial education including participation, value of workplace financial education, reasons for participation and non-participation, desire for financial check-up, and desired topics of workplace financial education? The research design was a pre- and post-assessment survey. A pre-assessment survey was conducted in February and March 1999 before workplace financial education was provided during March 1999. One-and one-half hour workplace financial education workshops were provided at no cost to employer or employees in March 1999. Three months after the workplace financial education was provided, a post-assessment survey was conducted from June through August 1999. A pre-assessment questionnaire was mailed to all 476 workers (five were undeliverable) and 262 responses were utilized for data analysis. In the post-assessment, 482 questionnaires were mailed to workers and five were undeliverable. Usable return rates for the data analysis were 56.0% in the pre-assessment (262/471) and 40.0% in the post-assessment (189/477). Overall, the respondents in this study were somewhat positive toward financial management, were not knowledgeable on financial matters, and were practicing their financial behaviors fairly well. Objective financial well-being measures showed that workers were in fairly good financial condition but the levels of subjective financial well-being were about the mid-point on a scale, when each score was converted into a percentage. The workers reported that they were very productive, did not miss work days frequently, were highly committed to their organization, and they showed fairly high levels of pay satisfaction. Workers were very hesitant to admit to direct questions asking about whether or not their financial concerns interfered with their responsibilities at the workplace while they were not always able to do normal work even though they were present in the office and spent some work time handling financial matters. Some of individual characteristics influenced financial attitude, financial knowledge, financial behavior, financial well-being, personal finance-work outcomes, and work outcomes. The tests of the structural equation model showed that worker's personal finances had direct and indirect effects on work outcomes. The financial well-being had a negative effect on personal finance-work conflict. The financial well-being had direct effects on negative work time use and pay satisfaction. The financial well-being had indirect effects through personal finance-work conflict on absenteeism, negative work time use, and organizational commitment. The t-test results did not show the significant effects of workplace financial education on personal finances and work outcomes between the pre- and the post-assessment. / Ph. D.

O interesse pelo bem-estar financeiro está crescendo no mundo. A partir da desregulamentação e com o aumento da concorrência no setor financeiro, cidadãos comuns passaram a operar em um mercado complexo de forma a atender as próprias necessidades e às de sua família. Todas essas mudanças ajudaram a aumentar a preocupação sobre até que ponto tais cidadãos estavam preparados para operar nesse cenário. A partir de tal mudanças iniciou-se uma discussão sobre qual deve ser o foco das políticas públicas: concentrar mais no que as pessoas sabem ou no que elas fazem? Somado a esse cenário, vivemos uma mudança na composição da população brasileira e mundial com uma virada histórica prevista para 2050, quando os idosos passarão a ser em maior número do que os jovens graças a fatores como maior expectativa de vida e queda no número de filhos entre as famílias. Nesse contexo, esse trabalho tem por objetivo estudar o bem-estar financeiro do consumidor idoso de baixa renda e o uso de instituições bancárias. A pesquisa foi realizada em duas etapas, sendo a primeira uma revisão da literatura referente aos dois temas principais, bem-estar financeiro e idosos, apoiada por uma revisão sistemática. A segunda parte consiste em uma pesquisa empírica. Por um lado, os resultados da revisão sistemática apontam para o fato de que os trabalhos publicados sobre o tema bem-estar financeiro carecem de conceituação e entre os que conceituam, há diversas abordagens. Além disso, vê-se ainda poucos trabalhos em periódicos de maior relevância, apesar do crescimento na quantidade de artigos nos últimos anos. Já em relação à pesquisa empírica pode-se dizer que, embora os idosos de baixa renda apresentem um conhecimento sobre finanças, esse conhecimento é limitado ao ser comparado com o conceito apontado pelas teorias. Tal fato aumenta a vulnerabilidade dos consumidores, haja vista que o processo de construção do conhecimento é extremamente informal e aspectos relacionados ao bem-estar financeiro como segurança e liberdade de escolha ficam totalmente comprometidos. Como achado apresenta-se os antecedentes do conhecimento financeiro dos consumidores idosos de baixa renda pesquisados e uma esquematização dos sensos observados dentro dos quatro pilares que formam o conceito de bem-estar financeiro. / Interest in financial well-being is growing in the world. As a result of deregulation and increased competition in the financial sector, ordinary citizens began to operate in a complex market in order to meet their own needs and those of their families. All of these changes helped increase concern about the extent to which such citizens were prepared to operate in this scenario. From such changes began a discussion about what should be the focus of public policies: focus more on what people know or what they do. In addition to this scenario, we are experiencing a change in the composition of the Brazilian and world population with a historical turn expected in 2050, when older people will be more numerous than the young, thanks to factors such as a higher life expectancy and a decrease in the number of children among families. In this context, this study aims to study the financial well-being of low-income elderly consumers and the use of banking institutions. The research was carried out in two stages, the first one being a review of the literature on the two main themes, financial wellbeing and the elderly, supported by a systematic review. The second part consists of empirical research. On the one hand, the results of the systematic review point to the fact that the published works on the subject of financial well-being need to be conceptualized and among those who conceptualize, there are several approaches. In addition, there are still few papers in major journals, despite the growth in the number of articles in recent years. Regarding empirical research, it can be said that, although low-income elderly people have a knowledge of finance, this knowledge is limited when compared to the ideal indicated by theories. This fact increases the vulnerability of consumers, given that the process of knowledge construction is extremely informal and aspects related to financial well-being such as security and freedom of choice are totally compromised. We present the antecedents of the financial knowledge of the low-income elderly consumers surveyed and a schematization of the observed senses within the four pillars that form the concept of financial well-being.

This dissertation addressed whether and how theories of marriage apply to same-sex relationships. These theories correspond to two main research questions. First, does the legal recognition of same-sex relationships provide the same benefits for members of same-sex couples that it does for different-sex spouses? Second, how do same-sex couples divide household labor, and, should inequalities emerge, what factors explain the division of labor? Marriage provides numerous benefits to husband/wife couples who wed, including better mental and physical health, greater financial security, and higher levels of sexual satisfaction. Using results from a web-based survey of members of same-sex couples and same-sex-attracted singles (N=429), I tested the applicability of the "marriage benefits model" to same-sex marriages, civil unions, domestic partnerships, and cohabiting couples. Although the focus of the same-sex marriage debate has been on the positive attributes of marriage, marriage for different-sex couples is also associated with great inequity in the division of household labor. Explanations for the housework gap point to gender or are tied up in correlates of gender, such as income and work hours. I also explored variations in the division of household labor in same-sex marriages and partnerships and tested extant theories of housework inequality. Results indicated that legal recognition (marriages and civil unions) does provide some benefits to financial well-being and physical health. Defining one's own relationship as a marriage (regardless of legal recognition) was more strongly associated with "marriage" benefits, including greater financial well-being, an improved sexual relationship, and fewer health-risk behaviors. Femininity was positively related to proportional housework contributions, and proportional work hours were inversely related, to proportional housework, supporting both the gender and time availability explanations of housework inequalities. Interactions between gender and relationship characteristics and between time availability and relationship characteristics were also explored.

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.

Using data collected from undergraduate students attending a southeastern United States University, the current dissertation includes two manuscripts examining the relationships between personal characteristics, financial socialization, financial capability and financial well-being among college students. These relationships were also compared between a focal group of students identifying as minority, low-income, and first-generation students to a comparison group not identifying as minority, low-income, or first-generation students. The first study used structural equation modeling to explore the relationships between personal characteristics (i.e., attachment, locus of control, and self-esteem), financial socialization, and the four dimensions of financial capability (financial knowledge, access to financial resources, attitudes, and actions). Findings suggest financial socialization partially mediated the relationships between personal characteristics and financial attitudes and financial actions. These findings suggest that parents continue to play a role in the development of financial attitudes and behaviors of college students. The second study used regression analysis to examine how financial knowledge and skills (i.e., applied knowledge), materialistic attitudes, compulsive spending behaviors, and access to financial resources (i.e., number of bank accounts, credit cards, and alternative financial services) are related to students’ financial well-being. Findings suggest greater financial skills and less materialistic views are related to greater financial well-being. However, among those not identifying as minority, low-income, or first-generation college students less compulsive spending behaviors and greater credit card use were positively related to financial well-being; among minority, low-income, or first generation college students, alternative financial services usage was related negatively to financial well-being.

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Earnings by women in dual income families account for a significant portion of a household’s income, which sustains the financial well-being of their families. Cultural expectations and gender role stereotypes around a woman’s role in the family, pose challenges to career growth and retention. The social perception still occurs that women ought to be main caregivers of family members and households, and are more likely than men to have part-time jobs. The aim of the study was to determine the relationships between flexible work, financial well-being, work-life balance, productivity and job satisfaction of employed women. A cross-sectional survey was used with a convenience sample (n = 252) of female support employees, employed in a higher education institution in the North-West province. Findings of the study indicated statistically significant relations between the variables. Another objective was to determine the impact of flexible work, financial well-being, and work-life balance on productivity and job satisfaction. Results indicated that financial well-being, work-life balance and productivity were statistical significant predictors of job satisfaction, and in addition, subjective experiences of productivity serve as partial mediator in the relationship financial well-being and work-life balance on the one hand and job satisfaction on the other hand. / MBA, North-West University, Potchefstroom Campus, 2015

Earnings by women in dual income families account for a significant portion of a household’s income, which sustains the financial well-being of their families. Cultural expectations and gender role stereotypes around a woman’s role in the family, pose challenges to career growth and retention. The social perception still occurs that women ought to be main caregivers of family members and households, and are more likely than men to have part-time jobs. The aim of the study was to determine the relationships between flexible work, financial well-being, work-life balance, productivity and job satisfaction of employed women. A cross-sectional survey was used with a convenience sample (n = 252) of female support employees, employed in a higher education institution in the North-West province. Findings of the study indicated statistically significant relations between the variables. Another objective was to determine the impact of flexible work, financial well-being, and work-life balance on productivity and job satisfaction. Results indicated that financial well-being, work-life balance and productivity were statistical significant predictors of job satisfaction, and in addition, subjective experiences of productivity serve as partial mediator in the relationship financial well-being and work-life balance on the one hand and job satisfaction on the other hand. / MBA, North-West University, Potchefstroom Campus, 2015

Previous research has shown time and risk preferences to be important factors when explaining a variety of behavioural patterns, such as smoking, obesity and savings behaviour, while we focus on the effect on financial behaviour and financial well-being. Financial behaviour is measured using a twelve-item scale with individuals’ self-stated reports of for example savings behaviour and credit card usage. To measure financial well-being, we construct a measure consisting of individual’s self-perceived current and future financial condition. Time preferences are revealed by matching questions and we use different ways of measuring risk, both self-stated risk attitudes and risky choices revealed by gambles. Our results show that increased short term patience, leads to better financial behaviour. Also, individuals with higher financial risk attitudes, exhibit better financial behaviour. Contradictory, regarding actual decisions, the impact is different and being loss averse, has a positive impact on financial behaviour. Financial well-being is on the other hand influenced positively by both more short and long term patience. It also increases with general and financial risk attitudes. Risky choices do not have an impact on financial well-being. We show that risk preferences are affected by time preferences. Having a high short term discount rate leads to higher financial risk attitudes and increases the likelihood of being loss averse, while it decreases the likelihood of being risk averse. Our results are important for understanding heterogeneity in financial decision making and the financial well-being it fathers. This quantitative study is based on a large, representative sample of the Swedish population (N=2063). / Tidigare forskning har visat att tids- och riskpreferenser är viktiga faktorer när man försöker förklara olika beteendemönster, såsom rökning, övervikt och sparande. Vi fokuserar på tids- och riskpreferensers effekt på finansiellt beteende och finansiellt välmående. Finansiellt beteende mäts genom tolv frågor, där individer exempelvis anger hur ofta man sparar eller använder kreditkort. För att mäta finansiellt välmående, konstruerar vi ett mått baserat på individens självupplevda nuvarande och framtida ekonomiska tillstånd. Tidspreferenser mäts genom “matching questions” och vi använder flera riskmått, både individers angedda riskattityder och riskfyllda val som visas genom riskfyllda spel. Våra resultat visar att ökat tålamod på kort sikt leder till bättre finansiellt beteende. Dessutom uppvisar individer med högre finansiella riskattityder bättre finansiellt beteende. I motsats till detta uppvisar dock, vid faktiska beslut, förlustaversiva individer bättre finansiellt beteende. Finansiellt välmående påverkas, å andra sidan, positivt av både kort- och långsiktigt tålamod. Det förbättras också av både högre generella och finansiella riskattityder. De riskfyllda valen påverkar inte finansiellt välmående. Vi visar att tidspreferenser påverkar riskpreferenser. Att ha högre tålamod på kort sikt leder till högre finansiell riskattityd och ökar sannolikheten för att vara förlustaversiv, medan det minskar sannolikheten att vara riskaversiv. Våra resultat är viktiga för att förstå heterogen finansiell beslutsfattning och det finansiella välmående det leder till. Denna kvantitativa studie baseras på ett stort, representativt sampel av den svenska befolkningen (N=2063).