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Department of Consumer Sciences

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    Financial Knowledge and the Gender Gap
    (Financial Therapy Association, 2012-01-01) Woodyard, Ann; Robb, Cliff
    Financial knowledge has been identified as an issue of importance to individual financial wellness. The FINRA Financial Capability Study provides data that make it possible to assess financial knowledge, and to analyze it in the context of financial satisfaction and participation in financial behaviors that are generally considered positive. This paper looks at these relationships by gender and by age group, identifying key differences in outcomes and behaviors. The aim of this study was to identify areas and issues where policy makers can focus efforts, and where practitioners can develop education and therapy protocols to assist clients in financial development and restoration.
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    Exploring credit card behaviors of millennials in the United States
    (University of Alabama Libraries, 2017) Odom, Hillary Burgess; Wilmarth, Melissa J.; University of Alabama Tuscaloosa
    Consumer credit is not a new concept in the United States. It has evolved over time from basic installment plans, which allowed consumers to pay off their purchases incrementally, to the more complicated and increasingly prevalent credit cards in today’s society. This study investigated the credit card behaviors of Millennials, individuals born between 1981-1997 (Pew, 2015), in the United States. Specifically, the main focus of this study was to see if Millennial respondents had a credit or debit card, outstanding balance on credit cards, and if they have a revolving amount of credit. For multivariate analysis, demographic control variables as well as unfavorable credit attitude, and risk tolerance were included in the analyses. Findings from the 2013 Survey of Consumer Finances (SCF) showed that as the age of Millennials increases, the likelihood of having a credit card and the amount of credit card outstanding balance increased. The households with higher education levels had higher credit card balances. Single males and females were less likely to use credit cards than married couples and carried lower balances than married households. White households were more likely to use credit cards and have credit card balances than other ethnicities, but were less likely to have revolving credit. This study provides characteristics and behaviors of the Millennial Generation as they relate to credit consumption and debt management compared to those of the rest of the U.S. population. This helps show the credit attitudes of Millennials as well as how Millennials view and use credit including whether or not they have learned to use credit cards responsibly. This is useful information for those who want to create a credit savvy population and educate about the adverse effects of carrying large amount of debt. Further, this study provides important insights for financial planners to determine why certain demographic characteristics and other factors cause Millennials to treat credit differently than previous generations. This information will allow financial planners to target needs that are specific to Millennials and offer them financial advice that is the most valuable and significant.
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    Phased Retirement, Financial Wealth, and Depressive Symptoms Among Older Adults
    (University of Alabama Libraries, 2020) Smith, Genevieve; Choi, Shinae L; University of Alabama Tuscaloosa
    This study explored retirement transitions and further examined whether phased retirement was financially and psychologically beneficial for older adults in the United States. With data drawn from the 2010 and 2014 waves of the Health and Retirement Study data set at two time points, four years apart, this study analyzed 4,345 adults aged 55 to 80 using chi-square tests, one-way analysis of variance tests, and ordinary least squares regression analyses. Results showed that 65% of respondents continued to work full-time, whereas 13% chose to engage in phased retirement, and 17% of respondents immediately retired from the workforce. Overall, those who participated in phased retirement reported higher mean total household wealth and fewer depressive symptoms than those who immediately retired. However, this study found no strong evidence that retirement transition was significantly associated with total household wealth and depressive symptoms in the sample after controlling for total household wealth, depressive symptoms, and other individual difference variables at baseline. These findings highlight the importance of understanding the implications of decision-making on retirement transitions among older Americans.
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    Electronic nicotine delivery systems use and advertising among adolescent americans
    (University of Alabama Libraries, 2020-12) Cochran, Ellie Justine; L'Esperance, Madelaine R.; University of Alabama Tuscaloosa
    Throughout the last decade, adolescent use of electronic nicotine delivery systems (ENDS) has increased significantly. The products are not subject to nearly the same regulations or advertising restrictions as traditional cigarettes. The purpose of this research was to investigate the association between exposure to several channels of e-cigarette advertisement and adolescent use of the products. Secondary data were obtained from the 2019 National Youth Tobacco Survey (N = 18000), which gathered information from students in grades 6 through 12. Four channels of e-cigarette advertisements were identified (Internet, print, retail, and TV) and exposure was measured using five response options: never, rarely, sometimes, most of the time, and always. Separate logistic regression models were employed to assess the relationship between e-cigarette advertising and ENDS use, adjusting for age, gender, school level, ethnicity, and race. A subgroup analysis of age was included to assess how use of ENDS by advertisement exposure may differ between three distinct age ranges (11–13, 14–15, and 16–18). The findings indicate a significant association between exposure to e-cigarette advertisements and ENDS use by adolescents in the United States. Among all age groups, print advertisements are less correlated to ENDS use than the other advertisement channels. Findings suggest that early- adolescents (11–13) have the highest odds of ENDS use, particularly in relation to Internet and retail advertisement channels. Future longitudinal studies are needed to investigate whether a causal relationship between advertising and ENDS use exists. Given the harmful health impacts linked to nicotine use and the unknown impacts of ENDS, strategic prevention and control measures are needed to protect vulnerable populations such as adolescents.