The Millennial generation’s financial behaviors are of great importance because they will contribute significantly to the labor market in the future. Using the 2015 National Financial Capability Study (NFCS) dataset, we examine the relationships between Millennials’ propensity to plan, financial knowledge, and credit card management behaviors. The findings reveal that a propensity to plan was positively associated with appropriate credit card management behaviors but it was negatively associated with irresponsible behaviors. A similar relationship was found between objective financial knowledge credit card management behaviors, while subjective financial knowledge was positively related to inappropriate management behaviors instead. Millennials who are overconfident about their financial knowledge are more likely to engage in costly management behaviors. This was a robust result found across various overconfidence measures.
PurposeThe purpose of this study is to investigate the racial/ethnic differences in mobile payment use and to explore the contributing factors to the differences.Design/methodology/approachThis study used the 2018 National Financial Capability Study (NFCS) dataset to examine racial/ethnic disparities in mobile payment use. Logistic regression analyses were conducted to confirm racial/ethnic differences, and Blinder–Oaxaca decomposition analyses were performed to identify which factors explain the differences among the groups.FindingsThe authors discovered that Whites use mobile payment less than Blacks, Hispanics and Asians/others. The results revealed that prior experiences with mobile financial services, including transfer, banking and budgeting applications, all play considerable roles in explaining the disparities between Whites and other racial/ethnic groups.Originality/valueThis is one of the few studies to examine racial/ethnic disparities in mobile payment use with a particular focus on the influence of users' past experience with technology. The results provide insights for researchers, professionals, educators and policymakers into ways to promote future use of mobile payment.
Which spouse is more knowledgeable about the household's finances in mixed‐sex married couple households? The answer to this question can be inferred from the Survey of Consumer Finances (SCF), which assigns the title of “respondent” to the person the household indicates is more knowledgeable about its finances. In the 2016 SCF, the husband was the respondent in 56% of husband‐wife households, but among households in the top 1% of net worth, the husband was the respondent in 90% of the households. Despite the progress women have made in education and other aspects of society, husbands were the respondent in a higher percent of households in 2016 than in 1992, and the husband was much more likely to be the respondent in wealthy households. Logistic regression on whether the husband or wife was the respondent showed a strong effect of the spouse with more education being the respondent.
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