Behind the Numbers: Understanding the Survey of Consumer Finances

Hanna, Sherman D.; Kim, Kyoung‐Tae; Lindamood, Suzanne

doi:10.1891/1052-3073.29.2.410

Cited by 37 publications

(51 citation statements)

References 19 publications

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“…After excluding observations with missing values, the final sample consisted of 7,833 households. For more on methodological issues related to the SCF, see Hanna, Kim, and Lindamood ().…”

Section: Methodsmentioning

confidence: 99%

The relationship between financial planner use and holding a retirement saving goal: A propensity score matching analysis

et al. 2018

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JEL codes: D12, D14It has been well established in the literature that financial advice leads to informed decision-making and improved financial outcomes. However, there is limited evidence regarding the link between financial planner use and attitudes toward retirement saving. As financial planners provide comprehensive advice for the long-term benefits of clients, their clients may become more aware of retirement saving as an important goal. We used data from the 2010 and 2013 Survey of Consumer Finances to examine the association between financial planner use and setting a retirement saving goal. We found that households who consulted a financial planner were more likely to report retirement as the motive for saving, even after we employed a propensity score matching technique to account for systematic differences between those who used and did not use financial planners. Our findings suggest that financial planners do help individuals achieve their long-term financial objectives by highlighting the importance of retirement planning. The use of other types of financial professionals was not positively associated with the likelihood of setting retirement as an important saving goal in our main model.

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“…After excluding observations with missing values, the final sample consisted of 7,833 households. For more on methodological issues related to the SCF, see Hanna, Kim, and Lindamood ().…”

Section: Methodsmentioning

confidence: 99%

The relationship between financial planner use and holding a retirement saving goal: A propensity score matching analysis

et al. 2018

Self Cite

View full text Add to dashboard Cite

show abstract

“…For the multivariate analysis, the repeatedimputation inference (RII) technique was used to obtain more accurate estimates of variances, as Lindamood, Hanna, and Bi (2007) and Hanna, Kim, and Lindamood (2018) suggested. Given the binary dependent variable, the empirical model was specified using a logistic regression model.…”

Section: Discussionmentioning

confidence: 99%

“…We conducted additional analyses with subgroups categorized by the respondents' educational attainment: low (less than a bachelor's degree) and high (bachelor's degree or above). For the multivariate analysis, the repeatedimputation inference (RII) technique was used to obtain more accurate estimates of variances, as Lindamood, Hanna, and Bi (2007) and Hanna, Kim, and Lindamood (2018) suggested.…”

Section: Discussionmentioning

confidence: 99%

What Factors Are Important in Aversion to Education Debt?

Lim

Lee

Kim

2019

Family & Consum Sci Res J

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This study examined the factors related to attitude toward education debt. Based on the conceptual framework of the multidimensional nature of attitude toward debt, empirical models were constructed with variables focused on debt utility and debt fear. Using the 2016 Survey of Consumer Finances dataset, this study found that debt utility variables, such as having a higher educational level and holding a student loan balance, were negatively associated with an aversion to education debt. However, debt fear variables, such as unfavorable attitudes about debt in general and not having applied for credit, were positively associated with aversion to education debt. Subgroup analyses across different income and educational levels showed that the negative relationship between education level and aversion to education debt was more evident in the high‐income group and that most of the debt utility and debt fear variables were statistically significant only in the lower education level. These results suggest that aspects of debt utility and fear of debt contribute to attitudes about education debt, but there is inconsistency across socioeconomic status.

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“…The questionnaire instrument used is based on the adaptation of the SCF (Survey of Consumer Finance) questionnaire used in various researches in the United States (Hanna et al, 2018;Kim & Hanna, 2019). A complete list of questions in the questionnaire can be found upon request.…”

Section: Methodsmentioning

confidence: 99%

The Determinants of Life Insurance Ownership

Sianipar

Hutagalung

2021

J. Keuang. dan Perbank.

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Life insurance ownership has been known as one of alternatives to mitigate the financial risk of a household. Several ethnicities in Indonesia are exposed to financial risk in terms of premature death of family members because there exists cultural traits expenditures. This paper examines the decision to own life insurance among Bataknese in Medan. The determinants of life insurance ownership observed in this study include socioeconomic and demographic factors. Data was analysed using Logit regression of 185 questionnaires after adjustments from 200 responses. The results show that the Batak ethnic in Medan owned personal life insurance because it was driven by the number of credit card limits, age, number of social gathering clan, education, residence ownership status, and bequest motives. Meanwhile, Saur matua life insurance (cultural traits) ownership is driven by factors in the order of the first child in the family, the number of brothers, life expectancy, and the condition of receiving inheritance from parents. Bataknese own life insurance affected by socioeconomic and demographic factors. This research can provide opportunities for the life insurance industry if it wants to add new features of life insurance products that are specific to ethnic groups with similar cultural heritage patterns.

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Behind the Numbers: Understanding the Survey of Consumer Finances

Cited by 37 publications

References 19 publications

The relationship between financial planner use and holding a retirement saving goal: A propensity score matching analysis

The relationship between financial planner use and holding a retirement saving goal: A propensity score matching analysis

What Factors Are Important in Aversion to Education Debt?

The Determinants of Life Insurance Ownership

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