Using the Survey of Consumer Finances: Some Methodological Considerations and Issues

Lindamood, Suzanne; Hanna, Sherman D.; Bi, Lan

doi:10.1111/j.1745-6606.2007.00075.x

Cited by 99 publications

(69 citation statements)

References 20 publications

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“…Both weighted and unweighted samples were used in bivariate and multivariate analyses and the results were similar. Both approaches were reasonable in data analyses (Lindamood et al, 2007). For reasons of space saving, unweighted results are presented here and weighted results are available upon request.…”

Section: Data Analysesmentioning

confidence: 97%

Age differences in consumer financial capability

Xiao

Chen

Sun

2015

Int J Consumer Studies

126

146

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The purpose of this study is to examine age differences in financial capability. Financial capability is measured by five variables: objective financial literacy, subjective financial literacy, desirable financial behavior, perceived financial capability, and a financial capability index. Financial capability is expected to increase with age. Specifically, we expect older consumers to demonstrate higher levels of both objective and subjective financial literacy, more desirable financial behaviors, a higher level of perceived financial capability, and a higher score on the financial capability index. Data from the 2012 National Financial Capability Study in the U.S. was used to examine the associations between age groups and financial capability variables. One-way ANOVAs were used to examine age differences in financial capability variables. Then multiple regressions were used to examine age differences after controlling for socio-demographic and financial variables. The results indicated that age differences in four financial capability variables showed similar patterns. Young adults aged 18-24 had the lowest scores on objective financial literacy, subjective financial literacy, perceived financial capability, and the financial capability index. The results have implications for consumer educators to provide effective financial education for all age groups.

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Section: Data Analysesmentioning

confidence: 97%

Age differences in consumer financial capability

Xiao

Chen

Sun

2015

Int J Consumer Studies

126

146

View full text Add to dashboard Cite

show abstract

“…We follow the suggestions for analyses of the SCF discussed in Lindamood et al (2007). As noted in Lindamood et al (2007) and in Hanna and Lindamood (2008), we can identify the racial/ethnic self-identification of the respondent but not the spouse or partner of the respondent.…”

Section: Methodsmentioning

confidence: 97%

“…Even with appropriate datasets, many authors have ignored Asian households or not treated Asian households as a unique racial/ethnic group. As Lindamood et al (2007) noted, even the public version of the Survey of Consumer Finances (SCF), a large dataset, does not identify which households are Asian. Asian respondents are included in a racial/ethnic category the SCF identifies as ''Other,'' a category comprised of Asians as well as all other households in which the respondent reported a racial/ethnic identification other than White, Black, or Hispanic.…”

Section: Introductionmentioning

confidence: 97%

“…As Lindamood et al (2007) noted, the study of racial/ ethnic groups is so important that a federal directive stipulates how racial/ethnic categories may be used in gathering and reporting data by federal agencies and agencies that receive federal funds, including universities. The Statistical Policy Directive No.…”

Section: Introductionmentioning

confidence: 98%

“…This may bias results, masking traits that the study is designed to reveal and thereby deny researchers and educators information necessary to design effective programs. Lindamood et al (2007) reviewed literature in the family economics field and concluded that researchers frequently had combined racial/ethnic groups without justification or without identifying a group's composition. In a critical analysis of six studies that used the SCF, they found that no study discussed the inclusion or exclusion of Asian Americans in the sample being studied.…”

Section: Introductionmentioning

confidence: 99%

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Financial Behavior and Attitudes of Asians Compared to Other Racial/Ethnic Groups in the United States

Hanna

Lee²,

Lindamood³

2015

J Fam Econ Iss

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Most research studying family financial behavior of racial/ethnic groups has ignored Asian households or arbitrarily combined them with other racial/ethnic groups. We treated Asian households as a separate racial/ ethnic group to compare twelve financial behaviors and attitudes of Asian households to those of three other racial/ ethnic groups: White, Black and Hispanic. Using multivariate analyses with the 2010 Survey of Consumer Finances, we found differences in seven behaviors/attitudes between Asian households and each of the other three household types, although the differences were not consistent across groups except for a lower credit delinquency rate of Asian households. Our results suggest that Asian households should be analyzed as a separate group and should not be combined with other racial/ethnic groups for comparison purposes.

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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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Using the Survey of Consumer Finances: Some Methodological Considerations and Issues

Cited by 99 publications

References 20 publications

Age differences in consumer financial capability

Age differences in consumer financial capability

Financial Behavior and Attitudes of Asians Compared to Other Racial/Ethnic Groups in the United States

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

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