Progress 10/01/03 to 09/30/08
Outputs
OUTPUTS: Survey revisions were made based on the pilot and the model was revised accordingly. New sources of funding are under consideration to gather a national sample using the survey. This project has been renewed under a different number. PARTICIPANTS: Nothing significant to report during this reporting period. TARGET AUDIENCES: Nothing significant to report during this reporting period. PROJECT MODIFICATIONS: Nothing significant to report during this reporting period.
Impacts
The only outcome is the revision of the original model based on the piloting of the survey. The new survey is shorter and adds the dimension of socialization. There have been no impacts for this project as we are still seeking funding for a national survey.
Publications
- Gutter, M. S., Hayhoe, C. R., and Devaney, S. A. (2008) "Economics and Psychological Determinants of Saving Behavior: Conceptual Model" Consumer Interests Annual, 54, 197 accessed at http://www.consumerinterests.org/files/public/70.GutterHayhoeDevaney. pdf
- Gutter, M. S., Hayhoe, C. R., and Devaney, S. A. (2008) "Economics and Psychological Determinants of Saving Behavior: Conceptual Model" A psoter session at the joint meeting of AAEC and ACCI, July 27-29, 2008 in Orlando, Florida
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Progress 10/01/06 to 09/30/07
Outputs
OUTPUTS: We conducted a pilot of the questionnaire and revised the questionnaire based on the results. I was co-author on the research paper listed below. This paper was used to show the need for a new data set to collect psychological information on saving as well economic data. Several other members of the team published papers on savings behavior as well. We submitted a proposal to renew the project for an additional 5 years which revised our model to include socialization factors. We are working on funding to pilot the new questionnaire.
PARTICIPANTS: Last reporting period, Karen Munden, Extension Agent in Virginia Beach, recruited the Virginia volunteers for the pilot. University of Wisconsin received funding from Northwest Mutual Insurance Company to conduct the pilot. We are working with a new funder but negotiations are not final so they will be reported next period.
PROJECT MODIFICATIONS: Based on the pilot study we have modified the questionnaire. We revised some of the scales we used and other other questions to capture socialization and financial knowledge. These modifications are reflected in the project renewal proposal.
Impacts
The results of the initial pilot show that we can place people in a stage of behavior using the questions. This is important since if extension agents and other financial educators know the behavioral stage a person is in they can target programs to help the participant move along the continuum from non-saver to regular saver. This is a very preliminary fining and more works needs to be done to see what factors contribute to a person being in one stage or another.
Publications
- Gutter, M., Hayhoe, C. R., & Wang, L. (2007). Examining participation behavior in defined contribution plans using the transtheoretical model of behavior change. Financial Counseling and Planning, 18(1), 46-60.
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Progress 10/01/05 to 09/30/06
Outputs
The University of Wisconsin received funding to conduct the pilot. A group of limited resources African Americans from the Virginia Beach area participated in the pilot and a focus group was held in Virginia Beach, VA. We are currently evaluating that data and working on funding for the main study and making revisions to the instrument. An article using the Survey of Consumer Finance (SCF) is under review. (Gutter, M. & Hayhoe, C. R., Wang, L. Examining Participation in Defined Contribution Plans using the Transtheoretical Model of Change. Submitted to Financial Counseling and Planning Education. Under second review.) The purpose of this article was to show that the SCF does not include the psychological variables need to complete our study.
Impacts
A model that identifies progressive saving stages was identified and tested on a limited sample. Revised scales are being introduced to identify psychological and economic strategies to influence consumers such that they are able to actualize to a higher stage of saving behavior. The purpose is to enable educators to develop educational interventions with consumers to increase their savings.
Publications
- No publications reported this period
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Progress 10/01/04 to 09/30/05
Outputs
The instrument to be piloted was finalized. Funds were sought to complete the pilot which has been scheduled from January-March of 2006. Currently 6 states will participate in the pilot. Virginia will have one of the pilot groups. We are targeting low-income African Americans. The pilot consists of a telephone interview, a mailed survey, and a focus group meeting. The telephone survey and mailed survey will be conducted by the research center at the University of Wisconsin. The focus group will be conducted locally.
Impacts
Produce a model that identifies progressive saving stages based on economic, psychological, and demographic factors. Identification of psychological and economic strategies to influence consumers such that they are able to actualize to a higher stage of saving behavior. Enable educators to develop educational interventions with consumers to increase their savings.
Publications
- No publications reported this period
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Progress 10/01/03 to 09/30/04
Outputs
This was the first year for this project. We had two face to face meetings. I was able to attend both meeting. Scales for the pilot questionnaire were researched and decided upon. Michael Gutter from the University of Wisconsin and I are working on a preliminary article based on Survey of Consumer Finances showing the need for this project as existing large data sets do not contain the psychological factors. As of 9/30/2004 the pilot questionnaire is near completion and the research group is seeking funding to conduct the pilot.
Impacts
Produce a model that identifies progressive saving stages based on economic, psychological, and demographic factors. Identification of psychological and economic strategies to influence consumers such that they are able to actualize to a higher stage of saving behavior. Enable educators to develop educational interventions with consumers to increase their savings.
Publications
- No publications reported this period
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