Progress 10/01/08 to 09/30/13
Outputs
Target Audience:
Nothing Reported
Changes/Problems:
Nothing Reported
What opportunities for training and professional development has the project provided?
Nothing Reported
How have the results been disseminated to communities of interest?
Nothing Reported
What do you plan to do during the next reporting period to accomplish the goals?
Nothing Reported
Impacts
What was accomplished under these goals?
The major output of the NC 1172 project in the past year was two articles focused on economic and psychological determinants of savings behavior among low and moderate income households. A third paper, focused on financial literacy and savings behavior, is currently under revisions for resubmission. Of the two papers published, one focused on whether low to moderate income households perceived they could save or not and factors associated with that perception. Among the sample of low to moderator income households, 63% perceived they could not save at least once during the coming year while 37% perceived they could. Those who perceived that they would not able to save indicated that they had no money left over after expenses, were unemployed or underemployed, did not have enough money to open a banking account, and expressed concern about the government having knowledge of their income. A second paper, utilized data of a low-income sample and the questionnaire developed by the NC 1172 research team. The paper considered financial practicies and background among those low-income savers motivated to save. Logistic regression indicated that the livelihood of savings was positively associated with rent paid in cash, using VITA (voluntary income tax assistance) programs for filing income taxes, having observed parents saving money at a financial institution. The paper pointed out the importance of financial socialization and mechanisms that support savings through financial institutions.
Publications
- Type:
Journal Articles
Status:
Published
Year Published:
2013
Citation:
Mauldin, T., Bowen, C.F., & Cheang, M. (2013). Perceived barriers to savings among low- to moderate-income households who do not save regularly. Journal of Extension, 51(5). Retrieved from http://www.joe.org/joe/2013october/rb4.php
Okech, D., Mimura, Y. , Mauldin, T., & Kim, J. (2013). The influence of financial factors on motivation to save among poor individuals. Journal of Policy Practice, 12(2), 107-124.
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Progress 01/01/12 to 12/31/12
Outputs
OUTPUTS: Three papers and two presentations/abstracts were completed during the past year. Two papers and one presentation utilized data collected on low- to moderate-income households by the NC-1172 research team. Another paper analyzed data on an extremely low-income population in Georgia while a conference presentation analyzed data collected in Georgia at two different two periods, 2007 and 2011, prior to and after the economic recession, to analyze financial wellness of married couples. PARTICIPANTS: The following individuals have worked on the articles reported in this report. Soo Chu, Jinhee Kim, Michael Gutter, Celia Hayhoe, Sharon DeVaney, David Evans, Cathy Bowen, Michael Cheang, Elizabeth Gorham, Catherine Solheim, Sheri Worth, Vibha Bhargava, David Okech, Waylon Howard, Yoko Mimura, Melissa Wilmarth, and Robert Nielsen. TARGET AUDIENCES: The primary target audiences for these efforts are low- to moderate-income individuals and households and the educators and human service providers that work with this audience. PROJECT MODIFICATIONS: Nothing significant to report during this reporting period.
Impacts
Results from data on married couples in 2007 and 2011 found that income predicted financial wellness in both 2007 and 2011. A significant relationship was found between economic pressure and resilience among a sample of individuals living in extreme poverty with greater economic pressures being associated with less resilience. Studies utilizing the NC-1172 research data on low- to moderate-income households found that (1) economic factors had more of an impact with savings behavior than sociological and psychological factors, specifically income, net worth, and education were related to having both savings and investment accounts; (2) financial socialization, specifically discussions with parents during childhood about money and learning from financial planners significantly influenced low- to moderate-income adults' financial management behaviors; and (3) general human capital, financial knowledge and attitudes, and social capital were associated with saving regularly. Factors that determine financial wellness can help researchers and practitioners identify financially distressed couples and minimize reduction in financial wellness through education and other interventions. Families in extremely poverty appear to be more affected by strong social and environmental support. Without such support cumulative risks can defeat the most resilient of individuals in extreme poverty. Focus needs to be given to building on family strengths and working in partnership with families and community-based organizations. Human service professionals need to advocate for and link clients to appropriate sources of information and resources to improve the financial capabilities of low-income individuals/households. Implications of the studies suggest that low- to moderate-income adults and households need access to unbiased information related to savings and investing in a timely manner. Financial knowledge, homeownership and savings attitudes are associated with regular savings. Financial literacy of low to moderate income households is important in reducing barriers to saving and investing. Barriers to savings need to be reduced to increase the likelihood that these individual will save and participate in financial markets. While financial literacy and numerous information sources are important, parental discussions about money and savings appears to influence savings behavior beyond youth and early adulthood, thus financial literacy programs need to include not just adults but their children or adults need to be encouraged to talk about money and savings with their children. AES resources have provided the support for a significant study on low- to moderate-income household savings behaviors. The data that were collected and subsequent analyses have provided insight into the decision-making and savings behavior of a population that has received little attention other than the economic perspective that these individuals or households just do not have enough resources to save. Findings will provide important insights to financial literacy programs within the state, particularly given the large number of persistently poor counties in Georgia, and beyond.
Publications
- Cho, S., Kim, J., Gutter, M., Mauldin, T. (2012). The effect of socialization and information source on financial management behaviors among low and moderate income households. Family and Consumer Sciences Research Journal, 40(4), 417-430.
- Gutter, M.S., Dorman, R., Hayhoe, C.R., DeVaney, S.A., Evans, D.A. Kim, J., Bowen, C., Cheang, M., Cho, S.H., Gorham, E., Lown, J., Mauldin, T., Solheim, C., & Worthy, S.L. (2012). Exploring the relationship of economic sociological and psychological factors to the savings behavior of low- to moderate-income households. Family and Consumer Sciences Research Journal, 41(1), 86-102.
- Mauldin, T., & Bhargava, V. (2012). Human capital, financial knowledge, and social capital: Differences among savers and non-savers in low to moderate income households [Abstract]. In M. J. Kabaci (Ed.), Consumer Interests Annual, 58. Available from: http://www.consumerinterests.org/pdffiles/2012-conference/2012-28Huma nCapital FinancialKnowledgeandSocialCapital.pdf
- Okech, D., Howard, W.J., Mimura, Y., Mauldin, T., & Kim, J. (2012). The effects of economic pressures on the resilience and strengths of individuals living in extreme poverty. Journal of Poverty, 16, 429-446.
- Wilmarth, M. Nielsen, R.B., & Mauldin T. (2012). Personal financial wellness of married individuals: 2007 and 2011 [Abstract]. In M. J. Kabaci (Ed.), Consumer Interests Annual, 58. Available from: http://www.consumerinterests.org/pdffiles/2012-conference/201240Perso nal FinancialWellnessofMarriedIndividuals-2007and2011.pdf
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Progress 01/01/11 to 12/31/11
Outputs
OUTPUTS: Two papers and one presentation/abstract were completed during the past year. One paper utilized microdata from the American Dream Demonstration and another utilized data collected from youth in Georgia. The presentation/abstract utilized data from the National Longitudinal Survey of Adolescent Health (Waves I and II). Two papers have been accepted for publication based on data collected on a extremely poor population that resides in public housing while another utilizes data collected by the NC 1172 team on low- to moderate-income households. Several papers are in progress utilizing the NC 1172 team data on savings behavior among low- to moderate-income households. PARTICIPANTS: Individuals who have worked on the project include, Joan Koonce, Michael Rupured and Jenny Jordon who helped collect data on Georgia youth as well as analyze data. This project was supported by a research grant from the Take Charge America Institute (TCAI) for Consumer Financial Education. Mary Grinstead, Joseph Sabia, Joan Koonce, and Lance Palmer were involved in the writing of the paper on IDA accounts. The American Dream Demonstration allowed us to utilize data collected on 14 sites that participated in their IDA project. Jason Miller, Brenda Cude, and Joseph Sabia were involved in presentation on options in smoking cessation. TARGET AUDIENCES: county extension agents, financial educators and counselors, health educators PROJECT MODIFICATIONS: Nothing significant to report during this reporting period.
Impacts
Results from the data collected on Georgia youth focused on how youth and their parents communication about money and savings with emphasis on the impact of parents' marital status. While there were discrepancies found between parents and youth in single-parent families regarding communication in general, there was no evidence of such differences in discrepancies regarding communication about money. The findings suggest the importance of youth development programs to provide information and encouragement to both youth and their parents on financial management. Microdata from the American Dream Demonstration were utilized to examine factors associated with savings goal achievement among participants in individual develop account (IDA) programs. Higher matched caps, prior use of a savings account, hours of participation in financial education programs, and greater educational attainment were associated with a greater likelihood of saving goal achievement. Results suggests that financial education in IDA programs and other similar savings programs is important in assisting participants in achieving savings goals. Analysis of data from the National Longitudinal Survey of Adolescent Health failed to support the notion that smokeless tobacco has potential to aid consumers in smoking cessation. Based on our analyses, it appears that pharmaceutical treatments are more effective.
Publications
- Grinstead, M.L., Mauldin, T., Sabia, J.J., Koonce, K., & Palmer, L.S. (2011). Saving for success: Financial education and savings goal achievements in Individual Development Accounts. Journal of Financial Counseling and Planning, 22(2), 28-40.
- Mauldin, T.A., Mimura, Y., Kabaci, M.J., Koonce, J.C., Rupured, M., & Jordon, J.W. (2011). Does marital status of parents relate to family communication regarding finances Journal of Youth Development: Bridging Research and Practice. Retrieve from http://data.memberclicks.com/site/nae4a/JYDfinal_110601x.pdf
- Miller, J., Mauldin, T., Cude, B., Sabia, J. A new look at consumers and clinicians options in smoking cessation: Smokeless tobacco, nicotine replacement therapy, Zyban, Chantix and other interventions [Abstract]. In Burns (Ed.), Consumer Interests Annual: The Proceedings of the 57th Annual Conference of American Council on Consumer Interests. Washington, DC. Available from: http://www.consumerinterests.org/CIA/ 2011/2011_MillerMauldinCudeSabia.pdf
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Progress 01/01/10 to 12/31/10
Outputs
OUTPUTS: Three presentations with abstracts were completed during the past year from data collected on a very low-income population, data collected on college students, one of their parents, and one of their grandparents. Two manuscripts based on the very low-income population have been submitted to journals. Finally, data on financial behaviors of women in Japan were utilized for an international perspective on savings behavior. Abstracts of the presentations are available online. In addition, the multi-state group collected data during the late fall and currently data are being cleaned, a code book is being developed, and SAS formatted data are being created so that analysis can begin. PARTICIPANTS: Research undertaken in the past year and discussed in this report included Yoko Mimura, Research Professional, David Okech, Diann Moorman, Michael Gutter, and Sharon DeVaney, faculty members, and Carol Giddens, a former undergraduate student. TARGET AUDIENCES: Nothing significant to report during this reporting period. PROJECT MODIFICATIONS: Not relevant to this project.
Impacts
Results from analyzes of a small sample of a very low-income population, public housing residents, indicated a small percentage (about 30 percent) saved. Of those that saved, they indicated that they saved for a "rainy day" instead of for a specific financial goal. Factors that appear to be related a motivation to save included whether as a child their parents saved at a financial institution and whether they utilized VITA for income tax filing. Data from a sample of students, one of their parents, and one of their grandparents were analyzed using logistic regression to examine: 1) how different generations' motivations to save were affected by the current economic, and 2) to determine whether different generations thought their future economic situation would be affected negatively by the economic downturn. There were significant differences among the generations in both the odds of their motivation to save being affected by the economic downturn and the odds of their economic future being negatively affected by the economic downturn. The middle generation (respondents 27 to 63) was about 1.6 times more likely than the college students to have had their motivation to save affected while the older generation (grandparents' of college students) were about half as likely as the college students to have had their motivation to save affected. The more events, such as loss of job, that respondents had experienced in the past few years the more like that both their motivation and economic futures were perceived to be affected. The "great recession" has had numerous implications for household financial decision-making and planning. Research undertaken during this past year suggests the generation of which you are part affects your perception of the impact of the economic downturn on your current and future economic circumstances. Financial educators in Georgia can utilize these results to tailor their programming related to savings and investment for different generations.
Publications
- Mauldin, T.A., Mimura, Y., DeVaney, S.A., Moorman, D., & Gittens, C. (2010). The impact of the current economic environment on motivation to save: Differences by three age groups. [Abstract]. In Burns, S.A. (Ed.), Consumer Interests Annual: The Proceedings of the 56th Annual conference of American Council on Consumer Interests, 56. Pp.98. Atlanta, Georgia. Available from: www.consumerinterests.org/pdffiles/ CIA_2010.pdf
- Mimura, Y., & Mauldin, T.A. (2010). Optimism, economic outlook, and financial savings among women in Japan. [Abstract]. In Burns, S.A. (Ed.), Consumer Interests Annual: The Proceedings of the 56th Annual conference of American Council on Consumer Interests, 56. Pp.95. Atlanta, Georgia. Available from: www.consumerinterests.org/pdffiles/CIA_2010.pdf
- Gutter, M., Mauldin, T., Mimura, Y., & Moorman, D. (2010). The complex nature of savings: Psychological and economic factors: Multistate research project. In C. Robb (Ed.), Eastern Family Economics and Resource Management Association 2010 Conference Program and Proceedings. [CD-ROM].
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Progress 01/01/09 to 12/31/09
Outputs
OUTPUTS: During the past year data were collected with a grant from the University of Georgia, Poverty and the Economy Faculty Research Grants Program. Data were collected from 11 low-income housing communities for a total of 196 respondents. About 35% of the households had before tax income above $10,000 while 65% had incomes less than $10,000. Over 40% of the respondents indicated that they had person, non-business, debts greater then $1,000. Based on their responses, many did not have bad financial habits, with 36% making plans about money use most of the time, 37% kept track of spending most of the time, and about 51% indicated that they did not buy things spontaneously. However, 41% indicated that they did not feel comfortable with their knowledge of financial management. About 53% of the respondents did not save any of their income, probably due to lack of ability given their limited income. Further multivariate analysis is underway to try to shed more light on the barriers, beyond lack of financial resources, to savings behavior. One presentation from this data has been made at a regional conference and one paper is underway. Also during the past year data were collected on college students', one of their parents', and one of their grandparents' behaviors and attitudes toward savings. This study will test a model of savings behavior which accounts for economic, psychological, and social/cultural influences. The first paper has been accepted for presentation at a conference in spring 2010. Additional work will be undertaken in the coming year to further test the model developed by the NC 1172 research team using the three generation data. One paper has been accepted for publication and one poster was presented during the past year. Using data collected from Georgia 4-H leaders and their parents, the paper "How does parents' marital status relate to family communication regarding finances" (forthcoming) analyzed family communication and discrepancies in perception between parents and youth regarding finances and savings. The poster "Savings behavior among cohabiting, married, and single persons" analyzed how the presence of and amount of savings varied among these three marital status types. PARTICIPANTS: Research undertaken in the past year and discussed in this report included Yoko Mimura, Research Professional, M.J. Kabaci and Melissa Wilmarth, graduate students, David Okech and Diann Moorman, faculty members, and three outreach faculty/professionals, Joan Koonce, Michael Rupured, and Jenny Jordon. TARGET AUDIENCES: Georgia families and households, with a special emphasis on low-income households. PROJECT MODIFICATIONS: Nothing significant to report during this reporting period.
Impacts
Preliminary results of the data collected on low-income households suggest that major efforts need to be undertaken to develop financial educational programs for low-income adults. The "great recession," changes in credit laws, and other financial activities will have a long-term impact on Georgia's population. The data collected will help financial educators better serve Georgia families by promoting savings and provide insight into the barriers (internal and external) to savings behavior.
Publications
- Mauldin, T., Mimura, Y., Kabaci, M.J., Rupured, M., & Jordon, J.W. (2010). How does marital status of parents relate to family communication regarding finances Journal of Youth Development: Bridging Research and Practice.
- Mauldin, T., Mimura, Y., & Wilmarth, M.J. (2009). Savings behavior among cohabiting, married and single persons. Consumer Interests Annual, 55, 117.
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Progress 10/01/08 to 12/31/08
Outputs
OUTPUTS: During the past year the NC 1013 Savings Behavior research group submitted a proposal to Consumer Federation of America (CFA). While we had hoped that they would help fund data collection, they agreed to allow us to collect data from participants in the America Saves Program. We are currently working to move forward with data collection. With a grant from the University of Georgia, Poverty and the Economy Faculty Research Grants Program, Dr. David Okech, Dr. Yoko Mimura, and I will be collecting data on attitudes toward savings from a sample of the population living in the local Housing Authority. We will be using the questionnaire designed by NC1013. In addition, I am initiating a project that will utilize the NC1013 savings behavior questionnaire to collect data across three generations. PARTICIPANTS: Consumer Federation of America and America Saves participants; Geraldine Clark, Director of Programs and Services of the Athens Housing Authority; Yoko Mimura, Research Professional, Department of Housing and Consumer Economics, University of Georgia; David Okech, Assistant Profession, School of Social Work, University of Georgia; Pamela Outlaw, M.S. student, Department of Housing and Consumer Economics, University of Georgia; Leslie Pimentel, Ph.D. student, Department of Housing and Consumer Economics, University of Georgia; Carol Thomas, Undergraduate Student, University of Georgia TARGET AUDIENCES: Nothing significant to report during this reporting period. PROJECT MODIFICATIONS: Nothing significant to report during this reporting period.
Impacts
Too early to report outcomes or impacts.
Publications
- No publications reported this period
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