Progress 10/21/08 to 09/30/13
Outputs
Target Audience:
Nothing Reported
Changes/Problems: There were three primary problems associated with this project: 1. Lack of sufficient resources of funding, skilled research assistance, and time were signficant impediments to achieving the extensive goals of this project. 2. Lack of access to subjects who were not undergraduates students prevented achieving some of the research goals of this project. 3. Lack of cooperation of agencies and organizations that had specific potential subjects also prevented the researcher from achieving the goals of this projecdt. 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?
1. Research on the relationship between emotional intelligence (EI) and financial behavior remains tenuous. Previous research conducted by others and duringthis project found little evidence of a significant relationship. Most of the respondents to research on this relation are either students who are either undergraduates or those enrolled in a specific degree program such as MBA students. None of the findings are generalizable to a larger population. 2. No specific research was conducted on the relationship between health, EI, and financial behavior. 3. No specific research was conducted on these issues with either married or cohabiting couples. 4. No researech was conducted on this topic. 5. Unable to get cooperation with a credit counseling agency to get access to individuals who were receiving credit counseling. 6. See above 7. See item 5.
Publications
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Progress 01/01/12 to 12/31/12
Outputs
OUTPUTS: The researcher continued to study emotional intelligence and the role it has in education and well-being. The study of the role in nursing education continued with a team of researchers from the School of Nursing at the University of Arkansas and three other colleges. In addition, a researcher from the Department of Political Science continued to participate in the study because he is interested in the relationship between emotional intelligence and facial expressions of emotion among nursing students. Because this is a longitudinal study of nursing students, the final data will not be collected until May, 2013. Preliminary data analysis suggested little role of emotional intelligence and grade point average among entering nursing students. Despite the fact that the nursing students have higher levels of emotional intelligence than most students at the University of Arkansas, their ability to evaluate emotional facial expressions is average when compared to students with different majors. The researcher continued to work with Dr. Michael Young, who is Assistant Dean of Research at the University of Texas-Arlington, in the School of Nursing. Dr. George Denny is also part of the team which studies emotional intelligence and health risk behavior. Initial results suggest that among the 1,300 college students in the study, emotional intelligence plays little role in the prevention of health risk behaviors except for smoking and extensive alcohol abuse. This finding is contradictory to the findings of previous research, but it may have to do with the use of a different emotional intelligence measurement scale or the composition of the respondents' ethnicity which included a high number of Hispanic students from a university in New Mexico. A paper was submitted to the Academy of Health Behavior and was accepted for presentation in March, 2013. A new field of applied study has been developed which is called financial therapy. While financial therapy remains to be defined, it is the application of psychotherapy to an individual's attitudes, beliefs, opinions, and behavior associated with money. This new field needs measurement tools. Subsequently, this research involved the development of an instrument called the Financial Therapy Sphere (FTS) which is a series of questions that are displayed on a sphere that can be evaluated by both the client and the financial therapist. The FTS combines qualitative and quantitative information using a Web 2.0 process. Both the client(s) and the therapist can access the information on the FTS anywhere in the world and begin the process of planning the treatment program. The information contained in similar evaluation tools has been reported to lessen the time spent in marriage therapy by several weeks, which is one of the issues faced by marriage and couple therapists. PARTICIPANTS: William C. Bailey, Ph.D., Associate Professor, School of Human Environmental Sciences, University of Arkansas. George Denny, Ph.D., Professor, College of Education and Health Professions, University of Arkansas. Michael Young, Ph.D., Associate Dean of Research, School of Nursing, University of Texas--Arlington. TARGET AUDIENCES: Researchers, graduate students, and general public. PROJECT MODIFICATIONS: Not relevant to this project.
Impacts
The emotional intelligence research on nursing students at the University of Arkansas has no outcome or impact to report because data collection is still in process. A questionnaire containing demographic questions and specific questions about the financial issues in the life of the client were developed and computerized by SphereIt, Inc. The first evaluation of the FTS was an email with a link to the FTS sent to members of the Association of Financial Counselors, Planners, and Educators (AFCPE). Each member of the organization was to rate how important it was to know the information contained in the questions on a 1 (Not at all) to 9 (Extremely important) scale. Fifty-one of the 52 items received a ranking of 8.5 or better from the more than 200 respondents. A presentation of the FTS was accepted for the Third Annual Conference of Financial Therapy Association (FTA) held at Kansas State University in September 2012. The researcher has received several emails from FTA members who want to consider using the FTA in both research and applied therapeutic environments. Financial theory is a rapidly growing professional field which needs new tools to help evaluate clients. The Financial Therapy Association wants its members to have access to new instruments to help them and their clients to be more successful. The Financial Therapy Sphere has great potential to help FTA achieve its goals. The impact of FTS is yet to be definitively evaluated and measured, but since 75% of all Americans report living from paycheck to paycheck, it assists people to become better financial managers. Once the FTS is released to the general public and financial therapists, it will be further evaluated for its impact on financial therapy and counseling.
Publications
- Third Annual Conference of the Financial Therapy Association (September 2012). Financial Therapy Sphere: A "Reflectment" Developed for Financial Therapists and Counselors. Kansas State University, Manhattan, KS. Refereed Presentation.
- Bailey, W.C., Denny, G., and Young, M. ( 2012). The relationship between emotional intelligence and selected health behaviors among a sample of college students. Submitted for American Academy of Health Behavior Annual Meeting. March, 2013. Referred presentation. Accepted by Conference.
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Progress 01/01/11 to 12/31/11
Outputs
OUTPUTS: Attended the 2011 Institute of Emotional Intelligence (EI) in San Antonio, TX. Presided at presentation on health professionals and economics and role of EI. Wrote a $199,500 grant proposal to study law students and changes in their emotional intelligence during the first two years of law school submitted to Law School Admissions Council in August, 2011 and rejected in December, 2011. Participated in emotional intelligence study of nursing school students located at four major universities. The first wave of data was collected this year. A second wave will be collected next year. Conducted undergraduate research study on emotional intelligence, political attitudes, and financial knowledge. Established contact with British economic psychologist at the University of Cardiff to conduct a study of college student debt management styles. PARTICIPANTS: Dr. Patrick Stewart, University of Arkansas, participated in writing of grant proposal to Law School Admissions Council and participated in emotional intelligence study of nursing school students. Dr. Ellen O'Dell, University of Arkansas, participated in emotional intelligence study of nursing school students. TARGET AUDIENCES: Nothing significant to report during this reporting period. PROJECT MODIFICATIONS: Not relevant to this project.
Impacts
Researchers in the fields of behavioral economics in the U.S. and economic psychology in Europe continue to ignore the role of emotional intelligence in spending, saving, and sharing financial resources.
Publications
- Halley, R.E., Durband, D.B., Bailey, W.C., and Gustafson, A.W. (2011). A survey of clergy practices associated with premarital financial counseling. Journal of Pastoral Care and Counseling 65 (4), 1-14.
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Progress 01/01/10 to 12/31/10
Outputs
OUTPUTS: Theoretically, emotional intelligence (EI) has several broadly defined trait structures within its framework. Some of the activities during this period included conducting surveys of college students to determine the relationship of these traits associated with EI to other behavioral issues. One survey examined the relationship between confidence and financial knowledge or financial information. In the context of the study, a new assessment "Financial Confidence Assessment Scale" was developed. The level of knowledge of financial information was the participant's scores on the Financial Knowledge Scale developed by the JumpStart Coalition which is 32 multiple choice items. The researcher's attendance of the 1st Conference on Financial Therapy allowed him to discuss the role of EI and the development of attitudes toward money and financial behavior with leaders in the field. One result was the request to review an article for volume one of the Journal of Financial Therapy. Another survey was conducted using the Schutte Emotional Intelligence Scale to determine the relationship with EI and narcissism as well as relationship satisfaction among women college students. PARTICIPANTS: William C. Bailey, Ph.D. Associate Professor, School of Human Environmental Sciences, Dale Bumpers College of Agricultural, Food and Life Sciences, Fayetteville, AR 72701. Chelsea Link, Undergraduate student, School of Human Environmental Sciences, Dale Bumpers College of Agricultural, Food and Life Sciences, Fayetteville, AR 72701. She is a 2010 graduate with a B.S. and is working on the M.S. degree at Kansas State University in Marriage and Family Therapy. TARGET AUDIENCES: Fellow academics in Family Economics, Family Financial Management, and Family Sciences, Family and Consumer Sciences Cooperative Extension State Specialists and County Agents. Counselors, Social Workers, and Psychologists in the field of Financial Therapy. Financial Counselors of consumer credit agencies and their educational program participants. PROJECT MODIFICATIONS: Nothing significant to report during this reporting period.
Impacts
The result of the study of EI, and especially confidence in conducting financial behaviors and the participant's actual knowledge of financial information, determined there was no relationship between the two concepts. Despite the fact that most study participants reported high levels of confidence in their ability to perform several financial tasks, such as purchase a house, their actual knowledge of financial information was very low. This study determined that college students must have high levels of confidence in order to do certain financial behaviors to further our economy or what is called by economists, "rational ignorance". In other words, they will seek out further information about financial behaviors when that knowledge becomes more relevant to their lives. The researcher's participation in the Conference on Financial Therapy improved knowledge of financial therapy which he shared with his students as well as through the local financial counseling agency. Because he serves on the Board of Directors and the agencies Education Committee, he was able to share information with counselors in the agency who serve an 8 county area in Northwest Arkansas. Last year the financial educators of the agency had more than 23,000 people attend their free education programs. The survey of women college students examining the relationship between EI, narcissism, and relationship satisfaction determined there was little or no relationship between EI and narcissism. This was shared in the researcher's class on family relations with more than 200 students. Women score high on most EI scales and low on the narcissism instruments. Most of the women reported being happy with their dating partners whether or not they indicated average levels of EI or indicated they were somewhat narcissistic.
Publications
- Bailey, W.C. (2010) The Relationship Between College Student's Financial Confidence and Financial Knowledge, Abstract in Annual Conference of the Association for Financial Counseling and Planning Education CD. Denver, CO.
- Link, C. and Bailey. W.C. (2010). The Relationship Between Women College Student's Emotional Intelligence, Narcissism, and Relationship Satisfaction. Discovery Journal, University of Arkansas, College of Agricultural, Food and Life Sciences, Fayetteville, AR, 32-41.
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Progress 01/01/09 to 12/31/09
Outputs
OUTPUTS: Conducted review of research literature in family financial management theory and financial education in preparation for presentation at the Office of Financial Education at the Dept. of Treasury on "Money and the Family." The presentation provided information related to the following: 1) money is the number one issue of conflict among married couples; 2) one of the most significant tasks in the first year of marriage is to create a financial system that meets the couple's needs, and 3)the Circumplex Model of the Family Financial System (CMFFS). The CMFFS is an original theoretical model of the role of rules and emotions about money in the context of a family developed by the P.I. and based on the system's theory and the Family Circumplex Model created by Olson. Prepared presentation on the effects of the current recession on families for the National Healthy Marriage Resource Center in Denver which was presented as a webinar. The presentation was titled "Weathering Relationships through Economic Crisis." While many families are experiencing more financial stress, the divorce rate is declining simply because they cannot afford to get divorced. Reviewed the content of the National Healthy Marriage Resource Center's website focused on family economic issues. Read several research papers and was a discussant on these at the National Council on Family Relations on the topic of Family Financial Issues and Parental Financial Socialization of College Students via the web in November 2009. Presented a poster at the Association for Financial Counseling and Planning Education, Annual Conference, "The Circumplex Model of the family financial system: Rules, emotions, and communication." The majority of this project's presentations of study and results have been to professionals in the field of financial education, marriage educators, individuals from the Cooperative Extension Service, military financial counselors, and others concerned with the financial well-being of the American family. PARTICIPANTS: Nothing significant to report during this reporting period. TARGET AUDIENCES: The target market of the webinar on weathering the storm of this recession were employees, leaders, and community members who are assisting families to healthier marriages and to avoid divorce. These individuals were encouraged to help individuals and families to better manage their financial resources. It was estimated that about 100 individuals attended the webinar. The presentation at the Office of Financial Education was to leaders from government, the financial business sector, the military, universities, and other areas that are trying to conduct financial education programs throughout the U.S. There were about 75 in attendance in the morning session. There were about 50 individuals from academia, secondary education, marriage and family therapists, and others who were in attendance for the National Council on Family Relations presentation on family financial management and parental financial socialization. PROJECT MODIFICATIONS: Nothing significant to report during this reporting period.
Impacts
The Office of Financial Education in the Department of Treasury recognized for the first time the issues associated with financial education and financial issues. The presentation prepared from this research stressed that while money was the number source of conflict between husband and wife, money was not the leading cause of divorce as reported by the popular press. The recommendation was that the financial literacy could be improved in the delivery of financial education programs for couples. It also might lessen the financial stress couples experience and lower the divorce rate. Federal and state financial education programs should take advantage of the significance of the family in financial education activities. The newly developed family financial theory presented in the Circumplex Model of the Family Financial System determined that it is the interaction of rules about financial behavior and emotion about money that is used by family financial counselors to assist them in helping families teach their children about money issues and help the couple maintain a balance in financial behavior. In addition, it indicated that changes in the rules and emotional attachment toward money would, theoretically, lessen the conflict about money. Assisted the National Healthy Marriage Resource Center in Denver in delivering an educational program on money and marriage as well as helped review the content of the website about money and family financial management, adding to their knowledge of the role that money and financial issues contribute to family dysfunction and helped them develop programs to assist couples in managing conflict associated with money. The goal is to assist couples to change their behaviors about money and communicate about the financial issues in their marriage so it does not result in conflict that leads to abuse or divorce.
Publications
- Bailey, W.C. (2009). The Circumplex Model of the family financial system: Rules, emotions, and communication. Proceedings of the Annual Conference of the Association of Financial Counseling and Planning Education. Scottsdale, AZ. On Conference CD.
- Bailey, W.C. (2009). Marriage, money, and hard times: Promising solutions. National Healthy Marriage Resource Center, Denver, CO.(webinar).
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