Techniques, Strategies and Research for Consumers, Educators and Professional Financial Consultants
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Members of the IARFC can earn CE credits through the Journal of Personal Finance (JPF). Two hours of IARFC CE will be awarded to anyone who achieves a score of 70% or higher per quiz. To receive your CE Credit, please scan and complete the quiz, then return it to the IARFC email at jpfeditor@iarfc.org or fax it to (513) 345-9479. Only one submission per member is allowed; quizzes are available as JPF issues are published.
Volume 25 Issue 1, 2026
Longevity and Old Age Finance with Family Ties: An Exposition
Morteza Aalabaf-Sabaghi, Senior Lecturer
The Market supply of pensions, either in the formal state pension programs or in private institutions, has largely replaced the need for long-term financial association between family members. Government interventions through welfare systems have partly weakened family ties and therefore, replaced the needs of long-term family commitments with market and state pensions. However, there is a significant population of elderly people in the world who live with their children. Financial resources needed in old age that are demand-driven in contrast to family commitments that are usually supply-driven, and normally voluntary, help these significant patterns. In this paper, we suggest a model of individual accounts to internalize longevity and old age finance with family commitments by linking family ties with old age and longevity finance. This idea leans on altruistic motives within the family as well as economic considerations.
Applying the Health Belief Model (HBM) to precautionary saving motives: Insights from the 2022 Survey
of Consumer Finances (SCF)
Lena Gan CIMA® CFP®, Ph.D. candidate
Blake Gray Ph.D. CFP®, Assistant Professor
Derek Lawson Ph.D. CFP®, Assistant Professor
Sara Kay, Graduate Student (MSc)
We apply the Health Belief Model (HBM) to examine how health perceptions influence precautionary saving motives using data from the 2022 Survey of Consumer Finances. Our analysis reveals partial support for HBM components. Moderate levels of perceived COVID-19 susceptibility show the highest likelihood of reporting precautionary saving motives, reflecting a non-linear relationship. Perceived severity and cues to action (professional financial guidance) demonstrate positive associations with precautionary saving motives. However, perceived benefits (health insurance), perceived barriers (income uncertainty), and self-efficacy show no significant effects. Robustness checks reveal that the relationship between longevity expectations and precautionary saving varies by bequest intentions. We also identify significant racial and educational disparities, with Black households and those with higher education showing stronger precautionary saving motives. These findings suggest financial practitioners should assess clients' precautionary saving motivations in conjunction with health risk perceptions and develop tailored strategies. We contribute by demonstrating the partial applicability of the Health Belief Model to financial decision-making and providing insights for enhancing household financial security through integrated health and financial planning.
A National Study of American Consumers' Price-Related Grievances in Credit Card Markets
Hooman Estelami, Ph.D., Professor of Marketing
Credit cards have become a dominant mode for consumer spending over the past few decades. One of the challenges presented to consumers when using credit cards is with regards to their understanding of the pricing and promotional terms of their card. While existing research has documented the various cognitive limitations that inhibit consumers’ ability to comprehend the promotional and pricing aspects of credit cards, the extent to which these limitations affect the general population has not been examined. This study utilizes a unique national database compiled by the Consumer Financial Protection Bureau, to explore the various forms of complaints that American consumers have with regards to their credit cards’ price and promotional terms. It also examines the effects of the market share of the credit card company as well as the age of the cardholder on the incidence rate of such complaints. The paper concludes with a discussion of implications for regulators, credit card companies, and consumer protection advocates.
Understanding the Financial Information Maze: The Role of Financial Advisors in Shaping Household Risk Tolerance
Nathan Collier
Congrong Ouyang, Ph.D., Corresponding author, Assistant Professor
Mindy Joseph, Assistant Professor
Greg Anderson
Tanya Staples
As American workers assume greater responsibility for investment decisions, understanding risk becomes increasingly important. This study examines whether financial planners influence clients’ risk tolerance and alignment with investment behavior. We compare individuals who rely on planners to those using other information sources and test whether age and financial literacy moderate these relationships. Results show that working with a planner is associated with higher risk tolerance and better alignment between stated preferences and asset selection. Age moderates the link between information source and risk tolerance, while financial literacy moderates the consistency between risk attitudes and behaviors. These findings highlight the benefits of using financial planners and offer practical implications for both practitioners and researchers.
Is Human Capital Investment Related to Retirement Preparedness?
Alex M. Brockbank, Ph.D., CFP® (Corresponding Author)
Charlene M. Kalenkoski, Ph.D., CFP®
Christopher M. Browning, Ph.D.
Financial independence and a comfortable retirement are common goals shared among many Americans, yet studies find that the personal savings rate is declining and that the risk of not being able to maintain a consistent standard of living in retirement is increasing. Why do Americans not seem to connect their goal of financial independence with their actions? Using data from the 2018 and 2021 waves of the National Financial Capabilities Study (NFCS), and four unique and distinct statistical models, this paper analyzes retirement preparation among U.S. adults from an economic and psychological perspective—focusing on human capital investment. The results suggest that different measures of human capital investment have a significant effect on retirement needs consideration, retirement fund concerns, having an investment account specifically dedicated for retirement needs, and contributing to those retirement-specific accounts.
The Unexpected Effects of Family Structure and Wealth on Estate Settlement Timelines: A National Examination Using The Health and Retirement Study Exit Files
Robert L. Steen, Independent Researcher
Russell N. James III, Corresponding Author, Texas Tech University
Estate administration involves collecting a decedent’s assets, settling debts, and distributing the remainder. Few studies have analyzed how family structure and wealth influence the time required to complete these tasks. Drawing on Health and Retirement Study Exit Interviews across twenty years, this paper examines “time to settle an estate” (TSE) for all estates (n=5,141) and “time to probate an estate” (TPE) for testate estates (n=2,704). On average, settlement takes about 18 months, with probate extending closer to 19 months. Unexpectedly, having a stepfamily or a larger estate size result in a shorter timeline, suggesting that these decedents may pursue more proactive planning. However, homeownership consistently prolongs distribution. These findings highlight the nuanced roles of family complexity and financial resources, countering assumptions that stepfamilies necessarily face longer delays. Financial planners, attorneys, and policymakers can use these insights to refine estate planning strategies and regulatory frameworks, ensuring they address diverse household needs and better accommodate today’s evolving family structures.
Who Gives Appreciated Assets?:Predicting Securities Donations from Demographics and Tax Sensitivity
Davaajargal Dorjsuren, Assistant Professor of Financial Planning
Russell N. James III, Professor
Donating appreciated securities like stocks, bonds, and mutual funds, offers donors a powerful tax strategy and provides nonprofits with a reliable path to long term fundraising growth. Because securities held longer than 12 months are deductible at fair market value and escape capital gains tax, they are typically more tax efficient than cash gifts. Understanding who makes these gifts can help advisors target clients most likely to benefit, highlight planning gaps where clients overlook clear tax advantages, and enable nonprofits to cultivate prospects with the greatest asset giving potential. This study is the first to analyze national, household level predictors of securities donations. We pool 20 years of Consumer Expenditure Survey data (2004–2023; N = 618,416) to overcome the rarity of noncash giving. Securities gifts prove far more sensitive to tax price than cash donations, underscoring donors’ responsiveness to the unique tax benefits of appreciated assets. In multivariate models, higher income, advanced education, homeownership, age 65+, and the absence of children all significantly raise both the likelihood and size of securities gifts. The strong education effect suggests that complexity limits participation, highlighting the need for targeted education by financial planners and nonprofit fundraisers to unlock this high impact form of philanthropy.
Agri-FinTech Use: FinTech Familiarity, Usage, and Implications for Rural Financial Planning
Tanaka Chimbane, Ph.D., Assistant Professor
Olamide Olajide, Ph.D., Assistant Professor
Kelly Lange, Ph.D., Associate Professor
Motivated by the Diffusion of Innovations (DOI) Theory, we examine how agricultural producers in the Southern United States understand and use FinTech tools. Using a primary dataset that we collected through an online survey between January and February 2025, we investigate factors associated with FinTech familiarity and the actual usage of FinTech services with a combination of logistic regressions and descriptive analyses. Results
showed that technological access, specifically smartphones, computer/laptop, and internet ownership, links to higher usage of mobile banking, online payments, digital wallets, and investment apps. Higher education and 5-20 years of agricultural experience significantly increase familiarity, while younger producers (<55 years) are more likely to adopt FinTech. Producers engaged in agribusiness are significantly more likely to be familiar with FinTech and more likely to use several FinTech services, including mobile banking, digital lending, digital wallets, digital insurance, and investment apps. Aquaculture producers also show an increased likelihood of using digital lending, insurance, and investment platforms. Geographic differences are also evident, with Florida producers showing greater familiarity, Georgia and Arkansas having higher online payment use, and Arizona having higher cryptocurrency use. agriculture,
Retirement, Leisure Satisfaction, and Financial Satisfaction
Olamide Olajide, Ph.D., Corresponding Author
Innocent Kumah, MA
Sarah Asebedo, Ph.D.
In this study, we use data from the 2008, 2012, 2016, and 2020 waves of the Health and Retirement Study (HRS) to examine the relationship between retirement and financial satisfaction, while performing cross-sectional and longitudinal analyses. Our cross-sectional findings show that fully retired individuals are more likely to be financially satisfied than those who are not retired. However, transitioning into retirement does not change financial satisfaction, while returning to the workforce is associated with a decline in financial satisfaction. We also explored the role of leisure satisfaction in explaining retirement and financial satisfaction, and found interesting results in both cross-sectional and longitudinal analyses. While leisure satisfaction is positively related to financial satisfaction in both cross-sectional and longitudinal analyses, its moderating role differs, with partially retired individuals with high leisure satisfaction showing lower financial satisfaction. Our findings show that retirement is not just an economic stage, but also emotional and sociological one, which highlights the importance of aligning finances and lifestyle expectations.
2026 IARFC National Financial Plan Competition Winners: Carter Family Financial Analysis
Kaleb Tanner, Student Utah Valley University
Tano Condie, Student Utah Valley University
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