Social Security is a main source of retirement income for many Americans. The age at which people start taking their Social Security benefits directly influences the amount they receive each month and over their lifetime. Claiming benefits before full retirement age lowers the monthly payment, while delaying increases it. Even though delaying is often better financially, most people still claim their benefits early. We use data from the 2018 Health and Retirement Study (HRS), which surveys older Americans about their health, wealth, and well-being. We review the Big Five personality traits: openness, conscientiousness, extraversion, agreeableness, and neuroticism, and explore whether the age of claiming Social Security explains part of the link between these traits and financial satisfaction. Using structural equation modeling, we find that conscientious people tend to claim retirement later and feel more satisfied, while agreeable and neurotic people claim earlier and feel less satisfied. Extraversion and openness affect satisfaction directly but not through claiming age. These results demonstrate that Social Security claiming age works as a bridge between personality and financial satisfaction, highlighting how human psychology shapes retirement outcomes.
Author(s): Mark Evers, Taufiq Quadria, Mariya Gavrilova-Aguilar
This study explores how personality traits, specifically conscientiousness and openness, interact with locus of control to shape financial bandwagon behavior. Integrating insights from behavioral finance and personality psychology, we employ an ordered probit model to examine how Big Five personality traits and perceived control influence individuals' tendency to follow the crowd in financial decision-making. Findings reveal that both conscientiousness and an internal locus of control are negatively associated with financial bandwagon behavior. However, the interaction effect suggests that a strong external locus of control can override the cautious nature of conscientious individuals, increasing their likelihood of bandwagon participation. This nuanced relationship highlights that even disciplined, risk-averse individuals may conform to herd behavior when they perceive limited personal agency over outcomes. These results underscore the importance of considering both stable personality dimensions and situational cognitive frames when analyzing financial behavior. Practical implications include tailoring financial education and advising strategies to account for individual differences in personality and perceived control. Financial professionals and policymakers can leverage these insights to design interventions that mitigate irrational investment behaviors and enhance decision quality.
Author(s): Yi Liu, Wookjae Heo, Blain Pearson, Hye Jun Park
This study investigates how midlife psychological traits and behavioral factors influence life satisfaction in later life, particularly for women. Using data from the National Longitudinal Survey of Youth 1979, we examined the influence of midlife psychological traits and financial behaviors including locus of control, financial literacy (objective and subjective), and retirement planning, on life satisfaction among women aged 57 to 65, and how these relationships vary by marital status. An internal locus of control, and higher subjective financial knowledge were positively associated with life satisfaction. In contrast, higher objective financial knowledge was linked to higher likelihood of reporting lower life satisfaction and a reduced likelihood of reporting the highest satisfaction level. Retirement planning was not a significant predictor. Marital status significantly influenced life satisfaction for married women who were more likely to report the highest satisfaction. An interaction between retirement planning and marital status revealed that divorced women who had planned for retirement were more likely to report lower life satisfaction and less likely to report the highest level. These findings reinforce the importance of both psychological and financial factors in determining life satisfaction and highlight the role of marital status in modifying these relationships.
This study examines the relationship between widowhood, depression, and financial strain, with a focus on gender differences in these pathways. Using longitudinal data from the Health and Retirement Study (HRS), we investigate how the transition into widowhood affects individuals’ mental health and financial well-being. While prior research suggests that women experience greater direct financial consequences of widowhood, men often report higher levels of depression. Our analysis applies a moderated mediation model based on the Stress Process Framework to test whether depression mediates the relationship between widowhood and financial strain, and whether marital history (length and number of prior marriages) moderates these effects. Findings indicate that women face both direct financial shocks and indirect effects through depression, while men’s financial strain occurs primarily through the psychological pathway of depression. Results highlight that depression is a universal risk factor for financial difficulty, regardless of gender. These findings have significant implications for financial planners, consumer educators, and mental health professionals by emphasizing the importance of tailored interventions that recognize gendered vulnerabilities. This research contributes to consumer well-being by providing insights that support the development of more effective financial planning and counseling strategies for widowed individuals.
Youth transitioning from foster care face steep challenges in education, employment, housing, and financial stability as they move into adulthood without the safety net of family support. This study presents Year 1 findings from a five-year longitudinal project examining how prepared transition-age foster youth feel in core domains of adulthood, including school and job training, employment, money management, housing, and independent living. Results show youth feel most confident in daily living skills and job readiness, but less prepared in financial literacy and housing stability. While many remain enrolled in school, a concerning subset is disconnected from both education and employment, signaling high risk for long-term instability. Employment patterns largely reflect developmental priorities, with part-time work typical among students. These findings highlight the need for targeted financial literacy programs, housing supports, and education completion initiatives. Insights directly inform policy and practice to strengthen economic well-being and self-sufficiency among this vulnerable population.
Author(s): Selena Garrison, Martie Gillen, Diamond Whitley, Morgan Cooley
The ability to delay gratification has long been linked to favorable life outcomes, including financial well-being. Yet, most existing evidence comes from small-scale or cross-sectional studies, often limited to WEIRD (Western, Educated, Industrialized, Rich, and Democratic) populations. This study draws on longitudinal data from more than 207,000 adults across 22 countries and one territory who participated in the Global Flourishing Study, surveyed at two time points approximately one year apart (2022–2024). We examined whether individuals’ propensity to delay gratification predicted subsequent financial well-being, measured with four indicators: financial security, material security, subjective perception of household income, and high-income attainment. Country-specific multivariate regression models, adjusted for demographic and childhood variables, were estimated and synthesized using random-effects meta-analysis. Robustness tests were conducted. Results showed that delayed gratification prospectively predicted greater financial security, material security, and more positive perceptions of household income, but not actual income attainment. Effect sizes were modest and varied across countries, with the strongest associations observed in WEIRD societies and for subjective financial outcomes. These findings highlight delayed gratification as an important, though culturally contingent, predictor of financial well-being. They also point to the need for culturally informed consumer education and policy strategies.
Author(s): Dorota Weziak-Bialowolska, Piotr Bialowolski, Ying Chen, Eric Kim, Richard Cowden, Noah Padgett, Byron Johnson, Tyler VanderWeele
Motivated by the Diffusion of Innovations (DOI) Theory, we examine how agricultural producers in the Southern United States understand and use FinTech tools. We investigate factors associated with FinTech familiarity and the actual usage of FinTech services. Results showed that technological access, specifically smartphone, 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.
Author(s): Tanaka Chimbane, Olamide Olajide, Kelly Lange
This study explores the factors influencing public sector employees’ comfort with using artificial intelligence (AI) tools for financial decision-making. Leveraging an extended Unified Theory of Acceptance and Use of Technology (UTAUT) framework, the research analyzes survey data from 1,994 respondents to identify key predictors of AI comfort. The study examines four core constructs—perceived usefulness, effort expectancy, financial planning behavior, and organizational support—alongside demographic and socioeconomic controls. Using ordinal logistic regression, the findings reveal that comfort with AI is more strongly associated with confidence in AI-generated outputs, frequency of AI interaction, and perceived organizational readiness than with traditional demographic factors. Surprisingly, perceived utility of AI in retirement planning was negatively associated with comfort, suggesting a disconnect between expected benefits and user trust. The study highlights the importance of trust-building, exposure, and institutional support in fostering AI adoption. Implications include the need for user-centered design, targeted training, and policy initiatives that promote digital financial literacy. These insights contribute to the growing body of research on technology acceptance and offer practical guidance for organizations seeking to integrate AI into consumer financial services.
Richard Stebbins started his career working in the financial planning profession at a boutique firm specializing in college professors. His clients inspired him to pursue a career in academia and he has been sharing what he has learned with students for over a decade. He has written... Read More →
Zhikun Liu, Ph.D., CFP®, is an experienced financial planning research director, specializing in retirement planning, behavioral economics, and wealth management. He currently serves as Vice President and Head of the MissionSquare Research Institute at MissionSquare Retirement. Dr... Read More →
Tuesday April 14, 2026 2:15pm - 3:45pm PDT Pacific I
This preliminary study uses survey data to investigate the relationship between demographic, financial, and behavioral characteristics and the likelihood of AI adoption in financial planning. By applying statistical techniques, including correlation analysis and logistic regression, the research identifies the factors most strongly associated with the adoption of AI. The findings aim to contribute to the understanding of technology diffusion in financial planning and to provide insights for practitioners, educators, and policymakers seeking to encourage effective use of AI tools.
This study, based on original data collection and the creation of tailored educational videos specifically produced for this research, investigates the effectiveness of short consumer education videos in shaping students’ intentions to increase fruit and vegetable consumption. The interventions included a control group and varied in framing: neutral (informational), positive (gains), and negative (losses). Cultural orientations, measured by Hofstede’s dimensions, were also tested as potential moderators. Data were collected from over 400 students at a large public university using a randomized between-subjects design. Results show that positively framed videos significantly increased intentions compared to control, while neutral and negative framings had little effect. Cultural orientations, particularly long-term orientation and uncertainty avoidance, strongly predicted higher intent, and female students reported greater likelihood than males. These findings highlight the importance of message framing and cultural context in promoting healthier eating intentions. By linking consumer education, culture, and nutrition, this study offers evidence for scalable, low-cost interventions that resonate with diverse student populations and support ACCI’s mission to enhance consumer and family well-being.
This study explores the relationship between financial independence and mental health among emerging adult college students, focusing on two key psychological indicators: anxiety and flourishing. Drawing on data from college students across two U.S. universities, the research examines how varying levels of financial responsibility - measured through funding sources, itemized expenses, and self-reported motivation - relate to scores on the Generalized Anxiety Disorder Scale (GAD-7) and the Flourishing Scale (FS).
Author(s): Nilton Porto, Jing Jian Xiao, Ashley LeBaron-Black, Mariyam Abbas
In this study, we used data collected from college students at five universities in the U.S. to explore personal finance topics demanded by college students. Budgeting, cash management, the financial planning process, and investing are the four topics most frequently chosen by the surveyed students as helpful topics in financial education. We also explored if there are differences in personal finance topics demanded by college students in terms of four sets of financial independence factors: independence level, independence motivation, funding source, and financial responsibility. The results indicate that comparatively, financial responsibility and funding source show more differences in personal finance topics demanded by college students than the other two sets of variables: independence level and independence motivation. The findings indicate that when designing personal finance courses for college students, differences in financial independence and motivation may not be effective predictors. Students across various levels of financial independence and motivation may benefit equally from these topics, though their reasons for engaging with them may differ.
Dr. Jing Jian Xiao is a consumer economics professor at University of Rhode Island. He is also the editor of Journal of Financial Counseling and Planning and the co-guest editor for the special issue on “Consumer Wellbeing in Asia” of Journal of Consumer Affairs.
Tuesday April 14, 2026 2:15pm - 3:45pm PDT Pacific II
This study examines how consumer expectations influence food consumption in all-you-can-eat restaurants. Conducted with 313 diners at a Korean BBQ buffet offering premium and standard menu options, participants were randomly assigned to one of four groups based on their menu choice and whether they received a surprise discount or a free upgrade. Results show that higher expectations—shaped by cues like price and perceived food quality—lead to increased consumption. Unexpected discounts or free upgrades did not significantly alter consumption, suggesting that once expectations are set, they strongly guide behavior regardless of actual changes in offerings. Nonetheless, both types of expectancy violations improved perceived satiety and value. These findings highlight that consumption behavior is anchored in initial expectations, which persist even when actual conditions change, emphasizing the psychological over the economic determinants of buffet dining behavior.
There appears to be an advisor blind spot to the presence of a very large asset found in most households: the home. Add to this, the finding that households in the United States have a widespread problem of retirement inadequacy (Board of Governors of the Federal Reserve System, 2019). While the use of reverse mortgages and home equity later in life is more recently at the forefront of financial planning to help with this inadequacy, there should also be lifestyle discussions initiated by a financial planner when a client is buying a home, and throughout home ownership (such as decisions about refinancing, moving to a larger home) to make better home ownership financial decisions throughout life and ensure retirement success (Herring, 2019). Data derived from a Financial Advisors survey shows a consensus on needing to advise clients on varying housing matters and a diversity of responses on whether they feel adequately educated to do so. Lifestyle choices are for the client to decide, but the financial planner should be prepared to offer advice on a variety of priorities, including the home, which is often a client’s most valuable asset (Blanchett, 2017).
This study examines the relationship between student loans and homeownership in the United States, with a particular focus on how this relationship evolves over time. Using longitudinal data and fixed-effects logistic regression models, we analyze whether student loans deter homeownership among individuals in early adulthood. The models incorporate time-varying financial and demographic predictors, as well as an interaction term to evaluate temporal changes in the effect of student loans. The findings reveal that while student loans do not have a significant impact on homeownership on average, their negative effect is pronounced early in adulthood and diminishes over time. Higher income and marital status are consistently associated with increased odds of homeownership, whereas urban residence significantly reduces the likelihood of owning a home. These results highlight the dynamic nature of financial constraints and emphasize the importance of policies supporting homeownership, particularly for those burdened by student debt during early career stages.
