ACCI Conference 2026

This study examines the interplay between financial capacity, investing experience, and self-reported risk tolerance among affluent US investors. Data were collected via an online Qualtrics survey administered to members of the Precision Sample research panel in 2023. Participants were required to actively manage their household investments. The design intentionally oversampled high-income households, defined as those with combined spousal or partner incomes between $200,000 and $300,000, as well as high-net-worth individuals, defined as those with a net worth exceeding $1 million (excluding the value of their primary residence and any associated loans). Using hierarchical clustering, K-means clustering, ANOVA, and generalized linear modeling, investors were segmented into three statistically distinct profiles defined by their financial knowledge, investment experience, and financial capacity. The highest risk-tolerance group was neither the most experienced nor the most knowledgeable, whereas the most financially knowledgeable and skilled group exhibited the lowest willingness to take risks. These findings challenge the assumption that greater financial sophistication automatically equates to higher risk tolerance. Findings highlight the significant role of psychological and situational factors in investment decision-making. The results have implications for those who provide investment and financial advice, client risk profiling practices, and regulatory approaches to assessing investor suitability.

Author(s): John Grable, Swarn Chatterjee

This study examines the short- and long-run effects of the COVID-19 pandemic on financial risk tolerance (FRT) in the United States, focusing on racial/ethnic and regional differences. Using the 2018, 2021, and 2024 waves of the National Financial Capability Study (NFCS) and a propensity score matching difference-in-differences (PSM-DID) framework, we construct treated (COVID-affected) and control groups to estimate causal impacts with repeated cross-sectional data. Results indicate a significant decline in FRT in the short run (2021) that persists through 2024, suggesting a lasting impact of the pandemic on households’ willingness to take financial risk. Subgroup analyses reveal heterogeneity: women, lower-income households, and those with greater financial knowledge report lower FRT, while racial/ethnic differences are mixed. Notably, higher educational attainment is associated with lower FRT, diverging from much of the prior literature. Overall, the pandemic produced a persistent reduction in FRT with important demographic variation, underscoring the need for targeted financial education and policy responses to support resilient wealth-building.

Author(s): Zihan Ren, Sherman Hanna

This study examines racial and ethnic disparities in trust toward financial institutions, a critical but underexplored factor shaping financial inclusion and consumer well-being. Using nationally representative Financial Health Pulse data, we analyze overall trust and four key dimensions: whether institutions can keep deposits safe, provide good financial advice, are honest and transparent about costs and fees, and want to help improve customers’ finances. We find that while 61% of Americans trust financial institutions somewhat or completely, trust levels differ sharply by race and ethnicity. Around two-thirds of Asian and white consumers report trust, compared with about half of Black and Latine consumers, who are also more likely to feel ambivalent. Asian respondents report similar overall trust to white respondents but lower affective trust — they have more confidence in what financial institutions can do than in whether they genuinely want to help. These gaps matter because trust influences how consumers engage with banks, build savings, and access safe credit. By highlighting where trust breaks down, this study offers insight to improve equity, strengthen confidence in financial institutions, and support consumer and family economic well-being.

Author(s): Amber Jackson, Andrew Warren

This study investigates the link between long-term COVID-19 symptoms and financial hardship. Analyzing a large national survey from 2022-2024, it tracks how difficulty paying for usual household expenses varied among U.S. adults with different COVID-19 experiences. The findings suggest that 1.5% of U.S. adults, roughly 3.9 million people, who suffer from severe activity limitations due to long COVID face the highest financial burden, with over 7 in 10 experiencing persistent financial hardship. This group was nearly twice as likely to face financial hardship as those who were never infected. These extreme disparities persisted long after pandemic relief programs ended. These findings suggest that severe long COVID creates a cycle of health and financial crisis, underscoring the critical need for policy solutions like improved disability benefits and integrated financial support services to protect these vulnerable individuals and households.

Author(s): Vivekananda Das

This study examines the influence of household income on spending on education, savings, and insurance, using data from the 9th, 13th, and 16th Financial Panel Surveys in Korea, covering the years 2016, 2020, and 2024. Households were divided into three income groups: under 30 million won, between 30 and 60 million won, and over 60 million won. Ordinary Least Squares (OLS) with a robust method was applied to ensure reliable results. The findings show clear differences across income groups. Low-income households reduced their spending on education as income grew and showed only small increases in savings. Middle-income households raised both savings and insurance spending, especially after 2020. High-income households showed positive growth in all three areas, although savings and insurance spending fell in 2020 before rising again in 2024. These results suggest that income inequality is reflected in family investments in education, savings, and health, which may lead to wider gaps in opportunity and welfare over time. The study highlights the need for policy support for low-income households, such as higher interest rates for small savings or the provision of education vouchers. Overall, the findings indicate that income inequality creates unequal spending patterns that affect fairness and social cohesion.

Author(s): YuJin Seo, Namhoon Kim

This study examines how informal business owners in Ghana interact with consumers through customer pricing practices, with particular attention to gender differences in credit provision. Using data from an enterprise census in Aburi, Ghana, we surveyed over 1,200 business owners operating in permanent structures, signposted households, and home-based enterprises. Our preliminary findings reveal that women business owners are 15 percentage points more likely to sell goods to consumers on credit compared to male business owners, even after controlling for owner demographics. This substantial difference persists across owner age, education level, and marital status. In contexts where formal financial services and social safety nets are limited, consumer credit from local businesses may serve as an important mechanism for household consumption smoothing. The gendered nature of these practices suggests that women-owned businesses play a distinctive role in supporting community economic resilience beyond their contributions to employment and income generation. These findings have important implications for consumer financial protection policies, financial inclusion programs targeting entrepreneurs, and our understanding of how informal markets contribute to household economic well-being in developing economies.

Author(s): Gisella Kagy

This study investigates the interplay between economic stability and cultural expectations in shaping marriage decisions among young adults in Korea. Using data from the Korean Labor and Income Panel Study (KLIPS) (2021–2023, N=11,671), random-effects logistic regression reveals that higher wages and job tenure significantly increase the likelihood of marriage, while traditional gender-role attitudes are marginally associated with higher marriage probability. However, men remain substantially less likely to be married than women, underscoring the persistent cultural and structural burden of breadwinner expectations. These findings highlight that Korea’s delayed marriage trends cannot be explained by economic constraints alone but must also account for enduring gender norms. From the perspective of consumer and family economics, delayed marriage has broad implications for financial planning, saving and investment behavior, housing demand, fertility outcomes, and intergenerational resource transfers. By integrating cultural and economic perspectives, this research advances understanding of how demographic changes influence household formation and consumer well-being.

Author(s): Youngsik Oh, Hye Jun Park, Wookjae Heo

This study investigates how attention, effort, gender, and the language of educational materials shape the effectiveness of financial education. We conducted a large-scale randomized controlled field experiment with a nationally representative sample of 4,389 adults, measuring financial literacy at three points over six months. The intervention was designed as a low-cost, self-contained program delivered in gendered (masculine, feminine, neutral) and placebo formats. Results show that financial education significantly improves financial literacy in the short term, with effects persisting for at least three months. Cognitive engagement, measured through attention and effort, emerged as a strong predictor of learning gains, especially among women. While gendered language had only a modest impact, gender differences were pronounced: women benefited more from the intervention, and their learning outcomes were strongly linked to attentiveness and effort, whereas men showed weaker or nonsignificant effects. These findings highlight the importance of considering gender-specific engagement patterns and cognitive processes in the design of financial education programs. The study provides robust experimental evidence from Poland, contributing to debates on the cost-effectiveness, inclusiveness, and scalability of financial literacy interventions.

Author(s): Piotr Bialowolski, Andrzej Cwynar, Dorota Weziak-Bialowolska

This study investigates fintech use and its applications to households' emergency savings, specifically with attention to financial literacy and debt levels. Using weighted logistic regression from the 2024 National Financial Capability Study, the analysis estimates the factors that increase or decrease the likelihood of maintaining three months of emergency savings. The results show that fintech use alone is not associated with emergency savings. However, financial literacy is strongly associated positively with savings, while debt reduces the likelihood of savings by 14% to 33% as respondents' debt sources increased. Interaction effects show that fintech benefits households with low financial literacy and high debt burdens.

Author(s): Ohireime Ojeomogha, Theophilus Amanfo

This study investigates how family financial socialization (FFS) unfolds within immigrant-heritage families, drawing on the experiences of first-generation college students. Existing research has largely focused on parent–child dynamics within White, middle-class samples, overlooking the ways migration histories, cultural traditions, and systemic barriers shape financial learning. Through a Photovoice project, participants submitted images and reflections capturing formative financial experiences. Thematic Analysis revealed ten central themes that showed how financial lessons were communicated explicitly—through direct guidance—and implicitly—through observation, necessity, and responsibility. Critical Discourse Analysis further demonstrated how students’ narratives both reproduced and resisted racialized, classed, and cultural discourses about money. Findings highlight that FFS extends beyond parent–child interactions to include peers, extended kin, cultural values, and encounters with institutions. Participants often served as cultural and financial intermediaries, translating, advocating, and navigating financial systems on behalf of their families, experiences that deeply informed their values and behaviors. These insights underscore the need to refine FFS frameworks to incorporate cultural and structural contexts and to design culturally responsive financial education that acknowledges the lived realities of immigrant and first-generation communities.

Author(s): Miguel Quiñones, Yesenia Alvarez Padilla

Artificial intelligence (AI) is rapidly transforming personal finance by offering affordable financial advice. While these tools have the potential to expand access to guidance and improve decision-making, little is known about which consumers are most receptive to AI-driven financial advice. Identifying these groups is critical for understanding how technology can be leveraged to enhance consumer and family economic well-being. This study examines sociodemographic, financial, and psychological characteristics and digital engagement variables that are related to having an interest in getting financial advice from AI. The analysis focuses on whether characteristics such as age, gender, race/ethnicity, household income, financial literacy, financial anxiety, and frequency of digital behaviors are associated with openness to AI-based financial guidance. By clarifying who is most likely to adopt AI-driven financial advice, the study provides insights into how emerging financial technologies can reduce barriers to professional guidance and promote household financial security, inclusion, and long-term consumer welfare.

Author(s):Juhui Ko