The COVID-19 pandemic, due to its prevalence, has affected all spheres of socio-economic life, in particular household finances. The aim of the article is to present the impact of the pandemic on the financial situation of Poles and Slovaks who use robo-advisory services, including their...

Concerned about low levels of financial literacy among teens and the importance of their looming financial decisions as emerging adults, state policymakers have expanded high school personal finance graduation requirements. Did these added requirements create an additional barrier for students?...

I examine the financial fragility of German households during the second wave of COVID-19 infections in the winter of 2020/21 by analyzing the households’ ability to come up with EUR 2,000 within one month. About one in three households reports being unable to cover an unexpected expense of...

Though ample empirical evidence demonstrates the relationship between objective financial literacy and retirement planning, we have a limited understanding of the role of individuals' subjective financial literacy in their retirement planning. In this study, we examine how individuals' financial...

We investigate the role of financial advice in shaping the composition of household portfolios in Great Britain. Advice is associated with a reallocation of wealth away from real estate and towards bonds and stocks, especially when households seek financial advice "for investments". Having a...

We use a unique dataset from a large retail bank to examine the impact of financial advice on personal retirement savings. We document that retirement-related financial advice is associated with an increase in tax-exempt retirement accounts and equity investments, both at the extensive as well...

This study examines how engagement in financial management activities influences well-being using nationally representative data (N = approximately 30,000) from the U.S. Bureau of Labor Statistics’ American Time Use Survey and its associated Well-Being Modules. The current study estimates...

Using repeated large-scale surveys of U.S. households, we study the cryptocurrency investment decisions and motives of households relative to other financial assets. Cryptocurrency holders tend to be young, white, male and more libertarian relative to non-crypto holders. They expect much higher...

This paper draws information from a micro-lender and a credit bureau to identify causal effects of small loans on financial health of small U.S. business owners. To achieve this, we exploit temporal variations in the loan disbursements and use an estimation strategy that controls for potential...

Many financial situations present individuals with simple alternatives to solving complex problems. The value of these alternatives depends on whether individuals are sophisticated and know when they are better off opting out of complexity. We tested complexity's effects and evaluated...

The financial technology (fintech) sector is revolutionizing traditional financial practices, yet little information exists on the users of these services. In this study, we examine untapped information from the 2015 National Financial Capability Study and the 2016 GFLEC Mobile Payment Survey to...

Studies noticed that individuals' cognitive, psychological, and behavioral limitations always have some influence in their everyday decision making. And the financial decisions are no exceptions. Perhaps it can be affirmed that individual financial decisions do have cognitive influence. This is...

Concerned about low levels of financial literacy among teens and the importance of their looming financial decisions as emerging adults, state policymakers have expanded high school personal finance graduation requirements. Did these added requirements create an additional barrier for students?...

The COVID-19 pandemic, due to its prevalence, has affected all spheres of socio-economic life, in particular household finances. The aim of the article is to present the impact of the pandemic on the financial situation of Poles and Slovaks who use robo-advisory services, including their...

I examine the financial fragility of German households during the second wave of COVID-19 infections in the winter of 2020/21 by analyzing the households' ability to come up with EUR 2,000 within one month. About one in three households reports being unable to cover an unexpected expense of EUR...

In this paper we discuss the state of the literature relating to the decumulation of retirement wealth and the management of retirement incomes. On the one hand, life-cycle models which allow for strong bequest motives and the effects of medical expense risks have been shown to be able to...

Thailand recently reached "aged" society status, signifying that over twenty percent of the population is over sixty. Considering that Thailand has a low literacy rate, a fractured pension system, and no regulations that could provide sufficient income to cover basic needs after retirement,...

We conduct a randomized controlled trial to understand how a web-based retirement saving calculator affects workers' retirement-savings decisions. In both conditions, the calculator projects workers' retirement income goals. In the treatment condition, it also projects retirement income based on...

In this paper, we use micro data on a large number of European countries from the Survey of Health, Ageing and Retirement in Europe (SHARE) to examine the wealth accumulation (saving) behavior of the retired elderly in Europe. To summarize our main findings, we find that less than half of the...

The purpose of this article is to describe the initial concept of household bridging insurance. Design/methodology/approach: In the first part of the article, an extensive literature review is made. This is made to show the research gap of insufficient protection of households against...

The study examined the Nexus between Job security and Personal financing in Nigeria. Personal financing associated with human needs always occurs daily, where income is the drive to satisfy one's daily needs. There is a striking and noticeable connection between job security and personal...

The TIAA Institute-GFLEC Personal Finance Index (P-Fin Index) is an ongoing project now in its sixth year that annually assesses financial literacy among the U.S. adult population. The P-Fin Index is unique in its capacity to produce a robust measure of overall financial literacy plus a nuanced...

This study seeks to contribute to the understanding of the underlying factors that can explain the high levels of financial exclusion that persist in Mexico, with focus on the role of financial literacy. Our analysis is based on the 2018 National Survey of Financial Inclusion in Mexico (ENIF)....

We use responses to a self-report survey and matched trading data to investigate the effects of personality (Big Five traits), IQ and financial literacy on individuals’ stock trading portfolios. Traits have small but significant effects: openness and extraversion are associated with...

We study the spending response of first-time borrowers to an overdraft facility and elicit their preferences, beliefs, and motives through a FinTech application. Users increase their spending permanently, lower their savings rate, and reallocate spending from non-discretionary to discretionary...

We conduct a randomized controlled trial to understand how a web-based retirement saving calculator affects workers' retirement-savings decisions. In both conditions, the calculator projects workers' retirement income goal. In the treatment condition, it also projects retirement income based on...

Since individuals are increasingly required to manage their own retirement portfolios, policy levers that increase retirement planning and saving have become increasingly important. We use variation in timing and presence of state-required personal finance coursework in high schools to estimate...