Abstract This study provides compelling evidence for Black underrepresenation in the financial advisor industry. Using a dataset of all U.S. securities-licensed individuals (N = 642,543), we first estimate the racial and ethnic composition of the industry using an algorithm that accounts for name, gender, and location. Second, we use a dataset enhanced by a commercial vendor to restrict the analysis to only those identified as working as financial advisors (n = 237,435). Using Google search volume for a racial epithet as a proxy for area racism, we find that greater racism in a market is assoc ..read more

Abstract Retirement plan sponsors, financial advisors, and public policy makers are increasingly interested in encouraging higher levels of retirement savings. This study enhances understanding of the behavioral biases that may adversely impact retirement savings decisions and financial outcomes and suggests mechanisms for improving outcomes. In an incentivized laboratory experiment, we study participants' investment and asset allocation decisions over a meaningful time horizon and test the efficacy of alternative behavioral prompts to motivate investment decisions. We find that greater financ ..read more

Abstract To what extent do personality traits predict wealth in adulthood over and above standard demographic factors? In all 3240 adults in the UK completed a Big Five personality test and reported on their property wealth, savings and investments, and their physical valuable items. We also had data on their age, education, household income and gender. Correlations and regressions showed that the demographics, particularly age and income were, as expected clearest correlates of wealth. Conscientious was positively and agreeableness, neuroticism and extraversion were negatively associated with ..read more

FINANCIAL PLANNING REVIEW, Volume 6, Issue 1, March 2023 ..read more

Abstract This article analyzes Americans' perceptions of being debt-constrained. We focus on which population subgroups reported feeling most debt-constrained, how this perception was impacted by the COVID-19 pandemic, and how it relates to financial literacy and retirement readiness. To this end, we analyze two datasets, namely the 2020 and 2021 TIAA Institute-GFLEC Personal Finance Index files (P-Fin Index). The evidence shows that, prior to and during the pandemic, one in three American adults felt constrained by their debt. The percentage was even higher among vulnerable subgroups such as ..read more

FINANCIAL PLANNING REVIEW, EarlyView ..read more

Abstract It is increasingly common for universities to offer financial education or life skills courses as electives. However, less is known about the potential impacts of these courses on factors beyond financial literacy, such as financial attitudes, financial stress, or financial well-being. Out study explores these topics using a unique sample of 370 undergraduate students, half of whom opted to enroll in and complete a financial life skills course and half of whom did not. We explore various aspects of student financial life, including well-being, stress, self-efficacy, knowledge, behavio ..read more

FINANCIAL PLANNING REVIEW, Volume 5, Issue 4, December 2022 ..read more

Abstract Low household wealth has been associated with the lack of participation in risky financial markets. To improve our understanding of how households decide to participate in financial markets, it is important to investigate how financial literacy heterogeneity among heads influences households' risk attitude and capacity and the propensity to invest in various financial markets. Utilizing the U.S. 2016 survey of consumer finances, this article tests the effect of the head's financial literacy on the household's risk attitude and capacity and also examines whether the household's risk to ..read more

FINANCIAL PLANNING REVIEW, EarlyView ..read more