I recently attended the 2019 American Council on Consumer Interests (ACCI) conference in Arlington, VA. Below are nine research findings that I took away from the speaker presentations and posters:
¨ Household Wealth- Cars are a major asset for low-income households that do not own homes.
¨ Research Lag Time- It takes 17 years for just 14% of research to get translated into practice.
¨ Choice Architecture– The framing of options for people can greatly affect financial behavior (e.g., saving).
¨ Positive Outcomes– Participants in an Assets for Independence (AFI) matched savings program for low-income families were less likely to be evicted and more likely to pay their utility bills.
¨ Gig Economy- 1 in 10 workers has earned money through the “gig economy.” Gig workers must generally provide the “physical capital” for doing their work (e.g., use of a computer or a personal car for Uber).
¨ Financial Education Impact- Financial education in high school can decrease the probability of being over-confident about your finances, which is associated with use of alternative financial services products.
¨ Phased Retirement– Working part-time in later life avoids the psychological challenges of jumping immediately from full-time work to immediately retiring and helps to maintain older adult happiness.
¨ Financial Self-Efficacy-This is a feeling of being able to deal with financial situations effectively. A study found that a higher level of self-efficacy significantly contributed to higher financial well-being.
¨ Financial Capability- The Consumer Financial Protection Bureau described three building blocks of financial capability: executive function, financial habits and norms, and financial knowledge and decision-making skills.