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.
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