3 research outputs found
Student Loans and Health-related Financial Hardship
Research has shown that student loan borrowers in repayment exhibit physical and mental health problems. These can be exacerbated by and contribute to health-related financial hardship. We use the 2015 U.S. National Financial Capability Study to examine the likelihood of having past due medical bills and of avoiding health care services by not purchasing prescribed medication, skipping tests or follow-up with a doctor or not seeking care for a medical problem. Borrowers on income-driven repayment plans and those who made late payments are found to be more likely to have unpaid medical bills and to have avoided required medical attention. In addition, those who completed their funded education program but had made a late payment were more likely to avoid seeking medical attention when needed. Practical implications for loan administrators and those working with students are discussed
Financial Literacy: The Relationship to Saving Behavior in Low- to Moderate-income Households
This study was designed to explore financial literacy in low- to moderate-income households with regard to saving behavior. The study examined the low- to moderate-income household’s decision to save regularly and their responses to three questions related to financial literacy and a self-reported perception of financial knowledge. Perceived financial knowledge and planning (usually or most of the time) were good indicators of the decision to save regularly
What do Financial Planning Organizations Communicate to Stakeholders and Consumers? An Empirical Narrative Analysis
This study examined how financial organizations present relevant information to stakeholders and consumers and what differences exist between what organizations intend to deliver and what consumers and stakeholders perceive from the communication channels. Using a text mining technique, text data collected from financial planning organizational websites, social media, and news reports were analyzed. The results showed that the financial planning organizations successfully address their own position in the financial planning profession; however, financial planning organizations often fail to communicate specifics about their value to consumers. The findings suggest that financial planning organizations should enhance messaging strategies to promote both the organization and the profession it uniquely serves