1. NATIONAL FINANCIAL CAPABILITY STUDY MERGED WITH AMERICAN LIFE PANEL
This research was supported by a grant from the FINRA Investor Education Foundation. All results, interpretations and conclusions expressed are those of the research team alone, and do not necessarily represent the views of
the FINRA Investor Education Foundation or any of its affiliated companies. No portion of this work may be reproduced, cited, or circulated without the express written permission of the author(s).
Christine Callahan, PhD, LCSW-C
University of Maryland, Baltimore, School of Social Work/Financial Social Work Initiative
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2. Background/focus of research
The relationship between psychological well-being and financial capability
Do those with overall higher life satisfaction exhibit greater financial capability?
Do those experiencing fewer stressful life events exhibit greater financial capability?
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3. DATA
FINRA Investor Education Foundation developed National Financial Capability Study (NFCS) to measure four components of financial capability:
making ends meet
planning ahead
managing financial products
demonstrating financial literacy
Commissioned national studies using NFCS 2009 and 2012
NFCS was administered to American Life Panel in 2012
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4. American life panel (ALP)
Nationally representative sample of adults 18+ who have agreed to participate in occasional online survey
About 5,000 people in the panel
ALP surveys tend to be administered on a monthly basis (but not always to all respondents)
Longitudinal in nature (can merge datasets) - most important feature for us
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5. STUDY VARIABLES
Four measures of financial capability (objective financial literacy, subjective financial literacy, desirable financial behavior, perceived financial capability)
Two measures of psychological well-being (life satisfaction, stressful life events)
Control variables (e.g., age, gender, education, marital status)
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