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Attributes of Households that Engage in Higher Levels of Family Financial Planning

Author

Listed:
  • Christi R. Wann

    (The University of Tennessee at Chattanooga)

  • Lisa A. Burke-Smalley

    (The University of Tennessee at Chattanooga)

Abstract

This research uses data from the 2018 National Financial Capability Study to investigate the attributes of households that engage in higher levels of family financial planning. Greater levels of financial planning are evidenced when households report more positive responses in planning for retirement, saving for emergencies, and establishing a will. Based on an ordinal logistic regression, various demographic attributes, objective and subjective financial knowledge scores, frequency of participation in financial education, and the frequent use of financial websites or apps to help with financial tasks are positively related to higher levels of family financial planning. The results have implications for financial literacy education and the development and marketing of websites and apps for personal finance.

Suggested Citation

  • Christi R. Wann & Lisa A. Burke-Smalley, 2023. "Attributes of Households that Engage in Higher Levels of Family Financial Planning," Journal of Family and Economic Issues, Springer, vol. 44(1), pages 98-113, March.
    • Handle: RePEc:kap:jfamec:v:44:y:2023:i:1:d:10.1007_s10834-021-09805-0
    DOI: 10.1007/s10834-021-09805-0
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    References listed on IDEAS

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