May 06, 2021


April Bullard, one of our undergraduate students who works as the SSAC Lead Student Staff/Intern, won 2nd place in UGA’s Top 75 Student Employees of the Year by the UGA Career Center. The introduction is about a minute long and the section about April begins at 3:28 on the video. 

Isabel Rutledge, Griffin undergrad, was chosen as the Student Challenge Speaker for the May virtual FACS commencement.  

Dr. Sophia Anong on being named a 2021 Science and Technology Policy Fellow of the American Association for the Advancement of Science. Dr. Anong will serve as the Digital Ecosystem Advisor at the U.S. Agency for International Development (USAID). 

Dr. Lance Palmer on receiving the Janette McGarity Barber Distinguished Professorship

Dr. Kenneth White received a NEFE grant for examining cross-racial validity of financial literacy. The total grant is worth $93,247: 

Reiter, M., McCoy, M., Watkins, K., Jurgenson, J., & White, K. (2020). An examination of the KMSI-R: Relationship to financial literacy and cross-racial validity. 

Dr. Pamela Turner received a $150,000 USDA-NIFA grant to develop emergency management training of extension employees entitled: Preparing Extension Employees for Emergencies & Natural Disasters.  

Doctoral student Yu (Yulia) Zhang will be awarded the NEFE Best Paper Award at this year’s 2021 ACCI Annual Conference for her paper co-authored with alumna Dr. Lu Fan of the University of Missouri:  

Zhang, Y. and Fan, L. (2021). The Determinants of Student Loan Behaviors, Stress, and Satisfaction. 2021 ACCI Annual Conference

Along with Yulia, the following FHCE doctoral students will be presented their research at the ACCI Conference: Pan-Ju (Cindy) Chen, Heejae (Hannah) Lee, Jia Qi, Jordan Bell, Michael Gawrys, Muna Sharma, and Yingyi (Tracy) Liu

Doctoral students Heejae (Hannah) Lee, Jordan Bell, and Pan-Ju (Cindy) Chen (co-authored with Dr. Dee Warmath) are also going to present at the American Market Association Frontiers in Service Conference this July. 

The following students presented their research at the 2021 CURO symposium

Octavio Aguilar (Mentor Faculty: Dr. Anong), Audrey Kernodle (Mentor Faculty: Dr. Chatterjee) and Milan Chokshi (Mentor Faculty: Dr. Chatterjee). In addition to mentoring our FHCE students, Dr. Anong also served as a mentor for 7 additional students who presented their research at CURO. 

This year the UGA Student Financial Planning Association (SFPA) had a virtual annual celebration. Thank you Kelly Howe, Drs. Mary Carlson and Michael Thomas, and many others involved in putting this wonderful presentation together. Here is the link to the celebration: 2021 Annual Celebration program. The following supporters, leaders, and alumni were awarded as part of this annual celebration: 

Thomas E. Cochran Distinguished Service Award: Dean Linda K. Fox, FACS. 

Thomas E. Cochran Emerging Leader Award: Anna Schermerhorn, FHCE Undergraduate Student  

Distinguished Financial Planning Alumni Award: Dr. Martin Seay, KSU. 

Young Financial Planning Achiever Award: Bo Hanson, Abound Wealth Management (Franklin, TN), Co-Host of The Money Guy Show. 

Outstanding Financial Planning Graduate Student Award: Eunjin Kwak, FHCE Doctoral Student 

Outstanding Financial Planning Undergraduate Student Award: Kevin VanCise, FHCE Undergraduate 

Recent Research 

White, K. J., McCoy, M., Chen, X., Watkins, K., & Koposko, J. (2021). “We don’t talk about that”: Exploring money conversations of black, Hispanic, and white households. Family and Consumer Science Research Journal. DOI: 10.1111/FCSR.12397  

Fan, L., Chatterjee, S. & Kim, J. (2021). An Integrated Framework of Young Adults’ Subjective Well-Being: The Roles of Personality Traits, Financial Responsibility, Perceived Financial Capability, and Race. Journal of Family and Economic Issues. 

Apr 12, 2021


Dr. Joe Goetz for receiving the Josiah Meigs Distinguished Teaching Professorship, which is the University’s highest teaching honor. 

Congratulations to Effie Antonoudi, who was recently awarded the College of Family and Consumer Sciences Super-Includer Diversity Award for her work on Diversity & Inclusion in the Financial Planning field.

Portia Johnson for being inducted to the UGA Chapter of the Blue Key National Honor Society. Portia was one of the 74 students chose for this year’s cohort of lifetime membership inductees.

Jessica Parks has received her Accredited Financial Counselor (AFC) certification.

Doctoral Student Hanna Lee (faculty mentor: Dr. Dee Warmath) presented her poster entitled “The Role of Attitudes in Fad Diet Adoption” at the Georgia CTSA Conference. 

Jordan Bell’s paper entitled “Great Expectations: The Role of Financial Security in Overall Well-Being” and Pan-ju (Cindy) Chen’s paper entitled There Won’t Be a Next Time: The Role of Acute Scarcity in Financial Goal Setting” were both selected for presentation at the 2021 American Marketing Association’s Marketing and Public Policy Conference. Both doctoral students were mentored by Dr. Dee Warmath.  

Jaeyong Yoo (Major Professor: Dr. Patryk Babiarz) presented his paper entitled “Predicting U.S. inter-state migration with online search” at the American Real Estate Society’s annual meeting in March, 2021. 

Doctoral students Aditi Routh and Jaeyong Yoo were both selected to receive Summer Research Grants. Each student will receive $1,500 from their respective grants.  

Tracy Kasing, who is a Financial Planning student on the Double Dawgs Pathway has published a book review in the Journal of Financial Therapy (Faculty Mentor: Dr. Kristy Archuleta): 

Kasing, T. E. (2020). Book Review: Tiny Habits: The Small Changes that Change Everything. Journal of Financial Therapy, 11(2), 6. 

Recent Research 

Henager, R., Anong, S. T., Serido, J., & Shim, S. (2021). Does Financial Satisfaction Vary Depending on the Funding Strategy Used to Pay for College?. Journal of Family and Economic Issues, 1-20.

This study sought to determine whether the levels of financial satisfaction reported by college undergraduates and graduates differ in relation to whether they funded their college education by working or borrowing or a combination of the two. Data for this study came from a survey sample of full-time freshmen that formed the basis of a longitudinal study conducted at a large public university. Funding sources examined were grouped into those who worked only, those who borrowed only, those who worked and borrowed, and those who used grants, scholarships, or other sources of money to fund their college education. Compared to those who had student loans, those who had financed college with grants, scholarships, or other money (usually from family and/or friends) were more likely to report greater financial satisfaction than those who had used student loans to pay for college. There was evidence that this was only true during college rather than after college. The results obtained suggest that merely possessing a student loan may not necessarily decrease the level of financial satisfaction as many suspect, especially considering other funding alternatives such as working during college. While there was no significant impact of these funding strategies on financial satisfaction either during or after college, there was evidence for possible thresholds at which overall student loan balances may begin to erode financial satisfaction. The results obtained suggest that student loans may not decrease the level of financial satisfaction as much as many have suspected when compared with working to pay for college, as long as the amount of the student loan is not excessive, and is not accompanied by other types of debt (which also reduced financial satisfaction). 

Kim, J., & Chatterjee, S. (2021). Financial Debt and Mental Health of Young Adults. Journal of Financial Counseling and Planning. DOI: 10.1891/JFCP-18-00048 

The purpose of this study is to examine the debt burdens, perceived capabilities, and mental health of young adults. Panel data constructed from the 2009 to 2013 waves of the Panel Study of Income Dynamics (PSID) and its Transition to Adulthood (TA) supplement are used in this study. The multinomial logistic regression analysis findings showed that the amount of revolving debt was negatively associated with young adults’ mental health. On the other hand, perceived abilities in acting responsibly, in solving problems, and in managing money were positively associated with the mental health of young adults. The fixed effects regression analysis results indicate that the amounts of credit card and student loan debt from the previous period were negatively associated with an increase in the mental health continuum scores of young adults over time. A discussion of the implications of this study’s key findings for scholars, policymakers, and practitioners is included. 

Muruthi, B. A., Watkins, K., McCoy, M. A., White, K. J., McRell, A. S., Thomas, M., & Taiwo, A. (2021). Save, Even If It’s a Penny”: Transnational Financial Socialization of Black Immigrant Women. Journal of Financial Therapy, 11(2), 3. 

The purpose of this study is to investigate Black-Caribbean and African women’s transnational financial socialization. Analysis of the data show 1) financial socialization in the country of origin: (a) parents stressed the importance of saving, (b) learned about money management explicitly, (c) learned about money management through observation, (d) learned by observing parent’s struggle; and 2) the impact to women’s financial navigation in the U.S.: (a) not receiving financial education, (b) unexpected financial stressors in the U.S., (c) difficulty saving, (d) the need for more financial education. Implications for mental health and financial practitioners and researchers are provided. 

Rabbani, A. G., Grable, J. E., O’Neill, B., Lawrence, F., & Yao, Z. (2021). Financial risk tolerance before and after a stock market shock: Testing the recency bias hypothesis. Journal of Financial Counseling and Planning, 32(1), 1-17. DOI: 10.1891/JFCP-19-00025 

Is there an association between a household financial decision maker’s risk tolerance and the performance of the stock market? Some researchers argue that financial market events have little association with the financial risk tolerance (FRT) of household financial decision makers, while others argue that FRT among individuals can vary in relation to significant market fluctuations. The applicability of either argument may depend on the length of the period before and after a major market event. The purpose of this study was to evaluate aggregate changes in FRT around a major stock market event for different anchor time periods and to test the recency bias hypothesis. The analyses were designed to explore the FRT of Americans during a volatile multi-month period of stock market performance in 2018–2019. Several univariate, bivariate, and multivariate tests were used to compare FRT assessment scores pre- and post-October 3rd, 2018 (i.e., the market high in 2018). A decrease in FRT from the market high was noted across the sample; however, the decrease was exhibited most acutely by younger, non-married respondents with few investable assets. A noteworthy finding from this study is that financial counselors and financial planners likely serve a “buffering” role when household financial decision makers experience stock market shocks. 

Rabbani, A., Yao, Z., Wang, C., & Grable, J. E. (2021). Financial risk tolerance, sensation seeking, and locus of control among pre-retirement baby boomers. Journal of Financial Counseling and Planning, 32 (1), DOI: 10.1891/JFCP-18-00072: 

Financial risk tolerance is an important personal characteristic that is widely used by financial professionals to guide the development and presentation of client-centered recommendations. As more baby boomers enter retirement, research on how these individuals perceive their willingness to take financial risks has gained importance, particularly as the focus of investment portfolios changes from capital accumulation to capital preservation in retirement. This study examined the role of sensation seeking and locus of control on financial risk tolerance for a pre-retiree baby boomer sample using the 2014 wave of the National Longitudinal Survey of Youth 1979. Findings from three ordinary least square (OLS) regression models showed that baby boomers who were not sensation seekers, and those who displayed an external locus of control orientation were more likely to exhibit a low tolerance for financial risk. Furthermore, those who engaged in sensation-seeking behavior were more likely to have an internal locus of control orientation and a high tolerance for risk. 

Zhou, X., Zahirovic-Herbert, V., & Gibler, K. M. (2021). Price impacts of signaling in Chinese residential land auctions. Journal of Housing and the Built Environment, 1-23. 

Auctions are used by local Chinese governments to raise revenue while releasing land for development. Because developers reveal their valuation of parcels through winning, bids for land use rights in subsequent auctions may be influenced by outcomes of earlier government sales. A log linear hedonic regression analysis of more than 900 residential land use rights auctions in Chengdu over eight years reveals that top developers’ winning bids signal other developers who adjust their bids in subsequent auctions. Developers appear to believe that the top companies possess superior knowledge through research, experience, or insider information. The results are higher government revenue and rising land prices, which can lead to lessened competition among housing developers, higher house prices, and affordability problems in neighborhoods where the top developers buy land. 

Feb 24, 2021


Dr. Kenneth White and Dr. Desiree Seponski (HDFS/MFT) for being awarded the Diversity Research and Scholarship grant for their proposed project, “Exploring Financial Stress and Financial Optimism among Transgender College Students”. They will receive $3,000 for their work on this project.

Drs. Brenda Cude and Swarn Chatterjee were cited as top authors on financial literacy in the International Journal of Consumer Studies. Criteria for this included number of publications and number of citations.

Goyal, K. & Kumar, S. (2020). Financial literacy: A systematic review and bibliometric analysis, International Journal of Consumer Studies, 1-25, DOI: 10.1111/ijcs.12605

Dr. Pamela Turner organized a very successful FACS Conference for the UGA Extension, where she served as the Co-Chair. Dr. Turner has been commended for her outstanding work on county data assessment document and her training and preparation of the specialists.

Congratulations to Portia Johnson who was selected as one of five 2021 Sadie Collective Research Scholars! The researchers are highlighted at the annual Sadie T.M. Alexander Conference Research and Networking Reception co-sponsored by The Brookings Institute. The Sadie Collective brings together women in the quantitative sciences at different stages in their academic and/or professional careers to share resources, network, and advocate for broader visibility in the field in research.

Congratulations to Dr. Tammy Williams for successfully defending her dissertation entitled "Real and Perceived Financial and Financial Aid Obstacles: An Examination of the factors that impact the completion of the Free Application for Federal Student Aid and the Transition from Secondary to Post-Secondary Education in the U.S. High School Students". Tammy’s committee included Drs. Diann Moorman (Chair), Kenneth White, and Kim Skobba.

Congratulations to Dr. Mike Ryan for successfully defending his dissertation entitled "Preferences for Defined Benefit versus Defined Contribution Retirement Plans: The Impact of Financial Literacy, Risk Tolerance, and Time Orientation". Mike's committee included Drs. Brenda Cude (Chair), Kenneth White, and Swarn Chatterjee.

Drs. Andy Carswell, Brenda Cude, and Swarn Chatterjee were identified by at least one student from the Class of 2020 for contributing greatly to their career development and success.

Recent Research

Johnson, P.L., & Carswell, A.T. (2021).  The effects of unplanned moves on post-crisis housing situations.  Housing and Society, 48(2), 137-154. DOI: 10.1080/08882746.2020.1796109  [special issue on disasters]

Currently, there is not much research on subsequent housing decisions for households that are displaced due to a crisis event. Crisis events include disasters, but can also include unplanned moves related to eviction and foreclosure as well. The American Housing Survey provides the research community the opportunity to examine such situations through a special module related to recent movers introduced in 2013. Using measures of well-being related to residential satisfaction and housing cost burden, we analyze the differences in these measures for both regular movers and those who have moved due to circumstances of crisis. Initial analysis shows that there are highly significant differences between the two populations, with regular movers having higher housing unit satisfaction and neighborhood satisfaction, and lower housing cost ratios, when compared against households which moved under crisis situations. Similar findings are made when comparing against households’ previous housing situations as well. After controlling for demographic and other independent variables, however, the effect of crisis events is nullified for residential satisfaction. Housing cost ratios take divergent paths according to tenure, with renters having heavy cost burdens upon relocation and homebuyers actually reducing their ratios significantly.

Grable, J. E., Joo, S. H., & Kruger, M. (2021). Risk tolerance and household financial behaviour: A test of the reflection effect. IIMB Management Review.

An important proposition underlying prospect theory is the notion that when decision-makers must choose between options with gains and losses, their preference for positive outcomes often mirrors their preference for negative outcomes. This is called the reflection effect. This paper aimed to test the extent to which the reflection effect is associated with household finance outcomes. A secondary goal was to determine whether different risk preference groups, based on categorised reflection effect responses (i.e. risk avoiders, loss averse, loss tolerant and risk seekers), share common demographic characteristics. Findings, based on internet survey data from more than 40,000 individuals aged 35 or older, showed that individuals, on average, exhibit the reflection effect. The results also confirmed that there are differences in behaviour across risk categories, but that it is difficult to cluster decision-makers into a risk category using demographic characteristics

Kwak, E. J., & Grable, J. E. (2021). Conceptualizing the use of the term financial risk by non-academics and academics using twitter messages and ScienceDirect paper abstracts. Social Network Analysis and Mining.

A text mining technique, based on an Application Programming Interface (API) request—using narrative data from Twitter and ScienceDirect—was used to identify how non-academics and academics conceptualize and evaluate sentiment indicators associated with the term financial risk in their communications. It was determined that unlike the day-to-day uses of the term—all of which tend to focus predominately on the business and technology aspects of risk taking—the academic definition of the term is expressed broadly. It was also determined that the term was mainly associated with negative emotions in daily conversations, whereas the term tended to be used in a positive way in research paper abstracts. Results from this study suggest that the way financial risk is conceptualized and applied in real-life settings primarily represents negative emotional contexts, while academic papers tend to represent positive emotional contexts.

Kim, S., Cotwright, M., & Chatterjee, S. (2020). Who are robo-advisor users? Journal of Finance Issues, 2019 (2).!/fileserver/file/992889/filename/3.pdf

The purpose of this study is to explore the demand for robo-advising services by analyzing the participants’ behavioral characteristics and investment patterns. With the 2015 Financial Industry Regulatory Authority Investor data, we found that robo-advisor users were younger investors with high risk tolerance, whose self-assessment of financial knowledge is comparatively higher than their actual knowledge, and were independent decision-makers. By controlling for those behavioral attributes of robo-advisor users, we also found that robo-advisor users were reluctant to invest in individual stocks, while they showed the largest preference for investing in pooled investment products such as Exchange Traded Funds.

Odeyemi, E., & Skobba, K. (2020). Who is at the table? Civic engagement in small town housing decision-making, Local Government Studies.

Small towns possess many of the components needed for stakeholder-led governance models, including strong social ties, frequent interactions and social norms that support participation in civic life. This study seeks to better understand civic engagement with housing decision-making in rural small towns. We examine the diversity of actively engaged stakeholder groups and the ways in which stakeholder participation is related to community characteristics using survey responses from representatives of 164 small towns within one Southeastern state. For the small towns in our study, population size, limited administrative capacity and access to human capital resources were associated with fewer engaged stakeholder groups. Relatively few stakeholder groups were involved in housing decision-making on average and those experiencing the greatest disadvantage were likely not at the table. This research adds to the limited body of research on civic engagement by exploring stakeholder engagement in housing decisions and policies in small towns using a unique dataset. Our study highlights the ways in which the potential for civic engagement in small towns is hindered, limiting the capacity and equity of housing policy among rural communities that likely have an array of housing problems.

Peng., Y & Yang, T. (2021). Anatomy of audience duplication networks: How individual characteristics differentially contribute to fragmentation in news consumption and trust. New Media & Society.

While partisan selective exposure could drive audience fragmentation, other individual factors might also differentiate news diets. This study applies a method that disentangles the differential contributions of the individual characteristics to audience duplication networks. By analyzing a nationally representative survey about US adults’ media use in 2019 (N = 12,043), we demonstrate that news fragmentation is driven by a myriad of individual factors, such as gender, race, and religiosity. Partisanship is still an important driver. We also distinguish between media exposure and media trust, showing that many cross-cutting ties in co-exposure networks disappear when media trust is considered. We conclude that audience fragmentation research should extend beyond ideological selectivity and additionally investigate how and why other individual-level preferences differentially contribute to fragmentation both in news exposure and in news trust.

Sharma, M., & Chatterjee, S. (2021). Cognitive Functioning: An Underlying Mechanism of Age and Gender Differences in Self-Assessed Risk Tolerance among an Aging Population. Sustainability, 13(4), 2361. Retrieved from

Attitude toward risk plays a vital role in an individual’s financial decision-making and well-being. Past studies have found significant association of age and gender with risk tolerance. However, studies on the factors affecting the underlying mechanism are scant. The purpose of this research is to test whether cognitive functioning mediates the association between age, gender, and self-assessed risk tolerance. Using the 2014 wave of the Health and Retirement Study, path analysis was conducted to test the hypothesized model. Results revealed a negative direct association between age and risk tolerance. Moreover, the study also found a lower level of risk tolerance in women. A bootstrap-based confidence interval revealed that a significant portion of the relationship between age and risk tolerance was mediated by cognition. However, the gender difference in risk tolerance was not explained by cognition.

Worthy, Sheri L.; Mountain, Travis; Chatterjee, Swarn; Johnson, Carrie; Kiss, Elizabeth; O'Neill, Barbara; Saboe-Wounded Head, Lorna; and Gutter, Michael S. (2020) "Differences in the Determinants of Retirement Preparation between Farm and Nonfarm Households," Journal of Applied Farm Economics: Vol. 3 : Iss. 2, Article 5. DOI: 10.7771/2331-9151.1048

As principal farm operators age, retirement and succession planning has become increasingly important to the U.S. agriculture industry. This study examined differences in the determinants of retirement preparation between farm and nonfarm households using the Survey of Consumer Finances. Factors such as risk preferences, financial capability, human capital, and other demographic characteristics of farmers that may play a role in their decision to plan for retirement were examined. Retirement planning was investigated by running three separate sets of logistic regressions on the overall sample, farm households, and nonfarm households. Likelihood of consulting a financial planner, expecting to leave a bequest, and household net worth were used as dependent variables. Results indicate some significant differences between farm and nonfarm households and highlight limitations in currently available data sets for studies such as this one. Implications for practitioners, researchers, and policymakers regarding farm family retirement and succession planning are discussed

Jan 04, 2021

Happy New Year! FHCE has a lot to celebrate as we start 2021.

Dr. Brenda Cude has been awarded emeritus status by President Jere Morehead effective January 1, 2021. This is a well-deserved honor for her honorable and distinguished service to UGA.

Michael Rupured has been approved for Senior Public Service Associate Emeritus status by President Jere Morehead effective January 1, 2021. Thank you, Michael, for your valuable service to UGA.

Congratulations to Adrianna Garcia and Patryk Babiarz for being awarded the Sweaney Innovation Award for this project, Advancing analytical skills in undergraduate students using current and real-life empirical research outcomes and active learning opportunities. They will receive $5,000 to develop learning experiences and class materials including slides, software code samples (R and SAS), problem sets, and experiential learning opportunities using public datasets and statistical techniques with real world current and relevant topics to enhance FHCE 5150/7150 Consumer Analytics: Evidence Based Policy.

Congratulations to Portia Johnson for winning a $1,500 2021 Campus Sustainability grant. Her project is A Pilot Program for Teaching Financial Literacy through Environmental Sustainability, under the direction of Dr. Kenneth White in the College of Family and Consumer Sciences.  The goal of the project is to develop a sustainability-integrated financial education seminar for students and to answer the question, "Does the inclusion of environmental sustainability principles in financial planning curriculum increase student knowledge, attitudes and intentions toward personal finance?”

Thank you to Dr. Joe Goetz for completing two years of service on the inaugural ASPIRE advisory board. Dr. Kristy Archuleta is serving a three year term (2019-21) and Dr. Michael Thomas will begin a two year term (2021-22). The other advisory board members are Barbara Grossman (Nutrition), Elizabeth Wieling (HDFS-MFT), Jennifer Gonyea (HDFS-MFT), and Elizabeth Grant (Law School). These members’ service as champions of the ASPIRE Clinic is appreciated!

The following FHCE alumni have made the Bulldog 100 this year:

Recent Research

Faculty publications in the Journal of Financial Counseling and Planning: Dr. Swarn Chatterjee is the #2 ranked most prolific author from 2010-2019 and Dr. John Grable is the #2 ranked most prolific author from 1990-2019. University of Georgia faculty published 20 articles from 2010-2019, ranking UGA #2. Congrats also to Dr. Kristy Archuleta for ranking in the top 8 for 2010-2019.

Xiao, J. J., Lavigueur, B., Isenstark, A., Hanna, S. D., & Lawrence, F. C. (2020). Three decades of the Journal of Financial Counseling and Planning, Journal of Financial Counseling and Planning, 31(1), 5-13.

Cude, B. J. (2020). Financial education in the United States. The International Review of Financial Consumers, 5(2), 25-31. (invited). 

Financial education in the United States in 2020 can be described as both organized and disjointed. State and local education governing bodies, non-profit  organizations, and entrepreneurs all contribute to financial education, but often with little coordination. This article briefly describes financial education in the formal U.S. educational system as well as in the public and private sectors. It also highlights the primary challenges to effective delivery of financial education in the U.S.

Gawrys, M. & Carswell, A. C. (2020). Exploring the Cost Burden of Rural Rental Housing, Journal of Rural Studies, 80, 372-379.

As rural landscapes change in both geography and population, it is increasingly important to understand the unique challenges faced by these communities. Of notable significance is the rising cost of housing relative to household income – a measure often referred to as the housing cost-burden. Its subsequent effect on affordable and accessible housing is experienced on a national level, yet perceptions often place rural communities among the most vulnerable. The proceeding research seeks to challenge this notion and further analyze what rural residents, specifically rural renters, face in managing their housing costs. For instance, utilities are an often-overlooked contribution to the severity of the overall burden. Their presence as fixed, unadjusted, housing costs lie in aggregate of more direct expenditures. While utilities may lack immediacy, they are pervasive in their prolonged impact. Therefore, it is a combination of factors that make sub-populations of rural areas more susceptible to housing cost externalities. The importance lies in the subtle differences, where considerable policy opportunities exist.

Nov 30, 2020

I am pleased to announce that Effie Antonoudi will be the Undergraduate Coordinator for FHCE effective January 2021 – June 30, 2024. She will replace Dr. Brenda Cude who has served in this role for our department since 2006. Please join me in thanking Dr. Cude for her service and help me welcome Ms. Antonoudi into this important role.

Congratulations Dr. Nola Osinubi for successfully defending your dissertation. Major professor Kim Skobba. Her dissertation is titled, The invisible threat: A study of up-zoning, neighborhood change, and gentrification.

Talk about collaboration! Dee Warmath is part of a multi-disciplinary team (led by Kristina Jaskyte Bahr, Social Work) that was awarded $5,000 for their Teaming for Interdisciplinary Research Pre-Seed Program request.   The team entitled “UGA Innovation, Creativity, and Design Thinking Research Community” also consists of Anna Abraham, Educational Psychology; Adrienne Baldwin-White, Social Work; Jaime Camelio, Engineering; Don Chambers, Entrepreneurship; Susan Cohen, Management; Crystal Leach, Industry Collaborations, Andrew Potter, Experiential Learning, Timothy Burg, Vet Medicine; and Jenay Beer, Public Health).

ACCI Board of Directors and Small Grants Committee awarded Kimberly Watkins (Alabama), Erin Harrell (Alabama), Kenneth White (Georgia), and Bertanna Muruthi (Oregon) $2,500 for their proposal, Examining the Estate Planning Beliefs, Intentions, and Practices of African American Individuals and Families.

Congratulations to Effie Antonoudi for passing the CFP exam this month.

Congratulations Danah Jeong for being chosen as the recipient of the $5,000 Creative Planning Scholarship (formerly TrueWealth) for fall 2020-spring 2021.

Kenneth White was recently quoted in UGA Columns about his research on how students are impacted by family conversations about money. His co-authors are  Kimberly Watkins from the University of Alabama, Bertranna Muruthi from the University of Oregon, Megan McCoy from Kansas State University and Jamie Lynn Byram from Virginia Tech.

Recent Research

Chatterjee, S., Fan, L., Ryu, S., & Kim, J. (2020). A decade review of Asian studies in the Journal of Family and Economics Issues from 2010 to 2019. Journal of Family and Economic Issues.

This study provides a review of papers published on Asian families and consumers in the Journal of Family and Economic Issues over the previous decade (2010–2019). A meta-analysis of the published papers reveals that there were 34 research papers published across 5 themes including consumer behavior, family relations, health and well-being, household finance, and other economic issues. Twenty-four of these papers were published during 2010–2014, and the remaining 10 were published during 2015–2019. Most papers were published on the theme of consumer behavior and most citations were also received on papers published on the consumer behavior theme. However, more recently published papers on Asian families and consumers during the second half of the previous decade (2015–2019) have focused on the themes of household finance, family relations, and health and well-being. As Asian societies continue to transform with rapid economic growth and development across Asia, future research directions on Asian families and consumers are proposed on the following three perspectives: 1) longitudinal studies to investigate various issues related to Asian families and consumers across time, 2) a greater focus on rural families and consumers across Asia, and 3) topics of income inequality and access to goods and services and its impacts on lower-income families.

Tharp, D., Seay, M.C., Carswell, A.T., & McDonald, M. (2020).  Personality traits and financial satisfaction at the individual level.  Personality and Individual Differences, 166(1).

While previous studies have found that personality is one of the strongest predictors of life satisfaction, the associations between personality and financial satisfaction have not been assessed using large, nationally representative datasets. This study investigates relationships between personality (Big Five personality traits and dispositional positive/negative affect) and financial satisfaction using data from the 2012 wave of the Health and Retirement Study (HRS). Results from a three-block ordinal logistic regression model (n = 3984) indicate that personality traits are important predictors of financial satisfaction. When incorporating Big Five personality traits into a leading model of financial satisfaction, extraversion was positively associated with financial satisfaction, while neuroticism and agreeableness were negatively associated with financial satisfaction. However, when positive affect and negative affect were added to the model including Big Five traits, only agreeableness and negative affect were found to be negatively associated with financial satisfaction, while positive affect was positively associated with financial satisfaction. Additionally, this study examined the convergent validity, test-retest reliability, and presence of common method bias among the Big Five and dispositional affect measures used within the HRS, finding that the measures are reasonable for use in personality research.

Newmeyer, C., Warmath, D., O’Connor, G. E. & Wong, N. (2020). Is savings automation helpful to liquid savings? It depends on whether you have a savings habit. Journal of Public Policy & Marketing,

In general, Americans are not savers, which contributes to their inability to absorb even small financial shocks and increases their potential for financial hardship. Savings automation has been promoted as a solution to overcome the behavioral constraints (or limitations) that hinder individual savings behavior. The result has been a proliferation of automated savings programs with the goal of helping people save money without their notice as a way to overcome their tendency to consume. However, scant research has examined the efficacy of this “save people from themselves” approach. This article explores the importance of having a saver mindset, regardless of income, in the success of savings automation. Results from two studies demonstrate that the benefits of automation for liquid savings accrue at a higher rate for individuals with lower incomes and that this benefit depends on the presence of a personal savings orientation. The findings suggest that savings programs should try to build a savings habit and mindset among consumers, especially for those with lower incomes.

Oct 28, 2020

Michael Rupured will be retiring from his positon as Senior Public Service Associate and Extension Financial Management Specialist in the Department of Financial Planning, Housing and Consumer Economics effective January 1, 2021. Please join me in thanking Michael for his 21 years of service to UGA, and congratulating him on entering this new phase of his life.

Dr. Brenda Cude will also be retiring from her positon as Georgia Athletic Association Professor in Family and Consumer Sciences & Undergraduate Coordinator in the Department of Financial Planning, Housing and Consumer Economics effective January 1, 2021. Please join me in thanking Brenda for her 22 years of service to UGA and congratulating her on entering this new phase of her life.

Congratulations to Lance Palmer and Joan Koonce for again obtaining IRS funding of $43,498 for “Strengthening Families throughout Georgia through UGA VITA Initiatives.”

Lance Palmer, Joan Koonce, and Dee Warmath along with Tony Mallon, K.M DeMeester, Ted Futris and Catie O’Neal have been awarded $1,366,697 over three years from the US Department of Health and Human Services. This grant is for “Increasing ACE Protective Factors through Expanded Utilization of the EITC among Minority Households.”

Joe Goetz, Lance Palmer and Joan Koonce have started working on a new DHHS grant funded for a project called Frameworks, “The Dissemination of Healthy Marriage and Relationship Education to Couples Across Georgia.

Futris, T. G., Richardson, E. W., DeMeester, K., Simmons, B., O'Neal, C. W., Gale, J. E., Goetz, J. E., Palmer, L., Koonce, J. (10/2020 – 9/2025). US Department of Health and Human Services. Awarded $1,249,758 (1st year); $6,248,791 total anticipated (5 years).

Kudos to John Grable and Eun Jin Kwak for being awarded a Best Research Award at the Financial Planning Association/Academy of Financial Services conference for your paper, "The role of disappointment aversion and expectation proclivity in describing financial risk aversion." Journal of Financial Planning.

Congratulations to HMP major Chloe Freeman for being recognized as a Student Scholar by IREM at the

Cheers to your Peers! Benefitting the IREM Foundation on October 5.

Congratulations to financial planning major Linda Olvera for being selected as one of 100 Hispanic Scholarship Fund Scholars, who receive funding to attend the HSF Financial Conferences national meeting of Hispanic scholars in areas associated with finance.

Effie Antonoudi was nominated and selected by the Chief Diversity and Inclusion Officer's office from the Office of the President at K State to be a student speaker at the KsUnite 2020 event on October 13.  She shared her story about how difference makes us stronger and spoke about our contributions to the UGA Diversity and Inclusion in Financial Planning initiative

FHCE Research

Johnson, P.L., & Carswell, A.T. (2020).  The effects of unplanned moves on post-crisis housing situations.  Housing and Society.

Currently, there is not much research on subsequent housing decisions for households that are displaced due to a crisis event. Crisis events include disasters, but can also include unplanned moves related to eviction and foreclosure as well. The American Housing Survey provides the research community the opportunity to examine such situations through a special module related to recent movers introduced in 2013. Using measures of well-being related to residential satisfaction and housing cost burden, we analyze the differences in these measures for both regular movers and those who have moved due to circumstances of crisis. Initial analysis shows that there are highly significant differences between the two populations, with regular movers having higher housing unit satisfaction and neighborhood satisfaction, and lower housing cost ratios, when compared against households which moved under crisis situations. Similar findings are made when comparing against households’ previous housing situations as well. After controlling for demographic and other independent variables, however, the effect of crisis events is nullified for residential satisfaction. Housing cost ratios take divergent paths according to tenure, with renters having heavy cost burdens upon relocation and homebuyers actually reducing their ratios significantly.

Peng, Y. (2020). What makes Politicians’ Instagram posts popular? Analyzing social media strategies of candidates and office holders with computer vision. International Journal of Press/Politics

Previous research on the success of politicians’ messages on social media has so far focused on a limited number of platforms, especially Facebook and Twitter, and predominately studied the effects of textual content. This research reported here applies computer vision analysis to a total of 59,020 image posts published by 172 Instagram accounts of U.S. politicians, both candidates and office holders, and examines how visual attributes influence audience engagement such as likes and comments. In particular, this study introduces an unsupervised approach that combines transfer learning and clustering techniques to discover hidden categories from large-scale visual data. The results reveal that different self-personalization strategies in visual media, for example, images featuring politicians in private, nonpolitical settings, showing faces, and displaying emotions, generally increase audience engagement. Yet, a significant portion of politician’s Instagram posts still fell into the traditional, “politics-as-usual” type of political communication, showing professional settings and activities. The analysis explains how self-personalization is embodied in specific visual portrayals and how different self-presentation strategies affect audience engagement on a popular but less studied social media platform.

White, K. J., Watkins, K., McCoy, M., Muruthi, B., & Byram, J. L. (2020). How financial socialization messages relate to financial management, optimism and stress: Variations by race. Journal of Family and Economic Issues. DOI: 10.1007/s10834-020-09704-w

This study explored how explicit family financial socialization as reflected in three types of parental financial messages (messaging about saving, banking, and investing) relate to three financial outcomes (financial management, financial stress, and financial optimism) and how these relationships varied by race. We used cross-sectional data from 14,662 respondents from the 2014 National Student Financial Wellness Survey (NSFWS), a nationally representative dataset inclusive of students from 52 colleges and universities across the United States. Results from this study offer an understanding of how specific financial messages regarding saving, banking, and investing shape college students’ financial management behaviors and attitudes and how race/ethnicity is associated with the specific types of messaging in one’s family of origin. Specifically, results demonstrated that African American students received significantly fewer saving and banking messages and Hispanic students received fewer investing messages compared to other racial/ethnic groups. Across all racial categories, those who received the investing message reported better financial management, higher financial optimism, and experienced less financial stress.

Hopkins, E. A., Carswell, A.T., & Love, K.R. (2020). Rent impacts of ENERGY STAR appliances on U.S. multifamily renters. Family and Consumer Sciences Research Journal, 49(1), 37-51.

Implementation of ENERGY STAR appliances can be a significant source of energy efficiency within the multifamily rental industry. While there are many positive environmental outcomes by reducing energy consumption, there are also potential positive financial outcomes including lower operating costs, increased asset valuation, and higher rent potential. This study, through a rental hedonic estimation using the American Housing Survey (AHS) dataset, examines the rent impacts of ENERGY STAR appliances in multifamily rental units in the United States. The results suggest that there is a 1.6% average rent premium per ENERGY STAR product included in a rental unit. Knowing that these types of ENERGY STAR appliance changes may actually warrant rent increases could help improve the chances of changes taking place, but more research is needed with other datasets to further account for other rental unit features and location.

Sep 30, 2020

Dr. Pamela Turner has been awarded the HERA Distinguished Service Award. This award recognizes those who have made outstanding contributions to the Housing Education and Research Association (HERA). Kudos on this outstanding and well-deserved achievement Dr. Turner!

Congratulations to the following doctoral students for being awarded funds from the Jan M. Hathcote Social Sciences Academic Support Fund to support their research:

We look forward to seeing the results from these research proposals.

I am  pleased to announce that the BSFCS in FACS Education will now be housed in the Department of Foods and Nutrition. This degree program has synergy with FDN and Dr. Tracey Brigman and Dr. Ginnefer Cox have been working actively to update the curriculum and learning outcomes and assessments.  

Dr. Dee Warmath was an invited attendee to NEFE’s invitation-only financial literacy measurement forum during the week of September 14, 2020. The paper Dr. Warmath co-authored on a formative financial literacy scale was selected as one of two papers attendees discussed at the forum. The purpose of the forum was to expand how we approach financial literacy in research and practice.

Warmath, D., & Zimmerman, D. (2019). Financial literacy as more than knowledge: The development of a formative scale through the lens of Bloom’s Domains of Knowledge. Journal of Consumer Affairs, 53(4), 1602-1629.

Congratulations to Portia Johnson for being accepted into the 2020 Future Faculty Diversity Program at Virginia Tech. She will be an invited fellow in the Apparel, Housing, and Resource Management department under Dr. Dustin Read.  Only 16% of the 250+ applicants who applied were accepted. The event is typically an all-expense paid pre-faculty interview visit where the awardee is expected to deliver research presentations. Due to COVID it will happen virtually this year.

Dr. Kenneth White was the profiled researcher in the latest Journal of Financial Therapy

Two of our financial planning students also published book reviews in that issue of Journal of Financial Therapy:

Kernodle, A. (2020). Book review: Surviving debt expert advice for getting out of financial trouble, Journal of Financial Therapy

Bruce, E. (2020). Book review: Advice that sticks, Journal of Financial Therapy

Dr. Dee Warmath has been invited by Abt Associates to serve as an expert panel member for CFPB’s Financial Skill project. This project, which supports the CFPB’s larger body of work to better understand the principal drivers of consumer financial well-being, is focused on using the CFPB’s financial skill score to: 1) better understand the relationships between financial skill and other factors; and 2) develop a framework to help financial educators support financial skill development. In addition, the project will involve the development of benchmarks for the financial skill score.

Recent FHCE Research (*Designates former PhD student) 

Choung, Y.*, Pak, T.Y.*, & Chatterjee, S. (2020). Consumption and Life Satisfaction: The Korean Evidence. International Journal of Consumer Studies.

This study examines the association between consumption expenditure and life satisfaction among older Koreans (aged 50 or older). We estimate a series of individual fixed effects regressions that link life satisfaction to various types of household consumption using data drawn from the Korean Longitudinal Study of Aging. The results show that leisure consumption is positively related to life satisfaction and that this association is driven largely by uncommon and infrequent leisure activities, like travel and entertainment. Expenditures for leisure that provides more ordinary experiences, such as recreation and self‐development programs, were generally uncorrelated with life satisfaction, despite being consumed by a large fraction of older Koreans. Finally, the evidence on whether material purchases or status‐enhancing purchases were positively correlated with life satisfaction is mixed. On the one hand, our findings reaffirm the conventional wisdom that people feel more satisfied when spending money on experiences than on material possessions. On the other hand, we provide the novel finding that consumption directed toward extraordinary and memorable experiences that go beyond everyday life tends to generate greater future life satisfaction.

Cude, B., Chatterjee, S., & Tavosi, J. (2020). Financial knowledge, personality traits, and risky borrowing behaviors. Sustainability.

This article examines the influence of financial knowledge and personality traits on risky borrowing behaviors among Iranian respondents. A proprietary dataset was used in this study. Logistic regression results indicated that numeracy and knowledge of the time value of money were negatively associated with two of the three risky borrowing behaviors (borrowing more than $1500 USD and use of rent-to-own). Conscientiousness was negatively related to the same two borrowing behaviors. Neuroticism negatively influenced use of payday lending. The article concludes with financial education policy suggestions for Iran and directions for future research.

Gangopadhyay, D.*, Nielsen, R.B. & Zahirovic-Herbert, V. (2020). Methodology and axiomatic characterization of a multidimensional and fuzzy measure of deprivation. Social Indicators Research,

This article proposes a general methodology to measure multidimensional deprivation in a fuzzy setup. Each dimension comprises multiple dimensional attributes. The methodology is developed in a flexible manner to incorporate any theoretical construct of wellbeing. The new fuzzy membership functions proposed in the method combines the absolute and relative notions of deprivation and take the functional form of normalized and weighted deprivation gaps. A new weight structure is proposed for aggregations within and across the dimensions. Three forms of deprivation indices are discussed: the headcount ratio, the adjusted deprivation index, and the deprivation index. A unified axiomatic framework is discussed for the multidimensional and fuzzy measures of deprivation. Various desired axiomatic properties of the fuzzy membership functions are included as precursory axioms in the framework. The proposed measure satisfies a majority of the desirable axioms.

Warmath, D. & Winterstein, A. P. (2020). A social-marketing intervention and concussion-reporting beliefs, Journal of Athletic Training,

Context: Concussion-symptom education remains the primary approach used by athletic trainers to address underreporting of possible sport-related concussions. Social marketing represents an untapped approach to promote concussion reporting by communicating the benefits or consequences of reporting or not reporting, respectively.

Objective: To apply expectancy value theory and identify how marketing the possible consequences of concealing concussion symptoms influenced young adults' concussion-reporting beliefs to increase the likelihood of reporting.

Design: Randomized controlled clinical trial.

Setting: Laboratory.

Patients or Other Participants: A total of 468 competitive collegiate club sport athletes at a large US university who engaged in 1 of 46 sports with various levels of concussion risk.

Intervention(s): Participants were randomly assigned by team to 1 of 3 conditions. The treatment condition was a social-marketing program focused on the possible consequences of the reporting decision. The control condition was traditional concussion-symptom education based on the National Collegiate Athletic Association's publication, “Concussion: A Fact Sheet for Student-Athletes.” An additional condition mirrored the traditional symptom education but included a less clinical delivery.

Main Outcome Measure(s): Positive and negative beliefs regarding concussion reporting were assessed. We applied expectancy value theory, which posits that changing beliefs in the short term will produce greater reporting intentions in the long term.

Results: Club sport athletes exposed to consequence-based social marketing showed higher levels of positive reporting beliefs and lower levels of negative reporting beliefs than athletes exposed to traditional or revised symptom education. We observed no differences between the traditional and revised symptom-education programs. Exposure to consequence-based marketing decreased negative beliefs about reporting (B = −0.165, P = .01) and increased positive beliefs about reporting (B = 0.165, P = .01).

Conclusions: Social marketing offers athletic trainers another strategic tool for motivating athletes to report concussion symptoms by translating scientific findings into marketable statements and then communicating the benefits of reporting or the negative consequences of concealing concussion symptoms.

Zahirovic-Herbert, V., Turnbull, G. K. & Waller, B. D. (2020) Do home sellers know their market? Evidence from neighbourhood sober-living houses, Applied Economics Letters, DOI: 10.1080/13504851.2020.1782330, available: .

We use a listing price hedonic model coupled with a standard selling price model to identify seller beliefs about how the housing market responds to refurbished formerly substandard properties serving as group homes. Occupied houses benefit the most and vacant houses the least in the long run from a nearby group home. The listing price model indicates that sellers of owner-occupied and rental houses anticipate these price effects whereas sellers of vacant properties appear to systematically underestimate the discount associated with vacant houses per se but correctly anticipate the smaller long run group home premia for their properties.

If you have any news items or current research you would like included in Just So You Know…. please email Sheri Worthy. Just So You Know…. is now available at

Sep 01, 2020

Congratulations Dr. Dee Warmath and Dr. Brenda Cude for being awarded a $120,750 grant from Access Lex. This grant will provide an assistantship for Jordan Bell. Their study is “An Evaluation of Collegiate Financial Education.”

Dr. Kim Skobba is working in partnership with the Southern Rural Development Center and USDA Office of Partnerships and Public Engagement on a “Housing Quality Challenges” grant for $15,000. The purpose is to present workshops and materials to help build community capacity around housing and other key topics. This grant will provide an assistantship for Kaylee Ranck.

Congratulations to Dr. Sophia Anong & Dr. Joan Koonce for being awarded $99,103 for their Facebook Economic Impact of Digital Technologies research award to study “Impact of contactless payments for small business services” ( This grant will employ two graduate assistants yet to be determined.

I’m excited to announce that Molly Sutz will be working as a financial literacy graduate assistant for the College of Pharmacy and College of Veterinary Medicine this year. She is supervised by Dr. Joseph Goetz.

The Air Force grant Dr. Lance Palmer and Dr. Joseph Goetz are a part of also employs two graduate assistants, Aditi Routh and Jerard Adams.

Dr. Velma Zahirovic-Herbert and Dr. Patryk Babiarz have received an in-kind data grant from Zillow to study “Marijuana Legalization Effects on Housing Market.” The Zillow Transaction and Assessment Dataset (ZTRAX) is the country’s largest real estate database with more than 400 million detailed public records across 2,750+ U.S. counties. The dataset has more than 20 years of deed transfers, mortgages, foreclosures, auctions, property tax delinquencies and more, for both commercial and residential properties. Zillow also provides property characteristics, geographic information and prior valuations for approximately 150 million parcels in 3,100+ counties nationwide.

Congratulations Dr. Michael Thomas for being elected to the AFCPE board to represent University/Education for the next 3 years. 

Dr. Andrew Carswell has been elected by the tenured faculty in the College of Family and Consumer Sciences for a 3-year term of service on the University Appeals Committee. The University Appeals Committee plays an important role in the University of Georgia’s promotion and tenure process. Thank you for serving in this role Dr. Carswell.

The University of Georgia’s Financial Planning Program and FPA of Georgia are looking forward to hosting the Financial Planning Speed Interviewing Event. This inaugural event will be 100% virtual on Thursday, October 15, 2020, from 1 to 3 pm EST. Firms, Sponsors and students can register for this event here:

Recent FHCE Research

Warmath, D., Winterstein, A. P, & Myrden, S. (2020) Sport Motivation as a Possible Indicator of Concussion Reporting Intentions Among Young Athletes. Clinical Journal of Sports Medicine doi: 10.1097/JSM.0000000000000804

Objective: To assess the relationship between sport motivation and intentions to report concussion symptoms among young adult athletes.

Design: Cross-sectional study (level of evidence: 3)

Subjects: 1,305 young adult athletes of various sports and levels of competitiveness from the Survey Sampling International panel

Methods: Data was collected through an online survey. Ordinary least squares regression was used to examine the relationship between motivation and reporting intentions controlling for competitiveness and perceived risk of injury.

Results: Athletes who play their sport for self-regulated (autonomous) reasons have higher intentions to seek care for concussion-like symptoms while those who play to achieve gains external to the sport or avoid punishment (controlled motivation) have lower intentions. A one-point increase in autonomous motivation was associated with an 11.5-point increase in reporting intention (t = 6.629, p < .001) while a one-point increase in controlled motivation was associated with an 8.1-point decrease in reporting intention (t = -4.562, p < .001). Betas from the model suggested that autonomous motivation had a stronger effect than controlled motivation (.226 vs. -.163).

Conclusions:  Innovation in care, concussion education, and cultivation of team culture supportive of autonomous motivation could increase concussion reporting. Measuring sport motivation may reveal which athletes require more proactive attention to ensure symptoms are not concealed. Further, messages to reinforce autonomous motivation may increase willingness to report.

Heo, W., Grable, J. E., & Rabbani, A. G. (2020). A test of the association between the initial surge in COVID-19 cases and subsequent changes in financial risk tolerance, Review of Behavioral Finance

Purpose: The purpose of this paper is to provide an estimate of the degree to which financial risk tolerance changed in relation to the initial surge of COVID-19 cases in the US.

Design/methodology/approach: Data from a large sample of investors and other consumers covering the period beginning April 2019 and ending in early May 2020 were used to estimate aggregate levels of financial risk tolerance and to determine if the willingness to take financial risk changed across five distinct periods in relation to the spread of COVID-19.

Findings: A general reduction in aggregate levels of financial risk tolerance was observed during the initial peak of COVID-19 period and the subsequent declaration of a pandemic, with the most significant drop in risk tolerance being exhibited by those who were 25 years of age or younger.

Practical implications: The findings from this study – primarily that in terms of FRT, the COVID-19 pandemic impacted young people disproportionately – suggest that in addition to helping young people feel comfortable in terms of their personal health situation and access to employment and health insurance, policy makers, financial service firms and financial literacy educators should provide information and guidance to young people regarding why being willing to take financial risks is important and how FRT corresponds to the proper functioning of the investment markets.

Originality/value: A data-drive methodology was utilized in this study to define the periods. This approach was taken due to the lack of defined and published pandemic interval periods specific to COVID19. However, the findings based on the data-driven methodology bring practical implications such as young people are sincerely considered in the catastrophic situation.

Grable, J. E. (2020). How Reliable Is Your Risk-Tolerance Questionnaire? Journal of Financial Service Professionals, 74(3), 10–14.

Professional and regulatory practice standards require financial advisors to evaluate the risk tolerance of clients prior to the development and presentation of recommendations. Financial advisors typically use either a revealed-preference test or a propensity measure when evaluating the risk tolerance of clients. Results from a preliminary test show that the reliability and consistency of test scores from different measurement techniques vary over time. As discussed in this column, financial advisors are advised to use caution when interpreting risk-tolerance scores obtained from commonly used assessment tests.

Pasztor, J. (2020). Fiduciary Standard Battle Fatigue. Journal of Financial Service Professionals, 74(3), 19–21.

The ongoing struggle between sales and advice, and what standard should apply, suitability or fiduciary, has been disruptive to many dedicated financial services professionals who, regardless of which standard they are currently being held to, just want to do what is best for their clients. Let brokers be brokers, and insurance agents be insurance agents, and be held to the suitability standard. Let advisors be advisors, and financial planners be financial planners, and be held to the fiduciary standard.

Jul 30, 2020

Congratulations to Dr. Joan Koonce for winning the 2020 Education Award from the AAFCS Family Economics and Resource Management Community. Her nomination received the highest scores and compliments among all packets reviewed. In lieu of the usual presentation at annual conference, FERM is organizing a webinar where Dr. Koonce will present her program.

Congratulations to Dr. Andy Carswell and Dr. Kristy Archuleta for being chosen to participate in the UGA Aspire Fellows program. Fellows will work together to build upon existing successes and strengths to create and complete a signature project that will extend professional impact. To support this project, each fellow will formulate and adopt an individual professional development plan. Fellows will benefit from an interdisciplinary community of peers and from a structured approach to support their professional development and signature projects.

Congratulations to the following individuals for successfully defending their dissertations this past month. Also, a big thank you to their major professors and committees.

I’m also happy to announce that Dr. Jamie Lynn Byram will be starting a position as an instructor with the Department of Finance, Insurance, and Business Law in the Pamplin College of Business at Virginia Tech University in August.

Recent FHCE Research:

Zhao, H., Zhang, L. & Anong, S. (2020). Financial experiences, beliefs, and near field communication (NFC) based mobile payments among young adults, Journal of Financial Counseling and Planning, 31(1), 69-82. Available:

This study examined a conceptual model on the intention to adopt NFC-based mobile payment that incorporates financial experiences and beliefs. NFC refers to Near Field Communication, a new technology in mobile payments. From an online experimental survey of 463 U.S. young adults, this research found consumers who used cards among their payment methods as opposed to cash-only were less likely to adopt NFC mobile payment. Previous experience in non-NFC mobile payments had a significant positive association with intention to adopt NFC mobile payment. Among the beliefs, consumers with higher trust and higher perceived usefulness about NFC mobile payment had greater intentions to adopt it. Moreover, trust was found to have a mediating effect between non-NFC mobile payment experience and the intention to adopt NFC mobile payment. This study not only provides mobile payment providers with effective marketing strategies to increase consumers’ adoption of NFC mobile payment but also provides financial educators with important implications to develop targeted education programs.

Archuleta, K. L., Stueve, C., Stebbins, R., Kemnitz, R. J. Chaffin, C. R., Williams, K. K. Poplaski, S. C., Sages, R. A., Tibbetts, R. H., & Burr, E. A. (2020). Exploring perceptions of graduates’ experiences that impact certified financial planner certification: A multiple case inquiry. Journal of Financial Counseling and Planning, 30(2). Available:

This study utilized qualitative methods to explore perceptions of graduates from Certified Financial Planning Board of Standards, Inc. Registered Programs regarding experiences that impact Certified Financial Planner (CFP) certification completion. Participants (N = 16) were classified into four different groups: Certified, In Progress, With Intentions, and No Intentions. In general, the themes that emerged from within case analyses and across cases related to four areas, including preservice experience, intrinsic motivation, employment, and respect for the CFP marks. The results of this study suggest that financial service firms have a number of opportunities to strengthen the interest in a financial planning career and assist recent graduates in their pursuit of CFP certification with time and financial support of the examination process.

Yang, T., & Peng, Y. (2020). The importance of trending topics in the gatekeeping of social media news engagement: A natural experiment on Weibo. Communication Research.

Digital gatekeepers have greatly shaped the gatekeeping process of news consumption and news engagement, but how digital gatekeepers work is understudied. This study focuses on one example of digital gatekeepers, trending topics on social media, which aggregate the most popular search terms and present them to the public. We utilize a natural experiment on Weibo by analyzing user engagement data of 36,239 posts in three consecutive weeks, during which trending topics were removed for 1 week. We show that trending topics implemented two layers of gatekeeping: trending topics increased user engagement with top news posts within each news outlet and widened the engagement gap between popular posts and less popular ones (intra-outlet gatekeeping), and the increases in engagement with top news items were most salient among the least popular news outlets, thus reducing the inequality among outlets (inter-outlet gatekeeping).

If you have any news items or current research you would like included in Just So You Know…. please email Sheri Worthy

Jun 29, 2020

Congratulations to Dr. Sophia Anong for being awarded a $25,000 Faculty Seed Grant in STEM for “Mobile money opportunities: Field trials for empowering women in Ghana.”

Sherle Brown has been selected to serve as the FHCE 2020-2022 Faculty Ambassador. She will continue to recruit for all our FHCE majors. Thank you for taking on this role again Sherle!

Communication Essentials for Financial Planners: Strategies & Techniques by Drs. John Grable and Joe Goetz is on Michael Kitces’ Summer Reading List of “Best Books” for Financial Advisors – 2020 Edition.

Gary Clement will be an Assistant Professor in the Department of Consumer Sciences, College of Human Environmental Science at the University of Alabama starting August 2020. Congratulations!

Martha Fulk has started a position as Lead Learning Technologist for Online Learning at Georgia State. She will be coordinating the design and development of online courses and programs as well as leading initiatives for new learning technologies in the online format. Congratulations!

Narang Park has accepted a post-doc position in the School of Family and Consumer Sciences at Texas State University. She will work under FHCE alum, assistant professor Dr. Leslie Green and her research fellows. The position will involve working on several research projects focusing on the economic well-being of families and individuals. Congratulations!

Thank you for your 3 ½ years of service as Graduate Coordinator, Dr. Swarn Chatterjee!

Thank you Dr. Velma Zahirovic-Herbert for taking on the role of FHCE Graduate Coordinator beginning July 1, 2020.

Thank you Dr. Brenda Cude for your years of service and continued service as FHCE Undergraduate Coordinator.

Recent FHCE Research

Anong, S., & Zahirovic-Herbert, V. (2020) Homeownership and high-cost alternative borrowing. Applied Economic Letters, 27(2), 118-121. Available:

Homeowners are generally less likely to use short-term alternative loans such as payday loans, car title loans, and tax refund anticipation loans but this association has not been fully explored across all income groups and in the context of other homeownership characteristics. Using the 2009 U.S. National Financial Capability Study, this study shows that homeownership generally reduces the propensity for high-cost alternative borrowing across all income quintiles. However, home purchases made within the 5 years prior to 2009 increased the probability of alternative borrowing in the bottom two quintiles. Also, apart from the bottom quintile, homeowners with adjustable-rate mortgages are more likely to resort to alternate loans compared to those without such mortgages. Surprisingly, those with home equity loans in the lower quintile are more likely to have used AFS loans as well.

Goetz, J., Palmer, L. Zhang, L., & Chatterjee, S. (2020). Changes in household net financial assets after the great recession: Did financial planners make a difference? Journal of Personal Finance, 19(1), available:

This study utilized the 2007-2009 Survey of Consumer Finances (SCF) Panel Data Set to examine the impact of financial planner use on household net financial asset level during the Great Recession. Data included 3,862 respondents who completed the SCF survey and a follow-up panel interview. The results indicated that starting to use a financial planner during the Great Recession had a positive impact on preserving and increasing the value of households’ net financial assets, while curtailing the use of a financial planner during this time had a negative impact on preserving the value of households’ net financial assets. Thus, study findings indicated that the benefit of using a financial planner may be particularly helpful during a major a financial downturn.

Murashka, V., Liu, J, & Peng, Y. (2020). Fitspiration on Instagram: Identifying topic clusters in user comments to posts with objectification features. Health Communication.

This study aimed to examine features of objectified images in popular fitspiration accounts on social media, identify the most prevalent user discussion topics about these images, and investigate the linkages between specific objectification cues and discussion topics. We employed content analysis to identify gender-specific objectification elements in fitspiration images (N = 2,000) on Instagram and unsupervised topic modeling to uncover topics in user comments (N = 35,263). Multilevel regressions were conducted to examine how gender and objectification features associate with the topics. Results revealed that one-third of the images were objectified. Objectification features such as sexual posing and the presence of objectified chest or abdomen were associated with the occurrence of two out of the three most prominent topic clusters (inspiration, body, and image-related discussions). We concluded that objectified fitspiration may distract users from health goals.

If you have any news items or current research you would like included in Just So You Know…. please email Sheri Worthy. Just So You Know…. is now available at

May 26, 2020

Congratulations to the following faculty for their promotions in the Department of Financial Planning, Housing and Consumer Economics effective July 1, 2020:

Please welcome your new GSO leadership board:

Keane Swenson, CURO student mentored by Dr. Sophia Anong, won the third place in the ACCI Undergraduate Student Poster Competition this year. The award was presented virtually at the ACCI Annual Conference last week.

UGA was well represented at the ACCI Virtual Conference. The conference committee included Dee Warmath (chair), Brenda Cude, and Mary Carlson as well as Karen Duncan, Nilton Porto, Yoko Mimura, and Elizabeth Kiss.  Research was presented by FHCE PhD students Pan-Ju Chen, Marty Cotwright, Jyostna Ghimire, Danah Jeong, Portia Johnson, Seongsu Kim, Yingyi Liu, Narang Park, Aditi Routh, and, Muna Sharma, and faculty members Sophia Anong, Swarn Chatterjee, and Brenda Cude.

Congratulations Tammy Williams for being selected as a recipient of the Envestnet Scholarship. This Scholarship will reimburse up to $5,000 for the cost of tuition within a CFP Board Registered certificate program.

Recent FHCE Research

Fan, L., & Chatterjee, S. (2020). The Utilization of Robo-Advisors by Individual Investors: An Analysis Using Diffusion of Innovation and Information Search Frameworks. Journal of Financial Counseling and Planning.  DOI: 10.1891/JFCP-18-00078

This study examines the roles of internal and external search characteristics and attitudinal factors in investors’ decisions to utilize robo-advisor-based platforms. Using the 2015 state-by-state National Financial Capability Study and Investor Survey, this study finds that the need to free up time, higher risk tolerance, higher subjective financial knowledge, and higher amounts of investable assets were positively associated with individual investors’ adoption of robo-advisors. Additionally, the results from the interaction model indicates that individuals under 65 with a higher risk tolerance and greater perceived investment knowledge were more likely to use robo-advisors. Implications of the key findings for scholars, practitioners, and industry leaders are included.

Peng, Y. (2020). The ideological divide in public perceptions of self-driving cars. Public Understanding of Science. 29(4), 436–451.

Applications in artificial intelligence such as self-driving cars may profoundly transform our society, yet emerging technologies are frequently faced with suspicion or even hostility. Meanwhile, public opinions about scientific issues are increasingly polarized along the ideological line. By analyzing a nationally representative panel in the United States, we reveal an emerging ideological divide in public reactions to self-driving cars. Compared with liberals and Democrats, conservatives and Republicans express more concern about autonomous vehicles and more support for restrictively regulating autonomous vehicles. This ideological gap is largely driven by social conservatism. Moreover, both familiarity with driverless vehicles and scientific literacy reduce respondents’ concerns over driverless vehicles and support for regulation policies. Still, the effects of familiarity and scientific literacy are weaker among social conservatives, indicating that people may assimilate new information in a biased manner that promotes their worldviews.

If you have any news items or current research you would like included in Just So You Know…. please email Sheri Worthy. Just So You Know…. is now available at