Using the Panel Study of Income Dynamics (PSID) for the FCAB Research

Slides:

Advertisements

Similar presentations

Retirement Planning: Creating a clear plan for the future

Advertisements

Life Cycle of Financial Planning

Making Your Money Work Where Are You Now?. Objectives Determine Credit Obligations Compare Income to Expenses Determine Net Worth.

Measuring Your Financial Health and Making a Plan

Trends in Income Distribution. Trends in Income Distribution Wealth & Poverty 1.Poverty rose from the late 1970’s until the early 1990’s, both in absolute.

Financial Planning Financial Planning An Introduction to the Financial Planning Process Conducted by: Lawrence W Wiswall Jr. TCS Financial Services, Inc.

16 Money Management and Financial Planning

1. The Dumonts are in the early years of the accumulation of wealth stage of the financial life cycle. During this longest stage of the life cycle, the.

2 Money Management Skills

Investing 101 L. Gattis Monday 7PM-8:30PM March 18, Career Services Building.

Life Cycle of Financial Planning

Marriage and Family Life Unit 6: Making Everyday Living Decisions.

16-1. Money Management Basics $100 probably seems like a lot of money to you now. In the future you will have more expenses Food, housing, insurance,

Personal Financial Statements Ch PoB  Money Management – refers to the day-to-day financial activities associated with using limited income.

Chapter 2 Money Management Skills Copyright © 2010 by The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/Irwin.

Life Cycle of Financial Planning

Health Savings Accounts  Effective 2004  For individuals with high-deductible health plans  Tax-deductible contributions  Tax-free earnings  Tax-free.

Women and the Wealth Gap Presented by Mariko Chang, PhD

111 Child Accounts: The Beginning of Savings for Life Pamela Perun, Policy Director Initiative on Financial Security, The Aspen Institute

Family Financial Management Annie’s Project January 23, 2007 Coweta Oklahoma.

Access Financial University Establishing your Financial Foundation.

MEASURING INCOME AND POVERTY AT A NATIONAL LEVEL Sian Rasdale Social Justice Analysis, Scottish Government.

Asset-Building: A Framework & Survey of Issues Prepared by Denise DeVaan, DeVaan & Associates, LLC.

Section 1Organizing Financial Records Budgeting How do your spending options fit: Day-to-day financial activities necessary to get the most from one’s.

Budgeting Personal Finance. Financial Planning Net Worth Income Expenditures Unplanned Expenditures Debt Savings.

Personal Finance Test Review. Post Test Review A. Credit is the ability to obtain goods/services before payment is made based on the trust that payment.

The Comprehensive Wealth of Immigrants and Natives David Love and Lucie Schmidt Williams College Retirement Research Consortium Annual Meeting August 6,

Created by the American Institute of Certified Public Accountants and the California Society of Certified Public Accountants CPA Mobilization Kit: Parenthood.

Pensions Reform An update on the GB Wealth and Assets Survey June 2007 Angela Donkin Cross-cutting Pensions Analysis Division Department for Work and Pensions.

Upside Down: The $400 Billion Federal Asset Budget Corporation for Enterprise Development September 23, 2010 Eugene Steuerle Richard B. Fisher Institute.

Financial Literacy: Knowing What You Need To Know To Achieve Your Financial Goals.

NEW ECONOMICS FOR WOMEN Community Economic Development Organization MISSION : We enhance the quality of all of our lives by leading poor, single parents.

WHAT DOES YOUR BALANCE SHEET SAY? Presented by: Rianka R. Dorsainvil, CFP® Financial Planner.

BUDGETING FOR MAJOR EXPENSES Adapted in partnership with ©2015 Educurious Partners--All rights reserved UNIT 3 LESSON 2 1.

Racial and Ethnic Wealth Gaps in the U.S. Society for Financial Education and Professional Development October 26, 2015 Richard Fry Pew Research Center.

Personal Financial Literacy

Macro-level Stressors: Economic Stress HDFS 325. Group Discussion: Dynamics of Poverty: What disadvantages are children in poverty more likely to experience?

Chapter Ten: Inequality in Housing and Wealth By Tanya Maria Golash-Boza.

16 Money Management and Financial Planning

Annual Meeting of the Retirement Research Consortium

2017 WOMEN’S FEST Jocelyn D. Wright, MBA, CFP® Managing Partner

Chapter 2 Money Management Skills McGraw-Hill/Irwin

Chapter 2 Money Management Skills McGraw-Hill/Irwin

Presentation for: IASSIST 2007 Montréal, Quebec

Methodology and Measurement: Panel Study of Income Dynamics

Life Cycle of Financial Planning

CHAPTER 3 FINANCIAL STATEMENTS, TOOLS, AND BUDGETS

Final Monthly Budget Financial Literacy Monthly Budget.

Chapter 2 Money Management Skills McGraw-Hill/Irwin

Thrivers and Strugglers: The Balance Sheets and Financial Health of U

LEQ: What is Wealth and who owns how much of it?

Prepared for the U.S. Government Accountability Office

Chapter 2 Money Management Skills McGraw-Hill/Irwin

The National Financial Capability Study

Haksoon Ahn, PhD Associate Professor

Creating a Net Worth Statement

Third Annual Financial Capability and Asset Building (FCAB) Convening Event: Afternoon Panel Wednesday, January 10, 2018, 1:30 pm – 5:30 pm FCAB Over.

World Bank’s FINDEX David W. Rothwell

Spending Plans.

World Bank’s FINDEX David W. Rothwell

Third Annual Financial Capability and Asset Building (FCAB) Convening Event: Afternoon Panel Wednesday, January 10, 2018, 1:30 pm – 5:30 pm FCAB Over.

Haksoon Ahn, PhD Associate Professor

16 Money Management and Financial Planning

Session Two A Financial Physical

Life Cycle of Financial Planning

America’s financial literacy

MoneyCounts: A Financial Literacy Series

Everything You Need to Know About the ABLE Act (H.R.647/S.313)

Requirements report should be on 8 by 10 paper with your name in the upper right corner and stapled. There are 10 pages to the exam including the cover.

General Money Management & Personal Savings and Investing

Presentation transcript:

Using the Panel Study of Income Dynamics (PSID) for the FCAB Research Jin Huang, Saint Louis University Terri Friedline, University of Kansas David Rothwell, Oregon State University The Third Convening on Financial Capability and Asset Building January 10, Washington DC

Panel Study of Income Dynamics Longest longitudinal household survey (1968-2018) following the same group of households Nationally representative sample: 4,802 families (1968)—9,048 families (2015); oversampling of low-income populations; inclusion of post-1968 immigrant families in 1997 (1) Housing utilities, computer usage/internet access; (2) employment; (3) housework, food/education/health/other expenditures; (4) income; (5) health, health behaviors; (6) marriage and fertility; (7) philanthropic giving and volunteering; (8) wealth, savings, and pensions; (9) child development supplement; (10) Transition to adulthood; (11) disability; and (12) restricted data (e.g., geographic and administrative linkages)

FCAB Contents Wealth, savings, and pensions : Net worth; homeownership, home equity and housing-related financial services (e.g., mortgage); types of debt (e.g., credit card, student, medical, family); retirement savings (e.g., pension, IRAs, and 401k); savings and financial assets; and vehicles Savings for children: Financial assets (e.g., stocks, mutual funds, savings) and college preparation; financial behaviors of children (e.g., bank accounts, saving for education, and donations) Savings, wealth, and debt in young adulthood: account ownership; vehicle and wealth; debt Financial literacy scale: in the 2016 Well Being and Daily Life Supplement (section K), similar items in HRS

Pros and Cons PROS: CONS: Longitudinal panel data Intergenerational and family dynamics Oversampling of low-income populations Associations of assets/wealth with other important factors CONS: Small sample size on specific populations Limited topics on FCAB contents Missing data over longitudinal data collection

Potential Research Questions 1. Descriptive 2. Exploratory 3. Association (Causation) 4. Evaluation A. Determinants of FCAB Content × B. Effects of FCAB Content A1. Longitudinal trajectory of asset accumulation of African American families A2. Race and wealth disparity (Life course perspective) A3. Race, education, and asset accumulation (mechanism of racial disparity in wealth) A4. Retirement savings plans and asset accumulation B2. Asset accumulation and health/mental health B3. Asset accumulation, parental expectations, and educational achievement