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

Christi Wann and Lisa A. Burke-Smalley ()
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Lisa A. Burke-Smalley: The University of Tennessee at Chattanooga

Journal of Family and Economic Issues, 2023, vol. 44, issue 1, No 7, 98-113

Abstract: 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.

Keywords: Family financial planning; Retirement; Emergency savings; Written will; Financial knowledge; Household attributes; Financial literacy education (search for similar items in EconPapers)
Date: 2023
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DOI: 10.1007/s10834-021-09805-0

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