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Social and Behavioral Sciences Commons™
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Articles 1 - 2 of 2
Full-Text Articles in Social and Behavioral Sciences
Financial Well-Being: Psychological Factors That Affect African Americans' Financial Well-Being, Crystal R. Hudson, Cw Copeland, John Young
Financial Well-Being: Psychological Factors That Affect African Americans' Financial Well-Being, Crystal R. Hudson, Cw Copeland, John Young
Journal of Financial Therapy
Most families strive toward financial security and well-being, which would allow them to weather financial shocks and accomplish their long-term goals. However, African Americans have not experienced the same level of financial well-being as others, and this study explored psychological factors that may affect their financial well-being. Data from the 2016 National Financial Well-Being survey (NFWBS), including the CFPB (Consumer Financial Protection Bureau) Financial Well-Being scale, was utilized in this study. Researchers found that the following factors had a significant positive relationship with the financial well-being of African Americans; grasp of financial skills (confidence), mistreatment with financial services (trust), and …
Investment Behavior: Factors That Limit African Americans' Investment Behavior, Crystal Hudson, John Young, Sophia Anong, Elania Hudson, Edward Davis
Investment Behavior: Factors That Limit African Americans' Investment Behavior, Crystal Hudson, John Young, Sophia Anong, Elania Hudson, Edward Davis
Journal of Financial Therapy
This study investigated factors that are likely to limit African Americans’ investment activity in the stock market by triangulating data from the 2015 FINRA Financial Capacity Study and a Financial Behavior/Capacity survey that targeted African Americans. The financial survey revealed the top self-reported reasons these African Americans gave for not investing which were, “I don't understand how the stock market works”, “I don't make enough money” and “I don’t want to lose my money". Logistic regression results for the FINRA African American sample indicate that those with more financial knowledge, those who participated in financial education, and those who were …