@article {9566, title = {Market Volatility and Financial Satisfaction: The Role of Financial Self-Efficacy}, journal = {Journal of Behavioral Finance}, volume = {20}, year = {2019}, pages = {42-52 }, abstract = {This study investigates the role of financial self-efficacy (FSE) in moderating the relationship between market volatility and financial satisfaction within a sample of 3,405 adults 50 years old and over from the Health and Retirement Study. Results revealed that market volatility had no statistically significant effect with financial satisfaction for those with moderate or high FSE, but market volatility did have a negative effect for those with low FSE. Results suggest that FSE is an important predictor of financial satisfaction amidst market volatility and should be considered when establishing an appropriate asset allocation for client portfolios.}, keywords = {Economics, Financial Health, Market analyses, Risk Factors}, issn = {1542-7560}, doi = {10.1080/15427560.2018.1434655}, url = {https://www.tandfonline.com/doi/full/10.1080/15427560.2018.1434655https://www.tandfonline.com/doi/pdf/10.1080/15427560.2018.1434655}, author = {Asebedo, Sarah D. and Payne, Patrick} } @article {9728, title = {Personality and Saving Behavior Among Older Adults}, journal = {Journal of Consumer Affairs}, volume = {53}, year = {2019}, month = {09/2019}, pages = {488-519}, abstract = {This study investigates how psychological characteristics influence saving behavior within a sample of 1,380 U.S. preretirees aged 50{\textendash}70 from the Health and Retirement Study (HRS). Using the 3M Model of Motivation and Personality as a theoretical basis, structural equation model results revealed that financial self-efficacy (FSE) directly explains saving behavior and is central to understanding the link between other psychological characteristics and the saving behavior of older adults. Through higher FSE, increased positive affect and reduced negative affect indirectly supported saving behavior. Moreover, the results revealed personality traits indirectly explained saving behavior. Conscientiousness and extroversion indirectly supported saving behavior; whereas openness to experience and neuroticism indirectly undermined saving behavior. This study connects broad personality traits with saving behavior, which provides information about how older adults{\textquoteright} psychological composition is related to their saving practices.}, keywords = {Finances, Personality, Retirement Planning and Satisfaction, Saving}, doi = {10.1111/joca.12199}, url = {http://doi.wiley.com/10.1111/joca.12199http://onlinelibrary.wiley.com/wol1/doi/10.1111/joca.12199/fullpdfhttps://api.wiley.com/onlinelibrary/tdm/v1/articles/10.1111\%2Fjoca.12199}, author = {Asebedo, Sarah D. and Wilmarth, Melissa J. and Martin C. Seay and Archuleta, Kristy and Brase, Gary L. and Maurice MacDonald} } @article {2019-69145-00120191118, title = {The psychology of portfolio withdrawal rates.}, journal = {Psychology and Aging}, year = {2019}, abstract = {This study investigates how personality and psychological characteristics shape portfolio withdrawal rates (PWR) within a sample of 3,678 U.S. individuals age 50 and over from the Health and Retirement Study. Structural equation model results revealed that those with greater conscientiousness, extraversion, positive affect, and financial self-efficacy have lower PWR; whereas those with greater openness, agreeableness, neuroticism, and negative affect have higher PWR. Findings from this study break new ground by establishing a link between psychological characteristics and PWR. Moreover, results provide insight to financial planning practitioners as they explore retirement income planning beyond its technical aspects and seek to maximize their clients{\textquoteright} satisfaction from the consumption of their retirement portfolios. (PsycINFO Database Record (c) 2019 APA, all rights reserved)}, keywords = {agreeableness, Conscientiousness, extraversion, Finance, Negative Emotions, Neuroticism, Openness to Experience, Personality, Personality Traits, portfolio withdrawal rates, Positive Emotions, psychological characteristics, Retirement, Self-efficacy}, issn = {0882-7974}, url = {https://www.ncbi.nlm.nih.gov/pubmed/31738071}, author = {Asebedo, Sarah D. and Chris Browning} } @article {9974, title = {Financial self-efficacy and the saving behavior of older pre-retirees }, journal = {Journal of Financial Counseling and Planning}, volume = {29}, year = {2018}, pages = {357-368}, abstract = {This study investigates the relationship between financial self-efficacy (FSE) and saving behavior within a sample of 847 U.S. pre-retirees aged 50 to 70 from the Health and Retirement Study. In accordance with the social cognitive theory of self-regulation, results revealed that FSE is positively related to saving behavior after controlling for sociodemographic attributes, financial characteristics, and saving motives. Understanding how FSE contributes to saving behavior is critical as older workers attempt to bridge the retirement saving gap. Financial counselors and planners can help this population save by cultivating and supporting clients {\textquoteright}FSE throughout the financial planning and counseling process.}, keywords = {Financial literacy, Savings, Self-efficacy}, issn = {1052-3073}, doi = {10.1891/1052-3073.29.2.357}, url = {http://connect.springerpub.com/lookup/doi/10.1891/1052-3073.29.2.357https://syndication.highwire.org/content/doi/10.1891/1052-3073.29.2.357}, author = {Asebedo, Sarah D. and Martin C. Seay} } @article {9320, title = {Does How We Feel About Financial Strain Matter for Mental Health?}, journal = {Journal of Financial Therapy}, volume = {8}, year = {2017}, pages = {63-78}, abstract = {This study investigated how stress responses to financial strain are related to mental health (i.e., depression) to answer the question: Does how we feel about financial strain matter? Informed by the ABC-X model of family stress and analyzed with data from the Health and Retirement Study (HRS), results reveal that financial strain is significantly related to increased depression; however, financial stress was found to moderate this relationship. Financially strained respondents without a stress response did not have significantly different depression scores than those who were not experiencing financial strain; however, depression scores increased as the stress response to financial strain increased. Consistent with the ABC-X model, results suggest that financial strain is a neutral event until it is processed and interpreted by an individual, with subjective perceptions a more powerful predictor of mental health than objective financial circumstances. These results emphasize an area of synergy for financial and mental health researchers and professionals.}, keywords = {Depressive symptoms, Financial burden, Mental Health, Stress}, issn = {19457774}, doi = {10.4148/1944-9771.1130}, url = {http://newprairiepress.org/jft/vol8/iss1/5}, author = {Asebedo, Sarah D. and Wilmarth, Melissa J.} } @mastersthesis {8994, title = {Three essays on financial self-efficacy beliefs and the saving behavior of older pre-retirees}, volume = {Ph.D.}, year = {2016}, school = {Kansas State University}, type = {Dissertation}, address = {Manhattan, Kansas}, abstract = {This dissertation employed a psychological framework to investigate the saving behavior of older pre-retirees through three essays using data from the Health and Retirement Study (HRS). Understanding the connection between psychological characteristics and saving behavior is critical as this population attempts to bridge the retirement saving gap. Of these characteristics, financial self-efficacy beliefs (FSE) are theoretically vital to saving behavior. With the FSE beliefs of older adults weak and vulnerable to decline, more research is needed to understand how FSE beliefs affect saving behavior and how FSE beliefs can be supported. Essay one investigated the psychological characteristics associated with FSE beliefs according to the Meta-Theoretic Model of Motivation and Personality (3M). Using a sample of 2,070 pre-retirees aged 50 to 70, essay one revealed that FSE beliefs can be supported through the frequent experience of positive affect, reduced negative affect, a stronger perception of mastery, and a higher task orientation, holding all else constant. Essay two investigated the relationship between FSE beliefs and saving behavior (i.e., change in net worth from 2008 to 2012) through the Social Cognitive Theory of Self-Regulation. Using a sample of 844 pre-retirees aged 50 to 70, results revealed that FSE beliefs are significantly and positively related to saving behavior, after controlling for the financial ability and motivation to save. Essay three employed a structural equation model to investigate an integrated psychological approach to saving behavior based upon the 3M. Using a sample of 1,370 pre-retired and partially retired adults aged 50 to 70, essay three revealed that FSE beliefs facilitated the connection between elemental traits (i.e., openness, conscientiousness, extroversion, agreeableness, and neuroticism), compound traits (i.e., positive affect, negative affect, mastery, and task orientation), and saving behavior. Overall, significant evidence was generated supporting a psychological approach to the saving behavior of older pre-retirees. Financial and mental health professionals can utilize this framework to provide holistic retirement saving advice that acknowledges the psychological roots of behavior. Moreover, results established empirical support for the role FSE beliefs play in executing saving behavior. Lastly, results supported the importance of domain specific measurement for self-efficacy beliefs in future research. Advisors/Committee Members: Kristy L. Pederson-ArchuletaMartin Seay.}, keywords = {Financial literacy, Older Adults, Savings}, url = {http://hdl.handle.net/2097/32734}, author = {Asebedo, Sarah D.} } @article {8091, title = {Positive Psychological Attributes and Retirement Satisfaction}, journal = {Journal of Financial Counseling and Planning}, volume = {25}, year = {2014}, pages = {161-173}, publisher = {25}, abstract = {This study investigated the association between positive psychological attributes and retirement satisfaction using a sample of 5,146 retired individuals from the 2006 and 2008 waves of the Health and Retirement Study (HRS). Utilizing Seligman s (2012) well-being theory, positive psychological attributes, as represented by the acronym PERMA, were measured by dispositional optimism (Positive emotion), reading the newspaper daily and having a hobby (Engagement), family support (Positive relationships), purpose in life and religiosity (Meaning), and perceived mastery (Accomplishment). Significant evidence was found supporting the association between positive psychological attributes and retirement satisfaction. Specifically, results of the ordinal logistic model revealed that, holding all else constant, dispositional optimism, family support, purpose in life, and perceived mastery were each positively associated with retirement satisfaction. Relevant implications for financial planners, counselors and educators include learning and developing optimism, cultivating family relationships, fostering purpose in life, discovering accomplishment during retirement, and structuring a phased transition to retirement.}, keywords = {Demographics, Expectations, Health Conditions and Status, Healthcare, Retirement Planning and Satisfaction}, author = {Asebedo, Sarah D. and Martin C. Seay} }