The Journal of Consumer Affairs articles from June 2008

The Journal of Consumer Affairs archives from June 2008

Financial literacy, public policy, and consumers' self-protection--more questions, fewer answers.
June 22, 2008... WHAT IS THE GOAL OF FINANCIAL EDUCATION? When this special issue of the Journal of Consumer Affairs was first conceptualized, the subprime mortgage "crisis" was not yet front-page news. Even without the events that precipitated the crisis,...

A framework for promoting retirement savings.
June 22, 2008... This article identifies the constructs that influence an individual's intention to save for retirement and discusses how and when these factors can be changed by an agent trying to induce an individual to enroll in a retirement plan, increase...

Toward a general model of consumer empowerment and welfare in financial markets with an application to mortgage servicers.
June 22, 2008... Policy makers and consumer advocates suggest that mortgage servicers are prone to mistakes and predatory practices that negatively impact consumer financial well-being. Using this industry as a case study, a general model of consumer...

Is ignorance bliss? Consumer accuracy in judgments about credit ratings.
June 22, 2008... There is considerable evidence to suggest that consumers are often misinformed about basic financial and economic principles. The purpose of this study was to examine the accuracy of consumers' self-assessments of their credit ratings. Findings...

Saving for retirement: the effects of fund assortment size and investor knowledge on asset allocation strategies.
June 22, 2008... We report the results of a decision simulation conducted among 211 adults whose task was to invest in a 401(k) retirement plan. We varied the number of mutual funds (three vs. twenty-one) offered for investment and assessed investing knowledge...

The role of self-regulation, future orientation, and financial knowledge in long-term financial decisions.
June 22, 2008... This research examines potential explanations of why consumers have difficulty making personal financial decisions that will be most beneficial in the long run. Within the decision context of retirement savings, results from an experiment...

The financial rationality of consumer loan choices: revealed preferences concerning interest rates, down payments, contract length, and rebates.
June 22, 2008... A choice-based conjoint experiment was employed to identify consumer preferences for automobile loan attributes. Respondents prefer loans with low interest rates and moderate contract lengths. Less important are high rebates and moderate down...

Consumer financial literacy and the impact of online banking on the financial behavior of lower-income bank customers.
June 22, 2008... This article analyzes a demonstration program mounted by a major bank to understand whether access to information and communications technologies, combined with financial literacy training and training on how to use the Internet, can help low-...

Financial aliteracy.(EDITORIAL POSTLUDE)(Essay)
June 22, 2008... When I worked at another university some decades ago, a man ! had not previously met stopped me as I walked out of my office, introducing himself as a faculty member in the college of liberal arts. As he explained it, his wife had recently...