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- Title
Debt Holding, Financial Behavior, and Financial Satisfaction.
- Authors
Aboagye, Judith; Jung, Ji Young
- Abstract
This study examined factors associated with financial satisfaction and found that financial behaviors/attitudes provide the strongest explanation for the total variance in financial satisfaction. While overspending had a strong negative association with financial satisfaction, having a higher risk tolerance, no difficulty with monthly bill payments, and savings in an emergency fund, were all positively associated with financial satisfaction. Households with student loan debts and homeowners with mortgage loans were also less likely to be satisfied with their overall financial situation. The findings underscore the important role of positive savings and spending behavior on overall financial satisfaction and the opportunity for financial counselors, educators, and coaches to focus on motivating clients to save and plan ahead.
- Subjects
UNITED States; SAVINGS; GOVERNMENT agencies; UNITED States. Consumer Financial Protection Bureau; HOUSEHOLDS; NATIONAL Endowment for Financial Education
- Publication
Journal of Financial Counseling & Planning, 2018, Vol 29, Issue 2, p208
- ISSN
1052-3073
- Publication type
Article
- DOI
10.1891/1052-3073.29.2.208