Sonya L. Britt

Financial satisfaction and financial stressors in marital satisfaction.

Using a sample of 310 married respondents from one U.S. Midwestern state, a test was conducted to examine the association of financial satisfaction and financial stressors in a spouses decision to stay married to the same person or leave the relationship. The role of demographic and socioeconomic variables, religiosity, psychological constructs, financial satisfaction, and financial stressors as factors influencing marital satisfaction was tested. Financial stressors were measured using a list of financial stressors adapted from the literature. Financial satisfaction was measured with a one-item scale. The Kansas Marital Satisfaction Scale was used as a validation tool to assess whether individuals would marry or not marry again. Religiosity and financial satisfaction were positively associated with marital satisfaction. A negative interaction between financial satisfaction and financial stressors was also noted. Findings suggest that respondents who are financially satisfied tend to be more stable in their marriages.

Financial Stress and Financial Counseling: Helping College Students.

This study had two distinct purposes. First, to determine the predictors of financial stress among college students who sought free peer-based financial counseling from a large Midwestern university (N = 675). Secondly, to determine the effectiveness of the particular financial counseling center from a subsample of those who sought help (N = 97). Results of the regression analysis indicate that students more likely to experience financial stress include freshmen, those with low perceived mastery and net worth, and those with median student loan debt as compared to those with no student loan debt. Results of t-test analyses suggest that financial counseling had positive effects on subjective financial knowledge and financial attitudes and mixed effects on financial behaviors.

The Case for Financial Education Programs

Demand for information on establishing a financial education program in colleges and universities is high as evidenced by ongoing requests to the editors for assistance. Financial education programs for students are growing in number and offer promising opportunities. Colleges and universities have a vested interest in establishing a financial education program for their students. In this chapter we explain why.

Training and Development of Financial Education Program Staff

This chapter describes training and development considerations for a university financial education program staff. Program directors may choose to outsource the training by hiring external professionals or hiring and training from within the college or university. Key questions to ask are posed in this chapter, such as what types of training support the financial education program’s mission? What changes in the external environment demand training and development of staff members? Which staff members need training and development and how much? What staff tasks need improvement through training and development? How can experienced program staff be used to mentor new student staff members?

Internal Consistency and Convergent Validity of the Klontz Money Behavior Inventory (KMBI)

The Klontz Money Behavior Inventory (KMBI) is a standalone, multi-scale measure than can screen for the presence of eight distinct money disorders. Given the well-established relationship between mental health and financial behaviors, results from the KMBI can be used to inform both mental health care professionals and financial planners. The present study examined the internal consistency and convergent validity of the KMBI, through comparison with similar measures, among a sample of college students (n = 232). Results indicate that the KMBI demonstrates acceptable internal consistency reliability and some convergence for most subscales when compared to other analogous measures. These findings highlight a need for literature and assessments to identify and describe disordered money behaviors.

Reliability and Convergent Validity of the Klontz Money Script Inventory-Revised (KMSI-R)

Few contemporary, empirically-based instruments exist to assess attitudes and beliefs about money despite a large research base linking mental health outcomes to financial beliefs. An abbreviated form of the Klontz Money Script Inventory (KMSI), the Klontz Money Script Inventory-Revised (KMSI-R), has been developed to inform mental health practitioners and financial advisors about the money attitudes and beliefs of their clients using an empiricallybased instrument. This study examined the technical adequacy of the KMSI-R among a sample of college students (n = 326). Results indicate high reliability for the KMSI-R as well as weakto-moderate positive correlations when compared to the Money Attitude Scales.

A History of Fertility in America

Over the past century fertility patterns in the United States have fluctuated and the age of first-time parents has generally increased. With greater family planning resources women have also had the opportunity to delay both marriage and childbearing in pursuit of their education and careers. Later life childbearing has indirectly reduced total birth rates in the United Sates, Asian and many European countries. This chapter describes trends in ages of new parents and societal influences that have impact on these trends are discussed. Geographical differences are also highlighted as many trends differ across different regions. The chapter concludes with concerns that need to be addressed by future research and the need for more family supportive public policy.

Financial Education Program Partnerships

Countless sources have documented the benefit of merging knowledge from multiple sources for the benefit of helping clients, students, or the society as a whole. Hundreds, if not thousands, of other organizations are developing collaborative partnerships to help them achieve their goals. The purpose of this chapter is to explain the myriad benefits of partnerships, offer ways to locate partners for campus-based financial education programs, and present how to develop, maintain, and terminate partnerships.

Staffing and Recruiting Considerations for Financial Education Programs

A financial education program is only as good as the people who staff it. In order to get the right people on staff, careful attention must be paid to the strategy and execution of recruiting and hiring. Underlying the strategy is the determination of which staff positions are needed and how the roles will be defined. Various questions need to be addressed, such as: What financial resources are available? What types of services is the program planning to offer? What is the level of counselor content expertise? What is the type and size of facility where counseling will take place? How large is the program and who is the program’s target audience? With what other programs on campus is there possible opportunity for collaboration? The impact of a financial education program on a college campus is limited only by its implementation. Careful attention to the processes of staff selection is paramount in determining the early trajectory of such a program.

Financial Therapy: Establishing an Emerging Field

This chapter outlines the origins of financial therapy—an emerging field interested in the integration of cognitive, emotional, behavioral, relational, and economic aspects with financial health. This chapter differentiates among financial therapy, financial coaching, and financial planning; explores ethical considerations; and discusses the importance of theory and evidence-based practices in the development of the field of financial therapy. The chapter concludes with a rationale of the need for financial therapy, ethical considerations for the field, and future directions.