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Everybody Dies: Financial Education and Basic Estate Planning

Everybody Dies: Financial Education and Basic Estate Planning This study investigated the role of financial education on a basic level of estate planning of U.S. households. Results from the 2018 National Financial Capability Study (NFCS) dataset showed that financial education is positively associated with one's basic estate planning, proxied by having a will. Multiple exposures to financial education over time had stronger positive associations with having a will. One notable finding was that those receiving financial education offered by an employer only or jointly by an employer and other sources (high school and/or college) were more likely to have a will. In addition, among those who received financial education, the number of hours and the overall quality were positively associated with the likelihood of having a will. Additional analyses from Propensity Score Matching (PSM) and similar regressions across generations reveal that results were robust. The results provide meaningful insights for financial educators and practitioners. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Financial Counseling and Planning Springer Publishing

Everybody Dies: Financial Education and Basic Estate Planning

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Publisher
Springer Publishing
Copyright
© 2021 Springer Publishing Company
ISSN
1052-3073
eISSN
1947-7910
DOI
10.1891/jfcp-19-00076
Publisher site
See Article on Publisher Site

Abstract

This study investigated the role of financial education on a basic level of estate planning of U.S. households. Results from the 2018 National Financial Capability Study (NFCS) dataset showed that financial education is positively associated with one's basic estate planning, proxied by having a will. Multiple exposures to financial education over time had stronger positive associations with having a will. One notable finding was that those receiving financial education offered by an employer only or jointly by an employer and other sources (high school and/or college) were more likely to have a will. In addition, among those who received financial education, the number of hours and the overall quality were positively associated with the likelihood of having a will. Additional analyses from Propensity Score Matching (PSM) and similar regressions across generations reveal that results were robust. The results provide meaningful insights for financial educators and practitioners.

Journal

Journal of Financial Counseling and PlanningSpringer Publishing

Published: Dec 21, 2021

References