A multi-state team dedicated to research and education that improves financial well-being.
Funding education is a financial decision with life-long consequences. Growing education debt has been a problem for young consumers and their parents. The growing student loan burden can be a huge financial strain for many Americans. This can make it challenging to have sufficient cash flows to purchase a car, home, etc.
Most Americans continue to believe that home ownership is an essential part of the American dream. Understanding home ownership decisions and making informed financial choices regarding housing have become more critical than ever before. Buying a home is the single largest consumer financial decision that most households make buy many consumers often feel that they do not understand the complex financing and housing choices, especially in the current economic conditions.
Retirement is a milestone that brings complicated financial decisions when deciding the ideal time to claim Social Security benefits. This is a crucial financial decision for individual recipients that is far more complicated than most retirees understand, with it accounting for 90% or more of total income for 36% of all beneficiaries.
THE COMPLEX NATURE OF SAVINGS
The negative savings rate raises critical issues for U.S. households. Inadequate savings leaves families extremely vulnerable to economic set-backs such as illness, disability, death of a primary wage-earner, and unemployment. Therefore, it is extremely important that families save for their later years in order to have adequate resources to meet needs and achieve their desired quality of life
INTERSECTION OF HEALTHCARE AND FINANCES
Health care has become increasingly expensive for Americans, with a growing share of health costs shifted to consumers. Consumers often need to make healthcare decisions in consideration of their financial resources. There is a pressing need to understand how American households make health decisions in relation to financial decisions and how the health of household members affects household finances and vice versa.