This study used data from the 2018 National Financial Capability Study to investigate the association between financial hardship and retirement planning behaviors. Results from logistic regressions showed that respondents with high difficulty making ends meet were more likely to calculate retirement needs and more likely to own a non-employer sponsored retirement plan. The perceived over-indebtedness was positively associated with owning an employer-sponsored account while negatively associated with owning a non-employer-sponsored account. Financial fragility was associated with a lower likelihood of calculating retirement needs and having a retirement account. The results of additional generational analyses revealed that the difficulty making ends meet and the perceived over-indebtedness showed different patterns with retirement planning behavior across three generations. In contrast, financial fragility showed consistent and negative associations with the retirement planning behaviors across generations.

The associations between and among general human capital, financial management behavior, and social capital with an individual's financial position following bankruptcy are examined in this study. Using data from the National Longitudinal Survey of Youth 1979, the significance of each type of capital or practice associated with two separate measures of financial well‐being following bankruptcy are estimated. Results indicate that individuals who possess higher levels of general human capital, social capital, and normative financial management behavior are significantly more likely to both recover financially following bankruptcy, as well as experience lower levels of financial distress when compared to individuals with similar amounts of nonfinancial capital. Study results suggest that postbankruptcy education programs should encourage human and social capital development in addition to financial education as a means to increase the likelihood of financial wealth accumulation following bankruptcy. Implications for financial planners include the consideration of clients' general human capital and social capital when seeking to mitigate potential shocks to client's financial capital.

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.