Most previous research on credit use has examined the effect of socioeconomic and attitude variables without considering the possible correlation among these factors. Also, the studies have not considered whether there is a difference between general and specific attitudes toward credit and the use of credit. This study addresses those problems and includes installment debt as well as credit card debt in the analysis. The study used data from the 1998 Survey of Consumer Finances. The findings show the higher the specific attitude index, the higher the outstanding credit card balances, and the more favorable the general attitude toward using credit, the higher the installment debt. The results suggest the need for greater awareness on the part of consumers and consumer educators on the influence of attitude in the use of credit.

This study proposed a hierarchy of savings motives and identified factors that influence the movement to higher levels of the hierarchy. Continuation ratio analysis utilizing data from the 2001 Survey of Consumer Finances shows the likelihood of advancing to higher levels of savings motives from the current level. Age, family size, and length of the planning horizon are important predictors for advancing from lower levels to higher levels in the proposed hierarchy. Implications are offered for public policy regarding education and programs.

The purpose of the study was to examine the financial wellness of the baby boomers using two definitions of financial wellness: objective and subjective financial wellness. With data on 2,021 baby boomer households from the 2001 Survey of Consumer Finances, the study examined factors related to three measures of objective wellness and one measure of subjective wellness. The results showed that 20% met the guideline for liquid assets‐to‐income, 74% met the guideline for debt‐to‐assets, 62% met the guideline for investment assets‐to‐net worth, and 64% said that compared to others of their generation and background, they were lucky in their financial affairs. The results help consumer educators and financial advisors understand which factors should be emphasized when providing information to baby boomers.

The study investigated whether older workers chose partial or full retirement instead of full-time work. Partial or full retirement status was modeled as a combination of self-reported retirement status and change in number of hours worked. The results of multinomial logistic regression using data from the first and fifth waves of the Health and Retirement Study collected in 1992 and 2000 showed that age and gender had similar effects on the likelihood of partial and full retirement. Full retirement was also influenced by investment assets, pensions, employee health insurance, and poor health. The likelihood of partial retirement was also influenced by self-employment, chronic health conditions, and education. Workers who seek partial retirement need working conditions that allow them to make this choice.KEY WORDS: health and retirement study; multinomial logistic regression; retirement.As the population ages and the number of retirees increases, policymakers are concerned about the ability of the economy to support a larger number of retirees with the resources produced by a smaller number of workers. While some workers retire early, other workers will work part-time between full-time work and full retirement. As evidence of a gradual transition toward retirement, Quinn and Burkhauser (1994) noted that the importance of part-time work has risen dramatically with age. According to the Bureau of Labor Statistics (U.S. Department of Labor, 1999), 16% of men in 1999, who were aged 60-64 worked part-time (less than 35 hours per week), while a full 50% of men over 65 did. About 33% of women aged 60-64 worked part-time and 60% of women 65 and over worked part-time. Due to the increase in life expectancy, the trend toward working part-

This review paper explores the issues related to the meaning and measurement of insolvency within the domain of household finances. Conceptual and empirical evidence to explain the onset of insolvency is reviewed. Predictive models andfinancial ratios are presentedas techniquesfor identifying insolvent households. Implications for monitoring of solvency by households and responses to insolvency are presented,