Much current risk management and insurance research follows a pattern prescribed by the science paradigm. This article discusses some well-recognized problems associated with the science paradigm, and then presents several alternatives that can supplement the science paradigm, thereby broadening and deepening the scope of risk management and insurance research and education.

The sources of financial literacy education accessible to immigrants to Canada and the link between immigrant’s financial literacy and financial decisions could impact their welfare and Canada’s population growth negatively. The purpose of this qualitative exploratory case study was to explore sources of immigrant’s financial literacy education immediately they arrive Canada and the link between their financial knowledge and financial decisions. The life cycle hypothesis, rational choice theory, and bounded rationality theory grounded the study. Data collection from the purposeful sample included semi-structured face-to-face interviews with 13 adult immigrants and a focus group discussion with 6 adult immigrants, all of whom lived, worked, or owned a business in the city of Lloydminster. Data was collected between December 12 and December 19 2016. Using Yin’s 5 step data analytic procedure, the 6 themes that described the pattern between immigrant’s wellbeing and their financial literacy levels are social institutions, economic institutions, pressure impacting financial decisions, credit facility impacting financial decisions, emotions impacting financial decisions, and discount deals impacting financial decisions. The results from this qualitative study might trigger positive social change if immigrants to Canada develop their financial literacy levels and stay committed to making sensible financial decisions.

Using consumer socialization theory as theoretical framework, the purpose of this quantitative, nonexperimental, cross-sectional study was to identify the information sources that Puerto Ricans college students use to gather financial knowledge. A sample of 198 Puerto Rican college students answered a portion of the College Student Financial Literacy Survey. The research question addressed the preference of four financial information sources, including parents, peers, media, and school. A combination of descriptive statistics, one-way analysis of variance, repeated-measures analysis of variance, and multiple linear regression confirmed that participants preferred to gather financial knowledge from parents. Researchers, educators, and policymakers may use this study as a foundation for the development of effective financial education strategies that will promote positive social change in Puerto Rico.

The finances of blue-collar workers were the most acutely impacted as these workers lost their jobs during the Great Recession of 2007 through 2009. The literature revealed a minimal understanding of how blue-collar workers allocated funds for their retirement, and what their investments might be when they invested. To address this problem, the current qualitative study addressed (a) how blue-collar workers chose to invest or not invest for retirement and (b) how blue-collar workers diversified their portfolio if they chose to invest. Theoretical foundations of the study were based on regret theory and prospect theory. A nonrandom purposeful sample of 10 blue-collar worker participants answered 19 open-ended questions. Data from these questions were analyzed inductively. Findings revealed that, as participants reached the age of 30, they started to consider investing for their retirement. Participants under the age of 30 were not as likely to invest. Only one person over the age of 30 did not invest for retirement. The factors that contributed to these blue-collar workers’ investment decisions for retirement were based on an employer-provided retirement accounts, the fear of running out of money later in life during retirement, and the addition of new family members. One of the most popular retirement investment products for the participant group, which included mechanics, laborers, and material movers, was the U.S. Treasury bonds. Other popular investments were mutual funds, 401(k)s, and IRAs. These findings may inform researchers who are conducting a study on the investment decisions of blue-collar workers. The findings can also be beneficial for other blue-collar workers by showing them that other blue-collar workers do invest, and by revealing their rationales in doing so.

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