What is the research about?
The objective of the research is to identify household personal finance and investing activities associated with wealth accumulation over a lifespan.
Why is the research important?
It is not an overstatement to say that the research is of national importance. Currently, Americans are spending more than they save, 75% of households carry debt, and social security and pensions are increasingly insecure, especially given the impending baby boomer retirees. Therefore, to help protect the economy in a time when its future is uncertain, agencies such as the Financial Industry Regulation Authority (FINRA) are asking researchers to study the financial status and practices of US households. Information gathered through such studies is used to inform the advice provided to Americans about how to prepare financially for the future and in particular for retirement.
But don't take our word for it. Take, for example, David Walker's. Walker is the Comptroller General of the United States; basically, the government's top accountant occupying a non-political position. For a in depth presentation of some of the problems facing social secuirty, see Walker's January 2008 report. Much more information on these problems is provided within an archive of news stories we have recently begun compiling, which you can check out here.
Who are we?
We are researchers working at the Florida State University's Learning Systems Institute, specifically in a research center called the Center for Expert Performance Research. We have received a grant to conduct research from the Financial Industry Regulation Authority (FINRA) Investor Education Foundation.
Our research group includes a lead researcher, Dr. David Eccles, from the Learning Systems Institute and Department of Educational Psychology and Learning Systems, along with Dr. Paul Ward from the Department of Psychology and Dr. Elizabeth Goldsmith from the Department of Textiles and Consumer Sciences. Our group is also assisted by Dr. David Macpherson from the Department of Economics and graduate students from the university.
How can I participate in the research?
We are seeking participants for our study. Just click here and you will be taken to our participation page that provides details of who is able to participate, how, and what monetary compensation is involved. Please help contribute to the research and, at the same time, help contribute to your country.