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Financial Anxiety Survey
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lfab




 
 
 
 

Post  Fri, May 06 2016, 10:14 am
Kfar wrote:
not sure if this matters to your study, but at my age what I am paying in tuition is peanuts to what was paid over the years my kids were growing up and adds to the financial anxiety of being older w/much less savings as a result. Perhaps questions to take those years into account?


And I had the opposite thought. We are a younger couple (upper 20s/low 30s) and only our 2 oldest are currently in school. The younger ones are in daycare/playgroup/babysitter settings. However, a lot of our financial anxiety comes from how to save and pay for more tuitions in the future. For example next year our 3rd will be entering school and we will have a 3rd tuition but since I took the survey now I answered that we are only paying tuition for 1-2 kids. But meanwhile we are still thinking about changes to our spending, etc. in order to pay for that 3rd tuition. And God willing we would love to have more children but being able to afford the tuitions is one of our biggest concerns when family planning (as in having to choose between putting money into savings for retirement or having another child).
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lfab




 
 
 
 

Post  Fri, May 06 2016, 10:22 am
My other thought on the survey was that while there was 1 question that asked about the amount of emergency savings there were no questions about savings for the future. That's another big one for us as we currently have no retirement savings/money set aside for children's weddings, etc. Beyond a relatively small emergency savings amount we have nothing saved for the future. In my experience that's a big area that causes people financial anxiety. While they may B"H have enough to meet current day to day expenses they they know their expenses are going to be rising and/or they do not have any extra to put away for known future expenses (such as retirement) and this causes a lot of stress and worry in the present.
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ROFL




 
 
 
 

Post  Fri, May 06 2016, 10:26 am
I guess since my kids are all over 18 I didn't get questions about the tuition ? I would also love to see the results. Even though I don't pay tuitions anymore I am still so worried about future of retirement and my children's abilities to financially independent
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finprof




 
 
 
 

Post  Fri, May 06 2016, 11:57 am
Ifab: I hear you, I am in the same position on both accounts. The survey questions were largely generated from previously published studies from the target journal and I tried not to deviate too much from "the script" except to address community specific issues. (Clearly, I am completely "playing the game" because it really is a "publish or perish" market!)

If this study goes well I would love to do a follow up and incorporate all of these great suggestions. It's hard to get a secular university to fund this kind of research but if this gets published it will be a great start. Keep the suggestions coming! You guys are amazing!
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amother




Red
 

Post  Fri, May 06 2016, 6:23 pm
There seems to be a typo "this...is to access eligibility" should probably say assess.
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amother




Aquamarine
 

Post  Sun, May 08 2016, 3:17 pm
I took the survey. A few comments:

1. The highest range for rent/mortgage payment was $2500 +. Realize that a 4K or 5K mortgage (not that unusual) will put much more stress on a family than a 2.5K mortgage.

2. There was a question about number of children for whom tuition was paid, but no question about how much total tuition payments are. Sending a kid to a day school that charges $35K is very different than sending a kid to a yeshiva in Lakewood that charges $8K. It would probably have been worthwhile to add a question about total tuition payments.

3. The question about whether you or your spouse goes to daily minyan does not accurate reflect religious commitment when the person answering the survey is a divorced woman
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zigi




 
 
 
 

Post  Sun, May 08 2016, 5:08 pm
there was only room for the person who took the survey to mention whether they had any higher education or not. there might be the other spouse who does have degree. and an eruv. brooklyn, many groups either don't follow an eruv or live in an area that doesn't have one but shul is 5 minutes away
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zigi




 
 
 
 

Post  Sun, May 08 2016, 5:10 pm
what are the correct answers to the financial questions can you post them later on?
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finprof




 
 
 
 

Post  Sun, May 08 2016, 9:23 pm
Aquamarine: I needed to use a "standard" mortgage scale, but yes I understand the issue and hope to fix it in a follow up. I am aware of the variability in tuition but this paper is for a mainstream journal, not a Jewish one and our system is "unique" (I.e. even with scholarships the Catholic schools don't vary anywhere near as much). My hope is that if I can convince my university to fund more research in theses areas. Thanks for your comments and participation:)

Zigi: You are correct about the education only covering one person but I need to tie it to personal stress levels.... (In my case I have the higher degree and more stress anyway!) but your DH is free to take the survey as well which would account or that issue. Yes, I will post the financial literacy solutions later. I'm not happy with how some of the questions are worded but it's a questionnaire from another paper published in the journal I'm targeting so I needed to use it. Thanks Smile

This is great guys, keep it up. Please share with anyone you know, male or female! I'm at 175 and need at least 300 for statistical purposes.
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finprof




 
 
 
 

Post  Mon, Oct 19 2020, 12:22 pm
Update: Its finally published! https://www.iarfc.org/publicat.....urnal

Thanks to all of you who helped me out on this. Also, if there any are other academics on here (particularly finance, econ, sociology) who are interested in collaborating on something please PM me!
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Rappel




 
 
 
 

Post  Mon, Oct 19 2020, 12:24 pm
finprof wrote:
Update: Its finally published! https://www.iarfc.org/publicat.....urnal

Thanks to all of you who helped me out on this. Also, if there any are other academics on here (particularly finance, econ, sociology) who are interested in collaborating on something please PM me!


Mazal Tov!!!!
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Rappel




 
 
 
 

Post  Mon, Oct 19 2020, 12:28 pm
"With respect to religion, the results show that regular minyan (daily prayer service) attendance and self-identifying as Yehivish and or Chassidish, two sects of Orthodox Judaism often identified by the media as "Ultra-Orthodox" are inversely correlated with financial anxiety even after controlling for the other factors listed above. "

I appreciate that you found a way to incorporate and quantify faith in your study. Bravo!
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amother




Maroon
 

Post  Mon, Oct 19 2020, 12:34 pm
So interesting. What does this mean in plain English?

"With respect to religion, the results show that regular minyan (daily prayer service) attendance and self-identifying as Yehivish and or Chassidish, two sects of Orthodox Judaism often identified by the media as "Ultra-Orthodox" are inversely correlated with financial anxiety even after controlling for the other factors listed above"
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amother




Floralwhite
 

Post  Mon, Oct 19 2020, 12:38 pm
There was no question about how much you're paying in tuition. That's all my financial anxiety right there. Take away the tuition and we'd be doing fine financially.
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finprof




 
 
 
 

Post  Mon, Oct 19 2020, 12:53 pm
Floralwhite tuition was a huge factor, much more so for MO than other sects!
Maroon: Those who self identify as Yeshivish or Chasidic tended to have less financial anxiety despite having larger families and lower income on average.
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