Daniel Fernandes

Bio: Daniel Fernandes is an academic researcher from Catholic University of Portugal. The author has contributed to research in topics: Ideology & Politics. The author has an hindex of 17, co-authored 37 publications receiving 2448 citations. Previous affiliations of Daniel Fernandes include Universidade Federal do Rio Grande do Sul & Erasmus University Rotterdam.

Financial Literacy, Financial Education, and Downstream Financial Behaviors

Abstract: Policy makers have embraced financial education as a necessary antidote to the increasing complexity of consumers' financial decisions over the last generation. We conduct a meta-analysis of the relationship of financial literacy and of financial education to financial behaviors in 168 papers covering 201 prior studies. We find that interventions to improve financial literacy explain only 0.1% of the variance in financial behaviors studied, with weaker effects in low-income samples. Like other education, financial education decays over time; even large interventions with many hours of instruction have negligible effects on behavior 20 months or more from the time of intervention. Correlational studies that measure financial literacy find stronger associations with financial behaviors. We conduct three empirical studies, and we find that the partial effects of financial literacy diminish dramatically when one controls for psychological traits that have been omitted in prior research or when one uses an instrument for financial literacy to control for omitted variables. Financial education as studied to date has serious limitations that have been masked by the apparently larger effects in correlational studies. We envisage a reduced role for financial education that is not elaborated or acted upon soon afterward. We suggest a real but narrower role for “just-in-time” financial education tied to specific behaviors it intends to help. We conclude with a discussion of the characteristics of behaviors that might affect the policy maker's mix of financial education, choice architecture, and regulation as tools to help consumer financial behavior. This paper was accepted by Uri Gneezy, behavioral economics.

Financial Literacy, Financial Education and Downstream Financial Behaviors (full paper and web appendix)

Abstract: Policy makers have embraced financial education as a necessary antidote to the increasing complexity of consumers’ financial decisions over the last generation. We conduct a meta-analysis of the relationship of financial literacy and of financial education to financial behaviors in 168 papers covering 201 prior studies. We find that interventions to improve financial literacy explain only 0.1% of the variance in financial behaviors studied, with weaker effects in low-income samples. Like other education, financial education decays over time; even large interventions with many hours of instruction have negligible effects on behavior 20 months or more from the time of intervention. Correlational studies that measure financial literacy find stronger associations with financial behaviors. We conduct three empirical studies and we find that the partial effects of financial literacy diminish dramatically when one controls for psychological traits that have been omitted in prior research or when one uses an instrument for financial literacy to control for omitted variables. Financial education as studied to date has serious limitations that have been masked by the apparently larger effects in correlational studies. We envisage a reduced role for financial education that is not elaborated or acted upon soon afterward. We suggest a real but narrower role for “just in time” financial education tied to specific behaviors it intends to help. We conclude with a discussion of the characteristics of behaviors that might affect the policy maker’s mix of financial education, choice architecture, and regulation as tools to help consumer financial behavior.

How am I doing? Perceived financial well-being, its potential antecedents, and its relation to overall well-being.

Abstract: Though perceived financial well-being is viewed as an important topic of consumer research, the literature contains no accepted definition of this construct. Further, there has been little systematic examination of how perceived financial well-being may affect overall well-being. Using consumer financial narratives, several large-scale surveys, and two experiments, we conceptualize perceived financial well-being as two related but separate constructs: 1) stress related to the management of money today (current money management stress), and 2) a sense of security in one’s financial future (expected future financial security). We develop and validate measures of these constructs (web appendix A) and then demonstrate their relationship to overall well-being, controlling for other life domains and objective measures of the financial domain. Our findings demonstrate that perceived financial well-being is a key predictor of overall well-being and comparable in magnitude to the combined effect of other life domains (job satisfaction, physical health assessment, and relationship support satisfaction). Further, the relative importance of current money management stress to overall well-being varies by income groups and due to the differing antecedents of current money management stress and expected future financial security. Implications for financial well-being and education efforts are offered.

Better or Different? How Political Ideology Shapes Preferences for Differentiation in the Social Hierarchy

Abstract: As consumers’ political opinions become more divided and more central to their identities, it is important to understand how political ideology shapes consumers’ attempts to differentiate from others in the marketplace. Seven studies demonstrate that political ideology systematically influences consumers’ preferences for differentiation. Conservative ideology leads consumers to differentiate from others vertically in the social hierarchy through products that signal that they are better than others, and liberal ideology leads consumers to differentiate from others horizontally in the social hierarchy through products that signal that they are unique from others. This happens because conservatism endorses, and liberalism opposes, the belief that the dominance-based hierarchical social structure is a legitimate mechanism to distinguish individual qualities. The effect is robust across measured and manipulated ideology, hypothetical and real product choices, and online searches in conservative and liberal US states. Manipulating consumers’ differentiation goals and perceptions of hierarchy legitimacy mitigates the effect. The findings advance existing research on political ideology, social hierarchy, and consumer divergence, and they contribute to marketing practice.

Effect of Recovery Efforts on Consumer Trust and Loyalty in E-Tail: A Contingency Model

Abstract: Customer complaints are endemic in e-tail. How they are handled by the seller is vital to its recovery from the problem and its continuing success. Investigation of the moderating roles of the contingency variables of familiarity, quality of prior experiences, and failure types extends the theoretical framework of retailer recovery efforts to the on-line purchasing environment. Based on survey data from 3,206 on-line consumers, the study makes several significant findings: (1) the interactional aspects of an e-tailer's recovery efforts improve consumer perceptions of the recovery process; (2) recovery efforts are essential for building and maintaining long-lasting relationships with customers but do not affect their overall view of e-commerce; (3) a history of positive e-commerce experience will diminish the negative impact on consumer trust of a new purchasing experience with unsatisfactory complaint handling; (4) familiarity has a positive effect on the relationship between trust and loyalty and diminishes the effect on trust of dis/satisfaction with complaint handling; and (5) conditional to the type of failure, dimensions of perceived fairness have variable impacts on consumer satisfaction with complaint handling.

The Social Psychology of Groups

Abstract: The Social Psychology of Groups. J. W Thibaut & H. H. Kelley. New York: alley, 1959. The team of Thibaut and Kelley goes back to 1946 when, after serving in different units of the armed services psychology program, the authors joined the Research Center for Group Dynamics, first at M.LT and then at the University of Michigan. Their continued association eventuated in appointments as fellows at the Center for Advanced Study in the Behavioral Sciences, 19561957. It is during these years that their collaboration resulted in the publication of The Social Psychology of Groups. The book was designed to "bring order and coherence to present-day research in interpersonal relations and group functioning." To accomplish this aim, the authors introduced, defined, and illustrated basic concepts in an effort to explain the simplest of social phenomena, the two-person relationship. These basic principles and concepts were then employed to illuminate larger problems and more complex social relationships and to examine the significance of such concepts as roles, norm, power, group cohesiveness, and status. The lasting legacy of this book is derived from the fact that the concepts and principles discussed therein serve as a foundation for one of the dominant conceptual frameworks in the field of family studies today-the social exchange framework. Specifically, much of our contemporary thinking about the process of interpersonal attraction and about how individuals evaluate their close relationships has been influenced by the theory and concepts introduced in The Social Psychology of Groups. Today, as a result of Thibaut and Kelley, we think of interpersonal attraction as resulting from the unique valence of driving and restraining forces, rewards and costs, subjectively thought to be available from a specific relationship and its competing alternatives. We understand, as well, that relationships are evaluated through complex and subjectively based comparative processes. As a result, when we think about assessing the degree to which individuals are satisfied with their relationships, we take into consideration the fact that individuals differ in terms of the importance they attribute to different aspects of a relationship (e.g., financial security, sexual fulfillment, companionship). We also take into consideration the fact that individuals differ in terms of the levels of rewards and costs that they believe are realistically obtainable and deserved from a relationship. In addition, as a result of Thibaut and Kelley's theoretical focus on the concept of dependence and the interrelationship between attraction and dependence, there has evolved within the field of family studies a deeper appreciation for the complexities and variability found within relationships. Individuals are dependent on their relationships, according to Thibaut and Kelley, when the outcomes derived from the existing relationship exceed those perceived to be available in competing alternatives. Individuals who are highly dependent on their relationships are less likely to act to end their relationships. This dependence and the stability it engenders may or may not be voluntary, depending on the degree to which individuals are attracted to and satisfied with their relationships. When individuals are both attracted to and dependent on their relationships, they can be thought of as voluntarily participating in their relationship. That is, they are likely to commit themselves to the partner and relationship and actively work for its continuance. Thibaut and Kelley termed those relationships characterized by low levels of satisfaction and high levels of dependence "nonvoluntary relationships. …

English as a global language

Abstract: A catalogue record for this book is available from the British Library ISBN 0 521 82347 1 hardback ISBN 0 521 53032 6 paperback Contents List of tables page vii Preface to the second edition ix Preface to the first edition xii 1 Why a global language? 1 What is a global language? 3 What makes a global language? 7 Why do we need a global language? 11 What are the dangers of a global language? 14 Could anything stop a global language? 25 A critical era 27 2 Why English? The historical context 29 Origins 30 America 31 Canada 36 The Caribbean 39 Australia and New Zealand 40 South Africa 43 South Asia 46 Former colonial Africa 49 Southeast Asia and the South Pacific 54 A world view 59 v Contents