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DID COVID-19 HURT CONSUMER FINANCIAL WELLBEING? FACTORS ASSOCIATED WITH CONSUMER BANKRUPTCY RISKS DURING THE PANDEMIC
Get PDFPurpose: The COVID-19 pandemic resulted in millions of lives lost. Beyond its devastating impact, did it also hurt consumer financial wellbeing? Consumer bankruptcy is often seen as a sign of experiencing extremely overextended debt burdens. This study aimed to identify factors associated with bankruptcy risks, specifically focusing on insolvency (when total debt exceeds total asset) and debt delinquency (being late in debt payments for 60 or more days).
Design/methodology/approach: Data was from the U.S. 2022 Survey of Consumer Finances. Two bankruptcy risk variables included insolvency and debt delinquency. Potential influencing factors included in the analyses were COVID-19 induced shocks, financial capability, ownership of various debts, and demographics. Logistic regression models were used to detect potential factors associated with bankruptcy risks.
Findings: First, a COVID-19-induced shock variable, new work schedule, reduced the risk of insolvency, and four shock variables (COVID infection with serious persistent symptoms, work disruption due to childcare responsibilities, work reduction, and work increase) increased the risk of debt delinquency. Second, financial capability factors played a crucial role. Desirable financial behavior reduced both risks of insolvency and debt delinquency. Subjective financial knowledge only reduced the risk of debt delinquency. Third, the types of debts held mattered. Holding credit card debt, student loans, and other debts increased the risks of both insolvency and debt delinquency. Interestingly, holding auto loans reduced the risk of insolvency.
Research limitations/implications: The data is limited to cross sectional so that findings are only correlational. The data is from one developed economy and the results may not be generalized to other economies, especially developing economies. Also, due to the lack of direct measure of consumer bankruptcy, only bankruptcy risks are measured in the study, but the findings still can be informative for understanding consumer bankruptcy behavior.
Practical implications: The results of this study have practical implications for government, business and nonprofit organizations to help consumers reduce the bankruptcy risks. The results suggest that when facing external shocks such as the COVID-19 pandemic, any work-related adjustments may help workers maintain income levels and reduce consumer bankruptcy risks, especially debt delinquency risk. Also, consumers should be encouraged to engage in desirable financial behaviors, such as spending within their income, seeking information before making financial decisions, using financial professionals, and planning ahead, to reduce both insolvency and debt delinquency risks.
Originality/value: This study is the first to examine COVID-19 induced factors on bankruptcy risks, enriching the literature of COVID-19 impacts on consumers. Bankruptcy risks are used as negative indicators of consumer wellbeing, expanding the literature of consumer wellbeing. The study also examines if financial capability has potential to reduce bankruptcy risks, an advancement in the literature of financial capability
Potential Impact of Artificial Intelligence on Small and Medium Enterprises Innovation in the EU: A Perspective from Poland
Get PDFThe development of small and medium-sized enterprises is a complex process that requires the use of all approaches to achieve success. In this regard, finding opportunities to use artificial intelligence in such companies is of great importance. The study aims to assess how this technology affects the innovation and financial performance of small and medium-sized enterprises. To draw the main conclusions, the implementation of artificial intelligence at Polish enterprises, including in the context of their financial performance, namely the level of return on assets and the level of debt, was analysed. The study showed that the introduction of artificial intelligence technology in small and medium-sized enterprises should lead to an improvement in their financial performance, as well as the subsequent more active introduction of other innovations. The study also showed that artificial intelligence is being used quite actively in various sectors of the economy and different areas of business. This study concluded that companies can also face other types of problems that are not related to the lack of funding and the burden of this kind in general: difficulties may also arise in the field of human resources management, namely in the context of the lack of professionalism of managers and employees in the implementation of this kind of technology. The findings can be used to formulate more accurate long-term strategies for the development of artificial intelligence by companies. In addition, the conclusions can be used to revise some accepted principles of artificial intelligence regulation from the point of view of the state
Beyond fear: Opportunities and positive use of ICT among children and adolescents
Get PDFThis study aimed to understand the advantages of digital connectivity in children and teenagers up to 18 years. Utilizing the PRISMA protocol, a decade’s worth of literature was reviewed, analyzing 128 articles from WOS and Scopus databases. The research highlighted five key areas where digital connectivity can exert a positive impact on children: 1) Entertainment, information, and communication; 2) Emotional and social development; 3) Healthy lifestyle; 4) Citizen participation; and 5) education. Recent trends show a rise in studies related to education and training, mainly employing qualitative methods, and predominantly focusing on European adolescents (12 to 18). The research’s goal is to understand which are the salient trends on recent academic research on potential benefits of ICT among children and teenagers, especially in vulnerable populations, and advocate for media literacy that promotes critical thinking, content creation, values, and helps combating disinformation
Wisdom & Creativity in Interior Design
Get PDFJoshua Shockley graduated in 2001 from the University of Rhode Island with a B.S. in Textile Science and later obtained a Certificate of Interior Decorator at the Rhode Island School of Design (RISD). With this background, Shockley has built a successful solo business specializing in high-end residential and boutique design projects across New England. His approach emphasizes client communication, contract clarity, and textile performance, especially in healthcare settings. He exercises freedom by refraining from utilizing modern marketing strategy as he relies on word of mouth and a legacy client program to grow his clientele. His journey exemplifies the balance of creativity, entrepreneurship, and resilience in the interior design industry
Why Black Philosophy Needs Afrosurrealism and Black Speculative Fiction
No full textMuch of Black philosophy, in particular, social and political philosophy, is concerned with what Haile calls a utopian vision. Haile argues that this vision is dependent on a speculative fiction about subjectivity and freedom borrowed largely from the Euro Modern liberal tradition. His talk argues that Euromodern tradition, while speculative in nature, is not sufficient to think or enact Black freedom and Black subjectivity. Instead, Haile argues what is needed is Afrosurrealism and Black speculative fiction. This presentation argues that the aesthetics of Afrosurrealism is the vehicle through which Black speculative fiction navigates and animates these critical concepts.
Taking an interdisciplinary approach, Haile’s talk utilizes philosophy, literary studies, film studies, and Black studies, to analyze W.E.B. Du Bois’ “The Comet,” Frederick Douglass’ “Heroic Slave,” James Baldwin’s “Letter to my Nephew,” and Saidiya Hartman’s “The End of White Supremacy: An American Romance”. Finally, Haile analyzes Boots Riley’s film Sorry to Bother You and Lena Waithe’s Queen & Slim as cinematic encapsulations of these literary and philosophical arguments
Impact of Pharmacist-Led Medication Reconciliation on Healthcare Utilization in Heart Failure: A Systematic Review and Meta-Analysis
Get PDFPoster presented at the 2024 American Society of Health-Systems Pharmacists Midyear Clinical Meeting by Olivia Soares, PharmD Candidate 2025, Alexander Vose, PharmD Candidate 2025, Jeremy Farias, PharmD Candidate 2025
Final Design Report: Nuclear Fuel Element Characterization
Get PDFTeam 02 was tasked with designing and building a platform and remote positioning system for a High Purity Germanium detector at the Rhode Island Nuclear Science Center. In September 2023, the group began by inquiring with the sponsor, Dr. Bahram Nassersharif, and customer, Rhode Island Nuclear Science Center, to develop a problem definition. The platform must support and integrate the detector, a thirty liter nitrogen cooling tank and a lead collimator. The positioning system must be remotely operable in all three planes so that the detector’s position can be adjusted during a live experiment. Literature and patent searches were conducted, giving the group a basis for concept formulation. Evaluation of concepts through Pugh and Quality Function Deployment analyses resulted in a proof of concept for remote movement in one direction using a platform translated by a lead screw and motor. Work in the Spring 2024 semester focused on extrapolating the one-directional movement into three directions, improving the control software, and manufacturing the collimator. The final physical build consists of two perpendicular sets of linear rails coupled with a scissor lift and stepper motors. A robust control system code was developed to allow for remote, precise adjustments to the detector’s position. Other aspects integrated into the system include a custom manufactured disc-shaped lead collimator positioned in front of the detector via a support structure that is attachable to the scissor lift. The result is a custom motion platform that allows remote, three directional control of the detector that meets safety and experimental requirements. Further work includes transporting the motion platform to the Rhode Island Nuclear Science Center for full-system integration and testing. In addition, exploring the use of a larger motor or a gear system for the scissor lift drive would be beneficial as the load capacity with the current motor configuration is insufficient