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Service-Learning Quality Assessment Tool (SLQAT)
No full textThe Service-Learning Quality Assessment Tool (SLQAT) was designed to provide a mechanism to evaluate the quality of design and implementation for credit-bearing, academic service-learning courses. The tool takes into account 28 elements that the service-learning literature supports as essential for high quality service-learning promoting positive academic and other outcomes for students, and organizes these elements into five dimensions. Each element also has an underlying numerical value or weight, representing the hypothesized importance of its contribution to quality service-learning course design and implementation
The Big Five Personality Traits (OCEAN) and Financial Planning: A Narrative Review and Recommendations for Advisors
No full textFinancial planning has moved beyond a purely economic model and now incorporates aspects of behavioral economics and counseling psychology to better serve clients. In this review, we suggest that personality psychology, particularly the Big Five or OCEAN model of general personality might also be useful in financial planning. Financial planners are well aware that different clients with different personalities bring different opportunities and challenges into the planning session, but planners might benefit from a more formal understanding of client personality. To this end, we describe the Big Five traits – Openness to experience, Conscientiousness, Extraversion, Agreeableness and Neuroticism or OCEAN – and the basic personality science surrounding them. We next examine how each of the OCEAN traits is associated with key financial outcomes including: income, net-worth or wealth, financial literacy, financial risk tolerance, and financial happiness. We discuss profiles of the Big Five traits, including Resilient, Under controlled, and Over controlled profiles. Finally, we discuss some potential benefits for of incorporating personality science into financial planning research and practice
Cognitive ability impact on life insurance lapsation
No full textLife insurance is an important household risk management and financial tool. Policy lapsation has economic effects on life insurance companies, policyholders, and beneficiaries that may be detrimental when these lapses are unexpected. Prior literature examined several hypotheses of life insurance lapse focusing mainly on macroeconomic factors using aggregate data and household microeconomic factors using household-level data. We introduce and test individual cognitive ability variables in a model of the life insurance voluntary lapse decision by individual policyholders using household-level data from the Health and Retirement Study. We find that one measure of cognitive ability, in particular, numer- acy, is related to the voluntary lapse decision. While controlling for numeracy, we find evidence that those individuals with higher levels of net worth are less likely to voluntarily lapse a policy which is consistent with the emergency fund hypothesis. We introduce a new measure of liquidity shock, kids moving home, into the model and find it has a strong positive relationship with the decision to voluntar- ily lapse a policy. Consistent with life insurance demand theory, we find that those who have recently entered retirement are more likely to lapse their policy
