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Background and Objectives Reverse mortgages are loans that allow older homeowners to borrow from their home equity with no repayment due until the borrower dies or moves out of the home. We currently know very little about how homeowners evaluate and experience reverse mortgages as solutions to their financial and housing needs in later life. Furthermore, despite an increasingly diverse population of reverse mortgage borrowers, we know little about how social inequalities may contribute to reverse mortgage decisions and their outcomes. In this paper, we examine reverse mortgage decision-making and experiences in a racially and economically diverse sample of older US homeowners. Research Design and Methods We conducted 44 in-depth interviews with older homeowners who were considering or who had obtained a reverse mortgage loan. We inductively and iteratively developed a thematic coding scheme that was applied to all interview transcripts. Results Our analysis produced a dichotomous schema of reverse mortgage decision making that was shaped by social and economic opportunities and constraints. For some participants, reverse mortgages represented strategic tools used to maximize home equity and its benefits. For others, it was an option of last resort to which participants turned when faced with the imminent loss of their home. Discussion and Implications Focusing on reverse mortgages, our analysis suggests way that social inequalities may be reproduced through financial decisions and the unequal landscapes of opportunity in which they are made. [ABSTRACT FROM AUTHOR]

The number of music therapy private practices in the United States is growing. While it is thought that improving business skills can improve business success, it is not clear what business education was received by music therapy business owners (MTBOs). The purpose of this qualitative inquiry was to explore MTBOs business education in the United States and their views on business education for music therapists and music therapy students. Following an interpretivist theoretical framework, we conducted semi-structured interviews with 21 MTBOs representing all seven regions of the American Music Therapy Association. Using thematic analysis, we created five themes with supporting subthemes. Our findings indicate that the amount of business education participants received as students did not match the amount of business education they perceived necessary to be business owners, and that they sought out additional training from a variety of sources. Participants' views on music therapy business education and skills important for business ownership in the field of music therapy are explored. [ABSTRACT FROM AUTHOR]

This study examines undocumented Latinx older adults' perceptions and experiences regarding their economic security in the United States. In-depth semistructured interviews were used to facilitate dialogue with older undocumented adults about their economic security in the United States (N = 25). Participants were on average 61 years old (SD = 4.52), Latinx, and had resided in the United States an average of 23 years (SD = 7.05). More than 70% of the participants were employed; the remaining participants were not working due to poor health (n = 5), advanced age (n = 1), or being in between jobs (n = 1). Authors present a model to illustrate participants' narratives on their economic (in)security in the United States. Some participants discussed having long-term security in their jobs while others described a cycle of job insecurity due to their status. Their precarious status limited their employment opportunities and earning potential. Their savings capacity is narrow; many did not have savings for emergencies, and less so for a time when they are no longer able to work. Many participants believe they will work until they are physically unable to continue working; others believe their children will be a source of support. Practitioners can engage undocumented immigrants in economic empowerment interventions and advocacy efforts to eliminate exploitation in the workplace. Policy change is needed to provide undocumented older adults the opportunity to achieve financial security. [ABSTRACT FROM AUTHOR]

Objective To examine the distributional effects of the 2008 recession and subsequent recovery across generational cohorts. Methods Using data from the Survey of Consumer Finances (2007–2016), we constructed a measure of economic well-being accounting for income, household size, and annuitized value of assets. We examine trajectories of adjusted income and inequality, using Gini coefficients and income shares by decile, for the overall population and by cohort during the recession and recovery. Results Inequality declined temporarily during the recession, but reached new highs during the recovery. During recovery, population-level increases in economic resources were not reflected among below-median households, as the more concentrated financial assets rose while broader-based home equity and employment fell or remained stagnant. Inequality measures increased for cohorts in their primary working years (Generation-X and Baby Boomers), but not among the younger Millennials, who were at early stages of education, workforce entry, and household formation. Discussion The study illustrates an integrative approach to analyzing cumulative dis/advantage by considering interactions between historically consistent macrolevel events, such as economic shocks or policy choices affecting all cohorts, and the persistent life-course processes that tend to increase heterogeneity and inequality as cohorts age over time. Although recovery policies led to rapid recovery of financial asset values, they did not proportionately reach those below the median or their economic resource types. Results suggest that in a high-inequality environment, recovery policies from economic shocks may need tailoring to all levels of resources in order to achieve more equitable recovery outcomes and prevent exacerbating cohort inequality trajectories. [ABSTRACT FROM AUTHOR]

Background and Objectives The influx of people with higher socioeconomic status into large Black communities is well documented; less is known regarding smaller, aging Black communities. Older Black adults in Portland, Oregon, among America's fastest gentrifying cities with the smallest metropolitan Black population, discussed barriers to healthy aging. Perspectives centered on the experience of gentrification, displacement, and its impact on social microsystems, place security, and aging in place. Research Design and Methods One-time focus groups engaged 41 Black adults aged at least 45. A demographic survey included residence area/duration. Discussions were thematically coded. Ecological Systems Theory guided interpretation. Results The majority of participants resided within gentrifying historically Black neighborhoods (89.2%), were aged at least 65 (54.6%), and lived in their neighborhood for at least 21 years (24.3%). Emergent discussion themes were rise and fall of Black ownership, displacement, race-related stress, and financial burden. Gentrification contributed to the dismantling of Black property ownership curated over generations, increased financial burden, and threatened place security. Physical displacement strained social networks, diminishing intergenerational neighborhood ties that supported aging in place. Cultural and physical displacement weakened the sense of social cohesion and belonging and induced race-related stressful interactions with new residents within original and relocation neighborhoods. Discussion and Implications Gentrification in the Pacific Northwest echoes national trends, uprooting critical close-proximity social networks and deteriorating motivation to engage in neighborhood-based social activity. Smaller, aging Black communities may be particularly vulnerable to these effects, which critically affect aging in place. Data inform researchers and policymakers to better understand how gentrification affects smaller, aging Black communities. [ABSTRACT FROM AUTHOR]

We hypothesize that short selling has a disciplining role vis-à-vis firm managers that forces them to reduce earnings management. Using firm-level short-selling data for thirty-three countries collected over a sample period from 2002 to 2009, we document a significantly negative relationship between the threat of short selling and earnings management. Tests based on instrumental variable and exogenous regulatory experiments offer evidence of a causal link between short selling and earnings management. Our findings suggest that short selling functions as an external governance mechanism to discipline managers. [ABSTRACT FROM AUTHOR]

As reliance on alternative financial services (AFS) usage continues its exponential expansion among American families, policy debates over banking regulation perdure with limited empirical understanding of how usage affects individuals' financial lives. Using data from the 2014 Survey of Household Economics and Decisionmaking, this study explored the association between AFS use and financial well-being using a nationally representative sample (N = 5,896). It also examined the role of household income in AFS use and its relation to financial well-being. Results from regression analyses indicated that AFS use was negatively associated with present financial security measured by credit score, making ends meet, subjective financial well-being, and credit card payment, and that future financial security was measured by having an emergency fund and a rainy-day fund. Moreover, the interaction models showed that lower-income groups had the most negative associations between AFS and most financial well-being indicators, suggesting a substantive role of income in exacerbating the negative relationships. This was the first known study linking use of AFS and household financial well-being with a focus on the role of income. The article concludes with a discussion of implications for policy and social work practice. [ABSTRACT FROM AUTHOR]

The author provides an overview of how retirement in the U.S. and the institutional frameworks that shape it have changed. Topics discussed include the rapid mobilization for World War II and its impact on labor force dynamics for older workers and women, the average Social Security retirement benefit in 1946, and an increase in the costs associated with early retirement during the 2000s.

Objective Although research has investigated financial planning for retirement, less is known about how adults plan their retirement activities. Even less is known about couples' congruence and incongruence in retirement activities planning. The authors examined husband and wife reports of retirement plans across a 5-year period that involved a U.S. economic recession. Method Using data from 335 midlife couples who participated in the Flourishing Families project, retirement plans were grouped into five categories—family, leisure, volunteer, work, and uncertain. We estimated probit dyadic structural equation models to explore longitudinal predictors of retirement plans. Results Results indicated mean differences in retirement plans between husbands and wives, and also across time that might have been influenced by surrounding economics. Wife poor health, number of children, both spouses working, and financial assets were linked with the likelihood of reporting certainty in retirement plans. Greater retirement uncertainty was predicted by lower marital quality, higher financial adjustments, lower education, and ethnic diversity. Conclusion Husband and wife reports of retirement plans are not always congruent, and plans in retirement can be affected by large scale changes in the U.S. economy. [ABSTRACT FROM AUTHOR]

Background and Objectives The ongoing shift from defined benefit (DB) to defined contribution (DC) pension plans means that middle-aged and older adults are increasingly being called upon to manage their own fiscal security in retirement. Yet, half of older Americans are financially illiterate, lacking the knowledge and skills to manage financial resources. This study investigates whether pension plan types are associated with varying levels of financial literacy among older Americans. Research Design and Methods Cross-sectional analyses of the 2010 Health and Retirement Study (HRS) (n = 1,281) using logistic and linear regression models were employed to investigate the association between different pension plans and multiple indicators of financial literacy. The potential moderating effect of gender was also examined. Results Respondents with DC plans, with or without additional DB plans, were more likely to correctly answer various financial literacy questions, in comparison with respondents with DB plans only. Men with both DC and DB plans scored significantly higher on the financial literacy index than women with both types of plans, relative to respondents with DB plans only. Discussion and Implications Middle-aged and older adults, who are incentivized by participation in DC plans to manage financial resources and decide where to invest pension funds, tend to self-educate to improve financial knowledge and skills, thereby resulting in greater financial literacy. This finding suggests that traditional financial education programs may not be the only means of achieving financial literacy. Further consideration should be given to providing older adults with continued, long-term exposure to financial decision-making opportunities. [ABSTRACT FROM AUTHOR]

Objectives: Obesity prevalence among Americans has increased for nearly three decades. We explore the relationship between the rise in obesity and Social Security retirement benefit claiming, a decision impacting nearly all aging Americans. Specifically, we investigate whether obesity can affect individuals' decision to claim benefits early, a choice that has important implications for financial security in retirement, particularly for those with lower socioeconomic status (SES). Method: We use a microsimulation model called MINT6 (Modeling Income in the Near Term, version 6) to demonstrate the potential effects of obesity on subjective life expectancy and claiming behavior. We impute obesity status using data from the National Health and Nutrition Examination Survey (NHANES), which describes the distribution of obesity prevalence within the United States by gender, poverty status, and race/ethnicity. Results: We find that the rise in obesity and the consequent incidence of obesity-related diseases may lead some individuals to make claiming decisions that lead to lower monthly and lifetime Social Security retirement benefits. Further, we find that the potential economic impact of this decision is larger for those with lower SES. Discussion: We present a behavioral perspective by addressing the potential effects that obesity can have on individuals' retirement decisions and their resulting Social Security retirement benefits. [ABSTRACT FROM AUTHOR]

As a response to the sovereign debt crisis, European states have carried out various reforms. In this process, they have sought to readjust the balance between free-market logics and the role of government. These reforms are often implemented-and sometimes co-decided-by regional administrations. Little is known, however, about the governance preferences of the élite officials directing these administrations. This is paradoxical since regional administrations play a crucial role in the recovery strategies of European states. What are the views of regional administrative élites on the regulation of the economy, the role of government, and that of the free market? Are these views related to (1) early-life socialization, (2) educational pathways, (3) professional interests, or (4) the capacity of their own administration? To answer these questions, we assembled a unique dataset by interviewing 742 administrative élites from 63 regions and 11 countries. We find some supporting evidence for all four explanations. However, while the individual characteristics of these élites matter, contextual factors seem to matter more. [ABSTRACT FROM AUTHOR]

The study reported in this article explores the role child welfare workers play in elevating the financial capability (FC) of foster youths transitioning to adulthood. It draws on an examination of Opportunity Passport, a component of the Jim Casey Youth Opportunities Initiative, which operates across the United States. The authors held in-depth, structured interviews with eight staff and 38 current and former foster youths age 18 years and older in four sites across three states. Findings indicate that (a) program participants require professional financial assistance that is beyond the role of the traditional child welfare caseworker; (b) caseworkers who address FC in young adults face uncertainty in their roles; and (c) broader policies relevant to young adults transitioning to adulthood exhibit tension, if not conflict, regarding enhancing FC. The authors highlight the importance of expanding the role of caseworkers to incorporate elements of FC in serving the needs of foster youths. [ABSTRACT FROM AUTHOR]

Although national housing markets have recovered from the Great Recession, communities hardest hit by the foreclosure crisis remain immersed in mortgage trouble. Nineteen percent of homeowners are underwater on their mortgages and communities of color are overrepresented among zip codes still experiencing default in rising numbers. The social services needs of homeowners at risk of foreclosure show few signs of abating. High levels of market risk, asymmetrical power relationships, and the assumption that rational action can protect homeowners mark the climate in which households and social workers operate while attempting to halt foreclosure. The research described in this article draws on in-depth interviews conducted with homeowners at risk of default to examine the strategies they used to alleviate their mortgage strain. These strategies included seeking aid from financial and social services institutions while living under threat of default. As homeowners experienced mortgage strain they engaged in recommended rational market actions such as negotiating with lenders, increasing work hours, practicing strict household budgeting, and seeking aid from social work agencies to offset mortgage costs. The gathered data suggest that some social workers responded with poorly contextualized treatment plans and language characterized by disrespect, shame, and blame; others responded with mental health assistance, referrals to legal aid, and a helping relationship characterized by a sense of mattering that seemed to buffer against the psychosocial stressors associated with foreclosure. [ABSTRACT FROM AUTHOR]

Payday loans refer to small-dollar, high-interest, short-term loans usually extended to lower-income consumers. Despite much research to the contrary, the payday loan industry asserts that it primarily serves middle-class Americans. This article discusses the authors' investigation of the industry's claim, by analyzing data from a U.S. bankruptcy court serving a Southern district. Results of the multivariate binary logistic regression analysis showed that, controlling for various sociodemographic and economic variables, two middle-class indicators—homeownership and annual income at or greater than the median income—are associated with a decreased likelihood of using payday loans. The article concludes with a discussion of the implications of the results for social work practice and advocacy in regard to financial capability, particularly asset development, income maintenance, and payday loan regulation. [ABSTRACT FROM PUBLISHER]

This letter to the editor responds to recent comments by Strohbehn and Daugherty in Mistaking the Trees for the Forest. [ABSTRACT FROM AUTHOR]