Thomas Korankye

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Journals/Publications

• Korankye, T., Pearson, B., & Salehi, H. (2022). The role of financial advice in promoting college savings among households. Journal of Financial Counseling and Planning.
• Korankye, T., & Lartey, J. (2022). The subjective well-being of self-employed persons: a national survey evidence from Ghana. Journal of Economic and Administrative Sciences, 16.
• Korankye, T., Pearson, B., & Salehi, H. (2022). The nexus between investor sophistication and annuity insurance ownership: evidence from FINRA’s National Financial Capability Study. Managerial Finance, 22. doi:DOI 10.1108/MF-04-2022-0169
• Pearson, B., & Korankye, T. (2022). The association between financial literacy confidence and financial satisfaction. Review of Behavioral Finance, 12. doi:DOI 10.1108/RBF-03-2022-0090
• Pearson, B., Qing, D., & Korankye, T. (2022). The role of financial relativity in loss aversion sensitivity. Empirical Economics Letters, 21(8).
• Kalenkoski, C. M., & Korankye, T. (2021). Enriching lives: How spending time with pets is related to the experiential well-being of older Americans. Applied Research in Quality of Life, 1-22. doi:https://doi.org/10.1007/s11482-020-09908-0
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  This study examines how caring for pets and walking, exercising, or playing with pets is associated with the experiential well-being of older Americans using activity-episode-level data from the 2010, 2012, and 2013 American Time Use Surveys (ATUS) and their associated Well-Being Modules (WBM). Estimating a series of ordered probit models that relate various measures of experiential well-being to different measures of pet-related activities, the results show that caring for pets is associated with greater meaning than other activities, controlling for a standard set of demographic and other person-level characteristics. Walking, exercising, or playing with household pets or animals is associated with greater happiness and meaning and less stress relative to other activities. The results from sensitivity analyses show that the magnitudes of the associations for people who live alone are larger than for those who live with others.
• Kalenkoski, C. M., López-Anuarbe, M., & Korankye, T. (2021). Differences in the experiential well-being of Hispanics and non-Hispanics engaged in elder care.. Journal of Family and Economic Issues, 1-10. doi:https://doi.org/10.1007/s10834-021-09763-7
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  Little attention has been given to how Hispanics differ from non-Hispanics in the well-being they experience while engaging in elder care. This paper uses the 2012 and 2013 American Time Use Surveys (ATUS) and their corresponding Well-being Modules (WBM) to examine how elder care is associated with experiential well-being and how this differs for Hispanic and non-Hispanic caregivers. The sample is limited to regular caregivers for the elderly as defined in the ATUS. Ordered probit models are estimated for several measures of experiential well-being, separately for Hispanic and non-Hispanic subsamples. These measures include how meaningful an activity episode is for a respondent, and how happy, sad, tired, in pain, and stressed they felt during the activity. Standard controls, including health status of the respondent, are included as regressors. Results suggest that, while Hispanics reported a greater psychic benefit (happiness and meaning) when engaging in elder care compared to other daily activities, they also reported higher sadness levels when caring for household members. Although the direct cause of sadness cannot be identified, these conflicting results are consistent with the literature suggesting that, even though Hispanics value collectivistic culture traits, such as familism and have positive caregiving examples from family members, they also have weaker support networks and are reluctant to report burden.
• Korankye, T., & Kalenkoski, C. M. (2021). Student debt and financial well-being of the borrower: Does it matter whom the debt is for?. Journal of Personal Finance, 20(2), 75-89.
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  Using data from the 2017 U.S. Survey of Household Economics and Decisionmaking (SHED), this study classifies student debt into three categories by beneficiary (self, spouse, and children) and examines the relationship between each category and financial well-being. The results show that the association of student debt with the financial well-being of borrowers is negative and significant, regardless of whether the loan is used to finance the education of the borrower, spouse, or children. The paper further finds evidence that the marginal effect of student debt on the financial well-being of the borrower is substantial when the debt is used to finance the education of children rather than the education of the borrower or the borrower’s spouse. The implications of the study for practitioners are discussed.
• Korankye, T., & Kalenkoski, C. M. (2021). The effect of households’ student debt on life satisfaction. Journal of Family and Economic Issues, 42(4), 757-772. doi:https://doi.org/10.1007/s10834-021-09753-9
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  This study finds a negative effect of holding student-loan debt on the life satisfaction of household heads using longitudinal data from the 2011 to 2017 U.S. Panel Study of Income Dynamics and a fixed-effects modeling approach. Although debt is taken to improve future utility, it provides disutility to the head of household until it is paid off. Thus, financial planners and educators should remind their clients about the consequences of holding student-loan debt in the short term, not just the future benefits.
• Pearson, B., Korankye, T., & Hossein, S. (2021). Comparative advantage in the household: Should one person specialize in a household’s financial matters?. Journal of Family and Economic Issues, 1-11.
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  This study examines if households experience utility gains by selecting one of its members to specialize in its financial management. Utilizing data that are collected from the Health and Retirement Study, a variable measuring households’ level of financial specialization (HFS) is first constructed. The HFS variable is examined for its association with household utility, measured in this study as financial satisfaction, income satisfaction, and life satisfaction. The evidence provided strongly indicates that a household that selects one of its members to specialize in its financial management experiences utility gains.

Presentations

• Kalenkoski, C., Anuarbe, M., & Korankye, T. (2021). Differences in the experiential well-being of Hispanics and non-Hispanics engaged in elder care. 2021 Annual Meeting of the Society of Economics of the Household (SEHO), Boston University, USA.
• Korankye, T. (2021). Faculty data blitz presentation on my research profile. Frances McClelland Institute (FMI) Faculty Data Blitz February 5, 2021.. Zoom: Frances McClelland Institute (FMI).
• Korankye, T., & Curran, M. A. (2021). Factors Associated with Student Loan Indebtedness in Retirement. Presentation to the Advisory Board, Take Charge American Institute (TCAI) for Consumer Financial Education and Research. October 22, 2021.. Zoom: TCAI.
• Korankye, T., & Pearson, B. (2021). Mortgage debt, home-equity loan, and financial satisfaction in retirement: Are there differences among racial and ethnic groups in the United States?. 2021 AFCPE® Research Symposium. Virtual. November 15-19, 2021..
• Korankye, T., Pearson, B., & Salehi, H. (2021). The role of financial advice in promoting college savings among households. 2021 Academy of Financial Counseling and Planning Education (AFCPE®) Research Symposium. Virtual. November 15-19, 2021..
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  This study examines the effects of five varying categories of financial advice and their relationship with college-saving decisions using the 2009 and 2012 waves of the U.S. Financial Industry Regulatory Authority's (FINRA) National Financial Capability Study. After controlling for self-selection bias, the finding suggests that receiving financial advice relating to savings/investments, insurance, or tax planning increases the likelihood of saving for children's college education. Other findings suggest the lack of statistically significant relationships between college savings and debt counseling or loan advice. The discussion highlights that policies incentivizing households to seek financial advice could promote college savings and assist in reducing the dependence on student loans.
• Pearson, B., Korankye, T., & Salehi, H. (2021). The role of financial advisors in shaping investment beliefs. 2021 AFCPE® Research Symposium. Virtual. November 15-19, 2021.