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Publications by Year

Anchor 1

Warmath, Dee. 2022. Measuring and Applying Financial Literacy. In John Grable and Swarn Chatterjee (eds.), De Gruyter Handbook of Personal Finance. Boston: De Gruyter.

While financial literacy is hailed as the promised antidote or remedy to poor financial decision making, there is mixed evidence for the ability of financial literacy to deliver on this promise and a lack of consensus as to what financial literacy is. The dominant view equates financial literacy with knowledge of financial concepts and calculations. Numerous studies suggest that financial knowledge alone is insufficient to improve financial outcomes. Despite attempts to conceptualize financial literacy as more than mere knowledge, there remains a misalignment between the concept and its measures. There is an opportunity to clarify and potentially expand what is needed to make effective financial decisions (i.e., what financial literacy is) as well as produce stronger evidence of the role of (or lack of a role for) financial literacy in financial outcomes.

Warmath, Dee. 2022. Financial Literacy and Financial Well-Being. In Brenda Cude and Giani Niccolini (eds.), The Routledge Handbook of Financial Literacy. London: Routledge.

Financial well-being is an inherently subjective construct that is related to, but distinct, from an individual’s objective financial situation or their financial satisfaction. As the individual’s assessment of how well they are doing, financial well-being represents an important outcome of financial literacy. Previous studies have inferred the presence of financial well-being rather than measuring it directly. Yet, the direct study of financial well-being offers the opportunity to inform our current knowledge of financial literacy as well as to suggest novel requirements to be financially literate. This chapter examines the evolution of financial well-being, its relationships to one’s objective financial situation and financial satisfaction, and its implications for research, policy, and practice related to financial literacy. 

Warmath, Dee, Andrew Winterstein, and David Bell. 2022. The Role of High School Athlete’s Competitiveness in Sport Specialization: A National Study. Orthopaedic Journal of Sports Medicine 10(3), 23259671221079670.

Background: Sport specialization has been associated with increased injury and negative psychosocial effects on young athletes. With the continuing trend toward specialization, studies have begun to examine what motivates this decision (eg, building a skill, getting a scholarship). No study has directly assessed the personal characteristics underlying these stated reasons. Purpose/Hypothesis: This study examined the role of athlete competitiveness (enjoyment of competition and competitive contentiousness) as a characteristic associated with propensity to specialize in the United States. We hypothesized that, at the high school level, athletes would be more likely to engage in sport specialization owing to enjoyment of competition versus competitive contentiousness. Study Design: Cross-sectional study; Level of evidence, 3.
Methods: We conducted an online survey of 975 high school athletes in the United States who were  recruited via the Dynata research panel. Measures included a previously published sport specialization categorization (low, medium, high) and the 2 dimensions of the Revised Competitiveness Index (enjoyment of competition and competitive contentiousness). Also collected were athlete characteristics, sports played by the athletes, level of competition, and whether they planned to play sports in college. Analytical methods employed included cross-tabulations, multinomial logit, and ordinary least squares regression.
Results: Overall, 22.4% of the athletes reported a high, 34.8% reported a medium, and 42.9% reported a small level of specialization. No differences in the distribution of sport specialization by sex or age were observed; however, athletes who definitely planned to play in college were significantly more likely to have a high level of specialization (P < .001). Enjoyment of competition was associated with greater  specialization (beta ¼ .196; P < .001), whereas competitive contentiousness was associated with lower levels of specialization (beta ¼ .299; P < .001). These findings were robust to all 3 different analytical methods we employed. Conclusion: Study findings indicated that, while athlete competitiveness is associated with sport specialization, the nature of that competitiveness determined the association. Being an argumentative contrarian may predispose athletes to lower levels of sport specialization, whereas enjoying competition may encourage higher levels of specialization.

Warmath, Dee, Andrew Winterstein, and Susan Myrden. 2022. The Role of Transformational Parenting and Coaching in the High School Athlete’s Intentions to Report Concussion Symptoms. Social Science and Medicine 292, 114559.

Purpose: Studies demonstrate that parents and coaches play a role in an athlete’s concussion reporting decision primarily through their influence on the decision environment. Little work, however, has explored how a given parenting/coaching style operates to promote intentions and much less work has examined whether the impact of parenting/coaching on concussion reporting differs by socioeconomic status. Transformational parenting/coaching (i.e., a focus on building autonomy and self-efficacy in athletes) represents one promising approach given its effects on other outcomes (e.g., health, burnout, aggression). We hypothesize that athlete perceptions of transformational parenting/coaching will be associated with their reporting intentions directly and through the athlete’s motivation for playing their sport regardless of household income. Methods: A national survey of 1023 high-school athletes measured athlete perceptions of transformational parenting/coaching, sport motivation, and reporting intentions. Structural Equation Modeling was used to examine hypotheses. Results: Transformational parenting was directly associated with reporting intentions (β: Reporting Intentions = .265; Scenario 1 = 0.206; Scenario 2 = 0.260) and indirectly through increased autonomous/decreased controlled motivation. Transformational coaching was not directly associated with Reporting Intentions (β = 0.008, p = .816) or Scenario 2 (β = 0.046, p = .198) but was for Scenario 1 (β = 0.077, p = .003). Transformational coaching was also associated with reporting intention indirectly through increased autonomous, but not controlled motivation. Athletes with household income of $50,000+ were more likely to report transformational parenting/coaching; however, the effects of transformational parenting/coaching did not differ for athletes from higher versus lower-income households. Conclusions: Transformational parenting/coaching may encourage greater concussion reporting intentions primarily through increased autonomous (i.e., self-directed) sport motivation regardless of socioeconomic status. Cultivating transformational leadership in parents/coaches can have a positive impact on the athlete’s intention to report concussion-like symptoms.


Warmath, Dee, John Grable, Pan-Ju Chen, and Eun Jin Kwak. 2021. Lost in Translation?: The Application of Western Notions of Financial Well-Being to Eastern Culture. Journal of Consumer Affairs 55(4), 1563-159.

This study extends the cushion hypothesis to examine cultural differences in the role of willingness to take
financial risk in an individual's objective financial outcomes (e.g., the experience of material hardship) and in an individual's assessment of their financial well-being. Using data collected in South Korea, Taiwan, and the United States, we find support for a cushion (i.e., weaker relationship) in the association between material hardship and present and future financial well-being. A cushion was also observed in a weaker association between willingness to take financial risk and expectations for future financial security but not in the experience of material hardship or current money management stress. Our results suggest that cultural context influences an individual's objective situation as well as their subjective assessment of that situation. This paper adds to existing literature by documenting a cushion effect beyond risk taking to include a person's objective financial situation and financial well-being.

Warmath, Dee, Casey Newmeyer, Genevieve O’Connor, and Nancy Wong. 2021. Have I Saved Enough to Social Distance? Journal of Consumer Affairs 2021, 1-20.

Behavioral responses such as social distancing are important in the fight to contain COVID-19 transmission, yet motivating such responses is an overwhelming, resource-intensive task. Using multi-wave data from 23,735 US adults collected in May/September 2020, and January 2021, this study examines how financial preparedness in the form of savings influences the relationship predicted by the Health Belief Model between the degree of concern for COVID-19 and engagement in social distancing. Findings indicate that general concern for COVID-19 is related to the decision to engage in social distancing for individuals who have less saved. Curiously, higher levels of financial preparedness are associated with a lower likelihood of social distancing at least among people who had been laid off during the pandemic. The findings suggest a tradeoff between protecting one's standard of living and their health. Government and public health agencies should consider financial preparedness in the design of public health communications.

Casey Newmeyer, Dee Warmath, Genevieve O’Connor, and Nancy Wong. 2021. Savings Automation: Helpful or Harmful? Journal of Public Policy and Marketing 40(2), 285-297.

In general, Americans are not savers, which contributes to their inability to absorb even small financial shocks and increases their potential for financial hardship. Savings automation has been promoted as a solution to overcome the behavioral constraints (or limitations) that hinder individual savings behavior. The result has been a proliferation of automated savings programs with the goal of helping people save money without their notice as a way to overcome their tendency to consume. However, scant research has examined the efficacy of this “save people from themselves” approach. This article explores the  Importance of having a saver mindset, regardless of income, in the success of savings automation. Results from two studies demonstrate that the benefits of automation for liquid savings accrue at a higher rate for individuals with lower incomes and that this benefit depends on the presence of a personal savings  Orientation. The findings suggest that savings programs should try to build a savings habit and mindset among consumers, especially for those with lower incomes.


Emily Kroshus, Kenneth L Cameron, J Douglas Coatsworth, Christopher D'Lauro, Eungjae Kim, Katherine Lee, Johna K Register-Mihalik, Jeffery J Milroy, E Paul Roetert, Julianne D Schmidt, Ross D Silverman, Dee Warmath, Heidi A Wayment, Brian Hainline. 2020. Actionable Approaches to Improving Concussion Disclosure: Consensus from the NCAA-Department of Defense Mind Matters Research & Education Grand Challenge, British Journal of Sports Medicine, 54:1314-1320.

Early disclosure of possible concussive symptoms has the potential to improve concussion-related clinical outcomes. The objective of the present consensus process was to provide useful and feasible recommendations for collegiate athletic departments and military service academy leaders about how to increase concussion symptom disclosure in their setting. Consensus was obtained using a modified Delphi process. Participants in the consensus process were grant awardees from the National Collegiate Athletic Association and Department of Defense Mind Matters Research & Education Grand Challenge and a multidisciplinary group of stakeholders from collegiate athletics and military service academies. The process included a combination of in-person meetings and anonymous online voting on iteratively modified recommendations for approaches to improve concussion symptom disclosure. Recommendations were rated in terms of their utility and feasibility in collegiate athletic and military service academy settings with a priori thresholds for retaining, discarding and revising statements. A total of 17 recommendations met thresholds for utility and feasibility and are grouped for discussion in five domains: (1) content of concussion education for athletes and military service academy cadets, (2) dissemination and implementation of concussion education for athletes and military service academy cadets, (3) other stakeholder concussion education, (4) team and unit-level processes and (5) organisational processes. Collectively, these recommendations provide a path forward for athletics departments and military service academies in terms of the behavioural health supports and institutional processes that are needed to increase early and honest disclosure of concussion symptoms and ultimately to improve clinical care outcomes.

Planned simultaneous publication in the Journal of Special Operations Medicine 20(3), 88 - 95.

Warmath, Dee, and Andrew Winterstein. 2020. The Impact of a Social Marketing Intervention on Concussion Reporting Beliefs. Journal of Athletic Training 55 (10): 1035–1045.

This study applies Expectancy Value Theory (EVT) to identify how marketing the possible consequences of concealing concussion symptoms influences a young adult’s concussion reporting beliefs in support of a greater likelihood of reporting. Club sports athletes exposed to the consequence-based social marketing showed higher levels of positive reporting beliefs, and lower levels of negative beliefs than athletes exposed to traditional or revised symptom education. Social marketing offers Athletic Trainers another strategic tool for motivating concussion symptom reporting by translating scientific findings into marketable statements and then communicating the benefits of reporting or the negative consequences of concealing concussion symptoms.

Warmath, Dee, Andrew Winterstein, and Susan Myrden. 2020. Sport Motivation as a Possible Indicator of Concussion Reporting Intentions Among Young Athletes. Clinical Journal of Sports Medicine 31(5), e216-e220.

This study applies Self-Determination Theory to assess the relationship between sport motivation and intentions to report concussion symptoms among young adult athletes. Using online survey responses from 1,305 young adult athletes of various sports and levels of competitiveness, we find that athletes who play their sport for self-regulated (autonomous) reasons have higher intentions to seek care for concussion-like symptoms while those who play to achieve gains external to the sport or avoid punishment (controlled motivation) have lower intentions. Innovation in care, concussion education, and cultivation of team culture supportive of autonomous motivation could increase concussion reporting. Measuring sport motivation may reveal which athletes require more proactive attention to ensure symptoms are not concealed. Further, messages to reinforce autonomous motivation may increase willingness to report.


Warmath, Dee, and David Zimmerman. 2019. Financial Literacy as More than Knowledge: The Development of a Formative Scale through the Lens of Bloom’s Taxonomy of Knowledge. Journal of Consumer Affairs 53(4): 1602-1629.

For well over a decade, financial literacy has been a primary lens through which researchers approach financial education. Unfortunately, in most cases, this potentially rich construct is reduced to mere financial knowledge. This myopic conceptualization hampers the development of the concept and programs to build financial literacy. Despite research that reveals these limits, the field has either persisted with this narrow definition of financial literacy or abandoned the model altogether in favor of capability or similar constructs. Using Bloom’s domains of knowledge, we redefine financial literacy as the combination of three different indicators reflecting three domains of knowledge: financial skill, self-efficacy, and explicit knowledge. Using data from a national survey, we apply the methods of formative scale development to construct and validate a more robust conceptualization and measurement of financial literacy. We explore how this financial literacy index might inform development of innovative financial education programs.

Warmath, Dee, and Andrew P. Winterstein. 2019. Reporting Skill: The Missing Ingredient in Concussion Reporting Intention Assessment. Sports Health 11(5): 416-424.

Extant literature suggests that a substantial portion of athletes may not report a possible concussion and
that concussion knowledge is insufficient to predict concussion reporting behavior. One area that has not been explored is reporting skill; that is, mastery of the actions required to report a concussion. This study evaluated the relationship between reporting skill and reporting intention, introducing a measure of the reporting skill construct. Knowing the actions to take in reporting was more important than having knowledge of concussions or concussion symptoms. Reporting skill, not concussion or concussion symptom knowledge, was associated with higher intentions to report symptoms. Among those with higher levels of reporting skill, concussion symptom knowledge (but not general concussion knowledge) was associated with higher intentions to report symptoms. Incorporating reporting skill development in concussion education and team activities to teach athletes how to report is likely to improve actual reporting intentions. While further study is needed with particular sports and additional age groups, reporting skill holds promise as a new avenue for increased concussion reporting.

Warmath, Dee, Dominik Piehlmaier, and Cliff Robb. 2019. The Impact of Shared Financial Decision Making on Overconfidence for Married Adults. Financial Planning Review 2(1): 1-14.

Previous research has shown that overconfidence is associated with a decrease in the quality of decision making and, therefore, decision outcomes. However, less is known about the conditions or circumstances that reduce financial overconfidence. Using data from two national studies, this study was designed to provide insights into the dynamics of intrahousehold financial decision making by examining the role of shared decision making in reducing overconfidence bias. Findings suggest that a psychological sense of shared ownership of money is associated with lower levels of overconfidence. With regard to financial planning practice, these results suggest that married individuals who believe in shared ownership of household money tend to have lower levels of overconfidence.

O'Connor, Genevieve E., Casey E. Newmeyer, Nancy Yee Ching Wong, Julia B. Bayuk, Laurel A. Cook, Yuliya Komarova, Cazilla Loibl, L. Lin Ong, and Dee Warmath. 2019. Conceptualizing the Multiple Dimensions of Consumer Financial Vulnerability. Journal of Business Research 100: 421-430.

Though the majority of Americans report they are financially stable, they do not have sufficient savings to handle an unplanned emergency. There appears to be a disconnect between an individual's perception of their financial situation and their actual financial state. Nevertheless, only scant research focuses on financial vulnerability from both a subjective and objective perspective, and a clear and consistent definition of this construct is missing in the literature. To fill this gap, this review draws across disciplines to consolidate extant knowledge on financial vulnerability. First, we propose a novel definition of financial vulnerability that includes both its subjective and objective dimensions. Next, we create a framework to assess a consumer's financial vulnerability. We then identify interventions for varying degrees of financial vulnerability that are tailored to the individual's fiscal situation. Finally, we present a research agenda to guide future research on financial vulnerability.


Netemeyer, Richard, Dee Warmath, Daniel Fernandes, and John G. Lynch, Jr. 2018. How Am I Doing? The Role of Financial Well-Being in Assessing, Achieving, and Experiencing General Well-Being. Journal of Consumer Research 45(1):68-89.

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 largescale surveys, and two experiments, we conceptualize perceived financial wellbeing 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. 

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