ACADEMY OF FINANCIAL SERVICES OFFICERS President Inga Timmerman California State University, Northridge President-Elect Executive Vice President-Program Terrance K. Martin Winston-Salem State University Vice President-Communications Colleen Tokar Asaad Baldwin Wallace University Vice President-Finance Thomas P. Langdon Roger Williams University Vice President-International Relations Philip Gibson Winthrop University Vice President-Mktg & Public Relations Shawn Brayman PlanPlus Global Immediate Past President Janine Sam Shepherd University EDITOR, FINANCIAL SERVICES REVIEW Terrance K. Martin Winston-Salem State University DIRECTORS Charles Chaffin CFP Board of Standards Lu Fan University of Missouri Barry Mulholland University of Akron Tom Potts Baylor University Laura Ricaldi Utah Valley University PAST PRESIDENTS Janine Sam, 2019-20 Shepherd University Swarn Chatterjee, 2018-19 University of Georgia Robert Moreschi, 2016-18 Virginia Military Institute Thomas Coe, 2015-16 Quinnipiac University William Chittenden, 2014-15 Texas State University Lance Palmer, 2013-14 University of Georgia Frank Laatsch, 2012-13 University of Southern Mississippi Brian Boscaljon, 2011-12 Penn State University-Erie Halil Kiymaz, 2010-11 Rollins College of Business David Lange, 2009-10 Auburn University, Montgomery Vickie Hampton, 2008-09 Texas Tech University Frank Laatsch 2007-08 University of Southern Mississippi Daniel Walz, 2006-07 Trinity University Anne Gleason, 2005-06 College of Charleston Stuart Michelson, 2004-05 Stetson University Grady Perdue, 2003-04 University of Houston-Clear Lake Vickie Bajtelsmit, 2002-03 Colorado State University Karen Eilers Lahey, 2001-02 University of Akron Tom Eyssell, 2000-01 University of Missouri-St. Louis Jill Lynn Vihtelic, 1999-00 Saint Mary’s College Terry Zivney, 1998-99 Ball State University Don Holdren, 1997-98 Marshall University Robert McLeod, 1996-97 University of Alabama Walt Woerheide, 1995-96 The American College Dixie Mills, 1994-95 Illinois State University Ted Veit, 1993-94 Rollins College Mona Gardner, 1992-93 Illinois Wesleyan University Jean L. Heck, 1991-92 Villanova University Frank K. Reilly, 1990-91 University of Notre Dame Lawrence J. Gitman, 1989-90 San Diego State University Travis S. Pritchett, 1988-89 University of South Carolina Tom Potts, 1987-88 Baylor University Robert F. Bohn, 1986-87 Golden Gate University Tom Warschauer, 1985-86 San Diego State University published in collaboration with the Financial Planning Association Financial Services Review is the journal of the Academy of Financial Services, published in collaboration with the Financial Planning Association. Membership dues of $125 to the Academy include a one-year subscription to the journal. Financial Planning Association members receive digital access to the current volume/issue of the journal. Institutional membership to Academy of Financial Services is $250 and includes the four annual issues of FSR. How to Submit: There is a $100 submission fee payable to the Academy of Financial Services (AFS) for all submissions to FSR. Submission fees should be paid online at academyfinancial.org. If none of the authors is a member of AFS, please complete an online membership application form, which can be downloaded at http://academyfinancial.org. When authors pay the $100 submission fee and are not currently members, they receive their first year of AFS membership at no charge. A submission fee of $100 per article should be paid at: https://academyoffinancialservices.wildapricot.org/Submit-an-Article. Submit your article electronically as an email attachment in WORD format only (no PDFs please) to the Editor Terrance K. Martin at martintk@wssu.edu. Style information for the manuscripts can be found on the inside back cover of this journal. Copyright © 2022 Academy of Financial Services. All rights of reproduction in any form reserved. Financial Services Review The Journal of Individual Financial Management Vol. 30, No. 3, 2022 EDITOR Terrance K. Martin, Winston-Salem State University ASSOCIATE EDITORS Benefits and Retirement Planning Vickie Bajtelsmit Colorado State University Stephen M. Horan CFA Institute Walter Woerheide The American College Estate Planning Anne Wenger San Diego State University Giovanni Fernandez Stetson University Investments Robert Brooks University of Alabama John Clinebell University of Northern Colorado James DiLellio Pepperdine University Dale Domian York University Jim Gilkeson University of Central Florida William Jennings United States Air Force Academy David Nanigian CSU Fullerton Insurance Larry Cox University of Mississippi Financial Planning Swarn Chatterjee University of Georgia Sherman Hanna Ohio State University Patti Fisher Virginia Tech University Wade D. Pfau The American College John Salter Texas Tech University Financial Institutions Stanley D. Smith University of Central Florida Investor Psychology and Counseling John Nofsinger Washington State University Meir Statman Santa Clara University FINANCIAL LITERACY Ning Tang San Diego State University International Lawrence Rose Massey University Education Jerry Stevens University of Richmond Financial Planning Profession Tom Warschauer San Diego State University Co-Published by the Academy of Financial Services and the Financial Planning Association The editor of Financial Services Review wishes to thank the Stetson University, School of Business, for its continuing financial and intellectual support of the journal. Aims and Scope: Financial Services Review is the official publication of the Academy of Financial Services. The purpose of this refereed academic journal is to encourage rigorous empirical research that examines individual behavior in terms of financial planning and services. In contrast to the many corporate or institutional journals that are available in finance, the focus of this journal is on individual financial issues. The Journal provides a forum for those who are interested in the individual perspective on issues in the areas of Financial Services, Employee Benefits, Estate and Tax Planning, Financial Counseling, Financial Planning, Insurance, Investments, Mutual Funds, Pension and Retirement Planning, and Real Estate. Publication information. Financial Services Review is co-published quarterly by the Academy of Financial Services, and the Financial Planning Association. Institutional subscription price is $250. Academic subscription price is $125 and is available by joining the Academy of Financial Services. Academic subscription includes four emailed online issues of Financial Services Review each year. Hardcopies of the journal are available at additional cost. Further information on this journal and the Academy of Financial Services is available from the website, http://www.academyfinancial.org. Postmaster and subscribers should send change of address notices to Terrance K. Martin, College of Arts, Sciences, Business, and Education, Reynolds Center, RM 111, Winston-Salem State University, 601 S. Martin Luther King Jr. Drive, Winston-Salem, North Carolina 27110. Editorial Office: Terrance K. Martin, College of Arts, Sciences, Business, and Education, Reynolds Center, RM 111, Winston-Salem State University, 601 S. Martin Luther King Jr. Drive, Winston-Salem, North Carolina 27110. Email address: martintk@wssu.edu. Advertising information. Those interested in advertising in the journal should contact Terrance K. Martin, College of Arts, Sciences, Business, and Education, Reynolds Center, RM 111, Winston-Salem State University, 601 S. Martin Luther King Jr. Drive, Winston-Salem, North Carolina 27110. Email address: martintk@wssu.edu Printed in the USA © 2022 Academy of Financial Services. All rights reserved. This journal and the individual contributions contained in it are protected under copyright by the Academy of Financial Services, and the following terms and conditions apply to their use: Photocopying Single photocopies of single articles may be made for personal use as allowed by national copyright laws. In addition, the Academy of Financial Services hereby permits educators and educational institutions the right to make photocopies for non-profit educational classroom use. Permission of the Academy is required for all other photocopying, including multiple or systematic copying, copying for advertising or promotional purposes, resale, and all forms of document delivery. Permissions may be sought directly from the Editor, Terrance K. Martin, College of Arts, Sciences, Business, and Education, Reynolds Center, RM 111, Winston-Salem State University, 601 S. Martin Luther King Jr. Drive, Winston-Salem, North Carolina 27110. Email address: martintk@wssu.edu. Derivative Works Subscribers may reproduce tables of contents or prepare lists of articles including abstracts for internal circulation within their institutions. Permission of the Academy is required for resale or distribution outside the institution. Permission of the Academy is required for all other derivative works, including compilations and translations. Electronic Storage or Usage Permission of the Academy is required to store or use electronically any material contained in this journal, including any article or part of an article. Except as outlined above, no part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without prior written permission of the Academy. Address permissions requests to the Editor at the address noted above. Notice No responsibility is assumed by the Academy for any injury and/or damage to persons or property as a matter of products liability, negligence, or otherwise, or from any use or operation of any methods, products, instructions, or ideas contained in the material herein. The Editors, the Academy, and our sponsors assume no responsibility for the views expressed by our authors.