FSR v31 I4 Masthead ACADEMY OF FINANCIAL SERVICES OFFICERS President Tom Potts Baylor University Executive Vice President-Program Terrance K. Martin Winston-Salem State University Vice President-Finance (interim) Thanh Ngo East Carolina University Vice President-International Relations Michelle Cull Western Sydney University Vice President-Mktg & Public Relations Shawn Brayman SMB Research Consulting Vice President-Membership Cora Pettipas HSBC Global Wealth Immediate Past President Inga Timmerman Shepherd University EDITOR, FINANCIAL SERVICES REVIEW John E. Grable, Ph.D., CFP®, University of Georgia DIRECTORS Jason Anderson University of Kansas Jasmine Fand Massey University Norah Feng Massey University Matt Goren (Interim) Dalton Eduction Wookjae Heo Purdue University Philip Gibson Winthrop University Barry Mulholland University of Akron PAST PRESIDENTS Inga Timmerman, 2020-22 University of North Florida 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 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 Financial Services Review is the journal of the Academy of Financial Services Financial Services Review The Journal of Individual Financial Management Vol. 31, No. 4, 2023 Editor John E. Grable, Ph.D., CFP®, University of Georgia Editorial Advisory Board • Vickie Bajtelsmit, Ph.D., Colorado State University (Emeritus) • Shawn Brayman, M.E.S., SB Research Consulting • Sherman Hanna, Ph.D., The Ohio State University • Terrance Martin, Ph.D., Winston-Salem State University • Tom Potts, Ph.D., CFP®, Baylor University (Emeritus) • Martin Seay, Ph.D., CFP®, Kansas State University • Meir Statman, Ph.D., Santa Clara University • Tom Warschauer, Ph.D., CFP®, San Diego State University (Emeritus) Associate Editors • Swarn Chatterjee, Ph.D., University of Georgia • Jasmine Fang, Ph.D., Massey University, New Zealand • Mark Fedenia, Ph.D., University of Wisconsin • Stu Heckman, Ph.D., CFP®, Texas Tech University • William W. Jennings, Ph.D., CFA®, U.S. Airforce Academy • So-hyun Joo, Ph.D., Ewha Womans University, South Korea • Thomas Langdon, Ph.D., Roger William University, Bristol, RI • Wade D. Pfau, Ph.D., CFA, RICP, Retirement Income Style Awareness, LLC • Lance Palmer, Ph.D., CFP®, CPA®, University of Georgia • Abed Rabbani, Ph.D., CFP®, University of Missouri • Chris Robinson, Ph.D., York University (Emeritus), Canada • Jerry Stevens, Ph.D., University of Richmond • Ning Tang, Ph.D., San Diego State University • Inga Timmerman, Ph.D., University of North Florida Editorial Board • John Anderson, Ph.D., University of Kansas • Kristy Archuleta, Ph.D., University of Georgia • Colleeen Tokar Asaad, Ph.D., Baldwin Wallace University • Rachel Bi, Ph.D., Utah Valley University • Chris Browning, Ph.D., CFP®, Texas Tech University • Shinae Choi, Ph.D., University of Alabama • John Clinebell, Ph..D., University of Northern Colorado (Emeritus) • Michelle Cull, Ph.D., Western Sydney University, Australia • James DeLellio, Ph.D., Pepperdine University • Dale Domian, Ph.D., York University, Canada • Lu Fan, Ph.D., CFP®, University of Georgia • Patti Fisher, Ph.D., Virginia Tech • Russell James, Ph.D., CFP®, Texas Tech University • Kyoung Tae Kim, Ph.D., University of Alabama • Norah Feng, Ph.D., Massey University, New Zealand • Giovanni Fernandez, Ph..D. Stetson University, DeLand, FL • Philip Gibson, Ph.D., CFP®, Winthrop University • Jim Gilkeson, Ph.D., CFA, University of Central Florida • Martie Gillen, Ph.D., University of Florida • Chuck Grace, CFP®, Ivy School of Business, Canada • Drew Hanks, Ph.D. The Ohio State University • Wookjae Heo, Ph.D., Purdue University • Stephen M. Horan, Ph.D., Certified Financial Planner Board of Standards, Inc. • Eun Jin Kwak, Ph.D., University of Wisconsin, Green Bay • Derek Lawson, Ph.D., CFP®, Kansas State University • Sunwoo Lee, Ph.D., York University, Canada • Yi Liu, Ph.D., CFP®, St. John Fisher College • Caezilia Loibl, Ph.D., The Ohio State University • Megan McCoy, Ph.D., LMFT, CFT-I®, Kansas State University • Barry Mulholland, Ph.D., CFP®, University of Akron • John Nofsinger, Ph.D., University of Alaska Anchorage • Mustafa Nourallah, Ph.D., Centre for Research on Economic Relations • Olamide Olajide (Lami), Ph.D., CFP®, AFC, Texas Tech University • Miranda Reiter, Ph.D., CFP®, Texas Tech University • Aman Sunder, Ph.D., College for Financial Planning • Kimberly Watkins, Ph.D., University of Georgia • Anne Wenger, Ph.D., San Diego State University • Tansel Yilmazer, Ph.D., CFP®, The Ohio State University The editor of Financial Services Review wishes to thank University of Georgia, support of the journal Financial Services Review (FSR) is the official publication of the Academy of Financial Services. It is a Diamond Open Access Journal which means there are no fees or restrictions for access to or submission of research and no Article Processing Fees if published. The purpose of this double-blind peer-reviewed academic journal is to encourage research that examines the impact of financial issues on individuals. In contrast to the many corporate or institutional journals that are available in finance, the focus of this journal is on individual financial management. FSR provides a forum for those who are interested in the individual perspective on issues in the areas of Financial Planning, Financial Counseling, Financial Literacy, Banking/Banking Services, Education in Financial Services, Employee Benefits, Estate and Tax Planning, Insurance Planning, Investments, Mutual Funds, Non-bank Financial Institutions, Pension and Retirement, Planning, and Real Estate. While the annual meeting held each fall provides an opportunity to discuss and present these topics to colleagues, the journal allows a much wider audience of those interested in this subject matter. To encourage the development of curricula in financial services at the university level, appropriate pedagogical papers are accepted for publication. Manuscripts are encouraged that present ideas about appropriate content, methods of teaching, and materials. Contributions from practitioners who are actively involved in financial planning, financial services, and professional associations are also encouraged. While the primary purpose of this journal is the publication of traditional academic empirical research, the Academy believes that it is important to encourage the cross fertilization of ideas and an exchange of information of interest to both academicians and practitioners. Thus, the editor seeks manuscripts from practitioners that present innovative ideas and new information in financial planning and services or suggest new avenues of research for academics. This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License. Author(s) retain copyright and grant the Journal right of first with the work simultaneously licensed under a Creative Commons Attribution-NonCommercial 4.0 International License that allows to share the work with an acknowledgment of the work's authorship and initial publication in this Journal. This license allows the author to remix, tweak, and build upon the original work non-commercially. The new work(s) must be non-commercial and acknowledge the original work.