FINANCIAL SERVICES REVIEW Volume 33 Number 2 (2025) Volume 33, No. 2 2025 Editor: John E. Grable, Ph.D. CFP ® University of Georgia Advisory Editors: Vickie Bajtelsmit, Ph.D., Colorado State University (Emeritus) Shawn Brayman, M.E.S., SB Research Consulting Conrad Ciccotello, JD, Ph.D., University of Denver Sherman Hanna, Ph.D., The Ohio 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 Shinae L. Choi, Ph.D., University of Alabama Lu Fan, Ph.D., CFP ® , University of Georgia Jasmine Fang, Ph.D., Massey University, New Zealand Mark Fedenia, Ph.D., University of Wisconsin Philip Gibson, Ph.D., CFP ® , Winthrop University 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 Izidin El Kalak, Cardiff University, United Kingdom Thomas Langdon, Ph.D., Roger William University, Bristol, RI Mustafa Nourallah, Ph.D., Centre for Research on Economic Relations, Mid Sweden University, Sweden 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 Elisabeth Sinnewe, Ph.D., Queensland University of Technology Jerry Stevens, Ph.D., University of Richmond Ning Tang, Ph.D., San Diego State University Inga Timmerman, Ph.D., University of North Florida ISSN Online 1057-0810 Print 1873-5673 CONTENTS Grable, John E., From the Editor, i-ii. Invited Paper Hanlon, Robert H., Leher, Paul, Cohen, Alexander, Miller, Eric, Hancock, Monte, & Mitchell, Robert, Psychophysiological Finance and Intelligent Wellness: A New Financial Planning Practice Model, 1-14. Regular Issue Papers Birkenmaier, Julie, & Stratman, Hope, Consumers' Basic Bank Account Complaints and Their Financial Hardships: A Content Analysis of Complaints filed with the Consumer Financial Protection Bureau (CFPB), 15-35. Anderson, Jason N., Sanchez, Donovan, Gallardo, Juan E., Lawson, Derek, & Ouyang, Congrong, Exploring the Effect of Federal Student Loan Payment Resumption on Borrowers Through Sentiment and Textual Analysis Using X, 36-54. Sanders, Kaplan, & Olajide, Olamide, Consumer Margin Use: Understanding the Role of Peer Influence, Investment Literacy, and Age, 55-73. Heckman, Stuart, Letkiewicz, Jodi, & Lim, HanNa, Student Willingness to Borrow for Higher Education, 74-92. Antonoudi, Efthymia, Kostandini, Genti, & Lim, HanNa, Immigration Law Enforcement and Immigrant Homeownership, 93-123. Smith, David, & Curnutt, Gary, The Association of Cryptocurrency and the Use of Alternative Financial Services, 124-143. Ahmmed, Ferdous, Kalenkoski, Charlene Marie, & Browning, Christopher M., Examining the Gender Gap in Participation in Employer- Sponsored Retirement Plans: Oaxaca Decomposition, 144-164. Stapes, Tanya, Rollins-Koons, Ashlyn, & McCoy, Megan, A Structured Literature Review on Equity in the Financial Services Profession: Unpacking Gender Barriers and Advancing Women's Participation Globally, 165-188. ACADEMY OF FINANCIAL SERVICES OFFICERS Michelle Cull Western Sydney University PRESIDENT Kirsten MacDonald Griffith University EXECUTIVE VP-PROGRAM Thanh Ngo East Carolina University VICE PRESIDENT FINANCE Mustafa Nourallah Mid Sweden University VICE PRESIDENT INTERNATIONAL RELATIONS Thomas Korankye University of Arizona VICE PRESIDENT MARKETING & PUBLIC RELATIONS Elisabeth Sinnewe Queensland University of Technology CHAIR, AUSTRALIA-NEW ZEALAND CHAPTER Shawn Brayman Financial Planning Research Consultant IMMEDIATE PAST PRESIDENT EDITOR, FINANCIAL SERVICES REVIEW John E. Grable, Ph.D., CFP® University of Georgia DIRECTORS Norah Feng Massey University Aaron Gilbert Auckland University of Technology Matt Goren Brett Danko Education Center Tom Idzorek Morningstar Eun Jin Kwak University of Wisconsin-Green Bay Dan Moisand Moisand Fitzgerald Tamayo Richard Stebbins University of Alabama Tom Warschauer San Diego State University Dave Yeske Golden Gate University Yu (Yulia) Zhang Kansas State University PAST PRESIDENTS Shawn Brayman, 2023-2025 Financial Planning Research Consultant 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. 33, No. 2, 2025 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 • Conrad Ciccotello, JD., Ph.D., University of Denver • Sherman Hanna, Ph.D., The Ohio 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 • Shinae Choi, Ph.D., University of Alabama • Lu Fan, Ph.D., CFP®, University of Georgia • Jasmine Fang, Ph.D., Massey University, New Zealand • Mark Fedenia, Ph.D., University of Wisconsin • Philip Gibson, Ph.D., CFP®, Winthrop University • Stu Heckman, Ph.D., CFP®, Texas Tech University • Stephen Horan, Ph.D., CFA®, University of North Carolina Wilmington • William W. Jennings, Ph.D., CFA®, U.S. Airforce Academy • So-hyun Joo, Ph.D., Ewha Womans University, South Korea • Izidin El Kalak, Cardiff University, United Kingdom • Thomas Langdon, Ph.D., Roger William University, Bristol, RI • Mustafa Nourallah, Centre for Research on Economic Relations, Mid Sweden University, Sweden • Lance Palmer, Ph.D., CFP®, CPA®, University of Georgia • Abed Rabbani, Ph.D., CFP®, University of Missouri • Chris Robinson, Ph.D., CFPretired™, CPA,CA, York University (Emeritus), Canada • Elisabeth Sinnewe, Ph.D., Queensland University of Technology, Australia 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 • Axton Betz-Hamilton, Ph.D., South Dakota State University • Alona Bilokha, Ph.D., University of North Florida • Brian L. Boscaljon, Ph.D., Penn State Behrend • Colleeen Tokar Asaad, Ph.D., Baldwin Wallace University • Rachel Bi, Ph.D., Utah Valley University • Chris Browning, Ph.D., CFP®, Texas Tech University • 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., CFP®, York University, Canada • Norah Feng, Ph.D., Massey University, New Zealand • Giovanni Fernandez, Ph..D. Stetson University, DeLand, FL • Patti Fisher, Ph.D., Virginia Tech • 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. • Russell James, Ph.D., CFP®, Texas Tech University • Kyoung Tae Kim, Ph.D., University of Alabama • 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 • David Nanigian, Ph.D., CFP®, Mount Ararat Financial Services LLC • John Nofsinger, Ph.D., University of Alaska Anchorage • Olamide Olajide (Lami), Ph.D., CFP®, AFC, Texas Tech University • Congrong Ouyang, Ph.D., Kansas State University • Wade D. Pfau, Ph.D., CFA, RICP, Retirement Income Style Awareness, LLC • 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 for support of the journal Financial Services Review (FSR) is the official publication of the Academy of Financial Services. FSR 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. 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