Sherman Hanna

Sherman D. Hanna has taught undergraduate and graduate financial planning and consumer economics courses and advised graduate students at Ohio State University, Kansas State University, Auburn University and Southern Illinois University-Carbondale. Currently he is a professor in the Consumer Sciences Program in the Human Sciences Department.

He had advised 37 PhD students, including some who are tenured faculty at universities in the United States, Korea and Taiwan, as well as others who have prominent positions in the financial industry.

• PhD, Applied Welfare Economics (Economics, Housing) Cornell University, 1974. 
• Dissertation title: Two Structural Models for Family Income, Housing Consumption, Home Ownership, and the Labor Force Participation of Married Women.
• MS, Cornell University, 1973.
• BS, Economics, Massachusetts Institute of Technology, 1968.

• Consumer Economics
  • Empirical analysis of factors related to consumer risk tolerance and time preference
  • Normative analysis of household financial decisions
• Family Financial Services
  • Empirical analysis of factors related to household financial decisions
  • Household credit decisions
  • Racial/ethnic differences in financial behavior
  • Retirement adequacy
• Family Resource Management Studies

Hanna's current research interests revolves around the following topics: factors related to retirement adequacy, financial decisions of couples, household saving patterns and household credit decisions.

• Professor and Department Chair, Family Resource Management Department, Ohio State University, 1986-1994.
• Professor, Department of Human Development and Family Studies, 1985-1986. Professor, Department of Family Economics, Kansas State University, 1984 - 1985. Acting Head, 1982-1985. Associate Professor, 1979-1984. Assistant Professor, 1977-1979.
• Assistant Professor, Department of Family and Child Development, Auburn, Alabama 36830. September, 1974 - July, 1977.
• Assistant Professor, Department of Family Economics and Management, College of Human Resources, Southern Illinois University, Carbondale, Illinois 62901. September, 1973 - June, 1974.

• In 2022, received the first Career Legacy Award from the Certified Financial Planner Board Center for Financial Planning.
• Listed as the most prolific author in past 30 years in core financial planning journals: Cummings, Benjamin F., and Jean L. Heck. 2015. “The Most Prolific Authors in Financial Planning Literature.” Journal of Financial Planning, 28 (12): 50–62.
• MacroRisk Analytics Best Paper Award for paper by Kim and Hanna, Academy of Financial Services annual conference, 2013.
• MacroRisk Analytics Student Paper Award for paper by Lim, Hanna, and Montalto, Academy of Financial Services annual conference, 2011.
• First Command Financial Services Award, for paper presented at the 2008 meeting, Academy of Financial Services.
• AARP's Public Policy Institute "Financial Services and the Older Consumer" Award, for paper presented at the 2008 meeting, American Council on Consumer Interests.
• American College Award for paper presented at the 2007 conference of the Academy of Financial Services.
• Thompson Publishing Award for paper presented at the 2005 meeting of the Academy of Financial Services.
• Won Certified Financial Planner Board Award for paper presented at the 2004 meeting of the Academy of Financial Services.
• Won Certified Financial Planner Board Award for paper presented at the 2003 meeting of the American Council on Consumer Interests.
• Won Certified Financial Planner Board Award for paper presented at the 2001 meeting of the Academy of Financial Services.
• Won Texas Instruments Award for paper presented at the 1998 meeting of the Academy of Financial Services.
• Received "Articles of Excellence" award in 1996 from the Certified Financial Planner Board.
• Article with Jaimie Sung in 1996 issue of Financial Counseling and Planning received Best Article award from AFCPE Award committee (Awarded at Nov., 1998 meeting.)
• McGraw-Hill Award for Best Research Paper in 1991 for a research paper presented at the Academy of Financial Services.
• Best paper award for presentation at the International Appliance Technical Conference in 1993 (with Bae, Martin, and Wang.)
• Applied Consumer Research Award in 1989 for research paper presented at the American Council on Consumer Interests.
• Financial Educator of the Year award from the Association for Financial Counseling and Planning Education, 1994.
• Named Distinguished Fellow of the American Council on Consumer Interests, April, 2007
• Named Distinguished Fellow of the Association for Financial Counseling and Planning Education (AFCPE), December, 1997.
• Advisee Lan Bi (co-advisor, Catherine P. Montalto) won the 2006 ACCI Dissertation Award.
• Advisee Rui Yao received second place for the 2004 ACCI Dissertation Award.

• NASD Investor Education Foundation, $140,880 for a grant titled "Research-based investment education guidelines for Black and Hispanic households: Integration of household survey research, focus group findings, and evaluation of educational materials and programs."
• Research grant for $5,000 from the Certified Financial Planner Board to study investment decision-making of married couples, 2004-2005
• Research Contract with the New York State Department of Social Services, Office of Program Planning, Analysis and Development, Bureau of Policy Analysis, "Valuing Basic Needs in New York State: Analysis of 1991 Consumer Expenditure Data," November 1993, $4,666 (46% overhead.)
• Academic Challenge Grant (Part of the Selective Excellence Program of the Ohio Board of Regents) for Family Resource Management Expert Systems Laboratory. $75,000 per year for six years. 1989.
• Development of Retirement Planning Computer Programs for Rural Families. Agricultural Experiment State Project KAN00463, 1983-1986.
• Family Expenditure Norms for Various Types of Kansas Families. Agricultural Experiment State Project KAN00235, 1981-1983.
• Residential Energy Alternatives for Rural Families. Agricultural Experiment State Project KAN00170, 1979-1981.

Project co-director (with Suzanne Lindamood):

1. "Quality Housing Environment for Low-Income Families", Alabama Agricultural Experiment Station, Hatch 423. Part of Southern Regional Research Project, S-95. Survey of 400 families in two low-income, rural Alabama counties. Questions on survey on housing conditions, resources, and housing preferences. (1976).
2. Auburn University Public Service and Extension Research Survey of 400 families in two urbanizing Alabama counties. Questions in surveys on housing conditions, resources, and housing preferences. (1976).
3. Auburn University and National Science Foundation. Survey in conjunction with Montgomery, Alabama, City Planning Department. Survey of 1,000 families in Montgomery, Alabama. Purposes of survey: A. Help Montgomery City Planning Department in allocation of Community Development Funds and other government funds for the improvement of housing. B. Add to analysis of S-95 regional housing research for total of 4,800 families. (1976).

• Lee, S.T., Kim, K.T., & Hanna, S.D. (2025).  COVID-19 labor market shocks and withdrawals from retirement accounts: Understanding the moderating role of financial knowledge.  Journal of Consumer Affairs, 59 (1): e12616, 1-19. DOI: https://doi.org/10.1111/joca.12616.
• Yoon, D. W., & Hanna, S. D. (2024). The relationship between self-control factors and household saving behavior. Journal of Financial Counseling and Planning, 35 (3), 323-336.  http:\\dx.doi/org/10.1891/JFCP-2023-0063.
• Zhang, Z., Hanna, S. D., & Xu, L.  (2024).  The effect of financial knowledge on workers’ expectation of never retiring. Financial Services Review, 32(3), 20-31. Available at https://openjournals.libs.uga.edu/fsr/article/view/3584/3427
• Lee, J. M., Kim, K.T., & Hanna, S.D. (2023). The negative association between myopia and financial well-being as moderated by financial knowledge. Journal of Financial Counseling and Planning, 34 (1), 42-54.
• Kim, K. T., Hanna, S. D., & Lee, S. T. (2023). Investment literacy, overconfidence and cryptocurrency investment. Financial Services Review, 31(2/3), 121–132. https://doi.org/10.61190/fsr.v31i2/3.3530
• Ouyang, C., & Hanna, S. D. (2022). The effect of racial/ethnic differences on the financial obligations ratio of renters. Financial Services Review, 30(3), 165–177. https://doi.org/10.61190/fsr.v30i3.3483
• Kim, K.T., Lee, S. T., & Hanna, S.D. (2022). Has financial knowledge increased in the United States?  Journal of Financial Counseling and Planning, 33 (2), 205-216.
• Lee, S. T., & Hanna, S. D. (2022). What, me worry? Financial literacy overconfidence and the perception of emergency fund needs. Journal of Financial Counseling and Planning, 33(1), 140-155. DOI: 10.1891/JFCP-2021-0045.
• Kim, H., Kim, K.T., & Hanna, S. D. (2022). The effect of investment literacy on the likelihood of retail investor margin trading and having a margin call. Finance Research Letters, 45 (102146), 1-6. doi:https://doi.org/10.1016/j.frl.2021.102146
• Kim, K. T., Lee, J. & Hanna, S. D. (2022). The Great Expansion of 2019 and the delinquency rates of Blacks and Hispanics. Applied Economics Letters, 29(14), 1313-1318 https://doi.org/10.1080/13504851.2021.1927957
• Hanna, S. D., Kim, K.T., Lindamood, S., & Lee, S.T. (2021). Husbands, wives, and perception of relative knowledge about household finances. Financial Planning Review, 4 (1), e1110.  https://onlinelibrary.wiley.com/doi/full/10.1002/cfp2.111
• Kim, K.T., Hanna, S. D., & Ying, D. (2021). The risk tolerance measure in the 2016 Survey of Consumer Finances: New, but is it improved? Journal of Financial Counseling and Planning, 32 (1), 86-103. DOI: 10.1891/JFCP-19-00022
• Lee, S. T., & Hanna, S. D. (2020). Financial knowledge overconfidence and early withdrawals from retirement accounts. Financial Planning Review, 3 (2), e1091. https://doi.org/10.1002/cfp2.1091.
• Xiao, J. J., Lavigueur, B., Izenstark, A., Hanna, S. D., and Lawrence, F. C. (2020). Three decades of the Journal of Financial Counseling and Planning. Journal of Financial Counseling and Planning, 31(1), 5-13.
• Li, B., Hanna, S. D., & Kim, K.T. (2020). Who uses mobile payments: Fintech potential in users and non-users. Journal of Financial Counseling and Planning, 31(1), 83-100.
• Kim, K. T., Lee, J., and Hanna, S. D. (2020). The effects of financial literacy overconfidence on the mortgage delinquency of U.S. households.  Journal of Consumer Affairs, 54 (2), 517-540. https://onlinelibrary.wiley.com/doi/abs/10.1111/joca.12287. Kim, K.T, Mountain, T. P., Hanna, S. D., & Kim, N. (2020). The decrease in life insurance ownership: Implications for financial planning. Financial Services Review, 28 (1), 1-16.
• Lee, S.T., Kim, K.T., & Hanna, S.D. (2025).  COVID-19 labor market shocks and withdrawals from retirement accounts: Understanding the moderating role of financial knowledge.  Journal of Consumer Affairs, 59 (1): e12616, 1-19. DOI: https://doi.org/10.1111/joca.12616.
• Yoon, D. W., & Hanna, S. D. (2024). The relationship between self-control factors and household saving behavior. Journal of Financial Counseling and Planning, 35 (3), 323-336.  http:\\dx.doi/org/10.1891/JFCP-2023-0063.
• Zhang, Z., Hanna, S. D., & Xu, L.  (2024).  The effect of financial knowledge on workers’ expectation of never retiring. Financial Services Review, 32(3), 20-31. Available at https://openjournals.libs.uga.edu/fsr/article/view/3584/3427
• Lee, J. M., Kim, K.T., & Hanna, S.D. (2023). The negative association between myopia and financial well-being as moderated by financial knowledge. Journal of Financial Counseling and Planning, 34 (1), 42-54.
• Kim, K. T., Hanna, S. D., & Lee, S. T. (2023). Investment literacy, overconfidence and cryptocurrency investment. Financial Services Review, 31(2/3), 121–132. https://doi.org/10.61190/fsr.v31i2/3.3530
• Ouyang, C., & Hanna, S. D. (2022). The effect of racial/ethnic differences on the financial obligations ratio of renters. Financial Services Review, 30(3), 165–177. https://doi.org/10.61190/fsr.v30i3.3483
• Kim, K.T., Lee, S. T., & Hanna, S.D. (2022). Has financial knowledge increased in the United States?  Journal of Financial Counseling and Planning, 33 (2), 205-216.
• Lee, S. T., & Hanna, S. D. (2022). What, me worry? Financial literacy overconfidence and the perception of emergency fund needs. Journal of Financial Counseling and Planning, 33(1), 140-155. DOI: 10.1891/JFCP-2021-0045.
• Kim, H., Kim, K.T., & Hanna, S. D. (2022). The effect of investment literacy on the likelihood of retail investor margin trading and having a margin call. Finance Research Letters, 45 (102146), 1-6. doi:https://doi.org/10.1016/j.frl.2021.102146
• Kim, K. T., Lee, J. & Hanna, S. D. (2022). The Great Expansion of 2019 and the delinquency rates of Blacks and Hispanics. Applied Economics Letters, 29(14), 1313-1318 https://doi.org/10.1080/13504851.2021.1927957
• Hanna, S. D., Kim, K.T., Lindamood, S., & Lee, S.T. (2021). Husbands, wives, and perception of relative knowledge about household finances. Financial Planning Review, 4 (1), e1110.  https://onlinelibrary.wiley.com/doi/full/10.1002/cfp2.111
• Kim, K.T., Hanna, S. D., & Ying, D. (2021). The risk tolerance measure in the 2016 Survey of Consumer Finances: New, but is it improved? Journal of Financial Counseling and Planning, 32 (1), 86-103. DOI: 10.1891/JFCP-19-00022
• Lee, S. T., & Hanna, S. D. (2020). Financial knowledge overconfidence and early withdrawals from retirement accounts. Financial Planning Review, 3 (2), e1091. https://doi.org/10.1002/cfp2.1091.
• Xiao, J. J., Lavigueur, B., Izenstark, A., Hanna, S. D., and Lawrence, F. C. (2020). Three decades of the Journal of Financial Counseling and Planning. Journal of Financial Counseling and Planning, 31(1), 5-13.
• Li, B., Hanna, S. D., & Kim, K.T. (2020). Who uses mobile payments: Fintech potential in users and non-users. Journal of Financial Counseling and Planning, 31(1), 83-100.
• Kim, K. T., Lee, J., and Hanna, S. D. (2020). The effects of financial literacy overconfidence on the mortgage delinquency of U.S. households.  Journal of Consumer Affairs, 54 (2), 517-540. https://onlinelibrary.wiley.com/doi/abs/10.1111/joca.12287.
• Kim, K.T, Mountain, T. P., Hanna, S. D., & Kim, N. (2020). The decrease in life insurance ownership: Implications for financial planning. Financial Services Review, 28 (1), 1-16.
• Hanna, S.D., Kim, K.T., & Zhang, L. (2019). Factors related to the risk tolerance of households in China and the United States: Implications for the future of financial markets in China. Financial Services Review, 27 (3), 279-302.
• Ouyang, C., Hanna, S.D., & Kim, K.T. (2019). Are Asian American households more likely than other households to expect to help children with college costs? Journal of Family and Economic Issues, 40 (3), 540–552.
• Hong, E.J. & Hanna, S.D. (2019). Factors related to the risk of a substantial income decrease between 2006 and 2008 in South Korea. The Singapore Economic Review, 64(1), 157–173. DOI: http://dx.doi.org/10.1142/S0217590817430068.
• Nam, Y., & Hanna, S. D. (2019). The effects of risk aversion on life insurance ownership of single-parent households. Applied Economics Letters, 26 (15), 1285-1288, DOI: 10.1080/13504851.2018.1546044
• Hanna, S. D., Kim, K.T., & Lindamood, S. (2018). Behind the numbers: Understanding the Survey of Consumer Finances. Journal of Financial Counseling and Planning, 29 (2), 410-418.
• Kim, K.T., Pak, T. K., Shin, S. H., & Hanna, S. D. (2018). The relationship between financial planner use and holding a retirement saving goal: A propensity score matching analysis. Financial Planning Review, DOI: 10.1002/cfp2.1008.
• Wang, G. N., & Hanna, S. D. (2019). Racial/ethnic disparities in high return investment ownership: A Heckman selection model. Applied Economics Letters, 26(2), 111-115, DOI: 10.1080/13504851.2018.1441497.
• Kim, G. J. & Hanna, S. D. (2017). Do self-control measures affect saving behavior? Journal of Personal Finance, 16 (2), 7-19.
• Hanna, S. D., Zhang, L., & Kim, K.T. (2017). Do worker expectations of never retiring indicate a preference or an inability to plan? Journal of Financial Counseling and Planning, 28 (2), 268-284.   
• Shin, S. H. & Hanna, S.D. (2017). Accounting for complex sample designs in analyses of the Survey of Consumer Finances. Journal of Consumer Affairs, 51 (2), 255-283.   
• Hanna, S. D. & Kim, K. T. (2017). Treatment of inflation in retirement planning calculations: An improved method. Journal of Financial Planning, 30 (1), 44-53.   
• Hanna, S. D. & Kim, K. T. (2016). Household ratio guidelines for the amount of investments. Financial Services Review, 25 (3), 263-277.
• Kim, K. & Hanna, S. D. (2016). The severity of the impact of the stock market crash of 2008-2009 on the wealth of U.S. households. Journal of Financial Planning, 29 (2), 52-58.
• Hong, E.O. & Hanna, S.D. (2016). Did households’ time preference change due to the Great Recession? Applied Economics Letters, 23 (15), 1047-1050. DOI: http://dx.doi.org/10.1080/13504851.2015.1133887.
• Kim, K. T. & Hanna, S. D. (2015). Does financial sophistication matter in retirement preparedness? Journal of Personal Finance, 14 (2), 9-20.
• Heckman, S. J. & Hanna, S. D. (2015). Individual and institutional factors related to low-income household saving behavior. Journal of Financial Counseling and Planning. 26 (2), 187-199.
• Kim, K. T. & Hanna, S. D. (2015). Do U.S. households perceive their retirement preparedness realistically? Financial Services Review, 24 (2), 139-155.
• Hanna, S.D., Lee, J., & Lindamood, S. (2015). Financial behavior and attitudes of Asians compared to other racial/ethnic groups in the U.S. Journal of Family and Economic Issues, 36 (3), 309-318, DOI 10.1007/s10834-015-9447-2.
• Lee, J.M. & Hanna, S. D. (2015). Savings goals and saving behavior in the context of Maslow's hierarchy of needs. Journal of Financial Counseling and
• Planning, 26 (2), 129-147.
• Shin, S.H. & Hanna, S.D. (2015). Decomposition analyses of racial/ethnic differences in high return investment ownership after the Great Recession. Journal of Financial Counseling and Planning, 26 (1), 43-62.
• Lee, E. & Hanna, S.D. (2014). Gender differences of Asian college students’ financial knowledge pathways. Asian Women, 30 (2), 27-55.
• Hanna, S.D. & Kim, K. (2014). Time preference assumptions in normative analyses of household financial decisions. Applied Economics Letters, 21 (9), 609-612.   
• Kim, K., Hanna, S.D., & Chen, S. C.-C. (2014). Consideration of retirement income stages in planning for retirement. Journal of Personal Finance, 13(1), 52-64.   
• Fang, M.C., Hanna, S.D., & Chatterjee, S. (2013). The impact of immigrant status and racial/ethnic group on differences in responses to a risk aversion measure. Journal of Financial Counseling and Planning, 24(2), 63-76.
• Letkiewicz, J.C., & Hanna, S.D. (2013). The impact of stock and real estate returns on the propensity of households to meet the capital accumulation ratio guideline. Journal of Financial Counseling and Planning, 24 (1), 34-44.   
• Lee, J. & Hanna, S.D. (2012). Limitations of combining Hispanics and African-Americans for analysis of credit problems. Journal of Consumer Affairs, 46 (3), 506-536.
• Hanna, S.D., Yuh, Y., & Chatterjee, S. (2012). The increasing financial obligations burden of U.S. households: Who is affected?  International Journal of Consumer Studies, 36 (5), 588–594.  
• Ji, H. & Hanna, S.D. (2012). Factors related to the financial vulnerability of small business owner-manager households. Journal of Personal Finance, 11(1), 49-77.  
• Kim, E., Hanna, S.D., Chatterjee, S., & Lindamood, S. (2012). Who among the elderly owns stocks? The role of cognitive ability and bequest motive. Journal of Family and Economic Issues, 33 (3), 338-352.  
• Hanna, S. D. (2011).The demand for financial planning services. Journal of Personal Finance, 10 (1), 36-62.
• Hanna, S. D., Ji, H., Lee, J., Son, J., Letkiewicz, J., Lim, H., & Zhang, L. (2011). Content analysis of Financial Services Review. Financial Services Review, 20 (3), 237-251.
• Hanna, S.  D., & Lindamood, S. (2010).  Quantifying the economic benefits of personal financial planning.  Financial Services Review, 19 (2), 111-127.
• Hanna, S. D., Wang, C., & Yuh, Y. (2010). Racial/ethnic differences in high return investment ownership: A decomposition analysis, Journal of Financial Counseling and Planning, 21 (2), 44-59.
• Ji, H., Hanna, S. D., Lawrence, F.C., & Miller, R. K. (2010). Two decades of the Journal of Financial Counseling and Planning. Journal of Financial Counseling and Planning, 21 (1), 4-14.  
• Yuh, Y. & Hanna, S. D. (2010). Which households think they save?  Journal of Consumer Affairs, 44 (1), 70-97. 
• Schuchardt, J., Hanna, S. D., Hira, T. K., Lyons, A. C., Palmer, L., & Xiao, J. J. (2009). Financial literacy and education research priorities. Journal of Financial Counseling and Planning, 20 (1), 84-95.
• Hanna, S. D. & Lindamood, S. (2008). The decrease in stock ownership by minority households. Journal of Financial Counseling and Planning, 19 (2), 46-58. 
• Hanna, S. D., Waller, W., & Finke, M. (2008). The concept of risk tolerance in personal financial planning. Journal of Personal Finance, 7 (1), 96-108.
• Wang, C. & Hanna, S. D. (2007). The risk tolerance and stock ownership of business owning households. Financial Counseling and Planning. 18 (2), 3-18.
• Lindamood, S., Hanna, S. D., & Bi, L. (2007). Using the Survey of Consumer Finances: Methodological considerations and issues. Journal of Consumer Affairs, 41 (2), 195-214.
• Lee, J. & Hanna, S. D. (2007). Changes in credit attitudes among U.S. consumers: 1992-2004. International Journal of Human Ecology, 8(1), 79-94.
• Rha, J.-Y. , Montalto, C. P., & Hanna, S. D. (2006). The effect of self-control mechanisms on household saving behavior. Financial Counseling and Planning, 17 (2), 1-16.   
• Yao, R. & Hanna, S.D. (2005). The effect of gender and marital status on financial risk tolerance. Journal of Personal Finance, 4 (1), 66-85.
• Yao, R., Gutter, M.S., & Hanna, S.D. (2005). The financial risk tolerance of Blacks, Hispanics and whites. Financial Counseling and Planning, 16 (1), 51-62.