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 the Program Chair of Consumer Sciences in the Human Sciences Department.

He has published in Applied Economics Letters, Financial Services Review, Journal of Consumer Research, Journal of Consumer Affairs, Family and Consumer Sciences Research Journal, International Journal of Consumer Studies, Housing and Society, AAII Journal, Asia Pacific Advances in Consumer Research, International Journal of Human Ecology, Journal of Personal Finance and Journal of Family and Economic Issues.  He has been quoted in the Wall Street Journal, the New York Times, and numerous other news outlets.  He has presented papers at conferences in Asia and Europe. 

He had advised 34 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. He was the founding editor of the Journal of Financial Counseling and Planning, the founding co-editor of the journal Housing and Society and has served on the editorial boards of the Journal of Consumer Affairs, the Journal of Financial Counseling, the International Journal of Human Ecology and the Journal of Family and Economic Issues. 

He was named a Distinguished Fellow of the American Council on Consumer Interests and the Association for Financial Counseling and Planning Education, and named Financial Educator of the Year from the Association for Financial Counseling and Planning Education. He has received 16 awards for research papers by national organizations.  

• 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.

• 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.
• 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).

• 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.