Dr. Thomas Korankye’s research presents a comprehensive and multidimensional approach to understanding personal and family financial planning. His work primarily revolves around key areas such as consumer debt, including student loans, mortgages, and credit card debts. This facet of his research seeks to unravel the complex dynamics of these debts, understanding their unique challenges and implications for financial stability and long-term planning.
Another significant area of his research is in savings and investments, particularly in contexts like emergency funds, stocks, education, and retirement. This aligns well with the growing need for strategic planning in these areas, considering the changing economic landscapes and the inherent opportunities and challenges for long-term financial security.
Furthermore, Dr. Korankye delves into financial education and literacy. This focus is particularly important in an era where financial products and services are becoming more complex, and the need for informed financial decisions is more critical than ever.
His work also extends to time allocation and subjective well-being, which are vital in understanding the broader impacts of financial decisions on individuals’ and families’ quality of life. This holistic approach indicates a recognition that financial well-being is not just about numbers but also about overall life satisfaction and personal/family well-being.
Methodologically, Dr. Korankye employs advanced research techniques, including matching and panel data methodologies. Using matching techniques in his studies allows for a more nuanced understanding of financial behaviors and outcomes. His work with longitudinal and cross-sectional survey data provides insights into how financial attitudes and behaviors evolve over time or differ across various groups. Additionally, the use of behavioral experiments in his research adds a layer of depth to decode the psychological aspects of financial decision-making.
Overall, Dr. Korankye’s research not only contributes to academic discourse but also has significant practical applications. The insights derived have the potential to inform policymaking, enhance financial planning/advisory practices, and guide individual/family financial decisions. Looking ahead, Dr. Korankye is eager to expand his research to include emerging financial technologies and their impact on personal and family finance, further bridging the gap between academic research and real-world application.