Wookjae Heo (허욱재), PhD
Associate Professor of Financial Counseling and Planning
Lab Leader, Financial Intelligence for Consumer Well-Being Lab (FinE Lab)
Purdue University
Wookjae Heo (허욱재), PhD, is an Associate Professor of Financial Counseling and Planning at Purdue University and the Lab Leader of the Financial Intelligence for Consumer Well-Being Lab (FinE Lab). His work examines how financial stress, psychological characteristics, and changing economic conditions shape financial decisions—and how behavioral science, data analytics, and responsible AI can improve consumer financial well-being.
A Personal Introduction
My research begins with a simple observation: knowing what to do financially does not always make it possible to do it. Financial stress, psychological characteristics, risk perceptions, and changing economic conditions influence how people interpret financial information and act on it.
I study these influences through behavioral personal finance, an approach that connects financial planning with consumer science, psychology, and data analytics. My work focuses particularly on financial stress and well-being, financial risk tolerance, financial therapy, and the responsible use of artificial intelligence and machine learning in financial decision-making.
Through FinE Lab, I work to translate research into practical educational and public-service resources. These resources are designed to help students, educators, researchers, financial professionals, and consumers move from financial information toward informed judgment and meaningful action.
What I Study
Behavioral Personal Finance
I examine how financial knowledge interacts with psychological, social, and situational factors to shape household financial decisions. This work seeks to explain why financially informed individuals may still struggle to act on what they know.
Financial Stress and Consumer Well-Being
My research investigates how financial stress is experienced, measured, and connected to mental health, financial behavior, and overall well-being, with particular attention to financially vulnerable individuals and families.
Financial Risk Tolerance and Decision-Making
I study financial risk tolerance as a dynamic behavioral signal rather than a fixed personal trait. This research examines how risk perceptions and preferences change with life circumstances, financial stress, and market conditions.
Responsible AI and Data-Driven Financial Planning
I use machine learning, natural language processing, and other analytical methods to study financial behavior and develop decision-support resources. My work emphasizes transparency, human judgment, consumer autonomy, and responsible application.
From Research to Public Impact
Research should do more than describe financial behavior. Through FinE Lab, I translate behavioral personal finance research into educational experiences, public-service resources, and decision-support tools that help people interpret financial information and apply it thoughtfully.
FinE Companion
FinE Companion is a research-based financial wellness and learning resource designed to help users examine their financial circumstances, identify areas for further attention, and move from information toward informed action. It supports financial education and reflection rather than individualized financial advice.
Financial Planning Learning Labs
FinE Lab develops interactive learning experiences across major areas of financial planning, including cash flow, tax, insurance, investment, estate, retirement, housing, and integrated financial planning. These resources ask users to compare alternatives, test assumptions, verify information, and explain recommendations rather than simply obtain an answer.
Behavioral Measurement and Decision Support
My research also develops and applies behavioral measures related to financial stress, financial risk tolerance, and patterns of financial decision-making. These measures provide a foundation for understanding how individual differences and changing circumstances influence financial choices.
Responsible Use of Artificial Intelligence
FinE Lab explores how AI can support financial education, research, and professional judgment while preserving transparency, consumer autonomy, privacy, and human responsibility. AI is treated as a decision-support resource—not as a substitute for informed human judgment.
Connect and Collaborate
I welcome opportunities to connect with researchers, educators, students, community organizations, and financial professionals whose work relates to behavioral personal finance, consumer financial well-being, financial education, and responsible innovation.
For research collaboration, educational partnerships, student opportunities, media inquiries, or questions about FinE Lab, please contact me at heo28@purdue.edu.