Homework’s Influence on Future Financial Success in the Age of ChatGPT

Technique	OLS (1)	OLS (1)	OLS (2)	OLS (2)	OLS (3)	OLS (3)	OLS (4)
	NLSY97	CNSS	NLSY97	CNSS	NLSY97	CNSS	CNSS
Intercept	6.783*** (0.783)	8.385*** (0.353)	7.622*** (0.407)	8.492*** (0.326)	7.196*** (0.815)	8.925*** (0.332)	8.338*** (0.420)
Employed	1.139*** (0.071)	0.816*** (0.144)	1.139*** (0.071)	0.839*** (0.147)	1.226*** (0.074)	0.961*** (0.141)	1.175*** (0.175)
Homework (2)	-0.056 (0.065)	0.004 (0.159)	-0.056(0.065)	0.001 (0.159)	0.102 (0.067)	0.183 (0.155)	0.368** (0.171)
Gender	0.393*** (0.040)	0.064 (0.125)	0.393***(0.040)	0.062 (0.125)	0.299*** (0.041)	0.057 (0.126)	0.027 (0.144)
Age	0.053** (0.024)	0.006 (0.004)			0.050** (0.025)	0.008** (0.004)	0.016** (0.006)
Age²			0.001** (0.000)	0.001* (0.000)
Race	0.092** (0.041)	0.301* (0.161)	0.092** (0.041)	0.296* (0.161)	0.200*** (0.042)	0.311 (0.163)	0.312* (0.183)
Born in U.S.	-0.086 (0.085)	-0.009 (0.202)	-0.086 (0.085)	-0.013 (0.202)	-0.095 (0.089)	-0.018 (0.204)	-0.107 (0.220)
Education	0.220*** (0.014)	0.177*** (0.042)	0.220*** (0.014)	0.177*** (0.042)
Marital Status	0.151*** (0.040)	0.663*** (0.128)	0.151*** (0.040)	0.672*** (0.126)	0.236*** (0.042)	0.712*** (0.128)	0.675*** (0.144)
Observations	2931	978	2931	978	2931	978	683
R²	0.198	0.111	0.196	0.111	0.128	0.095	0.117

1*** Notes: Significant at p<0.01;

1** significant at p<0.05;

1* significant at p<0.1.

1 Homework (2) corresponds to the conversion of the variable scale into a dummy indicator. The R² values are adjusted. Values are β coefficients; standard errors are in parentheses. OLS (4) restricts the CNSS sample to survey participants whose ages range from 25 through 65.

Table 2.

Education regression results

Technique	OLS (1)	OLS (1)	OLS (2)	OLS (2)
Dataset	NLSY97	CNSS	NLSY97	CNSS
Intercept	2.064*** (0.138)	4.037*** (0.212)	1.874* (1.038)	3.048*** (0.253)
Employed			0.396*** (0.094)	0.820*** (0.107)
Homework (2)	0.738*** (0.086)	1.056*** (0.122)	0.716*** (0.085)	1.011*** (0.118)
Gender	-0.430*** (0.053)	0.071 (0.098)	-0.427*** (0.052)	-0.044 (0.096)
Age			-0.010 (0.032)	0.011*** (0.003)
Race	0.560*** (0.054)	0.200 (0.127)	0.490*** (0.054)	0.053 (0.124)
Born in U.S.	-0.090 (0.114)	-0.055 (0.161)	-0.042 (0.113)	-0.052 (0.156)
Marital Status			0.385*** (0.053)	0.279*** (0.098)
Observations	2931	978	2931	978
R²	0.084	0.072	0.105	0.139

1*** Notes: Significant at p<0.01;

1** significant at p<0.05;

1* significant at p<0.1.

1 Homework (2) corresponds to the conversion of the variable scale into a dummy indicator. The R² values are adjusted. Values are β coefficients; standard errors are in parentheses.

Table 3.

Homeownership regression results

Technique	Logistic (1)	Logistic (1)	Logistic (2)	Logistic (2)	Logistic (3)
Dataset	NLSY97	CNSS	NLSY97	CNSS	CNSS
Intercept	-6.394*** (1.844)	-5.467*** (0.724)	-6.844*** (1.840)	-5.242*** (0.725)	-6.564*** (0.938)
Employed	-0.090 (0.181)	0.537** (0.212)	-0.109 (0.181)	0.642*** (0.208)	0.394 (0.274)
Homework (2)	0.324** (0.158)	0.407* (0.214)	0.409*** (0.156)	0.553*** (0.207)	0.545** (0.253)
Gender	-0.096 (0.093)	-0.178 (0.176)	-0.189** (0.091)	-0.189 (0.175)	-0.081 (0.211)
Age	-0.022 (0.054)	0.056*** (0.006)	-0.027 (0.054)	0.057*** (0.006)	0.067*** (0.009)
Race	0.569*** (0.096)	0.648*** (0.215)	0.620*** (0.095)	0.647*** (0.214)	0.688*** (0.251)
Born in U.S.	-0.094 (0.202)	0.058 (0.273)	-0.085 (0.200)	0.058 (0.272)	0.401 (0.306)
Education	0.144*** (0.033)	0.144** (0.058)			0.164** (0.071)
Income	0.469*** (0.063)	0.116** (0.047)	0.556*** (0.061)	0.135*** (0.048)	0.156** (0.064)
Marital Status	1.335*** (0.090)	1.528*** (0.175)	1.364*** (0.089)	1.546*** (0.174)	1.534*** (0.204)
Urban	-0.438*** (0.121)	-0.460** (0.235)	-0.382*** (0.120)	-0.420* (0.234)	-0.761*** (0.290)
Midwest	0.753*** (0.150)	0.271 (0.267)	0.722*** (0.148)	0.262 (0.266)	0.286 (0.319)
South	0.548*** (0.138)	0.076 (0.231)	0.513*** (0.137)	0.057 (0.231)	0.008 (0.269)
West	0.135 (0.150)	-0.369 (0.263)	0.105 (0.149)	-0.351 (0.261)	-0.192 (0.312)
Observations	2895	978	2895	978	683
R²	0.191	0.334	0.186	0.330	0.304

1*** Notes: Significant at p<0.01;

1** significant at p<0.05;

1* significant at p<0.1.

1 Homework (2) corresponds to conversion into a dummy indicator. R² values are Cox & Snell values. Values are β coefficients; standard errors are in parentheses. Logistic (3) restricts the CNSS sample to survey participants whose ages range from 25 through 65.

Table A1.

Descriptive statistics and variables from the CNSS dataset, (n=978)

Variable	Description	Scale	Mean	SD
Homework (1)	Response to: “How often did you complete your assigned homework in high school?”	1 = Never 2= Rarely 3 = About half the time 4 = Most of the time 5 = Always	4.14	1.04
Homework (2)	Converts responses to a binary variable	0 = About half the time or less 1 = Most of the time or always	0.80	0.40
Education	Attained education level	None of grades 1–8 High-school incomplete High-school graduate (or GED) Technical, trade, or vocational school Some college, no 4-year degree College graduate (4-year degree) Post-graduate or professional schooling	5.03	1.55
Homeownership		0 = Rent or rent-free 1 = Own	0.63	0.48
Income, 2016	Median of the income bracket range	Low = 0 High = 190,000	52,200	38,200
Log-income, 2016	Natural logarithm of the median	Low = 0 High = 12.2	10.40	1.76
Age		Low = 18 High = 95	47.96	17.93
Employed	Employment status	0 = Not-employed 1 = Employed	0.66	0.47
Marital Status		0 = Not married 1 = Married	0.50	0.50
Born in U.S.		0 = Not U.S.-born. 1 = U.S.-born	0.90	0.30
Race		0 = Non-Caucasian 1 = Caucasian	0.82	0.38
Gender		0 = Female 1 = Male	0.50	0.50
Urban	In Metropolitan Statistical Area	0 = Rural 1 = Urban	0.83	0.38
Northeast	Census Region	0 = Not in region 1 = In region	0.19	0.39
Midwest	Census Region	0 = Not in region 1 = in region	0.23	0.42
South	Census Region	0 = Not in region 1 = In region	0.39	0.49
West	Census Region	0 = Not in region 1 = In region	0.20	0.40

Table A2.

Descriptive statistics and variables from the NLSY97 dataset (n=2,93l)

Variable	Description	Scale	Mean	SD
Homework (1)	Response to: “… About how much time did you spend per day doing homework?” (1997)	Range: 0–8 hours	5.75	7.27
Homework (2)	Response to: “… Did you spend any time doing homework?” (1997)	0 = No 1 = Yes	0.89	0.31
Education	Response to: “What is the highest educational degree you have ever received?”	1 = None 2 = GED 3 = High-school diploma 4 = Associate/Junior college (AA) 5 = Bachelors’ degree (BA, BS) 6 = Masters’ degree (MA, MS) 7 = PhD 8 = Professional degree (DDS, JD, MD)	2.72	1.49
Homeownership		0 = Rent, rent-free, or other 1 = Own	0.33	0.47
Income	Aggregated annual income	Low = 0 High = 213,000	42,900	33,900
Log-income	Natural logarithm of income	Low = 0 High = 12.3	10.3	1.18
Age		Low = 31 High = 33	32.0	0.82
Employed	Employment status	0 = Not employed 1 = Employed	0.92	0.28
Marital Status		0 = Not married 1 = Married	0.45	0.50
Born in U.S.		0 = Not U.S.-born 1 = U.S.-born	0.94	0.23
Race		0 = Non-Caucasian 1 = Caucasian	0.54	0.50
Gender		0 = Female 1 = Male	0.50	0.50
Urban	In Metropolitan Statistical Area	0 = Rural 1 = Urban	0.83	0.38
Northeast	Census Region	0 = Not in region 1 = In region	0.16	0.37
Midwest	Census Region	0 = Not in region 1 = In region	0.21	0.41
South	Census Region	0 = Not in region 1 = In region	0.39	0.49
West	Census Region	0 = Not in region 1 = In region	0.23	0.42

Table A3.

Log-net-worth regression results

Technique	OLS (1)	OLS (2)
Dataset	NLSY97	NLSY97
Intercept	0.916 (3.108)	4.010 (3.204)
Employed	-0.424 (0.292)	0.277 (0.293)
Homework (2)	0.363 (0.254)	0.447* (0.265)
Gender	0.661*** (0.159)	0.874*** (0.163)
Age	0.072 (0.095)	0.095 (0.099)
Race	0.542*** (0.162)	0.895*** (0.168)
Born in U.S.	-0.749** (0.337)	-0.756** (0.352)
Education	-0.269*** (0.057)	-0.068 (0.057)
Homeownership	2.425*** (0.180)
Income	0.489*** (0.072)
Marital Status	0.920*** (0.167)	1.713*** (0.165)
Observations	2796	2796
R²	0.141	0.064

1*** Notes: Significant at p<0.01;

1** significant at p<0.05;

1* significant at p<0.1.

1 Homework (2) corresponds to the conversion of the variable scale into a dummy indicator. The R² values are adjusted. Values are β coefficients; standard errors are in parentheses.

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DOI: https://doi.org/10.2478/irfc-2026-0004 | Journal eISSN: 2508-464X | Journal ISSN: 2508-3155

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Language: English

Page range: 49 - 64

Published on: Jun 30, 2026

Published by: International Academy of Financial Consumers

In partnership with: Paradigm Publishing Services

Keywords:

Financial security,

homework,

artificial intelligence,

educational attainment

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Political economics,

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© 2026 Ken D. Shimizu, Scott D. Stewart, Jay L. Zagorsky, published by International Academy of Financial Consumers
This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 3.0 License.

Volume 11 (2026): Issue 1 (June 2026)