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2013 Conference

du 10 au 12 April 2013

The Benson Hotel, Portland, Oregon

This section lists poster sessions as well as concurrent sessions by day, time, and room. Concurrent sessions have multiple presentations. You may search by title, author names, or keyword. A Schedule-at-a-Glance is posted on the Website and will provide the overview. This is the detail.

Assessing the Effect of Self-Control on Retirement Preparedness of U.S Households

jeudi 11 avril 2013 à 16:15–17:45 PDT
Cambridge Room (Breakout Session B)
Major Area of Focus

Financial Services

Secondary area of focus

Financial Services

Short Abstract

We examined the problem of self-control in U.S households and its effect on retirement preparedness, based on the Behavioral Lifecycle Hypothesis (Shefrin & Thaler, 1988).  Self-control is an issue in our daily lives, and is believed to lead to decision errors or lesser achievement.  Household financial decisions are no exception, and retirement preparation in particular poses a special challenge.  Therefore, we approached the topic of retirement preparedness with self-control as an influential factor.  Self-control was measured using four variables: health condition, credit attitude, saving decisions, and planning horizon.  The Survey of Consumer Finances datasets from 1995 to 2007 were mainly used, and 2010 were partially implemented.  After the analyses, we found that 54-64% of households were prepared for adequate retirement during 1995-2007.  Based on the pessimistic projection, the adequacy proportion ranged from 49% to 59%.  Our multivariate results showed that households with self-control problems were less likely to have adequate retirement preparedness.  Other than self-control variables, planned retirement age, retirement pension plan and marital status were found to be notable variables significant to retirement adequacy. 

Corresponding Author

[photo]
Kyoung Tae Kim, The Ohio State University
Job Title

PhD Candidate

City & State (or Province & Country)

Columbus, Ohio

Additional Authors

[photo]
Jae Min Lee, The Ohio State Univ.
Job Title

PhD student

City & State (or Province & Country)

Columbus, Ohio

[photo]
Eunice Hong, The Ohio State University
Job Title

PhD student

City & State (or Province & Country)

Columbus, Ohio

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