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G3c Racial and Ethnic Differences in Holding a Retirement Saving Motive: A Decomposition Analysis
Key Words
race, ethnicity, saving goal, retirement, decomposition
Short Description
Given the persistent racial/ethnic gap in many aspects of financial outcomes, there is a need to understand the causes of the differences. Examining the motives for retirement held by various racial groups could help further understand the retirement preparedness by racial groups. The purpose of this study is to investigate racial/ethnic differences in holding a retirement saving motive using the 2016 Survey of Consumer Finances (SCF). Specifically, this study uses the decomposition analysis introduced by Blinder-Oaxaca (Blinder, 1973; Oaxaca, 1973) to clarify if differences in holding a retirement saving motive are due to various household characteristics or due to unobserved factors. The results contribute to the retirement savings literature by (1) analyzing racial/ethnic differences in holding a retirement savings motive, (2) using the decomposition method to demonstrate the extent of race/ethnicity differences, and (3) utilizing the new variables of risk tolerance and financial knowledge from the 2016 SCF.
First & Corresponding Author
Soo Hyun Cho, California State University
Authors in the order to be printed
Soo Hyun Cho, Kyoung Tae Kim, Sharon DeVaney