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2023 Annual Conference

del 16 al 18 de May del 2023

Palace Station Hotel & Casino, Las Vegas, NV, US

IMPORTANT NOTICE: The date, time, and room assignment of YOUR presentation is SUBJECT TO CHANGE.

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A1c COVID-19 Related Job Loss and Early Withdrawals from Retirement Accounts: Mediation by Financial Hardships and Subjective Financial Well-being

martes, el 16 de mayo de 2023 a las 15:30–17:00 PDT
Room 1
Short Description

COVID-19 has caused millions of job losses in the United States, which then resulted in income shocks and financial hardships. To fulfill immediate needs, many households opted to withdraw funds from retirement accounts. However, making early withdrawals from retirement accounts could mean a significant reduction in retirement savings that may undermine financial security upon retirement. This study seeks to first examine factors that mediate the relation between job loss and retirement withdrawals, then to test if financial literacy is a moderator of the indirect effects. The proposed study will utilize a longitudinal dataset, collected by the Social Policy Institute at Washington University in St. Louis, which surveyed a sample of 5,000 nationally-representative respondents at quarterly intervals over five waves. This survey collected information on a series of indicators of household financial health that have significant implications for retirement account withdrawals, including income, assets, subjective financial well-being, and a wide array of other sociodemographic characteristics. Propensity score analysis is conducted in this study. Stabilized weights constructed using propensity scores are applied to estimate the indirect effects of job loss on early withdrawals and the moderation effect of financial literacy on the indirect effects.

Type of presentation

Accepted Oral Presentation

Submitter

Haotian Zheng, Washington University in St. Louis

Authors

Haotian Zheng, Washington University in St. Louis
Mathieu Despard, University of North Carolina at Greensboro and Washington University in St. Louis
Stephen Roll, Washington University in St. Louis
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