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H2b Financial Literacy and Investing Beyond Employer-Sponsored Retirement Plans
Short Description
This paper focuses on establishing a correlation between financial literacy and investment decisions, specifically, investing beyond employer-sponsored retirement accounts. The major motivation for this research is the drifting of employers from offering pension plans to offering employer-retirement plans such as 401(k) and 403(b), which require employees to make investment decisions regarding their retirement plans. This issue may result in people having insufficient funds during retirement. Financial illiteracy is highlighted as a major consumer financial concern when it comes to retirement planning. This issue directly influences my research question of whether financial literacy is associated with making investments beyond employer-sponsored retirement plans. One of the variables we include in this analysis is whether individuals ever tried to figure out how much they need to save for retirement. This study uses data the 2021 National Financial Capability Study. The results for financial literacy show that individuals with higher financial-literacy scores are more likely to invest in non-employer retirement accounts in addition to employer-sponsored plans when compared to those with lower financial-literacy scores. Overall, the higher is a person’s financial-literacy score, the more likely the individual is to invest in non-employer retirement accounts.
Type of presentation
Accepted Oral Presentation