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2023 Annual Conference

du 16 au 18 May 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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Confirm your place in the schedule by following the instructionss that were emailed to you. Each presentation must have a separate paid registration. Contact the ACCI office immedicately by email at admin@consumerinterests.org to report any conflict, all corrections to the details of the presentation (including author names and the order they are listed as this is how it will be in the final program), or if you have any questions. Please be sure to reference the session title(s), date(s), and time(s) when you contact us.

H2b Financial Literacy and Investing Beyond Employer-Sponsored Retirement Plans

jeudi 18 mai 2023 à 13:00–14:30 PDT
Room 2
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

Submitter

Tapiwa Sigauke, Texas Tech University

Authors

Tapiwa Sigauke, Texas Tech University
Charlene Kalenkoski, James Madison University
Chris Browning, Texas Tech University
Chargement en cours …