A Survey of Retirement Readiness Among African-Americans

Young, John H.; Hudson, Crystal R.; Davis, Edward L.

doi:10.1007/s12111-017-9381-5

Cited by 11 publications

(15 citation statements)

References 25 publications

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“…Faced with the issue of an ever-lengthening retirement duration and an increasingly ageing population, greater involvement with financial and governmental institutions is needed to invest more and spend more efficiently for the long term. This study found financial knowledge to significantly increase the employees' readiness for retirement, which correlates with the results from other studies (Koh, Young, et. al., 2017).…”

Section: Discussionsupporting

confidence: 91%

Retirement Preparedness and Subjective Well-Being: Evidence from Malaysia

2021

QAS

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Organizations offer sufficient preparation to prepare their employees to succeed at work, but very few, if any, prepare their employees for life after work. A cross-sectional survey was undertaken, with a total of 514 Malaysian employees participating in the study. The Partial Least Squares-Structural Equation Modelling estimation technique was employed to analyse the data. The results revealed that retirement preparedness in orgnizations via financial knowledge, retirement goals and retirement confidence significantly enhances subjective well-being of employees. The study serves to discuss current policy issues that affect the government, financial institutions, the employees, the elderly and their families.

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Section: Discussionsupporting

confidence: 91%

Retirement Preparedness and Subjective Well-Being: Evidence from Malaysia

2021

QAS

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“…Studies in the US showed that greater financial literacy was associated with higher net worth. This hypothesis was tested with various populations, including educated African Americans (Young et al, 2017), young adults (Lusardi & Mitchell, 2007), teachers (Widyastuti et al, 2020), and older Americans (Mitchell & Lusardi, 2011).…”

Section: Discussionmentioning

confidence: 99%

“…Measures of financial literacy in this study reflect the understanding of financial concepts. According to previous research with various populations and large sample sizes, demographic variables such as educational level, age, gender, race, or marital status cannot fully explain the differences in financial literacy (Young et al, 2017) but better explained with the understanding of financial concepts and related numeracy (Bönte & Filipiak, 2012;Lusardi & Mitchell, 2014). Therefore, financial literacy was measured by asking three multiple-choice questions about interest, inflation, and risk.…”

Section: Measurementsmentioning

confidence: 99%

Financial and Pension Literacy and Retirement Preparedness in Sri Lanka: Evidence from Employee Provident Fund Contributors

Rodrigo

Kim

2023

JCS

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Sri Lanka has a rapidly aging population in South Asia, but little attention is given to financial preparedness for retirement. This study expects to provide an overview of the current retirement system in Sri Lanka and investigate financial and pension literacy's role in retirement preparedness. This study administered an online survey to study retirement preparedness subjectively (n = 142) and objectively (n = 115) among the EPF contributors. This non-experimental study uses an online survey to assess financial and pension literacy's roles in retirement preparedness. This study used ordered logistic (Ologit) regressions and ordinary least squares (OLS) regressions to test the two hypotheses. Results indicate a positive and statistically significant association between financial (only objective measure) and pension literacy and retirement preparedness. However, another study shows no synergy effect between financial and pension literacy. Conclusively, drawing policymakers' attention to diversifying EPF investments, including financial and pension literacy concepts in workplace workshops and studying pension literacy and retirement preparedness in different samples.

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“…The independent variable measuring financial literacy (FINLIT) was measured through the responses to five questions. These five questions are widely used in the industry to measure financial literacy (Hudson et al, 2016;Lusardi & Mitchell, 2005;Robb & Woodyard, 2011;Young et al, 2017). Participants who correctly answered four or more questions are considered to be financially literate, whereas participants correctly answering three or fewer questions are considered not to be financially literate (Hudson et al, 2016;Lusardi & Mitchell, 2005;Robb & Woodyard, 2011;Young et al, 2017).…”

Section: Variablesmentioning

confidence: 99%

Investment Behavior: Factors that Impact African American Women’s Investment Behavior

Hudson

Phillips

Smalls

et al. 2021

The Review of Black Political Economy

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The wealth of African Americans has lagged behind that of the general US population. The key to understanding this may lie in African American women’s money management abilities and feelings relating to money because they are often the household’s money manager. This study answers the question, “If African American women had greater confidence in their ability to manage money, or had a positive attitude towards money, would they invest in the stock market more often and ultimately increase their net worth in this way?” Researchers studied a cross-section of African American women, using three logistic regression models and found that African American women who were sure of their ability to manage their finances and felt in control of their money were more likely to be investors. A higher number of younger African American women were investors, compared to older African American women. In addition, younger African American women had greater confidence in their money management ability than their older counterparts.

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A Survey of Retirement Readiness Among African-Americans

Cited by 11 publications

References 25 publications

Retirement Preparedness and Subjective Well-Being: Evidence from Malaysia

Retirement Preparedness and Subjective Well-Being: Evidence from Malaysia

Financial and Pension Literacy and Retirement Preparedness in Sri Lanka: Evidence from Employee Provident Fund Contributors

Investment Behavior: Factors that Impact African American Women’s Investment Behavior

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