Baby Boomer Retirement Security: The Roles of Planning, Financial Literacy, and Housing Wealth

Lusardi, Annamaria; Mitchell, Olivia S.

doi:10.2139/ssrn.933601

Cited by 419 publications

(676 citation statements)

References 13 publications

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“…Lusardi (2008) argues ignorance about basic financial concepts is linked to lack of retirement planning and lack of wealth. The importance of retirement planning is further emphasised by Lusardi and Mitchell (2007a) who find planners arrive close to retirement with much higher wealth levels and display higher financial literacy than non-planners. Focusing on gender issues, Lusardi and Mitchell (2008) also find that older women display much lower levels of financial literacy than the older population as a whole.…”

Section: Planning Constructsmentioning

confidence: 99%

The role and relevance of domain knowledge, perceptions of planning importance, and risk tolerance in predicting savings intentions

Croy

Gerrans

Speelman

2010

Journal of Economic Psychology

121

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The need for individuals to increase retirement savings has been widely promoted, yet our understanding of the motivations of individuals to save at a higher rate remains sparse. This paper reports the findings of a survey of 2300 retirement savings fund members and their motivations to contribute more to savings and to actively manage their investment strategy. Utilising the theory of planned behaviour, the study reveals respondent's self-reported attitudes, subjective norms and perceptions of behavioural control account for a high proportion of the variance in behavioural intention.Contrary to expectations, the study finds that respondent's risk tolerance adds little to the prediction of behavioural intention. By contrast, perceptions of planning importance and self-assessed planning preparedness (domain knowledge) are found to exert powerful indirect influences on behavioural intentions via the perceived behavioural control construct. This novel finding confirms the relevance of planning constructs and financial literacy to an understanding of retirement savings behaviour, and establishes a need to improve levels of financial literacy in society.

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Section: Planning Constructsmentioning

confidence: 99%

The role and relevance of domain knowledge, perceptions of planning importance, and risk tolerance in predicting savings intentions

Croy

Gerrans

Speelman

2010

Journal of Economic Psychology

121

View full text Add to dashboard Cite

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“…The effectiveness of such programs have been evaluated through, among others, individuals" portfolio diversification [4], extents of the disposition effect [5] and retirement planning [6]. The main problem associated with low level of financial literacy is that individuals can suffer credit problems which may lead to bankruptcy.…”

Section: A Financial Literacymentioning

confidence: 99%

“…Note that the quiz only contains 10 questions which may not be exhaustive but deemed sufficient to measure the literacy level for our study since the targeted respondents are common working individuals. These literacy measures can be regarded as Tier 1 literacy or basic financial literacy [6]. In hire purchase financing, the owner of the car is ______.…”

Section: B Construct Operationalizationmentioning

confidence: 99%

FinancialLiteracyand Satisfaction in Malaysia: A Pilot Study

Ali¹,

Rahman²,

Bakar³

2013

IJTEF

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Abstract-This paper reports the results of a pilot study examining the factors that contribute to the level of financial literacy among selected Malaysian public and its relationship with financial satisfaction. Among pre-identified antecedents of financial literacy, financial planning was found to exhibit the strongest effect on the literacy level. The literacy level then explains reliably the level of financial satisfaction among the 199 respondents selected for the study.The actual study intends to collect at least 100 responses from each of the 14 states in Malaysia. From the pilot study's results, we are convinced with the viability of the existing model, though a few modifications are suggested and discussed further together with the implications of these findings at the end of this paper.

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“…[17][18][19] Looking at the racial dynamics of these disparities, researchers using post-2000 data sets find that black households nearing retirement have a median net worth of $27,000, compared to $198,000 for whites in the same age group. 20 Another study using data from 1998 and 2001 found that reserves for financial emergencies were much lower for black than for white households. 21 Shapiro, Meschede, and Sullivan 22 reported that the median wealth gap between white and African American families in 1984 would pay 3 years tuition for one child at a public institution.…”

Section: Health Inequality and Housingmentioning

confidence: 99%

Mortgage Foreclosure and Health Disparities: Serial Displacement as Asset Extraction in African American Populations

2011

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In this paper we offer a conceptualization of mortgage foreclosure as serial displacement by highlighting the current crisis in the context of historically repeated extraction of capital-economic, social, and human-from communities defined at different scales: geographically, socially, and that of embodied individuals. We argue that serial displacement is the loss of capital, physical resources, social integration and collective capacity, and psycho-social resources at each of these scales, with losses at one level affecting other levels. The repeated extraction of resources has negative implications for the health of individuals and groups, within generations as well as across generations, through the accumulation of loss over time. Our analysis of the foreclosure crisis as serial displacement for African American households in the United States begins with the "housing niche" model. We focus on the foreclosure crisis as an example of the interconnectedness of structured inequality in health and housing. Then we briefly review the history of policies related to racial inequality in homeownership in the twentieth and twentyfirst centuries. We end with an analysis of the scales of displacement and the human, social, and capital asset extraction that accompany them.

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Baby Boomer Retirement Security: The Roles of Planning, Financial Literacy, and Housing Wealth

Cited by 419 publications

References 13 publications

The role and relevance of domain knowledge, perceptions of planning importance, and risk tolerance in predicting savings intentions

The role and relevance of domain knowledge, perceptions of planning importance, and risk tolerance in predicting savings intentions

FinancialLiteracyand Satisfaction in Malaysia: A Pilot Study

Mortgage Foreclosure and Health Disparities: Serial Displacement as Asset Extraction in African American Populations

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