Effects of risk tolerance,financial literacy,and financial status on retirement planning |
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Authors: | Park Heejung Martin William |
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Affiliation: | 1.Department of Marketing, Northern Michigan University, 1401 Presque Isle Ave, Cohodas Hall, Marquette, MI, 49855, USA ;2.Department of Marketing and Finance, Eastern Washington University, 668 N. Riverpoint Blvd. Suite A, Spokane, WA, 99202, USA ; |
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Abstract: | In this study, we investigate the effects of retirement planning on the economic and psychological factors of consumers using a large sample drawn from the 2012 National Longitudinal Survey of Youth. Specifically, we examine the combined impact of risk tolerance, financial literacy, savings, income, and debt on consumers’ retirement planning behavior. Risk tolerance, financial literacy, income, and savings are all found to have positive relationships with retirement planning, though debt has no significant relationship with retirement planning. Also, higher levels of risk tolerance weaken the relationship between savings and retirement planning. Implications of these findings for the literature and the financial planning industry are provided as well as directions for future research. |
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