Chapter

Adjusting Retirement Goals and Saving Behavior: The Role of Financial Education

Edited by Robert L. Clark and Madeleine Ambrosio

in Overcoming the Saving Slump

Published by University of Chicago Press

Published in print March 2009 | ISBN: 9780226497099
Published online February 2013 | e-ISBN: 9780226497105 | DOI: http://dx.doi.org/10.7208/chicago/9780226497105.003.0009
Adjusting Retirement Goals and Saving Behavior: The Role of Financial Education

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This chapter, which describes a well-crafted financial education program implemented by Teachers Insurance and Annuity Association-College Retirement Equities Fund, also assesses the effect of financial education seminars on retirement income goals and retirement saving behavior. The results show that participants in financial education seminars respond to the knowledge and information gained by altering their retirement goals and changing their saving behavior. In response to the seminars, the proportion of participants who changed either of their retirement goals was relatively small. Women are more likely to change goals and behavior after the seminar. Female respondents had much lower account balances in their retirement plans than men. Financial education can cause workers to reconsider their retirement goals and alter their saving behavior. The lack of financial literacy has resulted in movements to automate the retirement saving process.

Keywords: financial education program; Teachers Insurance; College Retirement Equities; financial education seminars; retirement income goals; retirement saving behavior; financial literacy

Chapter.  7616 words. 

Subjects: Public Economics

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