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- Title
Employees' financial behaviors following the 2007-2009 financial crisis.
- Authors
Hudson, Crystal; Wookjae Heo; Heejung Park; Palmer, Lance
- Abstract
Low- and middle-income employees make up the bulk of potential participants in employer sponsored retirement plans; however, employers find it difficult to alter their savings behavior. Financial crises may have unintended positive effects on low-income employees' behavior. Therefore, this study examined the effect of the 2007-2009 financial crisis on employees' financial behaviors; through ordered logistic regression analyses of data from the Survey of Consumer Finances. Following the crisis, all employees' and low-income employees' savings behavior significantly improved. Moreover, all employees' cash Mow management behavior improved following the crisis, while it had no effect on low-income employees' cash Mow management behavior.
- Subjects
EMPLOYEE attitudes; RETIREMENT planning; GLOBAL Financial Crisis, 2008-2009; PERSONAL finance; CASH management; CONSUMER credit; SAVINGS; LOGISTIC regression analysis
- Publication
Financial Services Review, 2017, Vol 26, Issue 1, p19
- ISSN
1057-0810
- Publication type
Article
- DOI
10.61190/fsr.v26i1.3294