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- Title
Expected vs. Actual Retirement Savings Behavior of Highly Educated Individuals.
- Authors
Beck, Kristine; Chira, Inga
- Abstract
Using a unique sample of 318 respondents, we design a custom survey to examine savings understanding and behavior with respect to demographic attributes, long-term fi nancial goals, and the level of fi nancial knowledge of highly educated individuals. We fi nd that savings expectations diff er from actual savings behavior with regard to demographics and individuals' articulation of personal fi nancial goals. However, we fi nd a strong relationship between the level of fi nancial knowledge and savings behavior. Financial knowledge is measured using awareness of the tax benefi ts of retirement savings, stock market performance, specifi cs of fi nancial instruments, and self-reported fi nancial savvy.
- Subjects
PROFESSIONAL employees; FINANCIAL planning; RETIREMENT income planning; SAVINGS; RETIREMENT &; economics; ATTITUDE (Psychology)
- Publication
Journal of Personal Finance, 2017, Vol 16, Issue 1, p51
- ISSN
1540-6717
- Publication type
Article