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Title: Effects of Risk Tolerance, Financial Literacy, and Financial Status on Retirement Planning
Resulting in 1 citation.
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Park, Heejung Martin, William |
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Effects of Risk Tolerance, Financial Literacy, and Financial Status on Retirement Planning Journal of Financial Services Marketing published online (16 November 2021): DOI: 10.1057/s41264-021-00123-y. Also: https://link.springer.com/article/10.1057/s41264-021-00123-y Cohort(s): NLSY79 Publisher: Springer Keyword(s): Financial Literacy; Income; Risk Perception; Savings Permission to reprint the abstract has not been received from the publisher. 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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Bibliography Citation
Park, Heejung and William Martin. "Effects of Risk Tolerance, Financial Literacy, and Financial Status on Retirement Planning." Journal of Financial Services Marketing published online (16 November 2021): DOI: 10.1057/s41264-021-00123-y.
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