Influence of Financial Education on Retirement Security: Evidence from the state of Illinois

Murna Habila

MPRA Paper from University Library of Munich, Germany

Abstract: ABSTRACT In this paper, we examined the role of financial literacy in retirement security for low-income minorities in Illinois. This paper also discusses extend of success among adults, couples, and elderly individuals, specifically, we develop a literature background on retirement savings and how it has been used to promote retirement security in Illinois. As one variable towards achieving retirement security, to increase the chances of a more successful outcome for minority persons faced with impending retirement issues? These are the questions this research attempts to answer. Towards understanding these issues properly, we investigate into financial literacy in Illinois. This study seeks to study how workers gain financial education required make financial decisions towards retirement also for retirement wellbeing we also review the predominant method of savings by evaluating whether people tried to achieve success through these methods, family, and place of work or financial advisors. To figure how much they need to save for retirement. Also, what are the factors that are detrimental to retirement planning in Illinois? Finally, we will find out what financial education are interrelated to others, that rely on formal methods such as retirement calculators, retirement seminars as oppose to others that rely on family / relatives or co-workers . Are those that have a higher financial literacy exposure are more likely to save more and out of debt, invest in bonds, stocks more as compared to others with lower financial education?

Keywords: Keywords: Retirement security; Education; Low-income; Retirement wellbeing; Retirement security Keywords: Retirement security; Education; Low-income; Retirement wellbeing; Retirement security (search for similar items in EconPapers)
JEL-codes: Z19 (search for similar items in EconPapers)
Date: 2015-02-03, Revised 2016-06-05
New Economics Papers: this item is included in nep-age
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
https://mpra.ub.uni-muenchen.de/73988/3/MPRA_paper_73988.pdf original version (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:73988

Access Statistics for this paper

More papers in MPRA Paper from University Library of Munich, Germany Ludwigstraße 33, D-80539 Munich, Germany. Contact information at EDIRC.
Bibliographic data for series maintained by Joachim Winter ().