Skint: Retirement? Financial Hardship and Retirement Planning Behaviors

Lu Fan (), Richard Stebbins () and Kyoung Tae Kim ()
Additional contact information
Lu Fan: University of Missouri
Richard Stebbins: University of Alabama
Kyoung Tae Kim: University of Alabama

Journal of Family and Economic Issues, 2022, vol. 43, issue 2, No 10, 354-367

Abstract: Abstract This study used data from the 2018 National Financial Capability Study to investigate the association between financial hardship and retirement planning behaviors. Results from logistic regressions showed that respondents with high difficulty making ends meet were more likely to calculate retirement needs and more likely to own a non-employer sponsored retirement plan. The perceived over-indebtedness was positively associated with owning an employer-sponsored account while negatively associated with owning a non-employer-sponsored account. Financial fragility was associated with a lower likelihood of calculating retirement needs and having a retirement account. The results of additional generational analyses revealed that the difficulty making ends meet and the perceived over-indebtedness showed different patterns with retirement planning behavior across three generations. In contrast, financial fragility showed consistent and negative associations with the retirement planning behaviors across generations.

Keywords: Retirement planning; Financial hardship; Retirement saving; Financial fragility; Financial knowledge (search for similar items in EconPapers)
JEL-codes: D14 G5 (search for similar items in EconPapers)
Date: 2022
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Citations: View citations in EconPapers (1)

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DOI: 10.1007/s10834-021-09779-z

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