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dc.contributor.authorYao, Ruieng
dc.contributor.authorCheng, Guopengeng
dc.contributor.deptlabPersonal Financial Planningeng
dc.date.issued2017eng
dc.descriptionPostprint. Original article in Family and Consumer Sciences Research Journal, Volume 46, Issue 2, p. 110-128.eng
dc.description.abstractMillennials is the largest population in the United States. Compared with their parents and grandparents, they have to shoulder more responsibilities to prepare financially for retirement. It is critical for Millennials to begin saving and investing for their retirements early in their careers. Few studies analyzed this generation’s retirement saving behavior. Using data from the 2013 Survey of Consumer Finances, this study is among the first ones to examine the state of Millennials’ retirement savings, including retirement account ownership and balance. Results show that only 37.2% of Millennials had any kind of account earmarked for retirement; and among those with a retirement account, the average accumulated amount was $21,333. Factors that affected retirement saving behavior included age; education; total household income and assets; job tenure; self-employment; having a retirement saving motive; having a defined benefit plan; overspending; and risk tolerance. This study provided initial insights that can help financial planners and educators, as well as policymakers understand Millennials’ current retirement savings behavior and help them achieve a financially comfortable retirement.eng
dc.description.bibrefIncludes bibliographical references.eng
dc.description.sponsorship"This work was supported by the United States Department of Agriculture (USDA) National Institute of Food and Agriculture [Hatch project #1002789]."eng
dc.description.statementofresponsibilityAuthors' Note: Rui Yao, PhD, CFP, is an Associate Professor in the Department of Personal Financial Planning, University of Missouri. Guopeng Cheng, PhD candidate at Department of Personal Financial Planning, University of Missouri.eng
dc.format.extent36 pageseng
dc.identifier10.1111/fcsr.12241eng
dc.identifier.citationOriginal: Yao, R., & Cheng, G. (2017). Millennials' Retirement Saving Behavior: Account Ownership and Balance. Family and Consumer Sciences Research Journal, 46(2), 110-128.eng
dc.identifier.urihttps://doi.org/10.1111/fcsr.12241eng
dc.identifier.urihttps://hdl.handle.net/10355/82621
dc.languageEnglisheng
dc.rightsOpenAccess.eng
dc.rights.licenseThis work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivs 3.0 License.eng
dc.subjectAuthor-supplied keywords: Defined Contribution plan ; IRA ; millennial ; retirement ; savingeng
dc.titleMillennials' retirement saving behavior : account ownership and balanceeng
dc.typePostprinteng
dc.typeArticleeng


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