dc.contributor.author | Yao, Rui | eng |
dc.contributor.author | Cheng, Guopeng | eng |
dc.contributor.deptlab | Personal Financial Planning | eng |
dc.date.issued | 2017 | eng |
dc.description | Postprint. Original article in Family and Consumer Sciences Research Journal, Volume 46, Issue 2, p. 110-128. | eng |
dc.description.abstract | Millennials 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.bibref | Includes 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.statementofresponsibility | Authors' 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.extent | 36 pages | eng |
dc.identifier | 10.1111/fcsr.12241 | eng |
dc.identifier.citation | Original: 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.uri | https://doi.org/10.1111/fcsr.12241 | eng |
dc.identifier.uri | https://hdl.handle.net/10355/82621 | |
dc.language | English | eng |
dc.rights | OpenAccess. | eng |
dc.rights.license | This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivs 3.0 License. | eng |
dc.subject | Author-supplied keywords: Defined Contribution plan ; IRA ; millennial ; retirement ; saving | eng |
dc.title | Millennials' retirement saving behavior : account ownership and balance | eng |
dc.type | Postprint | eng |
dc.type | Article | eng |