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Adjusting Retirement Goals and Saving Behavior: The Role of Financial Education

Adjusting Retirement Goals and Saving Behavior: The Role of Financial Education

Chapter:
(p.237) Chapter Eight Adjusting Retirement Goals and Saving Behavior: The Role of Financial Education
Source:
Overcoming the Saving Slump
Author(s):
Robert L. Clark, Madeleine Ambrosio
Publisher:
University of Chicago Press
DOI:10.7208/chicago/9780226497105.003.0009

This chapter, which describes a well-crafted financial education program implemented by Teachers Insurance and Annuity Association-College Retirement Equities Fund, also assesses the effect of financial education seminars on retirement income goals and retirement saving behavior. The results show that participants in financial education seminars respond to the knowledge and information gained by altering their retirement goals and changing their saving behavior. In response to the seminars, the proportion of participants who changed either of their retirement goals was relatively small. Women are more likely to change goals and behavior after the seminar. Female respondents had much lower account balances in their retirement plans than men. Financial education can cause workers to reconsider their retirement goals and alter their saving behavior. The lack of financial literacy has resulted in movements to automate the retirement saving process.

Keywords:   financial education program, Teachers Insurance, College Retirement Equities, financial education seminars, retirement income goals, retirement saving behavior, financial literacy

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