Millennials’ Retirement Saving Behavior: Account Ownership and Balance

Rui Yao · Guopeng Cheng

34 citations0/0 files storedFamily and Consumer Sciences Research Journal

No readable copy stored yet — this record is metadata only.

No open-access location is known for this record yet.

Literature note Cite in a project Citation map

Financial Literacy, Pension, Retirement Analysis Retirement, Disability, and Employment Financial Literacy and Behavior

Abstract

Among the generations, the Millennials are the largest group in the United States. Compared with their parents and grandparents, the Millennials need to assume more responsibility to prepare financially for retirement. Few studies have analyzed this generation's retirement saving behavior. Using data from the 2013 Survey of Consumer Finances, this study examined the state of Millennials’ retirement savings, including retirement account ownership and balance. Results showed that only 37.2% of Millennials had any account designated for retirement. 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 insight that can help financial planners and educators, as well as policymakers, understand the Millennials’ current retirement savings behavior. Also, the results can help the Millennials engage in saving for their retirement.

Paper brief

Loading…

Cite this work

Citation unavailable for this work.

BibTeX RIS CSL-JSON

No public copy is stored for this record, so only the metadata is cited.

Citations in this library

Citation map →

Stored only when both papers are in the corpus — 34 citations exist upstream.

References

2007Financial Literacy and Stock Market Participation 1986Health: United States 2007Baby Boomer retirement security: The roles of planning, financial literacy, and housing wealth 1998Gender Differences in the Allocation of Assets in Retirement Savings Plans 2012Changes in U.S. Family Finances from 2007 to 2010: Evidence from the Survey of Consumer Finances 2014Retirement Security in an Aging Population 1999Gender differences in defined contribution pension decisions 2007Psychological Foundations of Financial Planning for Retirement

Cited by

2020An assessment of the effects of mental accounting on overspending behaviour: An empirical study 2021Skint: Retirement? Financial Hardship and Retirement Planning Behaviors

Explore the map →

Papers that cite the same references — the relational fallback while embeddings are still backfilling.

Imported from OpenAlex (CC0) — nothing here is generated.