A Survey of Retirement Readiness Among African-Americans
Tóm tắt
This study addresses African-Americans’ retirement readiness and the factors that contribute to African Americans being prepared or not prepared for retirement. Specifically, this study explores the relationship between educated African-Americans’ financial literacy and their retirement readiness. To analyze this relationship, a binary logistic regression model was fitted to primary data collected from graduates, professors, and business professionals associated with a liberal arts university located in the southeastern USA. The researchers found that educated African-Americans who are more financially literate are more likely to be ready for retirement versus educated African-Americans who are less financially literate. This finding suggests that education does not equate to financial literacy. Moreover, millennials are more likely to be prepared for retirement compared to other age groups, and those who are single and those who do not work full time are less likely to be prepared for retirement.
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