PT  - JOURNAL ARTICLE
AU  - Kenneth J. White
AU  - Congrong Ouyang
AU  - Ives Machiz
AU  - Megan McCoy
AU  - Jia Qi
TI  - An Application of Financial Resilience to Retirement Planning by Racial/Ethnic Status
AID  - 10.3905/jor.2022.1.111
DP  - 2022 Apr 06
TA  - The Journal of Retirement
PG  - jor.2022.1.111
4099  - https://pm-research.com/content/early/2022/04/06/jor.2022.1.111.short
4100  - https://pm-research.com/content/early/2022/04/06/jor.2022.1.111.full
AB  - A great majority of Americans are underfunded and/or financially stressed about their retirement future. Black and Hispanic individuals have a greater risk for inadequate retirement savings and experience higher levels of financial stress in their retirement age. This study investigates which factors increase financial resilience among Black and Hispanic individuals in terms of their retirement preparedness. Results from the 2018 wave of the National Longitudinal Survey of Youth 1979 indicate that all four components of the financial resilience framework (economic resources, access to retirement resources, retirement knowledge, and social capital) are predictors of individuals’ subjective retirement preparedness. Results and implications are examined separately for Black, Hispanic and non-Black, non-Hispanic individuals to help financial professionals decrease the retirement planning racial and ethnic gap.