RT Journal Article
SR Electronic
T1 An Application of Financial Resilience to Retirement Planning by Racial/Ethnic Status
JF The Journal of Retirement
FD Institutional Investor Journals
SP jor.2022.1.111
DO 10.3905/jor.2022.1.111
A1 Kenneth J. White
A1 Congrong Ouyang
A1 Ives Machiz
A1 Megan McCoy
A1 Jia Qi
YR 2022
UL https://pm-research.com/content/early/2022/04/06/jor.2022.1.111.abstract
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.