Abstract
This study examined attitudes about the relevance of retirement planning and affect associated with it (retirement involvement) of adults (18–65-years-old), taking racial/ethnic status into consideration. Drawing on online survey data, between-group significance testing revealed that racial/ethnic minority (REM;n= 355) and White (n= 543) participants did not differ in mean levels of retirement involvement, but the REM sample perceived retirement involvement as less relevant to their respective racial/ethnic groups. Similar four-profile solutions consisting of Low, Moderate, High, and Mixed-Reactive Retirement Involvement latent subgroups emerged for both samples in Latent Profile Analyses. Findings revealed distinct racial/ethnic variations in demographic and financial capacity predictors of profile subgroup classification. Results signaled a need for more culturally focused financial counseling and planning research and interventions.
Publisher
Springer Publishing Company
Subject
Economics and Econometrics,Finance
Reference44 articles.
1. The theory of planned behavior
2. Akaike, H. (1973). Information theory and an extension of the maximum likelihood principle. In B. N. Petrov & F. Csaki (Eds.), Second international symposium on information theory (pp. 267–281). Akademiai Kiado.
3. Factor analysis and AIC
4. The racial/ethnic gap in financial literacy in the population and by income;Contemporary Economic Policy,2021
5. College students and financial distress: Exploring debt, financial satisfaction, and financial anxiety;Journal of Financial Counseling and Planning,2013