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Friday, May 18 • 10:45am - 12:15pm
B3b-Financial Capability and Low-income Adults’ Financial Behaviors at the Verge of Retirement

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Youngwon Nam, Cäzilia Loibl - Concerns about the financial vulnerability of low-income adults at the verge of retirement are growing. This study aims to investigate the relationship of financial capability and financial behaviors among low-income pre-retirees using data from the 2015 National Financial Capability Study. Results indicate that higher financial capability was associated with better financial skill, lower financial fragility and the availability of emergency fund savings compared to financially excluded individuals. Participation in financial education without the experience of accessing financial services, however, did not affect financial behaviors. Our findings point to the importance of financial skill gained through older adults’ participation in mainstream financial services for achieving financial security. Our findings call for policies that remove barriers to financial services, e.g. combing System 1 and System 2 nudges.

avatar for Sarah Youngwon Nam

Sarah Youngwon Nam

PhD student, The Ohio State University

Friday May 18, 2018 10:45am - 12:15pm
Sand Key

Attendees (4)