Retirement Savings Behavior of Higher Education Employees |
| |
Authors: | James H Dulebohn Brian Murray |
| |
Institution: | (1) School of Labor and Industrial Relations, 412 S. Kedzie Hall, Michigan State University, East Lansing, MI 48824, USA;(2) College of Business, University of Dallas, 1845 East Northgate Drive, Irving, TX 75062, USA |
| |
Abstract: | Higher education employees often participate in university-sponsored defined contribution pension plans that place the investment
decision responsibility upon them. In order to examine investment decision-making behavior with retirement savings plans we
investigated attitude-mediated, individual difference determinants of risky decision-making behavior in employer-sponsored
defined contribution retirement plans. Using a field survey of 795 higher education employees, who participated in one of
four defined contribution savings plans, we tested a risk taking model using data on the employees’ investment allocations
in their defined contribution savings plan. We found that an attitudinal preference toward risk and a perception of opportunity
served as mediators for the relationships among employees’ dispositional characteristics and their retirement savings behavior.
We also found that investment knowledge directly affected risk taking behavior. Implications of the results for higher education
institutions are discussed.
Funding for this study was provided by TIAA-CREF and is gratefully acknowledged by the authors. |
| |
Keywords: | retirement decision-making risk-taking savings behavior pensions |
本文献已被 SpringerLink 等数据库收录! |
|