Financial Software Use and Retirement Savings

Autor/inn/en	Bi, Qianwen; Finke, Michael; Huston, Sandra J.
Titel	Financial Software Use and Retirement Savings
Quelle	In: Journal of Financial Counseling and Planning, 28 (2017) 1, S.107-128 (22 Seiten) PDF als Volltext kostenfreie Datei Verfügbarkeit
Sprache	englisch
Dokumenttyp	gedruckt; online; Zeitschriftenaufsatz
ISSN	1052-3073
Schlagwörter	Computer Software; Longitudinal Studies; National Surveys; Human Capital; Retirement; Financial Services; Money Management; Knowledge Level; Consumer Education; Computer Uses in Education; Cognitive Ability; Statistical Analysis; Regression (Statistics); National Longitudinal Survey of Youth + Suchen Sie Ihr Suchwort? Longitudinal study; Longitudinal method; Longitudinal methods; Längsschnittuntersuchung; Humankapital; Pensionierung; Wissensbasis; Konsumerziehung; Computernutzung; Denkfähigkeit; Statistische Analyse; Regression; Regressionsanalyse
Abstract	Financial software offers an appealing substitute for an investment in complex financial knowledge to help individuals make better financial decisions. Little is known, however, about which consumers use financial software and whether the use of financial software results in improved financial outcomes. Using data from the 2008 National Longitudinal Survey of Youth 1979 cohort (NLSY79), we find that respondents with greater human capital and financial resources are more likely to use financial software. The use of a financial software program to calculate retirement needs is a stronger independent predictor of accumulated retirement wealth than calculating retirement needs without a computer aid and is surpassed only by cognitive ability as an independent predictor of retirement savings. Results suggest that financial software is used primarily by those that have greater endowed and attained human capital and may be a complement to (rather than a substitute for) financial literacy. (As Provided).
Anmerkungen	Association for Financial Counseling and Planning Education. 1500 West Third Avenue Suite 223, Columbus, OH 43212. Tel: 614-485-9650; Fax: 614-485-9621; Web site: http://afcpe.org
Erfasst von	ERIC (Education Resources Information Center), Washington, DC
Update	2020/1/01