Abstract
Retirement planning data gathered from an online survey at a large university in October 2009 are used to examine differences
in a variety of retirement planning measures between people who have and have not met with a financial advisor. Problems of
self-selection and endogeneity are addressed through the use of propensity scores. The study’s major finding is that working
with an advisor is related to several important financial planning activities, including goal setting, calculation of retirement
needs, retirement account diversification, use of supplemental retirement accounts, accumulation of emergency funds, positive
behavioral responses to the recent economic crisis, and retirement confidence. Use of a financial advisor was not related
to self-reported retirement savings or short-term growth in retirement account asset values.
in a variety of retirement planning measures between people who have and have not met with a financial advisor. Problems of
self-selection and endogeneity are addressed through the use of propensity scores. The study’s major finding is that working
with an advisor is related to several important financial planning activities, including goal setting, calculation of retirement
needs, retirement account diversification, use of supplemental retirement accounts, accumulation of emergency funds, positive
behavioral responses to the recent economic crisis, and retirement confidence. Use of a financial advisor was not related
to self-reported retirement savings or short-term growth in retirement account asset values.
- Content Type Journal Article
- Pages 1-19
- DOI 10.1007/s10834-011-9258-z
- Authors
- Mitchell Marsden, Longview Financial Advisors, 220 B Rhett Avenue, Huntsville, AL 3580, USA
- Cathleen D. Zick, Department of Family and Consumer Studies, University of Utah, 225 South 1400 East, Room 228, Salt Lake City, UT 84112-0080, USA
- Robert N. Mayer, Department of Family and Consumer Studies, University of Utah, 225 South 1400 East, Room 228, Salt Lake City, UT 84112-0080, USA
- Journal Journal of Family and Economic Issues
- Online ISSN 1573-3475
- Print ISSN 1058-0476