Sex Differences, Financial Education, and Retirement Goals

Robert L. Clark, Madeleine B. D’Ambrosio, Ann A. McDermed, and Kshama Sawant

Abstract —This chapter examines the impact of participation in financial education seminars on the desired retirement age of individuals and on their expected levels of retirement income. Individuals were found to change their retirement goals after attendance in such a seminar. In addition, participants also reported that they planned to change their retirement saving behavior based on knowledge gained at the seminar. Women were much more likely to alter their retirement goals and saving behavior. Using information on seminars conducted by TIAA-CREF, and survey data on the participants, the authors estimate the determinants of changes in retirement goals and saving behavior.