This study uses a national dataset to examine the association among risk tolerance, financial literacy, and goals-based savings behavior of households. The results indicate that three out of five households do not have any emergency funds set aside, and about half the households have not...

This paper uses the most recent wave of a nationally representative dataset to examine the factors associated with elderly homeowners' decision to obtain reverse mortgage loans. The findings of this study suggest that very few homeowners participated in the reverse mortgage market, and...

This study examines the retirement plan participation and savings for United States government employees using the Panel Study of Income Dynamics data set. The findings of this study indicate that plan participation increases with age, income and educational attainment. Those government...

Self-esteem measures confidence in one’s abilities. Prior literature has shown that higher self-esteem can also affect individual financial decision making through an increased willingness to invest in risky assets and motivation to enhance self image through wealth accumulation. However,...