The Kids are All Right: Generational Differences in Responses to the Great Recession

14 Pages Posted: 20 Feb 2013

See all articles by Cathleen D. Zick

Cathleen D. Zick

University of Utah - Department of Family and Consumer Studies (FCS)

Robert N. Mayer

University of Utah - Department of Family and Consumer Studies (FCS)

Glaubitz Kara

University of Utah - The Center for Public Policy and Administration

Abstract

Data from a university survey of 2,799 employees were examined to determine age cohort differences in retirement planning activities in the aftermath of the Great Recession. A life course approach and logistic regression were used to assess whether members of four different age cohorts altered their retirement planning activities. Older cohorts were more likely to have sought advice from a financial planner but were less likely to have increased time spent educating themselves about financial topics. Older cohorts were also less likely to be saving more for retirement and more likely to be delaying retirement compared to the youngest cohort. The youngest cohort members were relatively more likely to be confident that they will have sufficient funds to live comfortably after retirement. Older cohorts responded to the Great Recession by seeking safety for their retirement assets, and they resigned themselves to working longer before retirement.

Keywords: financial behavior, financial planning, life course approach, retirement planning

Suggested Citation

Zick, Cathleen D. and Mayer, Robert N. and Kara, Glaubitz, The Kids are All Right: Generational Differences in Responses to the Great Recession. Journal of Financial Counseling and Planning, Vol. 23, No. 1, 2012. Available at SSRN: https://ssrn.com/abstract=2220883

Cathleen D. Zick (Contact Author)

University of Utah - Department of Family and Consumer Studies (FCS) ( email )

UT
United States
801-581-7712 (Phone)
801-581-5156 (Fax)

HOME PAGE: http://www.fcs.utah.edu/faculty/zick/

Robert N. Mayer

University of Utah - Department of Family and Consumer Studies (FCS) ( email )

UT
United States

Glaubitz Kara

University of Utah - The Center for Public Policy and Administration ( email )

1645 E. Campus Center
Salt Lake City, UT 84112
United States

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