Self-Assessment of Retirement Preparedness

Abstract

Adequacy of self-assessment of household preparedness for retirement is a vital issue. Whether or not there is, however, a gender difference with self-assessments is an unexplored area. While a tendency exists to over-estimate desirable behaviour or favourable outcomes, results show that participating in a financial adequacy survey leads to significant differences in the reassessed confidence in their level of preparedness.

The majority reduced their reassessments, with females making more re-assessments than males. still some re-assessments are not always warranted. Participation in comprehensive on-line surveys appears to heighten self-awareness. Providing greater focus on the strengths and weaknesses of individuals’ efforts to prepare financially for retirement.

Keywords: Retirement, Adequacy, Self-assessment, Re-assessment, Gender Difference, Confidence, Retirement Preparedness, Financial Preparedness, Pre-Survey, Post-Survey

JEL Classification: D00, D03, D10, D14