Table 4.
Difference in Differences of primary outcomes related to retirement planning and financial management behavior
| Control | Treatment | Pre | Post | ||||||
|---|---|---|---|---|---|---|---|---|---|
| Pre (1) |
Post (2) |
D (3) |
Pre (4) |
Post (5) |
D (6) |
D (7) |
D (8) |
DD (9) |
|
| Open myRA | 0 | 0 | 0 | 0 | 14.3% | 14.3% | 0 | 14.3%*** | 14.3%*** |
| Retirement knowledge Indicator 0-10 | 1.417 | 2.413 | 0.996 | 1.800 | 4.109 | 2.309 | 0.383 | 1.696*** | 1.312* |
| Retirement knowledge Indicator 0-9 (modified) | 1.333 | 2.130 | 0.797 | 1.671 | 3.609 | 1.938 | 0.338 | 1.478*** | 1.140* |
| Financial Management Behavior Scale (FMBS) | 2.593 | 2.686 | 0.093 | 2.556 | 2.479 | −0.077 | −0.037 | −0.207 | −0.170 |
| FMBS - Saving and investment subscale | 1.843 | 1.909 | 0.066 | 1.792 | 2.006 | 0.214 | −0.051 | 0.097 | 0.148 |
| FMBS - Cash management subscale | 3.453 | 3.609 | 0.156 | 3.538 | 3.368 | −0.170 | 0.085 | 0.158 | −0.326 |
| FMBS - Credit management subscale | 2.484 | 2.539 | 0.055 | 2.329 | 2.062 | −0.267 | −0.155 | 0.352 | 0.453 |
D denotes difference and DD denotes Difference in Differences. All statistically significant differences shown in column 9 are significant with statistical power of 80 percent. Open myRA expressed as percentage, all other variables are means. For variable open myRA assume equal to zero if data was not available (N=142 at pre and post intervention), for other variables use available information (N=142 at pre intervention, and N=92 at post intervention). See Tables A3 and A4 for the definition of the retirement knowledge indicator and the financial management behavior scale and subscales, respectively. Higher values represent greater retirement knowledge and better financial management behaviors. The modified retirement knowledge indicator exclude the question whether a participant has attended a workshop about retirement planning and saving.
p < .05.
p < .001.