Table 5.

Summary Statistics for the Retirement Knowledge Scale and Financial Literacy Scale Items, Scales for Full sample, and Retired and Non-retired Subgroups

	Full Sample in Module 1			Retired	Non-retired	Difference
	Obs.	Mean	S.D.	Mean	Mean	NR-R	p-val.
Retirement Knowledge Scale Items
Reflection: What age	1314	59.26	41.42	60.42	58.27	−2.15	0.35
Reflection: How much money	1333	59.54	42.74	56.12	62.43	6.30	0.01
Engagement: Print source	1344	37.82	39.72	39.80	36.16	−3.64	0.09
Engagement: Web	1345	25.72	37.52	22.17	28.69	6.53	0.00
Engagement: Family/friend	1343	33.95	38.85	33.66	34.20	0.54	0.80
Engagement: Finance Professional	1345	24.61	36.19	27.11	22.52	−4.59	0.02
Engagement: Workshop/class	1344	13.99	25.75	16.31	12.05	−4.26	0.00
Evaluation: How ret. saving accounts work	1339	37.91	32.59	41.27	35.11	−6.16	0.00
Evaluation: Different types of ret. savings	1344	35.64	30.80	39.22	32.65	−6.57	0.00
Evaluation: Financial preparedness	1337	49.09	34.65	58.66	41.01	−17.65	0.00
Retirement Knowledge Scales
Reflections scale	1343	59.22	37.22	58.08	60.18	2.11	0.30
Engagement scale	1348	27.20	26.60	27.82	26.68	−1.14	0.43
Evaluation scale	1348	40.87	27.70	46.42	36.23	−10.18	0.00
Total Scale	1350	37.63	24.14	39.44	36.12	−3.32	0.01
Financial Literacy Scale
Inflation item	1307	70.24	45.74	72.93	68.02	−4.91	0.05
Interest rate item	1311	66.82	47.10	63.30	69.74	6.44	0.01
Risk item	1302	60.83	48.83	60.54	61.07	0.53	0.84
Total Scale	1331	65.94	30.88	65.57	66.25	0.69	0.69
N		1350		614	736

Minimum and maximum observed scores were 0 and 100, respectively.

Full sample includes all of those for which there was data on the retirement knowledge total scale.

Retired sample includes those who answered the survey for retired participants.

Non-retired sample includes those who answered the survey for participants who have non-retired yet.