Table 9.
Multiple Regression Analyses of Retirement Knowledge Scale (RKS) Total Scale and Subscales, and Financial Literacy Scale (FLS) as Independent Variables
| RKS Total | RKS Reflection | RKS Engagement | RKS Evaluation | FLS | |
|---|---|---|---|---|---|
| Dependent variable: IRA/Keogh Account Balance | |||||
| Coefficient | 2100.20 | 442.65 | 1314.22 | 2527.87 | 633.61 |
| Standard Error | (5.50)** | (2.18)* | (3.64)** | (7.32)** | (2.82)** |
| R2 | 0.2 | 0.18 | 0.19 | 0.22 | 0.18 |
| N | 1347 | 1340 | 1345 | 1345 | 1328 |
| Dependent variable: Stocks Account Balance | |||||
| Coefficient | 1851.67 | 336.02 | 1383.26 | 1919.79 | 580.74 |
| Standard Error | (3.05)** | (1.27) | (2.45)* | (4.76)** | (2.47)* |
| R2 | 0.08 | 0.07 | 0.08 | 0.09 | 0.07 |
| N | 1347 | 1340 | 1345 | 1345 | 1328 |
| Dependent variable: Probability leave bequest of $10,000 or more | |||||
| Coefficient | 0.32 | 0.06 | 0.21 | 0.37 | 0.12 |
| Standard Error | (7.18)** | (2.04)* | (5.39)** | (9.96)** | (3.26)** |
| R2 | 0.27 | 0.24 | 0.26 | 0.29 | 0.25 |
| N | 1304 | 1298 | 1302 | 1302 | 1289 |
| Dependent variable: Financial Planning Horizon | |||||
| Coefficient | 0.006 | 0.002 | 0.005 | 0.005 | 0.002 |
| Standard Error | (3.62)** | (1.73) | (3.19)** | (3.56)** | (1.98)* |
| R2 | 0.06 | 0.05 | 0.05 | 0.06 | 0.05 |
| N | 1338 | 1333 | 1336 | 1336 | 1320 |
Robust standard errors in parenthesis.
Significance denoted as *p<0.10 **p<0.05, ***p<0.01.
All estimations include the following control variables: retired status, Spanish survey, age, female, couple household, race/ethnicity dummy variables (Black, Hispanic, other non-Hispanic; White is the reference group, educational attainment dummy variables (less than high school, high school graduate, some college; college and above as reference group), working status, household income, receives social security, financial respondent, and nursing home.