Do financial networks matter in retirement investment decisions? Evidence from Generation Yers

• Published in: Financial services review (Greenwich, Conn.) Vol. 24; no. 1; pp. 77 - 99
• Main Authors: Chung, Yunhyung, Park, Youngkyun
• Format: Journal Article
• Language: English
• Published: Atlanta Financial Services Review 22.03.2015; Academy of Financial Services
• Subjects: Analysis; Business education graduates; Careers; Costs; Decision making; Defined contribution plans; Financial literacy; Financial markets; Financial planners; Forecasts and trends; Hypotheses; Influence; Investments; Knowledge; Market surveys; Methods; Millennials; Planning; Portfolio management; Retirement planning; Social interaction; Social networks; Social security; Studies; Surveys; United States

Using experimental survey data collected from a sample of Generation Yers, we examine the joint influence of financial literacy and financial networks on individual retirement investment decisions. We find, first, that financial literacy and financial network intensity (the network strength with the...