Financial Literacy and Retirement Preparedness of South Carolinians
College
College of Business Administration
Department
Accounting, Finance & Economics
Abstract
I discussed the evolution of retirement saving from defined benefit plans to defined contribution plans and reviewed other relevant research on financial literacy and retirement preparedness. I examined financial literacy in the United States relative to that of residents of South Carolina utilizing the National Financial Capability Study (NFCS). The results of my study show that South Carolina scored lower than the rest of the United States on the questions in the NFCS related to financial literacy and retirement. Furthermore, I explained how this lower level of financial literacy translates to lower retirement savings and less retirement preparedness as shown in the National Financial Capabilities Study results. Finally, I discussed potential new initiatives for financial literacy on the state level and explained how increased education related to financial literacy in the public school system in South Carolina could result in increased financial literacy in the short run and increased retirement savings in the long run.
Honors Thesis Committee
Honors Thesis Committee: Philip Gibson, Ph.D.; Yuanshan (Jimmy) Cheng, Ph.D.; and Charles Alvis, M.B.A.
Start Date
21-4-2017 3:45 PM
Financial Literacy and Retirement Preparedness of South Carolinians
DiGiorgio Campus Center, Room 221
I discussed the evolution of retirement saving from defined benefit plans to defined contribution plans and reviewed other relevant research on financial literacy and retirement preparedness. I examined financial literacy in the United States relative to that of residents of South Carolina utilizing the National Financial Capability Study (NFCS). The results of my study show that South Carolina scored lower than the rest of the United States on the questions in the NFCS related to financial literacy and retirement. Furthermore, I explained how this lower level of financial literacy translates to lower retirement savings and less retirement preparedness as shown in the National Financial Capabilities Study results. Finally, I discussed potential new initiatives for financial literacy on the state level and explained how increased education related to financial literacy in the public school system in South Carolina could result in increased financial literacy in the short run and increased retirement savings in the long run.
