A Multi-Method Exploration of the Relationship between Knowledge and Risk: The Impact on Millennials’ Retirement Investment Decisions

Lindsay Levine; Jacqueline K. Eastman; Dora E. Bock

doi:10.1080/10696679.2016.1089765

A Multi-Method Exploration of the Relationship between Knowledge and Risk: The Impact on Millennials’ Retirement Investment Decisions

Lindsay Levine, Jacqueline K. Eastman, Dora E. Bock

Marketing

Research output: Contribution to journal › Article › peer-review

24 Scopus citations

Abstract

The millennial cohort has faced a unique environment that may have a lasting impact on the financial investment decisions they make as adults. A multimethod set of studies investigates how knowledge and risk interact to inform millennial retirement investment choices. Study 1 suggests a decline in risk-taking for those with low confidence in their financial knowledge. Study 2 reveals that low financial literacy enhances susceptibility to the influence of "feelings as information" when making retirement decisions. Study 3 utilizes qualitative data to consider the connection between millennial financial decision making and the climate of risk brought on by the Great Recession.

Original language	American English
Journal	Journal of Marketing Theory and Practice
Volume	24
DOIs	https://doi.org/10.1080/10696679.2016.1089765
State	Published - Jan 1 2016

Disciplines

Marketing
Business Administration, Management, and Operations

Keywords

Financial literacy
Millennial cohort
Retirement
Retirement investment

UN SDGs

This output contributes to the following UN Sustainable Development Goals (SDGs)

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10.1080/10696679.2016.1089765License: Unspecified

http://dx.doi.org/10.1080/10696679.2016.1089765

Cite this

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title = "A Multi-Method Exploration of the Relationship between Knowledge and Risk: The Impact on Millennials{\textquoteright} Retirement Investment Decisions",

abstract = "The millennial cohort has faced a unique environment that may have a lasting impact on the financial investment decisions they make as adults. A multimethod set of studies investigates how knowledge and risk interact to inform millennial retirement investment choices. Study 1 suggests a decline in risk-taking for those with low confidence in their financial knowledge. Study 2 reveals that low financial literacy enhances susceptibility to the influence of {"}feelings as information{"} when making retirement decisions. Study 3 utilizes qualitative data to consider the connection between millennial financial decision making and the climate of risk brought on by the Great Recession.",

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AB - The millennial cohort has faced a unique environment that may have a lasting impact on the financial investment decisions they make as adults. A multimethod set of studies investigates how knowledge and risk interact to inform millennial retirement investment choices. Study 1 suggests a decline in risk-taking for those with low confidence in their financial knowledge. Study 2 reveals that low financial literacy enhances susceptibility to the influence of "feelings as information" when making retirement decisions. Study 3 utilizes qualitative data to consider the connection between millennial financial decision making and the climate of risk brought on by the Great Recession.

KW - Financial literacy

KW - Millennial cohort

KW - Retirement

KW - Retirement investment

UR - https://digitalcommons.georgiasouthern.edu/marketing-facpubs/48

UR - http://dx.doi.org/10.1080/10696679.2016.1089765

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DO - 10.1080/10696679.2016.1089765

M3 - Article

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VL - 24

JO - Journal of Marketing Theory and Practice

JF - Journal of Marketing Theory and Practice

ER -

A Multi-Method Exploration of the Relationship between Knowledge and Risk: The Impact on Millennials’ Retirement Investment Decisions

Abstract

Disciplines

Keywords

UN SDGs

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