Millennial Money Matters: The Impact of Perceived Knowledge and Perceived Risk on Retirement Investment Decisions

摘要

Given how important it is for millennials entering the workforce to effectively manage their financial situation set against the increasing complexity in financial products (Lusardi and Mitchell, 2007; Lusardi, 2012), marketers need to gain a clearer picture of how consumers utilize knowledge to make investment choices under risk as this will have a significant impact on their retirement planning. This paper aims to address the issue of retirement planning through focusing on how levels of perceived knowledge and risk impact investment retirement portfolio choices within a college student sample. Thus, in this study, we examine the following hypotheses: H1: Consumers with lower levels of perceived financial knowledge will select more conservative retirement options than consumers with higher levels of perceived financial knowledge.