Retirement Education: A Necessity for Today’s College Students

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dc.contributor.author Siwik, Jeffrey H.
dc.date.accessioned 2014-05-08T14:12:12Z
dc.date.available 2014-05-08T14:12:12Z
dc.date.issued 2014-05-08
dc.identifier.uri http://hdl.handle.net/11347/22
dc.description.abstract Retirement, although commonplace in all societies, requires significant planning in order to be successful. Once retired, a person no longer has a stable source of income. Workers need to prepare themselves well for their post-working life, and that starts with education. When one relates this conclusion with a basic investment mindset, education programs should begin in the classrooms of colleges and universities throughout the United States. This paper analyzes the literature on basic retirement philosophies, the problems with retirement today, and the retirement education programs available. Throughout the research, education programs were consistently deemed helpful in preparing people for retirement and raising confidence levels. A study was then conducted on the campus of a small, private university in the northeast United States. On two separate occasions, students were offered access to a short retirement education seminar geared specifically toward college aged students. Surveys were taken before and after the talk to gauge the change in retirement awareness and readiness. The study showed that overall, students do in fact understand the importance of saving for retirement, and even prior to the seminar, most seriously considered saving right out of college. After the seminar in the post-surveys, both retirement confidence and willingness to save increased significantly. Due to compounding interest, starting to save early makes a dramatic difference in terms of contribution percentages all of which suggest that brief retirement seminars should be offered at both private and public universities throughout the country. Although this study does not follow the participants into the working world nor track their saving progress in the future, retirement education in school could potentially reduce America’s retirement crisis.
dc.language.iso en_US en_US
dc.title Retirement Education: A Necessity for Today’s College Students en_US
dc.type Thesis en_US
dcterms.publisher Robert Morris University Honors Program


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