Acceso abierto

Canadian Retirement Planning Behavior: How Reliance on a Government Pension Relates to Pre-Retirement Savings and Planning Behaviours

Tanya M. Staples
Tanya M. Staples
, 
Ashlyn Rollins-Koons
Ashlyn Rollins-Koons
, 
Gregory J. Anderson
Gregory J. Anderson
 y 
Blake Gray
Blake Gray
   | 22 mar 2024
Financial Planning Research Journal's Cover Image
Acerca de este artículo
Artículo anterior
Artículo siguiente
Cite
Publicado en línea: 22 mar 2024
Páginas: 1 - 18
DOI: https://doi.org/10.2478/fprj-2023-0001
© 2023 Tanya M. Staples et al., published by Sciendo
This work is licensed under the Creative Commons Attribution 4.0 International License.

Average Marginal Effects from Probit

Model 1 (Voluntary Savings) Model 2 (Knows Retirement Needs)
Variable (Reference Group) AME SE AME SE
Government pension reliance (Relies on other source for retirement income) -0.195*** 0.022 -.119*** 0.023
Objective financial knowledge score -0.0002 0.001 0.006*** 0.001
Subjective financial knowledge (Not very knowledgeable)
Fairly knowledgeable 0..064** 0.024 0.151*** 0.027
Knowledgeable 0..091*** 0.025 0.313*** 0.029
Very knowledgeable 0.069* 0.033 0.408*** 0.035
Demographics
Age (18-24)
25-34 0.072 0.047 0.028 0.052
35-44 0.108** 0.048 0.073 0.052
45-54 0.112** 0.047 0.128* 0.052
55-64 0.141*** 0.049 0.242*** 0.055
65 and up 0.152** 0.058 0.245*** 0.066
Sex (Male) 0.031 0.017 -0.027 0.018
Born in Canada (No) 0.033 0.020 0.001 0.022
Indigenous (No) 0.008 0.031 0.013 0.039
Marital status (Married)
Living with partner -0.042 0.024 -0.014 0.026
Separated -0.014 0.041 0.067 0.048
Divorced -0.007 0.032 -0.024 0.042
Widowed 0.100* 0.048 0.116 0.071
Single 0.038 0.023 0.025 0.028
Financially dependent children (0)
One or more -0.027 0.019 -0.028 0.020
Socioeconomics
Household income ($0 to less than $20,000)
$20,000 to less than $40,000 0.029 0.050 0.044 0.048
$40,000 to less than $60,000 0.104* 0.051 0.061 0.049
$60,000 to less than $80,000 0.213*** 0.051 0.104* 0.050
$80,000 to less than $100,000 0.188** 0.056 0.133* 0.054
$100,000 to less than $150,000 0.265*** 0.053 0.164** 0.053
$150,000 to less than $200,000 0.313*** 0.056 0.260*** 0.056
$200,000 or more 0.307*** 0.057 0.308*** 0.058
Education (Less than high school)
High school diploma or equivalent 0.038 0.042 0.009 0.045
Some college or university without diploma 0.004 0.045 0.048 0.051
College diploma or certificate 0.018 0.042 0.006 0.046
University undergraduate degree 0.050 0.042 -0.011 0.045
University graduate degree 0.048 0.043 -0.017 0.047
Employment (Full-time)
Part-time -0.087** 0.026 0.019 0.030
Self-employed -0.162*** 0.027 -0.008 0.026
Not working -0.204*** 0.030 -0.023 0.031
Homeownership (Owns home)
Does not own home 0.038* 0.020 0.038 0.023
Student Loans (Has student loans)
Does not have student loans -0.072** 0.026 -0.034 0.031

Descriptive Statistics

Variable 1 Mean Std Dev
Primary retirement income source
Not government 0.668 0.471
Government 0.332 0.471
Objective financial knowledge score 20.415 6.834
Subjective financial knowledge
Not very knowledgeable 0.192 0.394
Fairly knowledgeable 0.434 0.496
Knowledgeable 0.266 0.442
Very knowledgeable 0.107 0.310
Demographics
Age
18-24 0.079 0.270
25-34 0.189 0.392
35-44 0.209 0.407
45-54 0.268 0.443
55-64 0.205 0.404
65 and up 0.050 0.217
Sex
Male 0.524 0.499
Female 0.476 0.499
Born outside Canada 0.195 0.396
Born in Canada 0.805 0.396
Non-Indigenous 0.927 0.260
Indigenous 0.073 0.260
Marital status
Married 0.462 0.499
Living with partner 0.134 0.341
Separated 0.026 0.158
Divorced 0.053 0.224
Widowed 0.015 0.123
Single 0.310 0.463
Financially dependent children
No children 0.613 0.487
At least one child 0.387 0.487
Socioeconomics
Household income
$0 to less than $20,000 0.139 0.346
$20,000 to less than $40,000 0.137 0.344
$40,000 to less than $60,000 0.141 0.348
$60,000 to less than $80,000 0.117 0.321
$80,000 to less than $100,000 0.117 0.322
$100,000 to less than $150,000 0.189 0.391
$150,000 to less than $200,000 0.088 0.283
$200,000 or more 0.073 0.261
Education
Less than high school 0.048 0.215
High school diploma or equivalent 0.198 0.398
Some college or university without diploma 0.100 0.300
College diploma or certificate 0.222 0.416
University undergraduate degree 0.232 0.422
University graduate degree 0.200 0.400
Employment
Full-time 0.523 0.500
Part-time 0.131 0.337
Self-employed 0.160 0.366
Not working 0.187 0.390
Homeownership
Owns home 0.347 0.476
Does not own home 0.653 0.476
Student loans
Has student loans 0.880 0.325
Does not have student loans 0.120 0.325
eISSN:
2206-1355
Idioma:
Inglés
Calendario de la edición:
2 veces al año
Temas de la revista:
Business and Economics, Political Economics, Economic Theory, Systems and Structures, Business Management, other, Industries, Banks, Financial Service Provider, Insurers
RSS Feed de revista