Date

2019 12:00 AM

Major

Finance

Department

Accounting

College

Business

Project Advisor

Eric Smith

Description

Retirement savings is a topic that affects everyone in the United States regardless of career. Background research found that a large portion of individuals will not be able to maintain their standard of living in retirement. When surveying 67 Iowa State Students, research found that there was a lack of awareness on retirement savings. The survey included 8 questions and resulted in an average score of 34% correct. We find that retirement savings could be improved by employers enacting automatic enrollment and escalation in retirement plans and employees taking advantage of employer match programs and determining long-term needs earlier in their career. This paper serves as an educational tool for college-aged students that may help them think deeper about retirement savings when they begin their careers.

File Format

application/pdf

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Jan 1st, 12:00 AM

Retirement Savings Knowledge in the United States

Retirement savings is a topic that affects everyone in the United States regardless of career. Background research found that a large portion of individuals will not be able to maintain their standard of living in retirement. When surveying 67 Iowa State Students, research found that there was a lack of awareness on retirement savings. The survey included 8 questions and resulted in an average score of 34% correct. We find that retirement savings could be improved by employers enacting automatic enrollment and escalation in retirement plans and employees taking advantage of employer match programs and determining long-term needs earlier in their career. This paper serves as an educational tool for college-aged students that may help them think deeper about retirement savings when they begin their careers.