Differences in the Likelihood of Ownership of Retirement Saving Assets by the Foreign and Native-Born

Fontes, Angela

doi:10.1007/s10834-011-9262-3

Cited by 25 publications

(17 citation statements)

References 20 publications

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“…In another study, Lusardi and Mitchell (2011) show that older Americans, women, minorities, and the least educated have low levels of financial literacy. The level of acculturation into the United States can also affect saving behavior, where immigrants tend to use financial services and save for the future less than the native-born population, where there are important language, institutional, and resource barriers ( Fontes, 2011 ).…”

Section: Participation In the Financial Sector Saving Behavior And mentioning

confidence: 99%

A Qualitative Analysis of the Use of Financial Services and Saving Behavior Among Older African Americans and Latinos in the Los Angeles Area

et al. 2015

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For this study, we conducted seven focus groups in the Los Angeles area with a total of 70 participants (42 Latinos and 28 African Americans) recruited from three senior centers and a church. There was a wide variety of responses in relation to the usage of financial services among participants. We found that although some participants seem to participate more in the formal financial sector and show a higher level of sophistication when managing their finances, other participants’ use of formal financial institutions is minimal. Among African American participants, we found several instances in which individuals feel very comfortable using banks. Lower levels of participation in the formal financial sector were found among the lower income Latino participants. In relation to barriers to participate in the financial sector, supply was not an issue, but demand and behavioral factors seem more important. Overall, no participants saved very much on a regular basis. We also find that participants in general do not want to ask their children for money, and also do not want to save and accumulate wealth to leave to their children.

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Section: Participation In the Financial Sector Saving Behavior And mentioning

confidence: 99%

A Qualitative Analysis of the Use of Financial Services and Saving Behavior Among Older African Americans and Latinos in the Los Angeles Area

et al. 2015

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“…Age, family income, family size, employment, health, region of residence, and years of stay were included because of their significant association with asset ownership in the prior literature ( (Johnson 2003;Kwon et al 2004;Fontes 2011). Therefore, we controlled for English fluency in our analysis.…”

Section: Independent Variablesmentioning

confidence: 99%

“…Fontes 2011). A number of previous studies have found that English fluency was associated with financial well-being of immigrants…”

mentioning

confidence: 99%

Asset Ownership of New Asian Immigrants in the United States

2012

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“…Acculturation and ethnic identity also may play a role in having financial assets for retirement. Fontes (2011) analyzed data from the 2004 Survey of Income and Program Participation and found that immigrants in general are less likely than native born to have retirement savings. However, when looking at the area of origin, those from Latin America were significantly less likely than native born to hold such retirement savings, while those from Asia and Europe showed no significant difference from native born.…”

Section: Aging and Stock Ownershipmentioning

confidence: 99%

Who Among the Elderly Owns Stocks? The Role of Cognitive Ability and Bequest Motive

Kim¹,

Hanna

Chatterjee

et al. 2012

J Fam Econ Iss

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Conventional advice is to reduce risky investments as one ages. Such a generalized focus on risk avoidance may be inappropriate for elderly with longer life spans and those with financial goals that extend beyond their lifetime. To better understand risky asset holdings among the elderly, we investigated the effect of cognitive ability and bequest motive on stock ownership and stock purchase. Using the 2004 wave of the Health and Retirement Study, we found that one-third of elderly households held stocks and 36% of those elderly stockowners had recently acquired stocks. The respondent's cognitive ability and bequest motive were strongly related to stock ownership. Among those who owned stock, a bequest motive was positively related to a recent purchase of stocks.

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Differences in the Likelihood of Ownership of Retirement Saving Assets by the Foreign and Native-Born

Cited by 25 publications

References 20 publications

A Qualitative Analysis of the Use of Financial Services and Saving Behavior Among Older African Americans and Latinos in the Los Angeles Area

A Qualitative Analysis of the Use of Financial Services and Saving Behavior Among Older African Americans and Latinos in the Los Angeles Area

Asset Ownership of New Asian Immigrants in the United States

Who Among the Elderly Owns Stocks? The Role of Cognitive Ability and Bequest Motive

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