Table 2. Coding of Variables
Variables Coding
Dependent variables:

Holding one or more retirement accounts

 1 if yes; 0 if otherwise

Dollar amount in retirement account

 Continuous
Independent variables:
Attitudinal variables:

Risk tolerance in making savings and investment decisions:

No financial risk (reference group)

 1 if yes, 0 otherwise

Average financial risk

 1 if yes, 0 otherwise

Above average financial risk

 1 if yes, 0 otherwise

High risk

 1 if yes, 0 otherwise

Saver

 1 if yes, 0 otherwise

Time plan for saving:

Few months or less than a year (reference group)

 1 if yes, 0 otherwise

Next year

 1 if yes, 0 otherwise

Next few years

 1 if yes, 0 otherwise

5 to 10 years

 1 if yes, 0 otherwise

Longer than 10 years

 1 if yes, 0 otherwise

Subjective norms:

Age:

Generations X and Y: 18 to 35 years

 1 if yes, 0 otherwise

Younger Boomers: 36 to 46 years

 1 if yes, 0 otherwise

Older Boomers: 47 to 55 years (reference group)

 1 if yes, 0 otherwise

Swing Cohort: 56 to 73 years

 1 if yes, 0 otherwise

Others:

White (reference group: nonwhite)

 1 if yes, 0 otherwise

Married (reference group: nonmarried)

 1 if yes, 0 otherwise

Perceived control:

Educational attainment (in years)

 Continuous

Presence of children (reference group: no children)

 1 if yes, 0 otherwise

Self-employment (reference group: not self-employed)

 1 if yes, 0 otherwise

Household income

 Continuous

Past savings behavior:

Spending more than income

 1 if yes, 0 otherwise

Spending equal to income (reference group)

 1 if yes, 0 otherwise

Spending less than income

 1 if yes, 0 otherwise

Home ownership (reference group: not a homeowner)

 1 if yes, 0 otherwise

Financial assets

 Continuous

Nonfinancial assets

 Continuous