Table 3. Weighted Descriptive Statistics for Nonretired Households with Heads Aged 70 Years or Younger in the 2001 Survey of Consumer Finances (N = 3,428)
Variables Mean Median Standard Deviation Frequency (in percent)
Dependent variables:

Holding one or more retirement accounts

 - - - 57.3

Dollar amount in retirement account

 $49,944.82 $2,000.00 $174,193.94 -
Independent variables:

Attitudinal variables:

Risk tolerance:

No financial risk (reference group)

 - - - 34.2

Average financial risk

 - - - 39.1

Above average financial risk

 - - - 21.2

High risk

 - - - 5.4

Saver

 - - - 78.5

Time plan for saving:

Few months or less than a year (reference group)

 - - - 17.7

Next year

 - - - 11.3

Next few years

 - - - 26.2

5 to 10 years

 - - - 25.6

Longer than 10 years

 - - - 19.1

Subjective norms:

Age:

Generations X and Y: 18 to 35 years

 - - - 31.0

Younger Boomers: 36 to 46 years

 - - - 31.8

Older Boomers: 47 to 55 years (reference group)

 - - - 23.3

Swing Cohort: 56 to 73 years

 - - - 13.9

Others:

White (reference group: nonwhite)

 - - - 73.4

Married (reference group: nonmarried)

 - - - 53.1

Perceived control:

Educational attainment (in years)

 13.4 13.0 2.7 -

Presence of children (reference group: no children)

 - - - 46.1

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

 - - - 13.3

Household income

 $72,673.51 $44,000.00 $222,653.46 -

Past savings behavior:

Spending more than income

 - - - 19.0

Spending equal to income (reference group)

 - - - 36.9

Spending less than income

 - - - 44.2

Home ownership (reference group: not a homeowner)

 - - - 56.0

Financial assets

 $101,518.85 $7,100.00 $807,102.23 -

Nonfinancial assets

 $250,590.79 $92,050.00 $1,344,471.00 -

NOTE: Dashes indicate "not applicable."