Independent variables | Holding retirement account | Amount in account | |||
---|---|---|---|---|---|
Parameter estimate | Pr > Chi-square | Odds ratio | Parameter estimate | Pr > Chi-square | |
No financial risk (reference group) |
- | - | - | - | - |
Average financial risk |
1.0013 | <.0001*** | 2.722 | 256,511.90 | <.0001*** |
Above average financial risk |
1.3713 | <.0001*** | 3.941 | 303,612.20 | <.0001*** |
High risk |
1.1799 | <.0001*** | 3.254 | 321,276.00 | <.0001*** |
Saver (reference group: not a saver) |
0.6095 | <.0001*** | 1.840 | 100,759.90 | 0.0247* |
Horizon (reference group: few months to a year) |
- | - | - | - | - |
Next year |
-0.0276 | 0.8692 | 0.973 | 52,158.40 | 0.3871 |
Next few years |
0.1938 | 0.1598 | 1.214 | 23,614.38 | 0.629 |
5 to 10 years |
0.3789 | 0.0070** | 1.461 | 109,303.20 | 0.0239* |
Longer than 10 years |
0.3424 | 0.0238* | 1.408 | 75,977.82 | 0.1323 |
Older Boomers (reference group) |
- | - | - | - | - |
Generations X and Y |
-0.5379 | <.0001 | 0.584 | –170,491.00 | <.0001*** |
Younger Boomers |
-0.1888 | 0.1257 | 0.828 | –110,204.00 | 0.0024* |
Swing Cohort |
-0.1524 | 0.2904 | 0.859 | 200,361.30 | <.0001*** |
White (reference group: nonwhite) |
0.2737 | 0.0109* | 1.315 | 72,858.97 | 0.0548 |
Married (reference group: not married) |
0.4159 | <.0001*** | 1.516 | 110,994.00 | 0.0009*** |
Education |
0.197 | <.0001*** | 1.218 | 65,285.83 | <.0001*** |
Presence of children (reference group: no children) |
0.1815 | 0.0757 | 1.199 | 42,851.69 | 0.1835 |
Self-employed (reference group: not self-employed) |
-0.4046 | 0.0004*** | 0.667 | –17,958.60 | 0.5821 |
Household income |
5.30E-08 | 0.2332 | 1.000 | 0.0151 | 0.0805 |
Spending exceeds income |
0.0135 | 0.9141 | 1.014 | 20,209.15 | 0.6456 |
Spending equal to income (reference group) |
- | - | - | - | - |
Spending less than income |
0.4597 | <.0001*** | 1.584 | 136,644.00 | <.0001*** |
Homeowner (reference group: not a homeowner) |
0.8962 | <.0001*** | 2.450 | 183,083.30 | <.0001*** |
Financial assets |
-7.15E-09 | 0.0627 | 1.000 | 0.0031 | 0.0088** |
Nonfinancial assets |
-1.18E-09 | 0.7096 | 1.000 | 0.0103 | <.0001*** |
NOTE: * p < .05; ** p < .01; *** p < .001; dashes indicate "not applicable." |