Can a rising tide lift all boats? Social norms' influence on retirement savings
Abstract
The pursuit of wellness is eternal. One of the largest threats to an individual developing that sense of happiness in the concept of financial wellness. Financial wellness is a concept that encompasses how an individual deals with both short- and long-term financial issues. Evidence would suggest that individuals have significant problems dealing with financial issues, especially planning for the future. The answer to this problem has been financial literacy. However, the relationship between financial literacy and financial behaviors is small. This study will look at financial behaviors from a different social perspective. By making individuals aware of social norms, both observed behaviors and socially approved behaviors, we expect that the desire to conform to group behavior will produce a higher level of positive financial behavior.
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- OSU Dissertations [11222]