Influence of Financial Education on Retirement Security: Evidence from the state of Illinois

ABSTRACT In this paper, we examined the role of financial literacy in retirement security for low-income minorities in Illinois. This paper also discusses extend of success among adults, couples, and elderly individuals, specifically, we develop a literature background on retirement savings and how it has been used to promote retirement security in Illinois. As one variable towards achieving retirement security, to increase the chances of a more successful outcome for minority persons faced with impending retirement issues? These are the questions this research attempts to answer. Towards understanding these issues properly, we investigate into financial literacy in Illinois. This study seeks to study how workers gain financial education required make financial decisions towards retirement also for retirement wellbeing we also review the predominant method of savings by evaluating whether people tried to achieve success through these methods, family, and place of work or financial advisors. To figure how much they need to save for retirement. Also, what are the factors that are detrimental to retirement planning in Illinois? Finally, we will find out what financial education are interrelated to others, that rely on formal methods such as retirement calculators, retirement seminars as oppose to others that rely on family / relatives or co-workers . Are those that have a higher financial literacy exposure are more likely to save more and out of debt, invest in bonds, stocks more as compared to others with lower financial education?

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