Establishing a retirement goal facilitates one's long-term financial planning behavior. Yet, the portion of U.S. households who achieve this goal is relatively small. Further, the percentage is much lower among racial and ethnic minorities. This study investigates racial/ethnic disparities in motives for holding a retirement savings and contributing factors to explain the gaps. Results from the 2016 Survey of Consumer Finances (SCF) indicate that White respondents were more likely to hold a retirement saving motive than were other racial/ethnic groups, even after controlling for various socio-economic characteristics. Decomposition analysis shows that homeownership, objective financial knowledge, planning horizon, and age were the most important determinants that explain the racial/ethnic gap in withholding a retirement saving motive. This study provides evidence in support of the importance of tailored educational interventions among racial/ethnic groups.

中文翻译：

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持有退休储蓄动机的种族/民族差异：分解分析

建立退休目标有利于个人的长期财务规划行为。然而，实现这一目标的美国家庭比例相对较小。此外，种族和少数民族的百分比要低得多。本研究调查了持有退休储蓄的动机方面的种族/族裔差异，以及解释差异的促成因素。2016 年消费者财务调查 (SCF) 的结果表明，与其他种族/族裔群体相比，白人受访者更有可能持有退休储蓄动机，即使在控制了各种社会经济特征之后也是如此。分解分析表明，房屋所有权、客观财务知识、规划范围和年龄是解释在拒绝退休储蓄动机方面种族/民族差距的最重要决定因素。