Effect of gender and generation on objective and subjective retirement income adequacy at three points in time

2019 ◽  
Author(s):  
◽  
Dalisha D. Herring
Keyword(s):  
Logistic Regression ◽  
Baby Boomers ◽  
Generation X ◽  
Generational Differences ◽  
Living Standard ◽  
Retirement Income ◽  
University Of Missouri ◽  
Black African ◽  
Consumer Finances ◽  
Income Adequacy

[ACCESS RESTRICTED TO THE UNIVERSITY OF MISSOURI AT REQUEST OF AUTHOR.] The purpose of this dissertation is to examine the effect of gender and generation on subjective and objective measures of retirement income adequacy (RIA). The two generations studied -- Baby Boomers and Generation X -- each have experienced somewhat different retirement planning environments during their working years. I assessed gender and generational differences in both measures of RIA at three points in time and identify the factors that play a role in these differences. Questions this dissertation seeks to answer include whether being female is a significant factor in either objective or subjective RIA assessment, whether being female affects objective and subjective RIA in different years, whether being in Generation X is a significant factor in objective and subjective RIA assessment, and whether being in Generation X affects objective and subjective RIA in different years. The research design includes analysis of respondents born 1946 to 1964, Baby Boomers, and 1965 to 1981, Generation X, in the 1989, 2001, and 2016 Survey of Consumer Finances. Logistic regression assesses the likelihood of meeting the objective RIA target. Respondents meet the target if they have a retirement income replacement ratio of at least 73%. Ordinal logistic regression assesses the gender and generational differences in subjective RIA. Subjective RIA is rated by respondents as either (1) totally inadequate, (2) "unsatisfactory," (3) enough to maintain living standard, (4) "satisfactory," or (5) very satisfactory. While results did not indicate gender as a significant factor in objective and subjective retirement income adequacy as expected, generation does play a role in these measures. Findings also indicate that race and income level play a significant role in objective and subjective RIA. Individuals identifying as black/African American and households in the highest income tercile tend to be over-confident about their expected retirement income, while those in the lowest tercile tend be under-confident. Individuals with self-assessed health status of anything less than excellent are less likely to meet the objective RIA target. When planning for income needs in retirement, it is important for individuals and families to consider increased healthcare cost that comes with advanced age.

scholarly journals HOW ACCURATELY DOES 70% FINAL EMPLOYMENT EARNINGS REPLACEMENT MEASURE RETIREMENT INCOME (IN)ADEQUACY? INTRODUCING THE LIVING STANDARDS REPLACEMENT RATE (LSRR)

2016 ◽  
Vol 46 (3) ◽  
pp. 627-676 ◽  
Author(s):  
Bonnie-Jeanne MacDonald ◽  
Lars Osberg ◽  
Kevin D. Moore
Keyword(s):  
Living Standards ◽  
Living Standard ◽  
Retirement Income ◽  
Home Equity ◽  
Replacement Rate ◽  
Policy Makers ◽  
Income Adequacy ◽  
Rate Measure ◽  
The Right ◽  
Dynamic Population

AbstractWill 70% of a worker's final annual employment earnings sustain living standards after retirement? Despite increasing skepticism, the most dominant measure of retirement income adequacy by financial planners, pensions plan advisors, academics and public policy makers is the “final employment earnings replacement rate”, where 70% is considered the right target to ensure living standards remain at approximately the same level after retirement. Using Statistics Canada's LifePaths dynamic population micro-simulation model, this paper asks whether those individuals from the 1951–1958 Canadian birth cohort who attain roughly a 70% final employment earnings replacement rate (as conventionally measured) at retirement do, in fact, achieve approximate continuity in their living standards. We find that the conventional final earnings replacement rate measure has little predictive value for living standards continuity between working-life and retirement. The primary reason is that employment earnings in a single year is not a reliable representation of a worker's standard of living — it relies on an inadequate pre-retirement measurement period, does not incorporate important components of consumption sources (such as home equity), and ignores household size (particularly children). As a result, we find that the correlation between the conventional earnings replacement rate and actual living standards continuity is relatively low (0.11). The paper therefore suggests an alternative metric for assessing how well a worker's living standard is maintained after retirement — i.e., the Living Standards Replacement Rate, or the LSRR. The LSRR provides a more accurate, understandable and consistent measure of retirement income adequacy.

Would You Accept a Facebook Friend Request from Your Boss?

2020 ◽  
pp. 123-147
Author(s):  
Katherine A. Karl ◽  
Richard S. Allen ◽  
Charles S. White ◽  
Joy Van Eck Peluchette ◽  
Douglas E. Allen
Keyword(s):  
Social Media ◽  
Baby Boomers ◽  
Generation X ◽  
Generational Differences ◽  
Significant Interaction ◽  
Close Relationships ◽  
Future Research ◽  
Open Communication ◽  
Self Disclosure ◽  
Main Effect

Because Millennials and Generation X tend to desire close relationships with their leaders, expect frequent and open communication, and integrate their personal and professional contacts via social media, it was predicted they would be more likely than Baby Boomers to accept a Facebook friend request from their boss. Although no main effect was found for generational differences, a significant interaction between self-disclosure and generation was found, such that self-disclosure was positively related to acceptance of a friend request from one's boss for Baby Boomers and Generation X, but negatively related for Millennials. Implications and directions for future research are discussed.

scholarly journals Generational Perceptions: Workers And Consumers

2011 ◽  
Vol 7 (10) ◽  
Author(s):  
A.J. Nicholas
Keyword(s):  
Baby Boomers ◽  
Generation X ◽  
Generation Y ◽  
Generational Differences ◽  
Work Ethic ◽  
The Other ◽  
Font Size ◽  
Generational Perceptions

<p class="MsoNormal" style="text-align: justify; line-height: normal; margin: 0in 0.5in 0pt;"><span style="font-family: Times New Roman;"><span style="font-size: 10pt; mso-fareast-font-family: +mn-ea;">Today&rsquo;s workers and consumers </span><span style="font-size: 10pt;">consist of four generations of individuals raised with very different technologies and lifestyles. How does this affect attracting and retaining individuals as workers or consumers? Generational differences of Traditionalists, Baby Boomers, Generation X and Generation Y may </span><span style="font-size: 10pt; mso-fareast-font-family: +mn-ea;">influence their values and preferences. </span><span style="font-size: 10pt;"><span style="mso-spacerun: yes;">&nbsp;&nbsp;</span><span style="mso-bidi-font-weight: bold;">Why will understanding these dissimilar perceptions be important? According to Murphy (2007), &ldquo;different perspectives on issues like work ethic, leadership, and authority can cause conflict, frustration, and misunderstanding if not managed well&rdquo; (p.18).<span style="mso-spacerun: yes;">&nbsp; </span>In a recent </span>&ldquo;World of Work Survey&rdquo; (2008), the older and younger generations noted l<span style="mso-bidi-font-weight: bold;">ittle or no interaction with the other. This is not conducive to a cooperative environment where working with and learning from one another can be vital. Understanding what appeals to the generations as consumers is also critical for organizations.<span style="mso-spacerun: yes;">&nbsp; </span>T</span>argeting specific generations for their preferences and reaching them through media that is suitable to their style is an important marketing trend (Marconi, 2001).<span style="mso-spacerun: yes;">&nbsp; </span>Customizing for these dissimilar cohorts will require knowledge of their particular attitudes and inclinations.<span style="mso-spacerun: yes;">&nbsp; </span>Understanding these different perceptions will enable improved communications for the workforce and the consumer. This paper seeks to clarify some of these differences. </span></span></p>

Effective Management of Generational Dynamics in the Workplace

2020 ◽  
pp. 76-92
Author(s):  
Sandra G. Bowman ◽  
Sean W. Mulvenon
Keyword(s):  
Competitive Advantage ◽  
Work Environment ◽  
Baby Boomers ◽  
Generation X ◽  
Generation Y ◽  
Generational Differences ◽  
Team Building ◽  
Effective Management ◽  
Productive Work ◽  
First Time

For the first time in history there are four generations co-existing in the workplace. Each generation, Traditionalists, Baby Boomers, Generation X and Generation Y, has very distinct attitudes, values, ideas, behaviors, ways of communicating, and expectations. These generational differences can affect everything in the organization including recruiting and retaining employees, team building, communicating, motivating, and managing. To successfully integrate these diverse generations, companies will need to embrace changes that actively demonstrates respect and inclusion for all generations. Organizations that find a way to accommodate all generations may create a more productive work environment resulting in a powerful competitive advantage.

Would You Accept a Facebook Friend Request from Your Boss?

2017 ◽  
Vol 9 (1) ◽  
pp. 17-33 ◽  
Author(s):  
Katherine A. Karl ◽  
Richard S. Allen ◽  
Charles S. White ◽  
Joy Van Eck Peluchette ◽  
Douglas E. Allen
Keyword(s):  
Social Media ◽  
Baby Boomers ◽  
Generation X ◽  
Generational Differences ◽  
Significant Interaction ◽  
Close Relationships ◽  
Future Research ◽  
Open Communication ◽  
Self Disclosure ◽  
Main Effect

Because Millennials and Generation X tend to desire close relationships with their leaders, expect frequent and open communication, and integrate their personal and professional contacts via social media, it was predicted they would be more likely than Baby Boomers to accept a Facebook friend request from their boss. Although no main effect was found for generational differences, a significant interaction between self-disclosure and generation was found, such that self-disclosure was positively related to acceptance of a friend request from one's boss for Baby Boomers and Generation X, but negatively related for Millennials. Implications and directions for future research are discussed.

How generational differences will impact America’s aging workforce: strategies for dealing with aging Millennials, Generation X, and Baby Boomers

2016 ◽  
Vol 15 (6) ◽  
pp. 250-257 ◽  
Author(s):  
Ann Arnof Fishman
Keyword(s):  
New York ◽  
Performance Management ◽  
Baby Boomers ◽  
Generation X ◽  
Generational Differences ◽  
New York University ◽  
Bottom Line ◽  
Content Type ◽  
Wide Range ◽  
Targeted Marketing

Purpose The purpose of this paper is to demonstrate how generational differences impact America’s workforce as it changes and to provide strategies for companies to address aging Millennials (born 1982-2000), Generation X (born 1961-1981) and Baby Boomers (born 1943-1960). Design/methodology/approach The author's approach was based on research on behalf of the US Senate Special Committee on Aging; insights and expertise from her 20 years at the helm of Generational Targeted Marketing, LLC; her teaching at New York University; her experience working with clients and organizations in a wide range of diverse industries; and the insights from her book Marketing to the Millennial Woman. Findings Every generation is unique. Practitioners, employers and managers of human resources (HR) who understand and respect the differences between Millennials, Generation X and Baby Boomers can develop strategies from a generational point of view and thereby enable these employees to perform at their peak regardless of age. Research limitations/implications Practical examples are given for HR practices in employee retention, benefits, performance management and review, work-life balance, digital and technology applications and for meaningful corporate outreaches. Originality/value This tried and true approach to dealing with distinct generations in the workplace leads to increased employee motivation and satisfaction, so that employees not only remain longer at a job but also are eager and happy to report to work each day; they are more productive; and the company’s bottom line benefits as a result.

scholarly journals Age-generations in the workplace : an organization system type and space use preference systems analysis

2017 ◽  
Author(s):  
◽  
Beverly A. Coberly
Keyword(s):  
Baby Boomers ◽  
Generational Differences ◽  
Systems Approach ◽  
World View ◽  
Space Use ◽  
Workplace Diversity ◽  
University Of Missouri ◽  
System Type ◽  
Study Results ◽  
And Control

The 21st Century workforce includes four generations for the first time in US history yielding unparalleled workplace diversity. A systems approach was used to assess University of Missouri Extension employees' world view and space use characteristic preference perceptions between Baby Boomers and Millennials. Study results suggest a preference for an OPEN organization system type with COMFORTABLE SPACES emerging as the dominant space use characteristic preference for Millennials and QUALITY SPACES and COMFORTABLE SPACES emerging as the dominant space use characteristic preferences for Baby Boomers. The OPEN system type prefers informal, consensus-based decision-making to the more formal hierarchical model of the University of Missouri System. These system pattern similarities are strongly shaped by Extension's clan culture wherein employees are assimilated into the 'Extension way', thereby decreasing generational preference differences. Assimilation, for now, may be a function of the small number of Millennials compared with Baby Boomers in the organization. As the proportion of Millennials to Baby Boomers increases over time, age generational differences are projected to become more pronounced. The dominant preference for COMFORTABLE SPACES (i.e., access to light and fresh air, with acceptable temperatures and control of unwanted noise) reported by Millennials is also echoed by Baby Boomers who report COMFORTABLE SPACES as second to QUALITY SPACES Workspace quality throughout University Extension should be investigated in detail to determine the underlying nature of this finding.

Effective Management of Generational Dynamics in the Workplace

2017 ◽  
pp. 833-844
Author(s):  
Sandra G. Bowman ◽  
Sean W. Mulvenon
Keyword(s):  
Competitive Advantage ◽  
Work Environment ◽  
Baby Boomers ◽  
Generation X ◽  
Generation Y ◽  
Generational Differences ◽  
Team Building ◽  
Effective Management ◽  
Productive Work ◽  
First Time

For the first time in history there are four generations co-existing in the workplace. Each generation, Traditionalists, Baby Boomers, Generation X and Generation Y, has very distinct attitudes, values, ideas, behaviors, ways of communicating, and expectations. These generational differences can affect everything in the organization including recruiting and retaining employees, team building, communicating, motivating, and managing. To successfully integrate these diverse generations, companies will need to embrace changes that actively demonstrates respect and inclusion for all generations. Organizations that find a way to accommodate all generations may create a more productive work environment resulting in a powerful competitive advantage.

The Role of WOM in Affecting the Intention to Purchase Online

2020 ◽  
pp. 317-333
Author(s):  
Ilenia Confente ◽  
Vania Vigolo ◽  
Federico Brunetti
Keyword(s):  
Baby Boomers ◽  
Generation X ◽  
Generational Differences ◽  
Information Source ◽  
Tourist Behavior ◽  
Intention To Purchase ◽  
Online Word Of Mouth ◽  
Travel Decisions ◽  
Booking Intentions

Recent studies have focused on the influence of online word-of-mouth (WOM) on tourist behavior. However, the role of traditional versus online WOM on travel decisions remains to be expanded. This chapter addresses this research gap by empirically investigating the impact of offline and online WOM on travel decisions across four different cohorts: Generation Y, Generation X, the Baby Boomers, and the Silent Generation. In addition, it explores generational differences with regard to online booking intentions. Findings reveal that traditional WOM affects travel decisions by all cohorts, with a higher impact for the Baby Boomers and the Silent Generations. Online WOM has a higher influence for younger cohorts, who also show a higher intention to purchase online than older generations. Still, the results show that senior individuals are well aware of the possibilities offered by the Internet as both an information source and a purchase channel.

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