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Te Authors 2015. Published by Oxford University Press. For permissions please e-mail: [email protected]

Correspondence concerning this article should be addressed to Douglas A. Hershey, Department of Psychology, Oklahoma State University, 116 North Murray Hall,

Stillwater, Oklahoma 74078. E-mail: [email protected]

Decision Editor: Kene Henkens, PhD 65

Work, Aging and Reiremen, 2016, Vol. 2, No. 1, pp. 6572doi:10.1093/workar/wav019Advance Access publicaion Augus 11, 2015Aricle

Percepions o eiremen Savings elaive o PeersJane L. Koposko1, Helen Kiso2, Douglas A. Hershey1, and Paul Gerrans3

1. Deparmen o Psychology, Oklahoma Sae Universiy2. Deparmen o Psychology, Susquehanna Universiy

3. Deparmen o Accouning and Finance, Universiy o Wesern Ausralia, Crawley, Ausralia

A B S T R A C T

Do individuals percepions o how much ohers save or reiremen influence heir own long-range financial savingdecisions? In his sudy, social comparison heory was used as a heoreical ouchsone or undersanding he impaco inerpersonal percepions on saving behavior. espondens (N= 224) repored no only he amoun hey hadsaved or reiremen during he previous year, bu hey also repored percepions o he magniude o heir savingsrelaive o peers and compleed 6 psychological scales relaed o reiremen planning. A 2-sage ordinary leas squares(OLS) regression approach was used o examine: (a) he exen o which nine demographic indicaors were pre-dicive o individuals reiremen savings pracices, and (b) wheher unexplained savings rom he iniial regressionmodel could be hierarchically prediced using he 6 psychological scales and percepions o ones savings relaive opeers. Te findings sugges ha social comparisons do accoun or savings pracices over and above demographic andpsychological indicaors. esuls are discussed in erms o how individuals implici social comparisons migh shapeno only heir percepions, bu also heir saving behavior.

Many individuals find i helpul o alk o ohers abou saving or reire-men (Hershey, Henkens, & van Dalen, 2010). Discussions wih peersregarding he reiremen saving process or he adequacy o savings canaciliae or hinder planning effors, by placing ino conex percep-ions o he qualiy o ones own money managemen sraegies. Socialcomparisons o his ype (also known as peer comparisons) are nonew o he psychological lieraure; indeed, i is a opic ha has beenexensively sudied by social psychologiss in a variey o ways overhe years (see Corcoran, Crusius, & Mussweiler, 2011; Garcia, or, &Schiff, 2013; Hoorens & van Damme, 2012, and Suls & Wheeler, 2000or reviews). However, we were only able o ideniy one invesigaionha examined perceived social norms in relaion o saving or reire-men (Griffin, Loe, & Heskeh, 2012). Te goal o he presen sudyis o apply he concep o social comparisons, originaed by Fesinger(1954), and by exension social comparison biases, o he opic ofinancial planning or reiremen. Tereore, he rue value addedaspec o he presen invesigaion involves deermining wheher indi-

viduals percepions o ohers saving pracices has an influence onones own saving behavior, over and above ha which can be explainedusing psychological measures already shown o predic saving.

Numerous sudies sugges ha Americans will no receive su-ficien pension income afer leaving he workorce (Adams & au,2011; Helman, Copeland, & VanDerhei, 2012; Lee & Law, 2004;Lusardi & Michell, 2007, 2011). Pension income in he Unied Saesollows he well-known hree-pillar classificaion ypology (c., World

Bank, 1994). Te firs pillar consiss o a publicly managed (socialsecuriy) sysem wih mandaory paricipaion linked o employmenand a goal o reducing povery among he old. For approximaely 24%o Americans 65 years and older, social securiy paymens represenheir primary sream o income (Wald, 2014). Te second pillar con-siss o occupaional pension conracs (e.g., 401[k] plans), alhoughonly abou hal o all employers offer pension programs (hee, 2013;urner & hee, 2013). Te hird pillar is represened by volunaryprivae saving arrangemens such as individual reiremen accouns(IRs), annuiies, and oher orms o personal invesmens. Wihrespec o he accumulaion o hird-pillar resources, he amoun opersonal savings in he Unied Saes is roublingly low. In ac, hemedian reiremen accoun balance or households ha are saving isonly $40,000, wih a palry $3,000 savings balance or all householdsincluding hose ha are no saving (hee, 2013). In sum, minimalsocial securiy paymens in combinaion wih an incomplee pach-work o occupaional pension coverage makes i criically imporan

or individuals o culivae heir own personal saving nes egg over hecourse o heir working lives.

Among psychologiss, reiremen planning is ypically sudied byexamining he way in which cogniive and personaliy consrucs influ-ence no only planning aciviies, bu also he endency o save. Workin he cogniive arena, or example, shows ha saving raes are remen-dously impaced by ones level o financial and invesmen knowledge(Croy, Gerrans, & Speelman, 2010a;Lusardi & Michell, 2011;Noone,
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66 J. L. Koposko e al.

OLoughlin, & Kendig, 2012;Van ooij, Lusardi, & Alessie, 2011) andhe qualiy and clariy o ones reiremen goals (Pekoska & Earl, 2009;Sawski, Hershey, & Jacobs-Lawson, 2007). Complemening his lineo work, sudies o personaliy reveal ha cerain rais (such as con-scieniousness, uure ime perspecive, locus o conrol, emoionalsabiliy, and having a proacive personaliy) are posiively relaed oplanning and saving (e.g., Griffin e al., 2012;Hershey, Jacobs-Lawson,

McArdle, & Hamagami, 2007; Hershey & Mowen, 2000; Noone,Sephens, & Alpass, 2010; Noone e al., 2012; Pekoska & Earl, 2009;Webley & Nyhus, 2006). As par o his invesigaion, we will examinehe exen o which cogniive and personaliy variables are linked oindividuals percepions o saving relaive o heir peers.

elaive o he dozens o sudies ha ocus on cogniive and per-sonaliy dimensions as deerminans o financial planning, ar ewerinvesigaions have examined he role social orces play in shapinghe reiremen planning process. Sudies by Lun and Livingsone(1991), Hershey and colleagues (2010), and Duflo and Saez (2002)have ound ha social suppor rom ones parner (or spouse) andpeers have a posiive impac on planning behaviors (see also Brown &Laschever, 2012; Chalmers, Johnson, & euer, 2008), and Griffin andcolleagues (2012) repor ha percepions o social norms based onindividuals close o he responden moivae he endency o plan andsave (see alsoCroy, Gerrans, & Speelman, 2010b,2012, andWeiner &Doescher, 2008).

Work by Kemp, osenhal, and Denon (2005) suggess ha majorinerpersonal lie evens such as divorce, remarriage, and he deaho a spouse ofen serve as caalyss when i comes o reiremen sav-ing, bu in oher siuaions, hey can serve as consrains. Moreover,boh Chang (2005) and Duflo and Saez (2003) repor ha individu-als make use o heir social neworks o obain reiremen saving andinvesmen inormaion; however, reliance on ones social neworkis a sraegy more ofen adoped by lower-income individuals. And

alhough numerous invesigaions demonsrae ha married couplessave more or reiremen han single or divorced individuals (seeKnoll, amborini, & Whiman, 2012), his effec is generally atrib-ued o overall higher household incomes among couples as opposedo some orm o social aciliaion.

Social Comparison ProcessesSocial comparison heory suggess ha our percepions, behaviors,opinions, and abiliies are, in par, dependen on comparisons o simi-lar ohers (Fesinger, 1954). Comparisons o his ype are undamenalo judgmen and decision-making, and accordingly, social comparisonheory is concepually ied o muliple real-world decision conexs(Guimond, 2005; Suls & Wheeler, 2000). In exising sudies, social

comparison heory has been applied o a range o evaluaive dimen-sions including percepions o illness severiy (Buunk e al., 2012),work perormance (aa, Kuks, van Hell, & Cohen-Schoanus, 2013),he willingness o engage in prosocial behaviors (Yip & Kelly, 2013)and eaing disorders (y & Francis, 2013) among ohers. Oher basicresearch in his area explores he requency wih which social compari-sons are made (Fujia, 2008); why some individuals are more likely oengage in social comparisons han ohers (Buunk & Gibbons, 2005;Suls, Marin, & Wheeler, 2002); how differen ypes o (upward anddownward) social comparisons resul in differen affecive experiences(Marino & edersdorff, 2005); and he manner in which social com-parisons are cogniively processed (Buunk & Gibbons, 2007). Te

ac ha key aspecs o social ineracions (e.g., social suppor; socialinfluence) have been shown o have a significan impac on planningmoives suggess ha i is worh examining how people hink abouheir own reiremen savings in relaion o heir peers (Duesenberry,1949).

In he presen sudy, we exploi he heoreical noion o socialcomparison processes by having individuals rae he qualiy o heir

own reiremen savings effors relaive o peers.

Present InvestigationIn his aricle, we repor he resuls o a quasi-experimenal sudy, inwhich we sough o exend our undersanding o reiremen savingpracices using conceps drawn rom social comparison heory. Tisrepresens a unique conribuion o he lieraure as social comparisonheory has no been emphasized as a key consruc in he reiremensavings decision domain. Tus, our firs empirical objecive will be oexamine he exen o which a se o nine demographic dimensionscovary wih individuals acual saving pracices. oward his end, anordinary leas squares (OLS) regression model will be esimaed, allow-ing us o obain a se o residual scores ha conrol or demographicdifferences in sample characerisics. Tese residual values amoun ounexplained savings, or in oher words, he unexplained deermi-nans o ones savings conribuions once demographic influences havebeen saisically conrolled. Beyond generaing unexplained savingsscores (which will be used in a subsequen analysis), his model willbe inormaive as i will show which demographic predicors accounor variaion in saving behavior. Te nine predicors in his analysis willbe age, gender, annual income, educaional level, marial saus, sel-raed healh, number o dependens, he number o years one expecso live in reiremen, and wheher or no he responden expecs oreire. On he basis o previous sudies, we expec o find savings o berelaed o being older, being male, having a high income, having more

years o ormal educaion, and being married (Adams & au, 2011;Cobb-Clark & Sillman, 2006; Glass & Kilparick, 1998a; Helman,Copeland, & VanDerhei, 2006; Lum & Lighoo, 2003; Palamea,2003). I is unclear wheher he remaining predicors will emerge assignifican once he five predicors above are enered ino he equaion.

In an OLS hierarchical regression analysis he unexplained sav-ings scores (rom above) will be used as he crierion. In his model,scores on he six psychological scales will be enered in he firs blocko he equaion. Tose six psychological measures will be general sel-efficacy, uure ime perspecive, financial acivaion (a measure osavings-relaed goal srengh), reiremen goal clariy, sel-raed finan-cial knowledge, and financial risk olerance. In prior invesigaionseach o hese variables has been demonsraed o be posiively predic-

ive o reiremen savings (Dulebohn, 2002;Hershey & Mowen, 2000;Hogarh, Anguelov, & Lee, 2005; Jacobs-Lawson & Hershey, 2005;Lusardi & Michell, 2005; Neukam & Hershey, 2003). Ta said, i isunclear how many o he six predicors will emerge as significan whenhe enire se is simulaneously enered ino he equaion, and howmuch addiional variance hese psychological variables will accounor over and above he variance explained by he demographic predic-ors in he iniial analysis.

Te second sep in he hierarchical regression will involve eneringa single predicorperceived savings relaive o peerso assess heexen o which social comparison raings influence saving pracices. Ihe perceived savings variable does, in ac, emerge as significan, hen


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Percepions o Reiremen Savings 67

his would sugges ha individuals do use social comparison inor-maion o help guide heir savings decisions. I significan, we wouldanicipae perceived savings scores o be posiively relaed o savingspracices. Ta is, a posiive bea weigh would imply hose individualswho hink hey are saving a grea deal relaive o peers would indeed besaving more han average; hose who believe hey are saving less hanheir peers would indeed be saving less han average.

M E T H O D

ParticipantsParicipans in his sudy were Americans who ranged in age rom 24o 46 years ha were par o a larger invesigaion on he psychologi-cal deerminans o financial planning or reiremen. Quesionnaireswere mailed o 650 households ha were par o a large, naionally rep-resenaive consumer mail panel. O hose, 297 quesionnaires werereurned, resuling in a 46% response rae. We atribue he relaivelyhigh response rae or a mail survey o his ype o he ac ha eachresponden received a nominal financial incenive or compleing hequesionnaire. o ensure adequae responden represenaion, he

mailings were sraified on he basis o geographical region, race, andsocioeconomic saus.

Inclusionary sampling crieria required ha: (a) individuals beemployed on a ull-ime basis (i.e., >35 hr/week), and (b) respondenshad o have allocaed unds o a reiremen savings accoun a somepoin during he previous 12 monhs. When hese wo crieria wereapplied, he sample was reduced o 224 working aduls (126 men; 98women), who had an average age o 36.6 years (SD= 6.09), a meanannual household income o $60.4K(SD= $25.1K), and an averageeducaional level o 15.0 years (SD = 2.11). Hal o he sample wasmarried (49.1%) and he remaining respondens were eiher single,divorced, or widowed (We used daa drawn rom he U.S. CensusBureau o examine he demographic characerisics o Americans

aged 2544. Ta comparison revealed ha he income, educaionallevel, and marial saus or members o he sample in his invesigaionwere highly represenaive o naional averages or hese dimensions.).In erms o employmen, 21.0% o paricipans repored being eiheroffice or cusomer service workers, 17.9% held execuive/managemenposiions, 16.5% repored being proessionals (e.g., law; medicine),9.4% were laborers, 7.1% were sel-employed, and 28.1% indicaedheir occupaion as oher.

Measures

Retirement saving indicatorswo differen approaches were used o assess individuals reire-

men saving effor. Te measure o perceived saving effor rela-ive o peers is raher sraighorward. Paricipans were asked orespond o he saemen, elaive o my peers, I am saving a greadeal or reiremen (1 = srongly disagree; 7 = srongly agree). Higherscores on his measure indicae higher perceived saving raes relaiveo peers; lower scores correspond o lower perceived saving raescompared wih ohers. Te erm peers in he conex o his ques-ion was purposely lef undefined. Ta way, each responden wouldbe responsible or deermining he characer isics o heir peer reer-ence group. Te mean score or his measure was 3.99 (SD= 1.86),and values were ound o be reasonably disribued. Some 22.3%o respondens eiher disagreed or srongly disagreed wih he

saemen, 25.0% agreed or srongly agreed wih he saemen, and52.7% o respondens provided a neural response (scores o 35 onhe 7-poin scale).

Te second measure o saving effor involved calculaing an unex-plained saving scoreor each paricipan. As menioned previously, hisscore was designed o capure he amoun o saving or each respondenrelaive o hose wih similar demographic characerisics. In essence, i

is he porion o a respondens saving ha is no oherwise accounedor by a se o nine sociodemographic indicaors. Calculaion o heunexplained saving score involved a muli-sep process. Firs, parici-pans were asked o respond o he ol lowing quesion: No includingwha you pay in Social Securiy axes, esimae he percenage o yourgross income you volunarily allocaed o reiremen savings duringhe pas welve monhs. esponses o his quesion were made usingan 11-poin response scale ha ranged rom 1 percen o ones grossincome on he low end o he scale o greaer han 25 percen on hehigh end. (ecall ha all paricipans were screened o ensure hey hadmade some level o reiremen savings conribuion during he preced-ing welve monhs.) Excep or he high and low anchor values, scoreson his 11-poin scale were subsequenly ransormed o he midpoino each response caegory (e.g., scores in he 35% caegory wererecoded o 4%).

Sel-repored acual reiremen saving percenages were henregressed on nine individual demographic characerisics: age, gen-der, marial saus, healh saus, income, educaional level, numbero dependens, wheher he responden expeced o reire or no, andhe number o years he individual expeced o live afer leaving heworkorce. Te difference beween he acual repored savings and heprediced savings or a responden served as heir unexplained savingscore. Posiive residual values were derived or individuals who savedmore han heir hypoheical demographically mached peers; nega-ive residual values were obained or hose who saved less han heir

hypoheical peers; near-zero residuals were generaed or respondenswho had saved approximaely he same amoun as heir hypoheicalpeers.

Individual difference variablesSix psychological and nine socio demographic indicaors were assessedas par o his invesigaion. Te psychological measures were all mul-iple-iem scales, each o which conained hree o five quesions orsaemens. Te six psychological measures were: (a) sel-raed finan-cial knowledge (drawn rom Hershey e al., 2010; hree iems, I knowmore han mos people abou financial planning or reiremen), (b)reiremen goal clariy (Sawski e al., 2007; five iems, I have a clear

vision o how lie will be in reiremen), (c) ones level o financialacivaion (planning drive subscale)which is an indicaor o hesrengh (as opposed o he clariy) o an individuals reiremen sav-ing goals (Neukam & Hershey, 2003; five iems, I am highly acivein my pursuis oward financial planning or reiremen), (d) uureime perspecive, which is a measure o he exen o which individualsenjoy hinking abou he uure (Hershey & Mowen, 2000; our iems,I enjoy hinking abou how I will live 10+ years in he uure), (e)financial risk olerance (Jacobs-Lawson & Hershey, 2005; five iems,I am very willing o make risky invesmens o ensure financial sabil-iy in reiremen), and () general sel-efficacy (Mowen, 1999; hreeiems, I eel in conrol o wha is happening o me).


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aings or each o he six scales were made using a 7-poin Liker-ype response orma (1 = srongly disagree; 7 = srongly agree). All sixscales have previously been shown o possess a uniary acor srucureand accepable levels o inernal consisency reliabiliy. Mos have alsobeen shown o demonsrae adequae levels o es/rees reliabiliyand discriminabiliy. In his invesigaion, he Cronbach alpha valuesor each o he scales was as ollows: financial knowledge, 0.93; goal

clariy, 0.87; financial acivaion, 0.83; uure ime perspecive, 0.76;risk olerance, 0.83; and general sel-efficacy, 0.72.

Te nine sociodemographic indicaors in he invesigaionincluded: (a) chronological age, (b) gender (0 = male; 1 = emale),(c) respondens annual income, (d) years o ormal educaion, (e)wheher he responden is married or parnered (0 = single, widowedor divorced; 1 = married or parnered), () sel-repored healh saus(1 = poor; 5 = excellen), (g) number o dependens, (h) a dichoo-mous variable ha reflecs wheher respondens expeced o reire orno (0 = never expec o reire; 1 = expec o reire in he uure), and (i)he number o years each responden expeced o live in reiremen.

R E S U L T S

One o he key variables in his invesigaion is he unexplained savingscore. ecall ha values or his variable were he saved raw score resid-uals rom an OLS regression analysis in which respondens acual sav-ing rae was regressed on nine differen demographic indicaors. Teresuling residual values reflec he porion o ones saving behaviorno governed by demographic indicaors. Te regression analysis wassaisically significan [F(9, 214) = 6.97,p< .01, adjused R2= 0.19].Parameer esimaes or he predicors in his analysis are shown inable 1. As seen in he able, hree o he nine predicors (gender,income, and years expeced o live in reiremen) were saisically sig-nifican; age emerged as a rend (i.e., significan a he 90% confidenceinerval).

Nex, a hierarchical OLS regression model was esimaed o explainunexplained savings in which six psychological predicors were eneredin he firs block. Te firs sep in he model was saisically significan,F(6, 217) = 2.38,p< .01, adjused R2= 0.06. As seen in able 2, only

one o he six independen variablesuure ime perspecivewasound o be a significan predicor o unexplained savings. Te beaweigh or his effec revealed ha individuals wih a longer uure imeperspecive were more likely o have saved money or reiremen hanhose wih a more presen orienaion o ime.

In he second block, perceived savings relaive o peers was eneredas he sole predicor. Te ull model was significan, F(1, 216) = 13.31,

p< .01, R2 = 0.06. Te bea weigh or perceived savings relaive opeers was 0.18 (p< .01). As hypohesized, his effec revealed ha indi-viduals who believed hey were saving more han peers were acuallysaving more, on average. In sum, his analysis is significan inasmuch asi demonsraes ha psychological acors accoun or 6% o he vari-ance in savings over and above demographic indicaors, and peer com-parison scores explain an addiional 6% o he variance.

D I S C U S S I O N

Te purpose o he presen invesigaion was o apply social com-parison heory o he area o financial planning or reiremen. Tefirs empirical goal was o examine he exen o which a se o nine

demographic predicors accouned or variance in reiremen savingpracices. Te second goal was o deermine wheher unexplained sav-ings (i.e., residual savings rom he firs analysis) could be predicedby respondens percepions o savings effor relaive o peers, afer ase o six psychological variables had been enered ino he model. Iperceived saving effor relaive o peers explains significan variance inunexplained savings over and abovehe se o psychological variables,hen ha would imply ha respondens peer comparisons were, inpar, responsible or moivaing acual saving pracices. Te absence oa significan effec, in conras, would imply ha perceived peer savingpracices play no role in he saving behavior o respondens. Te daasugges he ormer was he case. Ta is, respondens savings were, inac, influenced by he social comparisons hey made.

One inermediae sep in conducing he social comparisonanalysis described previously was o compue unexplained savingscores (i.e., individual saving raes adjused or each respondens

Table 1. Ordinary Least Squares Regression Estimates Used toCompute Residual Saving Scores

Predicor UnsandardizedCoefficien

SandardError

(Consan) 14.37 47.23Age (years) 1.008* 0.053

Gender (0 = male) 0.092** 0.060Income (dollars) 1.000** 0.001Educaion (years) 0.943 0.140Marial saus (0 = single) 0.600 0.450

Sel-raed healh 0.608 0.223Number o dependens 0.924 0.266Years expeced o live in re. 1.152** 0.047Expec o reire? (0 = no) 5.510 6.950

Te dependen variable in his analysis was he acual percenage oincome respondens saved or reiremen during he previous 12 monhs.Observaions = 224. Adjused R2= 0.194.*p< .10. **p< .01.

Table 2. Standardized Beta Weights and Standard Errors(in parentheses) From Hierarchical Ordinary Least SquaresRegression Analysis Predicting Unexplained Savings (N= 224)

Bea Coefficien(Sandard Error)

Block 1 Consan .5751 (.4655)

General sel-efficacy .0629 (.0527) Fuure ime perspecive .1437* (.0700) Financial acivaion .1090 (.0885) eiremen goal clariy .0290) (.0611) Sel-raed financial knowledge .0842 (.0611)

Financial risk olerance .1026 (.0656) R2= .06Block 2 Consan .4662 (.4539) Perceived savings relaive o peers .1786** (.0489)

oal R2= .12

*p< .05. **p< .01.


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demographic characerisics). Tis compuaion served o derive andsave residual values o be used as a dependen variable in a subsequenanalysis. I is worh noing ha he bea weighs repored in able 1reveal which demographic variables are associaed wih he endencyo save or he uure. As seen in he able, men, individuals wih higherincomes, and hose who expec o live longer in reiremen were oundo save significanly more or he posemploymen period. Tere was

also a rend oward older respondens having higher savings raes hanyounger individuals. Te findings regarding gender, income, and ageare consisen wih effecs observed in numerous previous empiricalinvesigaions (Devaney & Su, 1997; Glass & Kilparick, 1998b; Hira,ock, & Loibl, 2009; Jacobs-Lawson & Hershey, 2005; Jefferson &Preson, 2005; Sawski e al., 2007). A more novel finding, however,was ha hose who expeced o live longer in reiremen were oundo have saved more. Tis is evidence o a raional decision-makingapproach o managing longeviy risk (ien & Miao, 2013), in whichexpecaions o he number o years one is likely o live guides onesfinancial accumulaions in he pre-reiremen period. Tis abiliy oregulae saving effor so as o mach anicipaed uure dissavings (c.,Ando & Modigliani, 1963; Modigliani & Brumberg, 1954) in he posemploymen period is indeed one o he keys o effecively managingones personal finances over he course o he lie cycle.

In conras o oher sudies (Joo & Grable, 2000; Yuh & Olson,1997), educaion and marial saus were no ound o be relaed oreiremen saving raes. Perhaps he lack o an educaion effec could bedue o he relaively high levels o ormal educaion atained by sudyparicipans. Furhermore, he lack o a marial saus effec (in whichmarried individuals would have been expeced o save more han singlepersons; Poerba, Veni, & Wise, 2011) could perhaps be explained byhe relaively young age range o he sample (2545 years), which isyounger han he age a which individuals ypically begin o save mosaggressively or reiremen. One oher possible explanaion or he null

oucomes or hese wo variables is he possibiliy o suppressor effecsamong predicors, given ha oher predicors had already capuredvariabiliy in he crierion.

Te second analysis we repor, a hierarchical regression in whichunexplained savings were regressed on a se o psychological predic-ors and a social comparison variable, also revealed inriguing find-ings. Ordinarily, in an invesigaion o reiremen savings one mighexpec psychological variables such as financial knowledge, financialrisk olerance, reiremen goal clariy, and sel-efficacy o emerge asrobus predicors. However, in he presen sudy his was no oundo be he case. O he six psychological scales included in he firsblock o he hierarchical regression, only one predicoruure imeperspeciveled o a saisically reliable oucome. Tis finding rein-

orces he imporan role personaliy rais play in srucuring savingpracices; uure-oriened individuals have consisenly been showno save more han hose whose orienaion o ime is anchored inhe presen (Ellen, Wiener, & Fizgerald, 2012; Hershey & Mowen,2000; McCullough, 2012). Te reason he oher psychological pre-dicors ailed o emerge as significan is likely due o he ac ha: (a)subsanial variabiliy had already been parialled rom respondenssaving scores, and (b) respondens were airly homogeneous in ermso age, which would sugges ha psychological characerisics hacorrelae wih age (e.g., reiremen goal clariy, financial knowledge,financial risk olerance) migh also be runcaed, and hus, have litlepredicive value.

Noably, he second block o he hierarchical regression revealedperceived savings relaive o peers o be a significan predicor o unex-plained savings. Tis effec is o paricular imporance in he preseninvesigaion because i serves o esablish a puaive relaionshipbeween social comparisons and saving pracices. Te magniude ohis effec is worh menioning6% o he variabiliy in unexplainedsavings was capuredin ligh o he ac ha 25.4% o he variance in

savings had already been explained by demographic and psychologi-cal measures. Tis finding, in paricular, exends he principle o socialcomparison processes o a previously unexplored real-world decisiondomainsaving or reiremen.

Te resuls rom his sudy are inriguing rom a heoreical per-specive because hey sugges why i is ha some robus savers may bemoivaed o save more or reiremen han wha is likely o be neededby comparing hemselves o perceived high-savers. A he same ime,social comparison heory suggess why i is ha some poor savers maybe complacen in allocaing minimal resources oward reiremen sav-ings plans by comparing hemselves o perceived low-savers. In eihercase, he perceived saving behavior o imagined ohers appears o per-peuae ones own saving habis, even hough hose percepions mayin some cases be biased or inaccurae. Indeed, he bes case scenario isone in which an individuals behaviors are no guided by percepionso ohers a all , bu insead, by a horough reiremen needs assessmenha derives rom a realisic se o financial and lie planning assump-ions (Hebeler, 2007).

From an applied perspecive, i individuals do indeed use socialcomparison inormaion o guide heir saving effors, hen doing socould be problemaic or a leas wo reasons. Te firs is because, ihose social comparison processes are inaccurae, hen atemps oesablish a raional savings program will likely be me wih limiedsuccess. Te second problemaic aspec o social comparisons in hisconex is ha ones saving sraegies are based on he percepions o

ohers real or imagined saving behaviors, and no on he basis o ahorough and objecive financial needs assessmen. Cerainly, he la-er approach would be superior, bu resources used o suppor raionalsaving decisions are limied. By making compuaional and lie plan-ning ools (e.g., reiremen savings calculaors; reiremen goal clariymodules) widely available (Carer & Walsh, 1992), ordinary individu-als would be empowered o make sound long-range invesmen deci-sions on he basis o personally relevan parameers. Such ools, whenaccompanied by compeen proessional advice, sand o provide afirm plaorm rom which o make raional judgmens regarding per-sonal financial resource managemen (Gennaoili, Shleier, & Vishny,2012; Kolikoff, 2001).

L I M I T A T I O N S A N D F U T U R E D I R E C T I O N S

Alhough he findings rom his sudy shed ligh on he way in whichsocial comparison heory relaes o financial planning or reiremen,cerain limiaions are acknowledged. Te firs is ha individuals reire-men savings conribuions were obained by means o sel-repor.Ta being he case, hose repors may have been eiher inaccurae orbiased in a sel-serving ashion. We see he need in uure invesiga-ions o obain more objecive measures o saving. A second limiaioninvolves he ac ha he naure o he reerence group o peers usedas he basis o he social comparison raing was unspecified. Perhapsin uure invesigaions, researchers could experimenally manipulae


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he members o he comparison group (e.g., riends; workplace col-leagues; admired ohers; amily members), o deermine wheher hemagniude o percepual biases covary wih he characerisics o hereerence se. A hird limiaion is ha here could have been someambiguiy surrounding he wording o our measure o saving effor rel-aive o ohers. Ta is, someone migh indicae hey disagree wih hesaemen elaive o my peers I am saving a grea deal or reiremen,

because hey eel hey are saving a remendous amoun. Ta being hecase, uure sudies migh explore he use o a muliple-iem approacho measuring perceived savings relaive o peers in order o improverobusness and minimize he possibiliy o semanic ambiguiy. Oneoher poenially profiable uure direcion would be o invesigaeparicipans who represen a wider range o ages and explore he pos-sibiliy o age differences in savings-linked social comparisons. Perhapsi is he case ha ones reliance on social comparisons as a deerminano ones own perceived saving effor diminishes over he liespan as auncion o increasing age or financial lieracy levels.

One oher ineresing uure research direcion would be o exam-ine wha social psychologiss reer o as upward and downward socialcomparisons (Corcoran e al., 2011; Suls e al., 2002; Zell, Alicke, &Srickhouser, 2015). Upward social comparisons occur in cases inwhich individuals underesimae heir savings relaive o peers, herebyconcluding heir saving effors are inerior. Downward social compari-sons, in conras, occur when individuals judge heir peers o be savinga a rae ha is less han onesel, which would lead o percepions obeing in a superior economic posiion. Tose who make upward socialcomparisons should be moivaed o increase saving raes in ordero reach perceived equilibrium (or superioriy) wih ones reerencegroup. In conras, individuals who make downward social compari-sons would be unlikely o increase heir rae o saving based on whahey perceive o be an adequae sae o affairs. Te resuls o hese woypes o comparisons, and he implicaions hey have or alering ones

affec and sense o moivaional press, have ye o be addressed in hereiremen saving conex.

C O N C L U S I O N

Earlier in he aricle he case was made ha only one previous inves-igaion had ocused on he role o social comparison processes wheni comes o saving or reiremen. On he basis o he findings romhis sudy, i is believed ha work in his vein holds promise. As socialbeings, individuals are swayed by heir impressions o he clohesohers wear, he cars hey drive, and he places hey choose o visi.Alhough such comparisons are inuiive and ofen inrinsically appeal-ing, in he reiremen saving arena social comparisons can lead indi-viduals o have a alse sense o securiy, or o se he bar a a sandardha may never be realized. Suffice i o say ha no characerizaion ohe psychological basis o invesor behavior would be complee wih-ou considering he savings-relaed percepions o an individual in hisor her own social conex.

A C K N O W L E D G M E N T S

Tis work was suppored by he Naional Insiue on Aging(03 #1-03-AG-19849-01 o D. A. H.). Te auhors are indebed oAmanda Messer and Jessica Gillard or assisance wih he daa collec-ion and coding on his projec.

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