NEW YORK, October 10 /PRNewswire/ -- The TIAA-CREF Institute,
part of the TIAA-CREF Financial Services Organization, today announced the online
availability of "Financial Planning and Wealth Accumulation: Identifying
Individuals' Propensity to Plan," an article published in the Journal of
Retirement Planning (July/August 2002), which examines the relationship between
financial planning and financial security in retirement. Its theme and content
complements this week's first-ever National Financial Planning Week, which is
being sponsored by the Financial Planning Association (FPA).
The article, "Financial Planning and Wealth Accumulation: Identifying
Individuals' Propensity to Plan" was written by Institute Research Consultant
Mimi Lord and reviews several recent Institute papers that support the contention
that financial planning is beneficial in helping people achieve a comfortable
retirement. In addition, the article also reviews the results of new studies
about gender differences in risk tolerance, the behavioral effects of financial
seminars, and certain policy implications for helping people prepare for retirement.
It is available online at http://www.tiaa-crefinstitute.org/Research/articles/080802.html.
Specific research cited in the article includes:
Retirement Consumption: Insights from a Survey -- Study by John Ameriks, TIAA-CREF
Institute, Andrew Caplin, New York University and John Leahy, Boston University,
which shows that differences in the attitudes and skills with which people approach
financial planning are a significant factor in wealth accumulation. It is available
online at http://www.tiaa-crefinstitute.org/Research/papers/120101.html.
Financial Education and Retirement Savings -- Study by Madeleine d'Ambrosio,
TIAA-CREF Institute and Robert Clark, North Carolina State University that examines
the effects of seminars on employee savings rates and portfolio choices. It
is available at http://www.tiaa-crefinstitute.org/Research/papers/062701.pdf.
"We thought this article and the corresponding research would be an excellent
way for us to bring attention to the FPA's National Financial Planning Week,"
said Madeleine d'Ambrosio, Vice President and Executive Director of the TIAA-CREF
Institute. "Along with the FPA, we encourage all Americans to take the
first steps toward reaching their financial goals and dreams, and to recognize
the importance of planning for their financial futures."
TIAA-CREF, with approximately $249 billion in assets under management, is the
premier retirement system for the education and research sector in the U.S.,
serving 2.5 million participants at 15,000 institutions. In addition the TIAA-CREF
group of companies offers mutual funds, after-tax annuities, life insurance
and other insurance products, and trust services to the general public. The
TIAA-CREF group also manages 13 state-sponsored college savings programs, more
than any other company.
Media Contacts:
Patrick Connor, Officer, pconnor@tiaa-cref.org
James Tolve, Officer, jtolve@tiaa-cref.org
Department Fax Numbers:
212-916-4840 or 212-972-7533
Mailing Address:
730 Third Avenue
New York, NY 10017-3206
