October 2002
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.
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. .
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:
1 212 916-4840 or 1 212 972-7533
Mailing Address:
730 Third Avenue
New York, NY 10017-3206
