Information Search for Retirement Plans Among Financially Distressed Consumers

Using data from the Mature Market Survey (MMS) sponsored by the InCharge Education Foundation, this study examined financially distressed consumers’ information search behaviors for retirement plans. Findings showed that financially distressed consumers seek financial information from media and professional services when making a retirement plan. Age was negatively related to the extent of the information search. Income and gender were positively related to the extent of the information search for retirement planning while financial attitude and retirement income sources were not significantly associated with the information search. Results suggest that there is a great need of financial education programs and efficient financial information delivery for older financially stressed consumers.