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Thursday, May 21 • 2:45pm - 4:15pm
F2b Overconfidence in Financial Knowledge and Hardship Withdrawals from Retirement Account

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Hardship withdrawals from retirement accounts are a way to cover financial needs. However, overuse of hardship withdrawal could have detrimental impact on retirement asset accumulation. The IRS has recently announced a reduction in restrictions on hardship withdrawals starting January 2020, making them more attractive. Therefore, research on factors related to one's decision of hardship withdrawal is needed. The objective of this study is to examine hardship withdrawal, focusing on its relationship to financial knowledge. Logistic analysis was conducted to test how subjective and objective financial knowledge is related to hardship withdrawal decision. To further examine the impact of the financial knowledge, categorical variables were created based on the combination of two financial knowledge measures and tested.

Author(s): Sunwoo Tessa Lee, Sherman Hanna

avatar for Sunwoo Tessa Lee

Sunwoo Tessa Lee

Ph.D. Student, Ohio State University

Thursday May 21, 2020 2:45pm - 4:15pm CDT
Room 2