ACCI Conference 2020

Americans are inadequately prepared to finance their retirement; this issue has generated interest in strategies that address this concern. The purpose of this study was to conduct a systematic program review to evaluate the quality and effectiveness of retirement planning programs. No comparable systematic reviews about retirement education programs exist. Jacobs' (1988) Five-Tiered framework guided the organization and assessment of the 15 retirement programs identified in the search. Programs were evaluated based on the target audience, setting, length and content of program, theoretical model or approach that underlies the program, delivery method, and program evaluation design. Among the retirement education programs, 13 out of 15 programs occurred in the workplace. None of the programs met all of the Five-Tiered evaluation approach advocated by Jacobs (1998). Most programs targeted working adults (ages 30 to retirement). Program content was exclusively focused on retirement for many programs, however, a range of supplemental topics was integrated into other programs. Surveys were the most common way to collect data on program effectiveness, and programs did not use experimental or quasi-experimental approaches as study designs. The systematic review found positive impacts on participants' retirement knowledge, retirement planning behavior and perceived financial well-being.

Author(s): Mengya Wang, Suzanne Bartholomae, Jonathan Fox