A Multi-Method Exploration of the Relationship between Knowledge and Risk: The Impact on Millennials’ Retirement Investment Decisions

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Journal of Marketing Theory and Practice




The millennial cohort has faced a unique environment that may have a lasting impact on the financial investment decisions they make as adults. A multimethod set of studies investigates how knowledge and risk interact to inform millennial retirement investment choices. Study 1 suggests a decline in risk-taking for those with low confidence in their financial knowledge. Study 2 reveals that low financial literacy enhances susceptibility to the influence of “feelings as information” when making retirement decisions. Study 3 utilizes qualitative data to consider the connection between millennial financial decision making and the climate of risk brought on by the Great Recession.