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Evaluation of the Reliability and Validity of the Retirement Knowledge Scale (RKS)
Luisa R Blanco1, Ron D Hays2,3
1Professor of Public Policy and Economics, School of Public Policy, Pepperdine University, Address: 24255 Pacific Coast Highway, Malibu, CA 90263, United States.
The Journal of Retirement
|November 15, 2024
Summary
The Retirement Knowledge Scale (RKS) reliably measures retirement planning knowledge. Higher RKS scores correlate with better financial literacy, outcomes, and life satisfaction, identifying key knowledge gaps.
Area of Science:
- Gerontology
- Financial Planning
- Psychometrics
Background:
- Assessing retirement preparedness is crucial for financial well-being in older adults.
- Existing financial literacy measures may not fully capture retirement-specific knowledge.
Purpose of the Study:
- To introduce and validate the Retirement Knowledge Scale (RKS).
- To assess the reliability and construct validity of the RKS in a large adult sample.
Main Methods:
- The RKS, comprising 10 questions on retirement planning aspects, was administered to 1350 adults aged 50+ in the Health and Retirement Study (HRS).
- Data were analyzed for reliability and construct validity using correlations and multiple regression, alongside financial literacy, demographics, and psychological factors.
Main Results:
- The RKS demonstrated good reliability for the full sample and subgroups (retired/non-retired).
- RKS scores showed significant associations with financial literacy, education, retirement status, financial outcomes, planning horizon, personality traits, and life satisfaction.
- Multiple regression analysis supported the RKS's validity.
Conclusions:
- The RKS is a reliable and valid instrument for measuring retirement planning knowledge.
- The RKS provides valuable insights into knowledge gaps, aiding targeted interventions for retirement preparedness.
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