Scale name: Retirement Savings Contributions
Description: This 2-item measure is designed to be a general indicator of retirement savings involvement. It includes both an objective question (percentage of income saved), and a subjective item that taps voluntary retirement savings contributions. Both items focus on savings that have occurred over the preceding twelve months.
Source: Stawski, R. S., Hershey, D. A., & Jacobs-Lawson, J. M. (2007). Goal clarity and financial planning activities as determinants of retirement savings contributions. International Journal of Aging and Human Development, 64, 13-32. doi: 10.2190/13GK-5H72-H324-16P2
Cronbach's alpha: 0.89
Response format: Likert-type response format for question #1 (1 = strongly disagree; 7 = strongly agree), and multiple choice format for question #2.
Using the 7-point scale below, please indicate the extent to which you agree or disagree with the following statement:
“I made voluntary contributions to a retirement savings plan during the past 12 months."
__ Strongly disagree
__ Somewhat disagree
__ Somewhat agree
__ Strongly agree
Please indicate the net (i.e., after tax) household income you contributed to a retirement savings plan or account during the preceding 12 months.
__ No contributions
__ 15% or more
Scoring Instructions: To arrive at a total retirement savings score, each of the above items are first converted into z-score units, and then the two z-score units are averaged together.