Table 6. Results of Logistic Regression for Holding One or More Retirement Accounts and Tobit Regression for the Amount Held in Retirement Account(s) for Nonretired Households in the 2001 Survey of Consumer Finances
Independent variables Holding retirement account Amount in account
Parameter estimate Pr > Chi-square Odds ratio Parameter estimate Pr > Chi-square

No financial risk (reference group)

 - - - - -

Average financial risk

 1.0013 <.0001*** 2.722 256,511.90 <.0001***

Above average financial risk

 1.3713 <.0001*** 3.941 303,612.20 <.0001***

High risk

 1.1799 <.0001*** 3.254 321,276.00 <.0001***

Saver (reference group: not a saver)

 0.6095 <.0001*** 1.840 100,759.90 0.0247*

Horizon (reference group: few months to a year)

 - - - - -

Next year

 -0.0276 0.8692 0.973 52,158.40 0.3871

Next few years

 0.1938 0.1598 1.214 23,614.38 0.629

5 to 10 years

 0.3789 0.0070** 1.461 109,303.20 0.0239*

Longer than 10 years

 0.3424 0.0238* 1.408 75,977.82 0.1323

Older Boomers (reference group)

 - - - - -

Generations X and Y

 -0.5379 <.0001 0.584 –170,491.00 <.0001***

Younger Boomers

 -0.1888 0.1257 0.828 –110,204.00 0.0024*

Swing Cohort

 -0.1524 0.2904 0.859 200,361.30 <.0001***

White (reference group: nonwhite)

 0.2737 0.0109* 1.315 72,858.97 0.0548

Married (reference group: not married)

 0.4159 <.0001*** 1.516 110,994.00 0.0009***

Education

 0.197 <.0001*** 1.218 65,285.83 <.0001***

Presence of children (reference group: no children)

 0.1815 0.0757 1.199 42,851.69 0.1835

Self-employed (reference group: not self-employed)

 -0.4046 0.0004*** 0.667 –17,958.60 0.5821

Household income

 5.30E-08 0.2332 1.000 0.0151 0.0805

Spending exceeds income

 0.0135 0.9141 1.014 20,209.15 0.6456

Spending equal to income (reference group)

 - - - - -

Spending less than income

 0.4597 <.0001*** 1.584 136,644.00 <.0001***

Homeowner (reference group: not a homeowner)

 0.8962 <.0001*** 2.450 183,083.30 <.0001***

Financial assets

 -7.15E-09 0.0627 1.000 0.0031 0.0088**

Nonfinancial assets

 -1.18E-09 0.7096 1.000 0.0103 <.0001***

NOTE: * p < .05; ** p < .01; *** p < .001; dashes indicate "not applicable."