| Retirement planning is becoming an increasingly popular topic global wise, and multiple previous studies has revealed the ultra importance of financial literacy when it comes to the improvement of personal financial situation. However, little research has been conducted on comparing the financial literacy of retirement planning between US and China. This quantitative cross-sectional comparative study employed the FLRPTM (Financial Literacy of Retirement Planning Testing Model) to test the evaluation difference between the US and China sample bases, specifically under 4 major subcategories. Research data were collected through online survey from both the US and China sites, ONE-WAY ANOVA, Levene's test, Cronbach alpha test, and a series of descriptive analysis were applied for statistical analysis. It was found that US sample group had significantly higher evaluation score on the sub-categories of Inflation & Time Value of Money, Investment, and Retirement Confidence, while China's sample group held a significant comparative advantage on the sub-category of Money Management. Besides that, a series of significant differences were also found through the individual site (US and China) data exploration. Findings from this research could be used as references for both US and Chinese educational organizations to post financial literacy educations more efficiently on targeted population groups; at the same time, results could also be used by business firms to make on-the-point adjustments on product/policy designs to better suit for the US-China market base. |
