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September 10, 2025Financial Planning ReviewOpen Access

Assessing Retirement Income Literacy Among Consumers and Financial Advisors: Validating a Scale and Examining Professional Designations

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Authors

ELE H LudwigAmerican College of Financial Services CBChet R. BennettsAmerican College of Financial Services

Discussion

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Implication

Psychometric validation of the retirement income literacy scale indicates financial advisors with credentials show superior knowledge and specialized skills.

Key Points

Financial advisors with professional designations score significantly higher on retirement income literacy.
A meaningful 9.37-point difference exists in RILS scores between credentialed and non-credentialed advisors.
Exploratory and confirmatory factor analyses confirm a strong unidimensional factor structure of the RILS.
The validated scale contributes to understanding the relationship between education and financial advisory practices.

Cite This Study

Ludwig et al. (2025) studied this question.

synapsesocial.com/papers/68c1d60654b1d3bfb60f977d https://doi.org/10.1002/cfp2.70015

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Implication

Psychometric validation of the retirement income literacy scale indicates financial advisors with credentials show superior knowledge and specialized skills.

Assessing Retirement Income Literacy Among Consumers and Financial Advisors: Validating a Scale and Examining Professional Designations

Discussion

Member takes

Implication

Key Points

Cite This Study

Assessing Retirement Income Literacy Among Consumers and Financial Advisors: Validating a Scale and Examining Professional Designations

Discussion

Member takes

Implication

Key Points

Cite This Study

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Also Consider