This study utilized the data from the 2024 National Financial Capacity Study to explore the dynamic changes in an individual's savings behavior when facing both long-term and short-term savings goals simultaneously. The results show that the interaction between college education savings and emergency savings significantly increases the probability of regular contributions to retirement accounts, but neither alone has a significant impact on retirement contribution behavior. The research further explored the related factors of retirement planning behavior and found that regardless of the type of savings held, it would prompt individuals to be more inclined to think about the amount needed for retirement. Furthermore, comparing the results of the two models indicates that young people are more likely than older people to make regular contributions to their retirement accounts, but they are less likely to plan the amount needed for retirement. The responsibility of supporting parents has no impact on regular contribution behavior, but it increases the possibility of making retirement savings plans. The results of this study provide inspiration and direction for financial advisors, scholars, and future research.
