Grounded in the transactional stress‐coping theory and the Tallis and Eysenck (1994) model of nonpathological worry, the present study sought to advance the conceptual and empirical understanding of financial worry (FW). We positioned objective financial stressors (OFS), subjective financial stressors (SFS), and coping resources as key variables in understanding the determinants of financial worry (FW). The cross‐sectional data consisted of responses from a representative sample of 19,385 adults, aged 18 and older, drawn from a large U.S. survey. Hierarchical linear regression results revealed that OFS, SFS, household income, and financial capability (FC) are all key determinants of FW. Furthermore, the results revealed adverse effects of OFS and SFS on FW. These effects were moderated by household income, FC, age, and gender. Implications for future research, employers, practitioners, and policymakers are discussed.
Despite the importance of retirement savings, many individuals retire with lack of adequate retirement savings. While calculating retirement savings needs was found to enhance retirement savings, little is known about what underlies this enhancement. Applying the theory of planned behavior (TPB), we developed a model in which psychological factors influence the calculation of retirement savings needs, which in turn influences the ownership of individual retirement accounts. Path analysis was used to test our model with data from the 2015 National Financial Capability Study. The results showed that favorable attitudes, strong social norms, and perceived behavioral control are associated with calculating retirement savings needs. Also, calculating retirement savings needs as well as perceived behavioral control and having an employer-based retirement plan, in turn, contributed to the prediction of individual retirement account ownership. Our results suggest it is important to understand he psychological factors behind calculating retirement savings needs and to make it easy for individuals to calculate those needs.
Complexity/Academic level Undergraduate, postgraduate and corporate education. Case overview This case describes Ayanda Mbatha’s response, attitudes and beliefs after retrenched from his position as a technician and draughtsman at Rheinmetall Denel Munition during the COVID-19 pandemic. Mbatha responded with resilience to losing his job. Mbatha’s attitudes and beliefs enabled him to creatively search for a new job amidst escalating retrenchments. The case examines the factors important for resilience and demonstrates why resilience is an essential skill for individuals dealing with adversity. The case dilemma involves the choices Mbatha had to make during and after the retrenchment process initiated by his employer. Expected learning outcome We designed this case to facilitate the understanding of what is resilience and why resilience is an essential skill for individuals facing adversity. Specifically, the case aims to help students to: 1. Describe the construct of resilience in the context of individuals. 2. Identify factors that promote resilience. 3. Explain what resilient individuals do in the face of adversity. 4. Evaluate the importance of resilience during adversity. 5. Evaluate the role of prior adversity in the development of resilience. Supplementary materials Teaching Notes are available for educators only. Subject code CSS 6: Human Resource Management.
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