A new research framework for family resource management applied to financial preparedness of mid‐life working couples^a

Abstract

In order to continue to move forward, the field of family resource management needs rich research programmes based on holistic, synergetic approaches. To this end, this paper presents a multi‐perspective research framework for designing family resource management research programmes using insights from five existing perspectives to understand families: life cycle stages, life spiral across generations, unplanned life transitions, the historical context of the course of one's life, and the different levels of influence on daily life ranging from the cosmos to the unknown (spheres of influence perspective). A modernization of the life cycle perspective is proposed as well to accommodate the gap between the full nest and the empty nest. We then use this new research framework to shape the development of a programme targeting retirement preparedness of mid‐life working couples with dependents (children and aged or infirm adults). We anticipate that deeper, more holistic insights into family resource management strategies can be gained from using this new research framework.

What Do We Know About Business Families? Setting the Stage for Leveraging Family Science Theories

“…Thus, later work identified alternative living patterns that are more prevalent today (e.g., divorce, voluntary single parenthood, blended families, same-sex couples, etc.) (e.g., McGregor & Ellison, 2003). Building on Minola et al (2016), future research might investigate other family firm outcomes and test how shifts in the family shape the firm across multiple family development stages.…”

An assessment of the effects of mental accounting on overspending behaviour: An empirical study

“…The theory postulates that rational people usually avoid overspending behaviours. However, the reality is that mid‐life working households may face a number of unpredictable life events, such as second and third mortgages, indebtedness or even bankruptcy, irregular family income due to downsizing, early retirement or burnout (McGregor & Ellison, 2003). Similarly, older adults may experience financial distress due to a dramatic decrease in disposable income, possibly accompanied by a rise in post‐retirement health expenses.…”

Food consumption patterns and healthy eating across the household life cycle in Hungary

“…The family or household life‐cycle concept has a 60‐year history (Duvall, 1971; Gilly and Enis, 1982; McLeod and Ellis, 1982; Wagner and Hanna, 1983; Sobero‐Ferrer and Dardis, 1991; Schaninger and Danko, 1993; Wilkes, 1995; Gourinchas and Parker, 2002; McGregor and Bateman, 2003; Du and Kamakura, 2006; Putler et al ., 2007). The concept describes the changes of families across time, highlighting the importance of disposable time and income and the development of specific needs.…”