Effects of risk tolerance, financial literacy, and financial status on retirement planning

Park, Heejung; Martin, William C.

doi:10.1057/s41264-021-00123-y

Cited by 9 publications

(18 citation statements)

References 49 publications

Supporting

Mentioning

Contrasting

Order By: Relevance

“…There is a difference between financial literacy and financial capability-one does not automatically lead to the other. There are over 30 areas in which financial literacy is measured (A. S. Park & Martin, 2022). However, financial literacy can be evaluated using multiple techniques.…”

Section: Impact Of Financial Education On Financial Literacymentioning

confidence: 99%

Leading Generation Z’s Financial Literacy Through Financial Education: Contemporary Bibliometric and Content Analysis in China

Hong Shan,

Cheah,

Leong

2023

SAGE Open

View full text Add to dashboard Cite

There is a growing awareness of the importance of financial education and literacy in personal economic success, yet not many Generation Z are proficient in this area. The lack of understanding can lead to consequences such as not recognizing the need for greater retirement savings, making poor spending decisions, or when overpaying off high-interest debt. In addition, many of the studies on financial education and literacy among Generation Z remain untapped in the context of China. As a result, the researcher emphasizes the evidence by mining data from the Web of Science database and analyzing the data using bibliometrics and content analysis. Contemporary research on financial education and literacy in the web of science has discovered that it is trending strongly across fields like environmental science, healthcare, energy, and economics, according to bibliometric data. Further investigation has uncovered the important writers, journal sources, and universities in China that are creating such knowledge. Subsequently, the content analysis on the focused area has yielded results related to recent findings from key authors, and how their studies describe the socio-demographic and psychological behavior of Generation Zs. As an implication, China’s academic research reveals that Generation Zs’ subjective and objective financial education may be absorbed into their financial self-beliefs, which affects how they handle their finances. Thus, financial education is instrumental to help them set clear financial goals and plan for the future.

show abstract

Section: Impact Of Financial Education On Financial Literacymentioning

confidence: 99%

Leading Generation Z’s Financial Literacy Through Financial Education: Contemporary Bibliometric and Content Analysis in China

Hong Shan,

Cheah,

Leong

2023

SAGE Open

View full text Add to dashboard Cite

show abstract

“…Additionally, younger employees are more interested in early retirement than older employees, who favor retiring later. According to Mansor et al, (2015); Park & Martin (2022); Acharya & Reddy (2017), there are several reasons why retirement planning is essential, including lack of knowledge, employees moving from the public to private sectors for employment, longer life expectancy, fewer children per couple, and decreased reliance on family, among others. Lal & Singh (2022), did research on the idea of social security and retirement planning in the context of India.…”

Section: Review Of Literaturementioning

confidence: 99%

Impact of Economic Variables on Retirement Planning of Salaried Employees

MITTAL

Gupta

2022

jommerce

View full text Add to dashboard Cite

Despite the inclusion of economic variables in retirement studies, limited studies look at the impact on the retirement planning of salaried employees. It is important to understand the economic variables before planning for retirement considering how they affect retirement planning. Therefore, the Current study tries to assess the impact of the economic variables on the retirement planning behavior of salaried employees. For this purpose, the study has collected the primary data using a structured questionnaire from 312 salaried employees working in five Institutions in Haryana state. The study employed the One-way ANOVA and Independent T-test for data analysis. The result of the study indicates that economic variables have a direct and substantial impact on the retirement planning behavior of salaried employees. The result also indicates the importance of awareness programs for retirement planning. Real estate as compared to other investment options, has become a most important asset for retirement planning. Purposive sampling was used because there was no population frame, hence findings cannot be generalised to the population. Despite all efforts to be objective, there is still a chance of subjectivity in some situations. The paper's findings may be helpful to policymakers as they evaluate how to improve the quality of investment advice and give valuable information for investing decisions.

show abstract

“…Obviously, higher financial literacy will not solve all the problems that modern society faces. Park & Martin (2021) also state that financial behavior cannot be assessed solely based on the influence of financial factors, but the psychological factors of consumers must be taken into account. Therefore, in the implementation of research, it is important to perceive the broader context of aspects affecting financial literacy.…”

Section: Discussionmentioning

confidence: 99%

“…A number of studies demonstrate the importance of financial literacy and its benefits and risks to respondents living in given social groups. In this context, it is interesting to mention the study by the author's Park & Martin (2021), which states that financial behavior cannot be judged solely on the basis of the influence of financial factors. They state that this is a complex area of how the financial environment interacts with consumers' psychological factors and influences their th International Scientific Conference -ERAZ 2022 Selected Papers decisions.…”

Section: Literature Reviewmentioning

confidence: 99%

“…The findings of some authors (e.g. Kawamura et al, 2021;Okamoto & Komamura, 2021;Park & Martin, 2021;Riepe et al, 2022;Zhu, 2020) can be followed up and deepened for further research, as it is clear that having a community of financially literate individuals is not yet a target state in which social problems are solved. For this reason, it is also appropriate to focus research on identifying the factors of overconfidence that cause wrong decisions of financially literate individuals, as well as on the perception of risk itself, which will enrich the findings in the field of science.…”

Section: Future Research Directionsmentioning

confidence: 99%

See 1 more Smart Citation

International Scientific Conference ERAZ - Knowledge Based Sustainable Development

View full text Add to dashboard Cite

Following the Revolution of Dignity in Ukraine in 2014, Russia annexed Crimea, while separatist forces supported by the Russian government seized part of the Donbas region in south-eastern Ukraine. Since the beginning of 2021, a build-up of Russian military presence has occurred along the Russia-Ukraine border. The United States and other countries have accused Russia of planning an invasion of Ukraine. On February 24th, Putin announced a "special military operation," supposedly to "demilitarize" and "denazify" Ukraine. In light of these events, the global economy and consequently the financial markets had significant structural breaks; based on these facts, this paper aims to analyze the synchronizations between the capital markets of Austria (Austrian Traded), Budapest (BUX), Bulgaria (SE SOFIX), Croatia (CROBEX), Russia (MOEX), Czech Republic (Prague SE PX), Romania (BET), Slovakia (SAX 16), and Slovenia (SBI TOP), in the period from January 2nd, 2017 to May 6th, 2022. To perform this analysis and to get more robust results we divided the sample into two sub-periods: The first from January 2nd, 2017, to December 31st, 2019, with the second sub-period called capital markets stress comprising the time lapse from January 1st, 2020, to May 6th, 2022. In order to answer the research question, we aim to find out, whether the Russian invasion of Ukraine accentuated interdependencies in Central/Eastern European financial markets. The time series do not show normal distributions, with the Russian market showing the highest risk; we find that the markets broke down significantly, mostly in March 2022 arising from instability in the global economy. The results obtained suggest very significant levels of integration during the stress period in the capital markets analyzed, and we see that during the quiet period the Slovakian market tends to be highly integrated (8 out of 8 possible), while the Slovenian market shows no integration with its regional peers, which shows that we are dealing with a segmented market. These findings suggest that markets tend toward integration in periods of extreme volatility, calling into question the implementation of efficient portfolio diversification strategies.

show abstract

Effects of risk tolerance, financial literacy, and financial status on retirement planning

Cited by 9 publications

References 49 publications

Leading Generation Z’s Financial Literacy Through Financial Education: Contemporary Bibliometric and Content Analysis in China

Leading Generation Z’s Financial Literacy Through Financial Education: Contemporary Bibliometric and Content Analysis in China

Impact of Economic Variables on Retirement Planning of Salaried Employees

International Scientific Conference ERAZ - Knowledge Based Sustainable Development

Contact Info

Product

Resources

About