Psychological determinants of retirement financial planning behavior

Tomar, Sweta; Baker, H. Kent; Kumar, Satish; Hoffmann, Arvid O. I.

doi:10.1016/j.jbusres.2021.05.007

Cited by 54 publications

(60 citation statements)

References 106 publications

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“…For instance, Yusof and Sabri (2017), Clark et al (2012), andGrace, et al (2010) argue that men assume that their current living standards will continue even in retirement, which gives precedence to working women to plan for their retirement than men. However, women are less likely to plan for their retirement for lack of financial knowledge (Rooij et al, 2009;Ntalianis & Wise, 2011;Lotto & Tokic, 2020;Tomar et al, 2021). The finding that age is not a significant predictor of retirement planning corroborates with Januchowski (2021) who showed that age does not influence the link between socioeconomic status and pro-social relations.…”

Section: Discussionmentioning

confidence: 72%

Influence of Demographic Factors on Retirement Planning and Socio-Economic Status of Civil Servants in Uganda

Fabian

Edaku

Robina

et al. 2022

S&S

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This study provides a Ugandan perspective on the influence of demographic factors on retirement planning and the socio-economic status of civil servants. The study collected data from 236 pensioners using a questionnaire survey. The demographic factors included gender, marital status, age, income, and educational level. Using multiple regression, the study concludes that there is a low predictive influence of demographic factors on retirement planning and socio-economic status. Only educational level and monthly income have significant influences on retirement planning and the socioeconomic status of the retirees. This study offers a solid ground for increasing civil servants’ salaries in Uganda. Also, the government may consider identifying resources for the professional development needs of civil servants.

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Section: Discussionmentioning

confidence: 72%

Influence of Demographic Factors on Retirement Planning and Socio-Economic Status of Civil Servants in Uganda

Fabian

Edaku

Robina

et al. 2022

S&S

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“…, 2004; Kebede and Kuar, 2015). Many researchers consider financial literacy a cognitive, attitudinal, and behavioral factor (Copur and Gutter, 2019; Tomar et al. , 2021), however we did not.…”

Section: Introductionmentioning

confidence: 89%

“…The effect of behavioral factors and practical experience on financial management behavior leads financial education to shift emphasis from financial literacy to financial capability (Kempson et al, 2004;Kebede and Kuar, 2015). Many researchers consider financial literacy a cognitive, attitudinal, and behavioral factor (Copur and Gutter, 2019;Tomar et al, 2021), however we did not. Financial literacy is mainly driven by cognitive abilities of an individual and numerical abilities in particular (Christelis et al, 2010).…”

Section: Introductionmentioning

confidence: 90%

The psychological antecedents of personal financial management behavior: a meta-analysis

Goyal

Kumar

Xiao

et al. 2022

IJBM

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PurposeThe intent of this study is to aggregate, in a measurable form, the results of previous studies on the association between personal financial management behavior (PFMB) and six psychological factors, which are financial attitude, financial self-efficacy, self-control, materialism, internal locus of control (LOC), and external LOC.Design/methodology/approachA stack of 32 research documents that investigated 52 relationships between various psychological variables and PFMB was analyzed using the meta-analysis technique. Along with the overall meta-analysis, a comprehensive subgroup analysis was also undertaken counseled to determine whether the results contrast on account of the age group of the sample and the economy of the country to which the sample belongs.FindingsThe overall meta-analysis findings do not support the association between PFMB and the various explanatory variables except for the significant positive association with self-control. In contrast, a subgroup study revealed that self-control (positively) and materialism (negatively) were found to be significantly associated with PFMB among adults. The association between internal LOC and PFMB is significant and positive among the young. Interestingly, self-control appeared to be significantly and positively associated with PFMB in developed countries. In developing countries, financial attitude, financial self-efficacy and internal LOC are significantly and positively associated with PFMB.Originality/valueDistinct from other review papers, this meta-analysis quantitatively cumulates and reconciles the conflicting findings on the linkage between psychological predictors and PFMB. To the best of the authors' knowledge, this is the first meta-analysis on the topic.

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“…Seventh (H7), one’s own behavior as an individual during the pandemic can also affect individual well-being. Positive health [ 16 , 17 ] and financial behaviors [ 18 , 40 ] are expected to be positively associated with individual well-being. For example, physical exercise improves mental and overall well-being [ 30 , 41 , 42 ].…”

Section: Theoretical Background and Hypothesesmentioning

confidence: 99%

Differences in and drivers of mental, social, functional, and financial well-being during COVID-19: Evidence from Australia, France, Germany, and South Africa

Hoffmann

Plotkina²,

Broihanne³

et al. 2022

PLoS ONE

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COVID-19 has a substantial and unexpected impact on individuals’ daily life around the world. Unprecedented public health restrictions such as lockdowns have the potential to affect multiple dimensions of individuals’ well-being, while the severity of such restrictions varies across countries. However, a holistic perspective comparing differences in and drivers of the different dimensions of well-being across countries differentially affected by COVID-19 is missing to date. We address this gap in the literature by examining the mental, social, functional, and financial well-being of 2,100 individuals across Australia, France, Germany, and South Africa by means of a survey administered during May of 2021. Supporting our holistic approach, we find that the different dimensions of well-being are correlated, with survey respondents from France reporting the lowest and those from Australia reporting the highest overall level of well-being. Respondents’ subjective and objective evaluations of their living conditions during lockdowns as well as positive health and financial behaviors are positively associated with their well-being during the pandemic.

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Psychological determinants of retirement financial planning behavior

Cited by 54 publications

References 106 publications

Influence of Demographic Factors on Retirement Planning and Socio-Economic Status of Civil Servants in Uganda

Influence of Demographic Factors on Retirement Planning and Socio-Economic Status of Civil Servants in Uganda

The psychological antecedents of personal financial management behavior: a meta-analysis

Differences in and drivers of mental, social, functional, and financial well-being during COVID-19: Evidence from Australia, France, Germany, and South Africa

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