The Role of Financial Education in the Management of Retirement Savings

Hibbert, Ann Marie; Lawrence, Edward R.; Prakash, Arun J.

doi:10.1080/15427560.2012.735727

Cited by 17 publications

(14 citation statements)

References 27 publications

(25 reference statements)

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“…Also, the roles of financial risk attitude and financial behavior as mediators were tested. Findings of this study are in line with previous studies (Ali et al, 2015;Hibbert et al, 2012;Joo and Grable, 2004;Falahati and Paim, 2011; 217 Financial risk attitude and financial behavior Falahati et al, 2012) which have established that financial awareness and upbringing of individual influence the perception of individuals about their financial well-being.…”

Section: Discussionsupporting

confidence: 92%

Role of financial risk attitude and financial behavior as mediators in financial satisfaction

Saurabh

Nandan

2018

SAJBS

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Purpose The purpose of this paper is to examine the relationships between financial knowledge, socialization and financial satisfaction with financial risk attitude and financial behavior as a mediator after demonetization and introduction of GST. Design/methodology/approach The sample consisted responses of 286 individuals from the city of Allahabad, Uttar Pradesh, India and making financial decisions for the household for at least last two years. The data were analyzed using exploratory factor analysis and mediation regression analysis. Findings All sub-scales used to measure constructs had satisfactory reliabilities and internal consistencies. It was found that financial risk attitude and financial behavior both mediate the relationship between financial socialization and financial satisfaction as well as between financial knowledge and financial satisfaction. Research limitations/implications This research is based upon survey method and voluntary participation. Hence one can question generalization of findings to larger samples. Moreover, the study is limited to a restricted geographical region which could affect the generalization of findings. Practical implications Results provide insights into the antecedents of financial satisfaction of individuals from tier II city of India. Financial planners may utilize this study for enhancement of financial satisfaction of their clients and hence retention of the same. Originality/value A majority of researchers use survey without evaluation validity of instruments in the selected context and sample. This research contributed to the literature and practice by testing validation of constructs of financial satisfaction in India.

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Section: Discussionsupporting

confidence: 92%

Role of financial risk attitude and financial behavior as mediators in financial satisfaction

Saurabh

Nandan

2018

SAJBS

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“…The financial risk attitude as a mediator between the independent variables and financial satisfaction has also been tested. The findings of this study are in line with the previous researches (e.g., Ali et al, 2015;Hibbert et al, 2012;Joo and Grable, 2004;Falahati and Paim, 2011;Falahati et al, 2012) which have established that financial awareness and upbringing of individual influence the perception of individuals about their financial well-being. It can be concluded on the basis of results that the influence of financial knowledge on financial risk attitude is strong (R 2 = 0.1529), and it also explains 15.01% variation of financial satisfaction (R 2 = 0.1501).…”

Section: Discussionsupporting

confidence: 92%

Role of financial knowledge, financial socialisation and financial risk attitude in financial satisfaction of Indian individuals

Saurabh

Nandan

2019

IJICBM

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The purpose of the present study is to examine the influence of financial knowledge and financial socialisation on financial satisfaction of an individual with financial risk attitude as a mediator with special focus on tier II city of India. The authors have adapted scales from literature on financial knowledge, financial socialisation, financial risk attitude and financial satisfaction to create a questionnaire. The mediated regression analysis was performed to test hypothesised relationships. Significant positive relationships were found between financial knowledge and financial satisfaction with financial risk attitude as mediator. Similarly, the relationship between financial socialisation and financial satisfaction with financial risk attitude as mediator were also found to be significantly positive. Financial risk attitude is observed to bear a mediating affect between financial knowledge and financial satisfaction, as also between financial socialisation and financial satisfaction. This research is an attempt to develop a framework for financial satisfaction in a developing country, aimed at the most vulnerable economic class. It is based on data from India, and the results have been found to be significant.

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“…Adeyemo and Bamire (2005) have studied the preferences and the patterns of investment of cooperative farmers in South Nigeria and found the amount of money borrowed, income and loan repayment influenced saving patterns whereas fund borrowed impacted investment behavior. Hibbert et al (2012) have studied the association between the management of retirement savings with the financial edification of English and finance professors in the USA and found the latter to be more active in managing their retirement savings. Olsen and Cox (2011) have tried to find the impact of gender on the awareness and reaction to investment risk and discovered that women financial specialists weigh hazard traits, for example, a probability of misfortune and uncertainty, more vigorously than their male associate.…”

Section: Evidence From the Rest Of The Worldmentioning

confidence: 99%

Saving and Investment Pattern: Assessment and Prospects

Dhawan

Mehta

2019

JOFRP

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Relevance: This study is conducted to look into the investor rationality by examining the pattern of saving and investment in the city of Jammu situated in Jammu and Kashmir, India.Research Objective: The objective of this study is to see the association of saving and income; reasons for saving; and preferences of investors for different investment instruments through administering the structured questionnaire.Methodology: Respondents are conveniently selected based on judgment. One -Way ANOVA, ANCOVA, and MANOVA are used to identify and understand the patterns of saving and investment and underlying triggers for the same.Findings: A relationship between saving and income is found, after controlling for the effects of variables, namely, age, gender, and occupation. Likewise, the impact of gender on financial literacy and awareness is found. This study also finds that people prefer safe and liquid investments with tax benefits, higher returns, and fewer lock-in-periods. Implications: The outcome will help financial consultants and investment managers to know more about the psyche and the level of financial literacy of people, and thus to help them in their objective of garnering funds and invest at a significant level and, finally helping in the capital formation.

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The Role of Financial Education in the Management of Retirement Savings

Cited by 17 publications

References 27 publications

Role of financial risk attitude and financial behavior as mediators in financial satisfaction

Role of financial risk attitude and financial behavior as mediators in financial satisfaction

Role of financial knowledge, financial socialisation and financial risk attitude in financial satisfaction of Indian individuals

Saving and Investment Pattern: Assessment and Prospects

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