Retirement preparedness: A study of gender, marital status, and motivation factors by using a theory of planned behavior model

Although working men and women share common retirement concerns, women encounter unique challenges in securing their retirement. These challenges arise from factors such as part-time work, intermittent work histories, and potential wealth disparities. Marital status also exerts a profound influence on retirement decisions. Marital status significantly impacts their financial security as they approach retirement. This study investigates the intricate relationship between gender, marital status, and theory of planned behavior factors that influence retirement planning among older adults. Utilizing data from the 2014 Health and Retirement Study (HRS) and RAND, the research analyzed 2,657 participants aged 50 to 62, all of whom reported full or part-time employment. Also, the research leveraged the theory of planned behavior to examine motivational factors affecting retirement planning. The study's findings highlight the significant association of gender with expected retirement timing, revealing that married women typically anticipate retiring earlier than both unmarried women and men. In addition, older adults who secure retirement resources tend to retire earlier. It is important to develop tailored policies and initiatives to address the specific retirement challenges women face. It is imperative to develop retirement support systems that consider the gender, marital statuses, and retirement resources of older adults, and to give special attention to those who are vulnerable. This study provides valuable insights into the intricate interplay of gender, marital status, retirement motivation factors and retirement planning among older adults.

Unequal Duties and Unequal Retirement: Decomposing the Women's Labor Force Decline in Postreform China

The gender gap in labor force participation (LFP) in China has grown over the last 30 years, despite substantial advances in women's education and economic development. Previous research has identified gender discrimination and work-family conflicts as two key explanations for the gap, both of which have risen since the start of China's economic reform in 1978. Using multiple waves of the national census and household panel data from China, this research shows that one overlooked mechanism widening the LFP gender gap lies in the institutional constraints that require women to retire earlier than men. This research also demonstrates how the impact of women's early retirement on the LFP gender gap has been exacerbated by two societal-level changes: (1) population aging, which increased the share of women who reached the retirement age; and (2) economic development, which increased the number of women entering nonfarming occupations and, hence, the gender-based retirement system. These findings suggest that without significant revisions to China's retirement system, the LFP gender gap will continue to expand as the population ages and economic development proceeds.

Financial freedom, final fantasy, 'formative ageing': A study of ageing single women and retirement in contemporary China

This article aims to continue a conversation sustained in this journal during the last three decades; a conversation that seeks to promote critical thinking on age and ageing through the lens of gender and sexuality. I do so by considering a specific group of Chinese women: single women living in Beijing or Shanghai. I invited 24 of them, born between 1962 and 1990, to share their imaginations about retirement, in the Chinese context, where the mandatory retirement age for women is 55 or 50 (60 for men). My aims are three-fold: to insert this group of single women into retirement and ageing studies; to recuperate and document their retirement imaginations; and ultimately, to draw insights from their subjective accounts, to revisit dominant paradigms of ageing, notably so-called successful ageing. Empirical data show how these single women treasure financial freedom, but usually without taking concrete steps towards its accomplishment. They also embrace a diversity of imaginations about where and with whom they want to spend their retirement life, and what they want to do - both long-held dreams and new careers. Inspired by yanglao, a term they use instead of retirement, I argue the term 'formative ageing' is a more inclusive and less normative way of looking at ageing.

Enhancing Planning Behavior during Retirement: Effects of a Time Perspective Based Training Intervention

Time perspective is a psychological construct that reflects the way people view time. Two schools of thought exist that theorize how this temporal mindset affects behavior—dominant and balanced. We applied dominant and balanced time perspective frameworks separately to two versions of an online intervention that aimed to promote goal-setting and accumulation of essential retirement resources (health, physical, social, cognitive and emotional) and compared effects with a control group. The effectiveness of the intervention was tested with 109 US retirees using a 4-wave design over a 6-month period. Linear mixed models showed an increase in health goal striving for the balanced group at posttraining and gains were maintained at the 3-month time point. Both training groups demonstrated an increase in the number and specificity of goals at posttraining and 3-months. Applying a time perspective framework to an online planning intervention for retirees shows promise in promoting planning for retirement resources. Practical implications, limitations, and suggestions for developing future interventions are discussed.

Retirement anticipation - gendered patterns in a gender-equal society? a study of senior workers in Norway

How do different people imagine their own retirement? In this article, we use a representative survey from 2019 to investigate whether female and male senior workers in Norway differ in the ways they anticipate their lives as retirees, and whether covariates of various images differ across gender. We find that women are more likely than men to anticipate spending time on family-related activities, on hobbies and volunteering and on traveling, but less likely to plan for bridge employment and worry about empty time. Health and income are key determinants in men's images, while partners and children are important for women.

Perspectives on Aging-Related Preparation

When older adults face age-related life challenges, anticipating what to expect and how to access potential coping strategies can both prevent and provide the possibility of easier recovery from crises. Aging-Related Preparation (ARP) is defined as the continuum of thoughts and activities about how to age well, often beginning with the awareness of age-related changes, or the anticipation of retirement, and concluding with specifying end-of-life wishes. In the current paper, we introduce the concept of ARP and related formulations regarding plans for aging well, describe both predictors and outcomes of ARP for several the domains of ARP, and consider the elements of ARP within the context of existing social policy. We conclude that ARP is determined by a variety of influences both intrinsic to the older person (e.g., personality, cognitive ability, beliefs about planning, problem-solving skills), linked to social class and education, as well as dependent on family structures, access to and knowledge of options, services, and local community resources, and social policy. We further provide evidence that ARP has positive effects in the domain of pre-retirement planning (for retirement adjustment), of preparation for future care (for emotional well-being), and of ACP (for a good death). However, other domains of ARP, including planning for leisure, housing, and social planning are under-researched. Finally, we discuss policy implications of the existing research.

Gender, mental health and ageing

This article presents a broad narrative review of the epidemiological evidence on how and why the mental health of older adults varies by gender. We draw upon international research literatures spanning gerontology and population mental health, as well as major reports from global health agencies. Compared with older men, older women are more likely to experience common mental disorders such as depression and anxiety, although the gender gap is smaller than it is at younger ages. In contrast, the mortality-related impacts of poor mental health, including suicide, are more severe for older men. These gendered patterns vary by country and other social contexts. Factors proposed to account for these findings include cultural and social norms, differentiation of gender roles, disadvantage and (dis)empowerment across the life course, and the coping styles of older men. However, little research has explicitly tested these explanations. Research to date has overwhelmingly focused on identifying differences in the mental health of older men and women. Notably, most studies have been restricted to binary comparisons, lacking the data to disentangle sex and gender dynamics, and few studies have examined the mental health of minority gendered adults in later life. Finally, there remains a need for high-quality population-based research into the mental health of those aged over 80 that includes coverage of people living in residential aged care settings.

Classifying Retirement Preparation Planners and Doers: A Multi-Country Study

This study has three principal aims: to classify consumers by their retirement preparation planning and behavior; to examine the financial status of retirement preparation in each country; and to find ways to help consumers effectively secure financial sustainability after retirement by practicing retirement preparation. Adopting the planner–doer model, consumers were classified into four types: ‘indifferent,’ ‘just planner,’ ‘just doer,’ and ‘ideal doer.’ This study used data collected by Korea Life Insurance Association to compare the level of retirement preparation in Korea, Japan, Germany, the U.S., and the U.K. The data were analyzed using the chi-square test, analysis of variance (ANOVA), and binary logistic regression analysis. The major findings are three-fold: first, the largest percentage of consumers in every country were ‘just doers’; second, ‘ideal doers’ are older than the other types, but have a low expected retirement age and high level of retirement preparedness; and third, ‘ideal doers’ demonstrated distinct variations in their characteristics in different countries. These findings indicate the need to help consumers recognize the necessity to prepare effectively for financial sustainability in their post-retirement lives; this requires the development of policy and gradual education programs, including effective practical suggestions.

Gender, financial literacy, and preretirement planning in the UK

This study uses a two-stage logistic regression model to explore the determinants of retirement planning behavior. A survey of 516 UK women and men of prestate retirement age was used to establish interrelationships between gender, retirement planning, and financial literacy, taking account of attitudinal and expectational variables. Findings confirm lower levels of planning among women, but contrary to previous studies, this study reveals that financial literacy is not significantly related to planning. Furthermore, when attitudinal and expectational variables are incorporated as independent variables, gender becomes statistically insignificant as a determinant of planning.

Predictors and estimation of risk for early exit from working life by poor health among middle and older aged workers in Korea

The aims of this study were to investigate the predictors and estimate the risk for early exit from work owing to poor personal health status of the retirees. This study analysed the longitudinal data of 2,708 workers aged more than 45 years old from the Korean Longitudinal Study of Ageing. Multivariate Cox regression analyses were conducted to identify the predictors and to build a prediction model for early exit from work due to poor health. Internal validation was performed using random split, and external validation using the English Longitudinal Study of Ageing. Over the 8-year follow-up, 124 workers exited work early because of poor health. Significant predictors for early exit from work due to poor health included hypertension (hazard ratio [HR], 1.52; 95% confidence interval [CI], 1.01-2.28), abnormal body mass index (HR, 1.60; 95% CI, 1.10-2.35), decreased grasping power index, and perceived health status. The prediction model designed to estimate the risk of unwanted early exit from work because of poor health status showed fair performance in both the internal and external validations. The current study revealed the specific determinants and the possibility of prediction of shortened working life due to poor health status.

Gender differences in retirement planning: A longitudinal study among Spanish Registered Nurses

BACKGROUND

Consistent patterns of gender differences in retirement planning behaviours have been shown but little is known about these behaviours among nurses.

AIMS

To analyse the antecedents of the behaviours to prepare for retirement in nurses older than 55 and to identify differences as a function of gender.

METHODS

A two-wave longitudinal study with Spanish nurses (n = 132).

RESULTS

Statistically significant gender differences were revealed. Specifically, paths from financial knowledge to public protection and self-insurance as well as paths from goals clarity to public protection all differed by gender.

CONCLUSIONS

Patterns of retirement planning differentiated by gender apparently continue to emerge.

IMPLICATIONS FOR NURSING MANAGEMENT

The study adds evidence showing that female nurses continue to rely on public protection as a solid support for their retirement. Despite their greater awareness of the importance of health care and social relations, savings and finance are more neglected by female nurses. Intervention should be aimed at fostering financial literacy of the entire nursing population, but particularly, the access of women to this training. Secondly, given that the differences persist, advance planning of social actions to protect those who will be living alone and economically helpless in old age.

Retirement planning and work-related variables in Chinese older nurses: A cross-sectional study

AIM

To explore the situation of older nurses approaching retirement with regard to their retirement planning, and the relationship of their retirement planning behaviour with the job environment and job satisfaction under their current employment arrangements and other work-related variables.

BACKGROUND

Nurse shortage has become a global phenomenon that can be alleviated by retaining older nurses in service. The Chinese government proposed the "Incremental Delay Retirement Age Policy." However, older nurses face delayed retirement but lack retirement plans.

METHOD

A cross-sectional questionnaire survey was conducted among a convenience sample of older retiring nurses (n = 152; 84.92% response rate) recruited from every department of four large general hospitals in Changchun, Jilin Province from June to August 2016.

RESULT

The majority of the respondents presented poor retirement planning (n = 122, 80.3%). The independent variables of information exchange with patients, teamwork and personal growth and development explained approximately 16.6% of the variance in retirement planning. Nurse-patient communication and personal growth and development can promote retirement planning, but teamwork is negatively related to retirement planning.

CONCLUSION

Retirement planning by Chinese older nurses is related to certain work-related variables. However, many other work-related variables were not associated with retirement planning and require further research. Overall, Chinese older retiring nurses must improve their retirement planning practices.

Subjective remaining lifetime and concreteness of the future as differential predictors of preparation for age-related changes

Demographic changes have been linked to the expectation of cuts in government-provided social security services, emphasizing individual responsibility to prepare for old age and concomitant challenges and changes. Accordingly, the identification of psychological variables predicting preparation is a matter of theoretical as well as practical importance. We thus consider different aspects of a person's future time as theoretically prominent psychological predictors of preparation. The subjectively perceived quantity of remaining lifetime, the concreteness of future time, and preparation for life domains indicative of an active third age as well as of a more dependent fourth age were assessed in a longitudinal study in a core sample of N = 593 participants (30-80 years old at T₁) at two measurement occasions 4 years apart. The quantity of subjective remaining lifetime predicted subsequent changes in preparation, but this effect was restricted to preparation for the fourth age. In contrast, a more open and concrete outlook on ones' personal future predicted changes in preparation for an active third age. Our findings highlight the importance of distinguishing between different aspects of future time-its quantity versus its relation to goals and action plans-when predicting specific facets of developmental self-regulation.

To stay or to go? Postretirement housing choices of single Baby Boomer women

Single women of the Baby Boomer generation are often financially disadvantaged in the retirement planning process due to their lower accumulated savings compared to male retirees. This disadvantage impacts significant consumption decisions such as postretirement housing choices. This study uses the theory of planned behavior to examine how certainty in intentions influences preparing and planning for postretirement housing. A typology of single Baby Boomer women is developed based on their financial, demographic, and psychological circumstances. Each segment likely requires different informational strategies and financial services to foster proactive planning for retirement. Significant implications exist for social policy and the financial services sector.

Preparations for Old Age and Well-Being in Later Life in Thailand: Gender Matters?

Data from the 2011 Survey of Older Persons in Thailand examines the association between preparations for old age (financial, health, caregiving, living arrangements, and spiritual) and three measures of well-being: financial satisfaction, life satisfaction, and physical health. The study further explores the role of social stratification and the gendered nature of these relationships. The sample ( N = 10,235) is restricted to adults 60 years and above, who are retired and answered the survey independently. Multivariate logistic regression analyses indicate that different forms of preparation are positively associated with post-retirement well-being for men and women but socioeconomic resources are positively associated with all three well-being outcomes. Furthermore, for women, there are significant negative interaction effects of income and financial preparation on life satisfaction, as well as negative interaction effects of disability and caregiver preparation on self-rated health. Implications for long-term care, socioeconomic inequality, and gender inequality in paid labor are discussed.

Retirement, age, gender and mental health: findings from the 45 and Up Study

OBJECTIVES

To examine the relationships of retirement and reasons for retirement with psychological distress in men and women at the age of 45-79 years.

METHOD

Data from 202,584 Australians participating in the large-scale 45 and Up Study was used. Psychological distress was measured by the Kessler psychological distress scale. Associations between different work status and reasons for retirement with psychological distress were assessed for men and women at different ages using logistic regression.

RESULTS

Being fully retired or unemployed was associated with the high levels of psychological distress compared to being in paid work for men and women aged 45-64 (p < 0.0001), and for men aged 65-74 years (p ≤ 0.0014). At the age of 75-79 years, there was no difference in psychological distress between different work statuses. Among retirees, retirement due to ill health, being made redundant or caring duty was associated with the high level of psychological distress.

CONCLUSION

The association between work and mental health underscores the importance of policies and strategies to encourage and enable people to continue in the workforce after age 55, particularly for men. Important reasons for retirement with worse mental health outcomes include redundancy, ill health and needing to care for family or a friend. These circumstances will affect whether a person can continue working and their risk of poor mental health, and both considerations should be addressed in developing approaches for maintaining older workers or assisting them with their retirement transition.

Prevalence and correlates of physical inactivity in community-dwelling older adults in Ireland

The public health challenges associated with rapid population ageing are likely to be exacerbated by poor physical activity levels. The purpose of this study was to identify correlates of physical inactivity in a population-representative sample of older adults in Ireland. This paper reports a secondary analysis of data from 4892 adults aged 60+ from the Irish Longitudinal Study on Ageing (TILDA). TILDA includes an assessment of the mental and physical health, and social and financial circumstances of participants assessed in a home interview and self-completion questionnaire. Chi squared statistics and forced entry logistic regression were used to identify factors associated with physical inactivity. Females were over twice as likely to be inactive as their male counterparts (Odds Ratio 2.2). Increasing old age was associated with inactivity among males and females. Those who reported above secondary level education, no reported falls in the last year and no fear of falling were less likely to be physically inactive. While older adults who noted poor/fair self-reported health, that they did not look after grandchildren, did not own a car or did not attend a course were also more likely to be inactive than those who reported positively for these items. Gender displayed a strong but often contrasting influence on factors that affect physical activity among older adults. Among females, living alone or in a rural area, retirement, fair/poor emotional health and activity being limited by illness were all significantly associated with inactivity. While cohabiting, being employed and residing in an urban area were related to low levels of activity in males. Our findings identify specific groups of the older Irish population who may be at particular risk of physical inactivity and thereby the associated physiological and psychological hazards. These results can support the development of tailored interventions to promote healthy ageing.

Perceived Financial Retirement Preparedness and Its Correlates

Studies suggest that a large proportion of adults do not manage to save enough for retirement. Correlates of retirement saving behaviors have yet to be fully understood. The goal of this study was to examine perceived financial preparedness for retirement and its correlates. We studied the effect of perceived financial knowledge and involvement, social and institutional support, and attitudes toward retirement in a national sample of 227 non-retired Israeli adults (mean age = 44; 53% female; 81% Jewish). Results indicated that only about 20% perceived themselves as financially prepared for retirement. The main correlates of financial preparedness were financial knowledge and involvement in financial activities. The results show that a large proportion of the Israeli population feel underprepared for retirement. Those who perceive themselves as having high levels of financial knowledge are less predisposed to feel underprepared. Future research should examine the relationship between perceived financial preparedness and actual savings.

State of inertia: psychological preparation of single Australian and UK baby boomer women for retirement housing change

The transition into retirement is an important life phase that presents significant challenges in respect to well-being, lifestyle, and consumption choices. This article examines the consumption context of housing after retirement, in particular for the low-resourced cohort of single baby boomer women. Utilizing an extended Theory of Planned Behavior model, we examine the relationship between intention and actual behavior, in this case financial advice seeking, as an important component of the psychological preparedness of single female baby boomer women. Our analysis showed both Australian and UK single baby boomer women display different behaviors in terms of seeking advice and their mental preparedness to adjust to a change in their living arrangements. The findings are discussed in terms of their implications for policy and further research.

Multiple standards of aging: gender-specific age stereotypes in different life domains

Whereas it is often stated that aging might have more negative consequences for the evaluation of women compared to men, evidence for this assumption is mixed. We took a differentiated look at age stereotypes of men and women, assuming that the life domain in which older persons are rated moderates gender differences in age stereotypes. A sample of 298 participants aged 20-92 rated 65-year-old men and women on evaluative statements in eight different life domains. Furthermore, perceptions of gender- and domain-specific age-related changes were assessed by comparing the older targets to 45-year-old men and women, respectively. The results speak in favor of the domain specificity of evaluative asymmetries in age stereotypes for men and women, and imply that an understanding of gendered perceptions of aging requires taking into account the complexities of domain-specific views on aging.

Socioeconomic, psychological and demographic determinants of Australian baby boomers' financial planning for retirement

AIM

Research from around the Western World has shown that psychological, socioeconomic and demographic factors can influence levels of financial planning. This study aims to determine how these factors interrelate to predict planning outcomes.

METHOD

Data from the Ageing Baby Boomers in Australia Study were used to examine the effects of multiple factors on financial planning for 709 employed Australians nearing retirement.

RESULTS

The results showed that higher income, future time perspective (FTP) and financial knowledge independently predicted levels of retirement planning. The effects of FTP and financial knowledge on financial planning were consistent across levels of socioeconomic status.

CONCLUSIONS

While similar issues in financial planning appeared across socioeconomic status, a 'one size fits all' approach to retirement policy may not be effective. Instead, policy should be targeted towards the diverse needs of different groups. Raising public awareness of FTP and financial knowledge may provide a useful starting point.

Retirement lost?

In this article, we raise the question as to whether retirement is lost as we currently know and understand it in Canada. With a selected review, we examine retirement research according to the scope of retirement and the new retirement, possible theoretical developments, the timing of transitions into retirement, and life as a retiree including the quality or lack of pensions. Accordingly, we propose that retirement is undergoing modifications on the basis of several trends that commenced before the 2008 economic downturn. The data would appear to lean towards the emergence of a different type of retirement, insofar as the collective Canadian vision of retirement is lost, notwithstanding the economic meltdown in global markets.