Improving Financial Management via Contemplation: Novel Interventions and Findings in Laboratory and Applied Settings

Financial Planning for Retirement: Age-Related Differences Among Spanish Workers

This article tests an integrated model of financial planning for retirement (FPR), with 948 Spanish workers aged between 30 and 63. Overall, the three model dimensions—capacity, willingness, and opportunities to plan and save—show a significant association with financial planning for retirement. The moderator role of age in the relationships between antecedents and financial planning was tested. Consistent with our hypothesis, younger participants showed a greater level of FPR if they were characterized by a high level of education. The interaction between both age and psychological preparation for retirement and retirement goals clarity failed to reach statistical significance. We discuss how financial planning effectiveness could be increased based on the results of importance-performance map analyses.

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.

Financial Planning for Retirement: A Psychosocial Perspective

Retirement is a time of life that has grown ever longer in the developed world, and the number of pensioners has increased accordingly, questioning the strength of Social Security systems and the social safety net in general. Financial Planning for Retirement (FRP) consists of the series of activities involved in the accumulation of wealth to cover needs in the post-retirement stage of life. The negative short-, mid-, and long-term consequences of inadequate Financial Planning for Retirement do not only affect individuals, but also their extended families, homes, eventually producing an unwanted impact on the entire society. The Capacity-Willingness-Opportunity Model has been proposed to understand FPR, combined with Intentional Change Theory, a framework for understanding the process, antecedents and consequences of FPR. From this perspective, we propose this promising model, but there are a large number of variables that have not been included that offer novel ways to deepen our understanding of FPR. A focus on each dimension of the model, the role of age and psychosocial variables associated with demographic indicators such as gender, health status, and migration, allow us to provide a proposal of scientific advancement of FPR.

Economic Cognitions Among Older Adults: Parental Socialization Predicts Financial Planning for Retirement

Drawing on the model on financial planning for retirement (FPR), the aim of this work is to explore how parental economic socialization both directly and indirectly affects FPR through the mediation of financial literacy, financial planning decisions and financial management. Data from a sample of 280 participants aged between 45 and 63 years were used. The results show that parental economic socialization directly and indirectly influences FPR. Moreover, parental economic behavior acts as a positive model for the development of financial literacy and skills and for decisions about FPR. All the variables increased the explained variance of FPR. Lastly, we discuss the process by which parental economic socialization is positively related to financial literacy and skills that impact on FPR, indicating some implications and future lines of research.