Financial planning for retirement in young adults: Interaction of professional experience, knowledge, and beliefs
The aim of the present study was to examine the impact of professional financial experience on the relationships between financial knowledge and beliefs on financial planning for retirement (FPR) in young adults. We designed a domain-specific personal belief inventory comprising all important compon...
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| Format: | Article |
| Language: | English |
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Slovak Academy of Sciences, Centre of Social and Psychological Sciences
2017-07-01
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| Series: | Studia Psychologica |
| Subjects: | |
| Online Access: | http://www.studiapsychologica.com/uploads/BACOVA_SP_2_vol.59_2017_pp.84-99.pdf |
| _version_ | 1819013849667338240 |
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| author | Viera Bačová Katarína Dudeková Lenka Kostovičová Vladimír Baláž |
| author_facet | Viera Bačová Katarína Dudeková Lenka Kostovičová Vladimír Baláž |
| author_sort | Viera Bačová |
| collection | DOAJ |
| description | The aim of the present study was to examine the impact of professional financial experience on the relationships between financial knowledge and beliefs on financial planning for retirement (FPR) in young adults. We designed a domain-specific personal belief inventory comprising all important components involved in FPR. Financial professionals (n = 145) demonstrated greater knowledge of the financial retirement system compared with non-professionals (n = 382). The two groups, however, differed neither in objective nor self-rated general financial literacy. In non-professionals, higher financial literacy was positively linked to trust in the 2nd pension pillar, self-assessed competence in FPR, personal engagement in FPR, perceiving FPR as less emotionally loaded and FPR task as less complex. These predicted relationships were not found among professionals. Thus, professional experience in financial domain seems to bring a deeper and particularized insight into the pros and cons of the pension system, and consequently vacillates beliefs about FPR. |
| first_indexed | 2024-12-21T02:06:29Z |
| format | Article |
| id | doaj.art-a2fdc97f48aa4bf6be5744b7fe8cd0e1 |
| institution | Directory Open Access Journal |
| issn | 0039-3320 2585-8815 |
| language | English |
| last_indexed | 2024-12-21T02:06:29Z |
| publishDate | 2017-07-01 |
| publisher | Slovak Academy of Sciences, Centre of Social and Psychological Sciences |
| record_format | Article |
| series | Studia Psychologica |
| spelling | doaj.art-a2fdc97f48aa4bf6be5744b7fe8cd0e12022-12-21T19:19:30ZengSlovak Academy of Sciences, Centre of Social and Psychological SciencesStudia Psychologica0039-33202585-88152017-07-01592849910.21909/sp.2017.02.732Financial planning for retirement in young adults: Interaction of professional experience, knowledge, and beliefsViera Bačová0Katarína Dudeková1Lenka Kostovičová2Vladimír Baláž3Institute of Experimental Psychology, Center of Social and Psychological Sciences SAS, Dúbravská cesta 9, 84104, Bratislava, Slovak RepublicInstitute of Experimental Psychology, Center of Social and Psychological Sciences SAS, Dúbravská cesta 9, 84104, Bratislava, Slovak RepublicInstitute of Experimental Psychology, Center of Social and Psychological Sciences SAS, Dúbravská cesta 9, 84104, Bratislava, Slovak RepublicInstitute for Forecasting Center of Social and Psychological Sciences, Slovak Academy of SciencesThe aim of the present study was to examine the impact of professional financial experience on the relationships between financial knowledge and beliefs on financial planning for retirement (FPR) in young adults. We designed a domain-specific personal belief inventory comprising all important components involved in FPR. Financial professionals (n = 145) demonstrated greater knowledge of the financial retirement system compared with non-professionals (n = 382). The two groups, however, differed neither in objective nor self-rated general financial literacy. In non-professionals, higher financial literacy was positively linked to trust in the 2nd pension pillar, self-assessed competence in FPR, personal engagement in FPR, perceiving FPR as less emotionally loaded and FPR task as less complex. These predicted relationships were not found among professionals. Thus, professional experience in financial domain seems to bring a deeper and particularized insight into the pros and cons of the pension system, and consequently vacillates beliefs about FPR.http://www.studiapsychologica.com/uploads/BACOVA_SP_2_vol.59_2017_pp.84-99.pdffinancial planning for retirementfinancial professional experiencefinancial literacypersonal beliefs |
| spellingShingle | Viera Bačová Katarína Dudeková Lenka Kostovičová Vladimír Baláž Financial planning for retirement in young adults: Interaction of professional experience, knowledge, and beliefs Studia Psychologica financial planning for retirement financial professional experience financial literacy personal beliefs |
| title | Financial planning for retirement in young adults: Interaction of professional experience, knowledge, and beliefs |
| title_full | Financial planning for retirement in young adults: Interaction of professional experience, knowledge, and beliefs |
| title_fullStr | Financial planning for retirement in young adults: Interaction of professional experience, knowledge, and beliefs |
| title_full_unstemmed | Financial planning for retirement in young adults: Interaction of professional experience, knowledge, and beliefs |
| title_short | Financial planning for retirement in young adults: Interaction of professional experience, knowledge, and beliefs |
| title_sort | financial planning for retirement in young adults interaction of professional experience knowledge and beliefs |
| topic | financial planning for retirement financial professional experience financial literacy personal beliefs |
| url | http://www.studiapsychologica.com/uploads/BACOVA_SP_2_vol.59_2017_pp.84-99.pdf |
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