A model for personal financial planning towards retirement
One problem for sustainability of systems pensions is how people without specialized financial training could manage their resources and their actual personal intentions towards retirement. Research objective is to analyse the relationship among several factors that affect the behaviour towards r...
| Main Authors: | , , |
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| Format: | Article |
| Language: | English |
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Vilnius Gediminas Technical University
2021-02-01
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| Series: | Journal of Business Economics and Management |
| Subjects: | |
| Online Access: | https://journals.vgtu.lt/index.php/JBEM/article/view/13978 |
| _version_ | 1818904958883332096 |
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| author | Teresa C. Herrador-Alcaide Montserrat Hernández-Solís Gabriela Topa |
| author_facet | Teresa C. Herrador-Alcaide Montserrat Hernández-Solís Gabriela Topa |
| author_sort | Teresa C. Herrador-Alcaide |
| collection | DOAJ |
| description | One problem for sustainability of systems pensions is how people without specialized financial training could manage their resources and their actual personal intentions towards retirement.
Research objective is to analyse the relationship among several factors that affect the behaviour towards retirement, the financial management practices and the financial resources, by carrying out a structural equation model (SEM) that was tested in Spanish workers sample in three phases. The influence of financial literacy, financial retirement objectives, optimism on retirement, tolerance to financial risk, and the commitment to financial planning at time 1, are analysed as explanatory variables of financial management practices at time 2. Financial resources for retirement at time 3 are explained by financial management practices.
According to results, the model can predict the 36% of the variance of financial management practices and 53% of the variance of financial resources for retirement. Thus, the model can be used for checking of knowledge of the personal financial behaviour before retirement, what enables a better personal financial planning. It would be possible to apply a model based on self-assessment in order to implement a complementary financial planning that would allow to maintain the welfare during retirement.
First published online 30 December 2020 |
| first_indexed | 2024-12-19T21:15:43Z |
| format | Article |
| id | doaj.art-f21c9bd3e57842fb9b9606220e8393a4 |
| institution | Directory Open Access Journal |
| issn | 1611-1699 2029-4433 |
| language | English |
| last_indexed | 2024-12-19T21:15:43Z |
| publishDate | 2021-02-01 |
| publisher | Vilnius Gediminas Technical University |
| record_format | Article |
| series | Journal of Business Economics and Management |
| spelling | doaj.art-f21c9bd3e57842fb9b9606220e8393a42022-12-21T20:05:22ZengVilnius Gediminas Technical UniversityJournal of Business Economics and Management1611-16992029-44332021-02-0122248250210.3846/jbem.2020.1397813978A model for personal financial planning towards retirementTeresa C. Herrador-Alcaide0Montserrat Hernández-Solís1Gabriela Topa2Faculty of Economics and Business, National Distance Education University (UNED), Madrid, SpainFaculty of Economics and Business, National Distance Education University (UNED), Madrid, SpainFaculty of Psychology, National Distance Education University (UNED), Madrid, SpainOne problem for sustainability of systems pensions is how people without specialized financial training could manage their resources and their actual personal intentions towards retirement. Research objective is to analyse the relationship among several factors that affect the behaviour towards retirement, the financial management practices and the financial resources, by carrying out a structural equation model (SEM) that was tested in Spanish workers sample in three phases. The influence of financial literacy, financial retirement objectives, optimism on retirement, tolerance to financial risk, and the commitment to financial planning at time 1, are analysed as explanatory variables of financial management practices at time 2. Financial resources for retirement at time 3 are explained by financial management practices. According to results, the model can predict the 36% of the variance of financial management practices and 53% of the variance of financial resources for retirement. Thus, the model can be used for checking of knowledge of the personal financial behaviour before retirement, what enables a better personal financial planning. It would be possible to apply a model based on self-assessment in order to implement a complementary financial planning that would allow to maintain the welfare during retirement. First published online 30 December 2020https://journals.vgtu.lt/index.php/JBEM/article/view/13978retirementbehaviour towards retirementfinancial management practicesfinancial resourcespersonal financial behaviourpersonal financial planningwelfare during retirementpensionsself-knowledge for retirement |
| spellingShingle | Teresa C. Herrador-Alcaide Montserrat Hernández-Solís Gabriela Topa A model for personal financial planning towards retirement Journal of Business Economics and Management retirement behaviour towards retirement financial management practices financial resources personal financial behaviour personal financial planning welfare during retirement pensions self-knowledge for retirement |
| title | A model for personal financial planning towards retirement |
| title_full | A model for personal financial planning towards retirement |
| title_fullStr | A model for personal financial planning towards retirement |
| title_full_unstemmed | A model for personal financial planning towards retirement |
| title_short | A model for personal financial planning towards retirement |
| title_sort | model for personal financial planning towards retirement |
| topic | retirement behaviour towards retirement financial management practices financial resources personal financial behaviour personal financial planning welfare during retirement pensions self-knowledge for retirement |
| url | https://journals.vgtu.lt/index.php/JBEM/article/view/13978 |
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