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Recent developments in cognitive psychology and behavioral economics may explain the lower-than-predicted asset decumulation behavior posited by traditional life-cycle models during retirement, dubbed the retirement consumption puzzle. This study examines if mental accounting could be used to explain the retirement consumption puzzle. Utilizing panel data collected from the 1992–2018 Health and Retirement Studies, retiree age and age squared are examined using fractional polynomials and fixed effects regressions for their associations with varying categorical retiree asset decumulation patterns, including retiree wealth, nonhousing wealth, stocks, retirement accounts, bonds, liquid assets, vehicles, primary residence, and home equity. The results suggest that varying asset decumulation behaviors exist among retirees, which could be explained by retirees' discretionary spending propensities. The discussion highlights the importance of understanding retiree behavioral spending constraints to allow for smooth consumption paths. [ABSTRACT FROM AUTHOR]

This study explored the associations among personal financial planning, self-control, and financial satisfaction using a sample of 293 employees of universities in Ghana. Based on the partial least squares structural equation modeling analyses, the results showed that financial planning and self-control had positive relationships with financial satisfaction and that self-control partially mediated the relationship between financial planning and financial satisfaction. [ABSTRACT FROM AUTHOR]

In 1990, the Journal of Financial Counseling and Planning (JFCP) was established. The journal publishes academic research on consumer financial decision-making, financial education, counseling, and planning. This article reviews the journal's contents published during the period 1990–2022. It analyzes JFCP's publication trends, citation statistics, significant themes, authors' collaborations, keywords, and contributions to the literature of consumer finance. Most studies employed Life Cycle Hypothesis and Expected Utility Theory. JFCP publishes mostly US-based quantitative empirical studies. JFCP's eight knowledge themes are credit card behavior; financial literacy and financial behavior; financial risk tolerance; financial education, and financial behavior; financial distress and financial self-efficacy; financial well-being; workplace financial education and financial help-seeking behavior, and JFCP's retrospection. Among JFCP's articles, the most used keywords selected by authors are "survey of consumer finances" and "financial literacy." This study also describes the author, country, and concept networks. [ABSTRACT FROM AUTHOR]

The purpose of this study was to examine the likelihood of consumers hiring a financial planner based on race and gender utilizing an experimental design. Using a sample of Black and White MTurk respondents, cumulative logistic regression was employed to determine the effects of race and gender on the likelihood to hire a financial planner. Findings suggested that, overall, consumers did not have racially biased preferences when hiring a financial planner. However, they did express a preference for hiring female planners over male planners. Financial planning firms can use these findings to strengthen their support for and recruitment of women financial planners, as well as address concerns of racial bias amongst consumers. [ABSTRACT FROM AUTHOR]

The purpose of this study is to examine migration during retirement and its association with retirement satisfaction. Utilizing longitudinal data collected from the Health and Retirement Study, this study estimates a fixed-effects logit model to examine how changing U.S. Census divisions during retirement is related to retirement satisfaction. The findings suggest that a change in residential location during retirement is associated with an increase in retirement satisfaction. In planning for retirement, individuals should examine what will provide them with the highest level of satisfaction during their retirement and whether their current location can facilitate an enjoyable retirement. Financial planners and counselors should also consider, as a part of their systemic retirement planning process, increasing the attention that is given to the residential location in which their clients will reside during retirement. [ABSTRACT FROM AUTHOR]

Is there an association between a household financial decision maker's risk tolerance and the performance of the stock market? Some researchers argue that financial market events have little association with the financial risk tolerance (FRT) of household financial decision makers, while others argue that FRT among individuals can vary in relation to significant market fluctuations. The applicability of either argument may depend on the length of the period before and after a major market event. The purpose of this study was to evaluate aggregate changes in FRT around a major stock market event for different anchor time periods and to test the recency bias hypothesis. The analyses were designed to explore the FRT of Americans during a volatile multimonth period of stock market performance in 2018–2019. Several univariate, bivariate, and multivariate tests were used to compare FRT assessment scores pre- and post-October 3rd, 2018 (i.e., the market high in 2018). A decrease in FRT from the market high was noted across the sample; however, the decrease was exhibited most acutely by younger, nonmarried respondents with few investable assets. A noteworthy finding from this study is that financial counselors and financial planners likely serve a "buffering" role when household financial decision makers experience stock market shocks. [ABSTRACT FROM AUTHOR]

This study aims to determine the status of existing research on financial planning for retirement. We used bibliometric analysis and content analysis to examine a sample of 1,116 studies conducted over a span of more than five decades. Bibliographic coupling network was developed to determine the intellectual themes in the field. Our findings suggest that the structural, economic, and cultural disparities worldwide lead to distinct pressures for savings on individuals. Further studies should be conducted considering emerging economies and the aforementioned disparities to gain deeper insights. While a few studies have examined the influence of social biases, behavioral biases, personality traits, and psychological constructs on financial literacy and the impact of this interaction on financial planning for retirement. We conclude by suggesting potential future research directions. [ABSTRACT FROM AUTHOR]

Using a nationwide online survey capturing detailed information on the backgrounds and practices of 654 financial planners, this study examines the associations between the use of technologies by financial planners and self-reported time spent within various stages of the six-step financial planning process. Surprisingly, in many cases, use of technology is associated with an increase rather than a decrease in time spent within various stages of the financial planning process. These results suggest that although technologies may provide efficiencies in completing certain tasks, these efficiencies do not necessarily result in net reductions in time spent within the financial planning process. [ABSTRACT FROM AUTHOR]