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Financial resilience is founded on good financial planning behaviour. Contributing to theorisation efforts in this space, this study aims to develop a new theory that explains financial planning behaviour. Following an appraisal of theories, a systematic literature review of financial planning behaviour through the lens of the theory of planned behaviour (TPB) is conducted using the SPAR-4-SLR protocol. Thirty relevant articles indexed in Scopus and Web of Science were identified and retrieved from Google Scholar. The content of these articles was analysed using the antecedents, decisions, and outcomes (ADO) and theories, contexts, and methods (TCM) frameworks to obtain a fundamental grasp of financial planning behaviour. The results provide insights into how the financial planning behaviour of an individual can be understood and shaped by substituting the original components of the TPB with relevant concepts from behavioural finance, and thus, leading to the establishment of the theory of financial planning behaviour, which posits that (a) financial satisfaction (attitude), (b) financial socialisation (subjective norms), and (c) financial literacy, mental accounting, and financial cognition (perceived behavioural controls) directly affect (d) the intention to adopt and indirectly shape, (e) the actual adoption of financial planning behaviour, which could manifest in six forms (i.e. adoption of cash flow, tax, investment, risk, estate, and retirement planning). The study contributes to establishing the theory of financial planning behaviour, which is an original theory that explains how different concepts in behavioural finance could be synthesised to parsimoniously explain financial planning behaviour. [ABSTRACT FROM AUTHOR]

The purpose of this study is to examine the effect of financial literacy, financial stress, financial management practices, saving behaviour, household size and income adequacy, on Malaysian female millennials' retirement preparedness. A total of 268 questionnaires were self-administered and collected from Malaysian female millennials residing and working in the Klang Valley aged between 26 to 41 years old using a purposive stratified sampling method. Regression analyses were performed using SPSS software to determine the influence of variables investigated on retirement preparedness. Findings indicate that financial literacy level (β = 0.154, t-statistic = 2.669), financial stress level (β = 0.108, t-statistic = 2.207), saving behaviour (β = 0.281, t-statistic = 5.713) and household size (β = 0.242, t-statistic = 2.616), have significant positive effects on retirement preparedness. Income adequacy (β = - 0.298, t-statistic = - 2.595) on the other hand, is significantly and negatively associated with retirement preparedness, while financial management practices are found to have no influence. This study contributes to extant literature by examining the increasingly significant segment of the working population in our country. Hence, our findings should provide more insights to interested stakeholders in designing new or improving existing financial planning programs or mechanisms, particularly those related to retirement to better promote sound retirement planning among Malaysian female millennials. [ABSTRACT FROM AUTHOR]

Retirement planning is viewed as one of the cornerstones of long-term household financial security. The responsibility of retirement planning has now been shifted to the individual and is no longer the responsibility of the employer. This paper examines the link between financial literacy and retirement planning among informal sector traders in the Randburg area of Johannesburg, South Africa. A questionnaire approach was used to collect data from 269 randomly selected informal sector respondents. The data was analysed using ordinal regression. Robustness tests were executed using the Wald test. Findings reveal that financial literacy is linked to retirement planning, and especially with reference to informal sector workers. Additionally, education, income and the informal business sector were observed to have a positive and significant influence on retirement planning. The paper contributes to both theoretical and practical discourses on retirement planning for informal sector entrepreneurs which has not received much attention. These results are important for policy makers in retirement planning as well as curriculum development. [ABSTRACT FROM AUTHOR]

There is a growing awareness of the importance of financial education and literacy in personal economic success, yet not many Generation Z are proficient in this area. The lack of understanding can lead to consequences such as not recognizing the need for greater retirement savings, making poor spending decisions, or when overpaying off high-interest debt. In addition, many of the studies on financial education and literacy among Generation Z remain untapped in the context of China. As a result, the researcher emphasizes the evidence by mining data from the Web of Science database and analyzing the data using bibliometrics and content analysis. Contemporary research on financial education and literacy in the web of science has discovered that it is trending strongly across fields like environmental science, healthcare, energy, and economics, according to bibliometric data. Further investigation has uncovered the important writers, journal sources, and universities in China that are creating such knowledge. Subsequently, the content analysis on the focused area has yielded results related to recent findings from key authors, and how their studies describe the socio-demographic and psychological behavior of Generation Zs. As an implication, China's academic research reveals that Generation Zs' subjective and objective financial education may be absorbed into their financial self-beliefs, which affects how they handle their finances. Thus, financial education is instrumental to help them set clear financial goals and plan for the future. [ABSTRACT FROM AUTHOR]

While there have been numerous studies illustrating the rather low level of financial knowledge of Americans, there have been only a few efforts to examine the effectiveness of employer-provided programs in enhancing financial literacy and the ability of these programs to modify worker retirement and saving decisions. In this paper, I summarize the findings from a series of studies conducted over the past 20 years. All of the studies were done in conjunction with employers. The primary objectives of this research have been to evaluate the effectiveness of onboarding and retirement planning programs and the financial education provided in these programs. In addition, employer nudges to mid-career employees are examined. I describe the impact of financial planning programs on worker knowledge of key financial concepts and their ability to make better decisions concerning saving decisions and the timing of retirement. I also provide recommendations on how to improve the effectiveness of workplace financial education programs. [ABSTRACT FROM AUTHOR]

Purpose: This study introduces the concept of financial advice deserts (FADs), including financial advice received from personal financial advisors (PFAs) and Certified Financial Planners™ (CFP professionals) and investigates the association between living in these FAD states and the retirement planning activities of individuals. Design/methodology/approach: This study uses merged data gathered from multiple sources including (1) available state-level information on CFP professionals from the CFP board website, (2) state-level information on PFAs from the US Bureau of Labor Statistics and (3) individual levels of retirement planning behavior and other personal characteristics from the 2018 FINRA National Financial Capability Study. Using web data extraction tools and logistic regression analyses, this study examines the association between a series of individual retirement planning activities and living in the FAD states. Findings: The study found that living in the FAD states was negatively associated with both having retirement accounts and contributing regularly to retirement accounts. Overall, the findings of this study underscore the need for providing greater access to financial advice and improving financial literacy among financially marginalized populations who are residing in FAD states in the United States of America. Originality/value: This study makes unique contributions to the literature by raising the issue of geographic inequality in terms of access to financial advice and introducing the innovative notion of FADs. The findings provide fresh insights into the understanding of retirement planning and preparedness from the perspective of state-level inequality of financial advice through PFAs and CFP professionals, thereby expanding the previous knowledge that emphasizes only individual- and household-level differences. Significant implications for public policies and practitioners are also discussed. [ABSTRACT FROM AUTHOR]

The life expectancy rate of individuals worldwide has risen, and Saudi Arabia is not excluded. Rising long-life expectancy may jeopardize employees' pensions and reduce the chances of adequate earnings and a decent life after retirement. Moreover, the number of employees, who have paid into pension funds and are now retired, has increased, indicating that pension funds are expected to decrease. Apart from the above, the level of financial literacy in Saudi Arabia was substandard. Therefore, the ultimate objective of this research is to examine the measurable factors that could impact employees in their financial planning for retirement (FPR). These factors comprise the employee's financial literacy (FL), financial risk tolerance (FRT), and cultural factors based on the CWO model. Moreover, this study aims to investigate the mediating roles of culture in their relationship with financial planning for retirement. Primary data was collected during the COVID-19 pandemic from mid-July 2020 until the end of January 2021 using a non-probability convenience sampling approach involving 525 participants. The Structural Equation Modelling (SEM) technique was used to analyze the data. To determine the type of study variables, either a formative or reflective model of Confirmatory Tetrad Analysis (CTA-PLS) was used. The results show the significant influence of basic FL, FRT, and culture on FPR. Moreover, it shows the critical role of culture among those with advanced FL and FRT. Previous studies have examined FL and FRT in FPR without considering the effect of culture as a mediator. [ABSTRACT FROM AUTHOR]

Retirement is an important phase of life, bringing with it many challenges in terms of adjustments and changes in lifestyle, self-esteem, friendships, and vocation. In the context of Bangladesh, most of the employees retire after working for many years, therefore their bonding with their work is strong and their life is meaningful once they were attached to work. Therefore, retirement impels to making changes in daily routine, bringing disengagement from work and the individual may enters into a state of devaluation. Retirement may offer an opportunity to establish a more preferable rhythm in life, but, on the other hand, retirement may also lead to some social and personal challenges. The focus of this study is to review and assess the literature towords various dimensions of retirement planning. The literature is reviewed from various articles on retirement planning from various sources which are further synethesised to derive the interpretations. The findings and outcome of the study emphasises on the significance of retirement planning, the importance of financial literacy to smoothen the retirement planning and elements that contributes towards the successful life after retirement. [ABSTRACT FROM AUTHOR]

Socio-economic factor, family structure has impact on the various facets of economy as well as individual's life, specifically after retirement. In the past, primarily India had joint family structure or a compound family structure, which was a great source of support after retirement. Today India's population is growing but average family size is reducing. This phenomenon translates into more retired people per working individual. If pretired individuals are financially secure, their hardships of old age can be reduced to a large extent. Per capita income today, is far greater as compared to past with many more investment avenues to suit ones requirement. Financial plan is required to satisfy financial needs at various stages of life. Income after retirement is consequence of the investments made during work life, which is the result of the financial plan for retirement. The census data indicates life expectancy for women is higher than men. Hence, it is important that women make financial planning for their financial needs after retirement. Financial literacy, savings and clarity of objectives are positively related to financial planning by the individuals. The data for the study is collected using Google Forms from the individuals employed in ITES sector in the city of Bengaluru. Logistic regression model is used to evaluate variance in the financial planning for retirement due to explanatory factors, 'clarity of financial goal', 'attitude towards savings' and 'financial literacy' on 'financial planning for retirement. Independent t test is used to evaluate difference between men and women. The study revealed that explanatory variables had influence on the financial planning for retirement and t test revealed that men and women do not differ in their behavior. [ABSTRACT FROM AUTHOR]

Purpose: This study mainly aimed to show that financial literacy is not always enough in explaining workers' individual pension plan ownership as financial literacy knowledge does not always result in financially literate decisions/actions, and in such cases perceived consumer risks can be used to explain the IPP ownership decision of workers. Design/methodology/approach: The data were collected via a questionnaire adapted from earlier questionnaires using convenience and snowball sampling methods with Internet based applications such as Facebook, Twitter, Instagram and WhatsApp. T-tests, ANOVA and Chi-Square tests were conducted to find out if there is a relation/interaction between individual pension plan (IPP) ownership and financial literacy, and perceived consumer risks (N = 651). Findings: It is found out that financial literacy level does not have a statistically significant relation with individual pension system (IPS) involvement of workers in Turkey, but perceived consumer risks show differences based on IPP ownership. Originality/value: To the best of authors' knowledge, this study contributes to the literature being the first paper to study the relationship between financial literacy and workers' IPP ownership decisions in Turkey and it also shows that perceived consumer risks can be used for explaining workers' IPS involvement in cases where financial literacy knowledge does not translate into financially literate decisions. [ABSTRACT FROM AUTHOR]

This study examines the financial literacy level of Indian professional women and its relation to their retirement planning behavior. We use factor analysis and the Rasch model to evaluate the validity and reliability of a financial literacy scale. Additionally, we use multiple regression to examine the association between demographic characteristics and financial literacy with retirement planning. Our results reveal that the respondents display low levels of financial literacy as reflected by a lack of awareness about both basic and advanced financial concepts. Further, a woman's age, income, profession (financial), and understanding of advanced financial concepts are key factors associated with retirement planning behavior. The findings have implications for financial planning professionals, advisors, regulators, and policymakers in guiding women to make better retirement decisions. [ABSTRACT FROM AUTHOR]

Financial literacy is an important factor that affects financial assets saved for retirement. Based on the China Household Finance Survey (2017) data and the two‐stage life cycle model, we study the impact of financial literacy on retirement financial portfolios. The findings are as follows: (i) financial literacy has a significant positive impact on the choice of wealth management products, risky financial assets and the total amount of retirement financial assets, but it has a negative impact on the choice of bank savings; (ii) financial literacy has a significant negative impact on the proportion of savings but has a significant positive impact on the proportion of wealth management products and risky financial assets; and (iii) using a different financial literacy index, considering selection bias and the influence of financial practitioners in the household, we prove the reliability of the above results. The paper highlights the importance of financial education and provides strong support for public (government) involvement to strengthen financial literacy education and improve the awareness of retirement financial planning to reduce the financial pressures faced by many of China's elderly citizenry. [ABSTRACT FROM AUTHOR]

The present article examines (i) the dimensions of financial literacy and (ii) financial literacy as a second-order (higher order) factor measuring retirement financial planning of working individuals in the city of Delhi. The study incorporated cross-sectional data of working individuals (N = 538) from different public/private sector organisations in Delhi & NCR. For data collection, a welldesigned online questionnaire was framed on a five-point Likert scale and data were analysed using the AMOS (version 20) software using structural equation modelling approach (SEM). The results of the study showcased that when dimensions of financial literacy modelled directly with retirement financial planning (RFP), only financial knowledge, financial behaviour, and financial attitude are significantly associated with RFP, whereas financial awareness is not found to be associated in a significant manner. However, when financial literacy modelled as a second-order (higher order) factor with RFP, the results showed a significant association with RFP. Thus, financial literacy as a second order is the preferred model. [ABSTRACT FROM AUTHOR]

This article describes the current status and trends in the past three decades (1990–2019) of the Journal of Financial Counseling and Planning (JFCP). Since its first issue published in 1990, JFCP has become a major research outlet in consumer finance. The journal publishes cutting-edge, peer-reviewed, original research papers on consumer financial counseling, planning, and education that have broad impacts on both academic research and business practices in the field of consumer finance. It is included in many major indexes such as Scopus, Emerging Source Citation Index, EconLit, among others. It has published influential papers on consumer financial well-being, financial capability, financial education, financial counseling, financial planning, retirement planning, risk tolerance, and financial behavior change. [ABSTRACT FROM AUTHOR]

Gerontology is the main concern about the social, psychology, social, cognitive and biological aspects of aging. This paper focuses on the aging population in Malaysia as there is an increase in the number of 60 years old in the country. Malaysia will be labeled “old status country” in the year 2035 according to the Department of Statistics Report (2016). There is a lack of awareness to save for old age amongst Malaysians. Malaysians tend to procrastinate in this issue thinking that their retirement is still a long way off. This paper will identify the Malaysians behavior in making forecasting planning for their retirement. It comprises the predictors of retirement plans based on the attitude for savings, level of consumption, investing wisely, and financing consumption during the pre-retirement period. This study will conduct using the quantitative approach focusing on the employees in the private sector with at least ten years left of service before achieving the retirement age. The study will use regression analysis to analyses the data. It is hoped that this finding will confirm the relevance of planning constructs and enhance retirement savings behavior, following establishes a need to improve levels of financial knowledge in society. [ABSTRACT FROM AUTHOR]

This study aimed to analysis financial literacy level and financial planning for retirement willingness of academicians in public universities of KP. Financial planning for the retirement and financial literacy has been a discussionable topic among researcher in the recent times because of their contribution in planning for peaceful life after retirement. In this paper researcher analyze financial planning for retirement and level of financial literacy academicians in public universities of KP, Pakistan. Quantitative research design was used and data was collected by using survey approach via convenient sampling. Questionnaire was distributed among sampled population of 275 different scale teachers. After analysis by using SPSS 25v findings elaborates positive and significant association among the study variables. The findings reveals that academicians who have enough financial knowledge are worried and steps forward for future financial strategies for life after retirement. They are looking for investment which will give them good and save returns in future. Results of study are helpful for financial institutions and government to divert focus toward financial literacy of individuals which helps them in making financial plans for retirement effectively. Faculty could use study's findings to develop curriculum that addresses impact of financial literacy on financial planning for retirement outcomes. [ABSTRACT FROM AUTHOR]

Financial investments offer the option of wealth multicplicity and social security. The investment cycle begins with current savings from current income and choosing the right kind of avenue for parking the surplus funds. With a disciplined investment approach and a focused financial roadmap, one can ensure a secured future. The study is an attempt to analyze the awareness and perceptions of working and retired households of Anand city towards investment planning. Besides, the research also analyses the investment habits of the respondents. The findings suggested that the awareness level for traditional investment options was higher as compared to contemporary options. The retired and the working households of the city were observed to be risk averse and believed investing in secured and safe securities. There is a need to spread financial literacy among the respondents of the city for diversified investment options so that they can make informed investment decisions and generate highher returns. [ABSTRACT FROM AUTHOR]

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. [ABSTRACT FROM AUTHOR]

Financial Education Programs –FEP– enjoy widespread governmental and private support and are considered essential tools for improving financial literacy, encouraging financial inclusion, and increasing consumer financial protection. Therefore, assessing their effectiveness is critical to guarantee that public and private resources are allocated wisely. The available empirical literature casts serious doubts on the effectiveness of FEP in achieving their objectives. Even properly designed -from an impact evaluation viewpoint- FEP fail to deliver long-run effects on individuals' financial literacy or financial outcomes. We highlight the challenges to evaluate the impact of FEP. We showcase the international experience in assessing the effectiveness of these programs and offer a set of recommendations regarding the attributes that FEP should have to allow serious policy evaluation. [ABSTRACT FROM AUTHOR]

Copyright of Research Papers of the Wroclaw University of Economics / Prace Naukowe Uniwersytetu Ekonomicznego we Wroclawiu is the property of Uniwersytet Ekonomiczny we Wroclawiu and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Financial literacy is intended to enable individuals to handle their financial resources efficiently in order to sustainably develop their living conditions. The financial education needs of individuals vary with regard to their current levels of financial literacy. The financial needs of an individual keep on changing throughout the lifetime. Individuals also feel that they need a minimum level of knowledge that helps them to handle financial services that are easier, simpler and allow them to sustainably secure their livelihoods. For the current study, a survey has been conducted in Dakshina Kannada District of Karnataka State to extract the response of the investors. The key variables of the study are demographics, attitude of the investors towards money, financial planning, retirement planning and their behavior towards financial decision-making. The data analyzed in the paper provides an understanding of investors' level of financial literacy and assessment of their attitudes. The results of the study reveal that the investors have positive attitude towards money and financial planning. Moreover the retail investors have good idea about the financial instruments as well. However , level of financial literacy of the investors is not encouraging. [ABSTRACT FROM AUTHOR]

While financial knowledge has been linked to improved financial behaviour, there is little consensus on the value of financial education, in part because rigorous evaluation of various programmes has yielded mixed results. However, given the heterogeneity of financial education programmes in the literature, focusing on 'generic' financial education can be inappropriate and even misleading. Lusardi (2009) and others argue that pedagogy and delivery matter significantly. In this paper, we design and field a low-cost, easily-replicable financial education programme called 'Five Steps', covering five basic financial planning concepts that relate to retirement. We conduct a field experiment to evaluate the overall impact of Five Steps on a probability sample of the American population. In different treatment arms, we quantify the relative impact of delivering the programme through video and narrative formats. Our results show that short videos and narratives (each takes about 3 minutes) have sizeable short-run effects on objective measures of respondent knowledge. Moreover, keeping informational content relatively constant, format has significant effects on other psychological levers of behavioural change: effects on self-efficacy are significantly higher when videos are used, which ultimately influences knowledge acquisition. Follow-up tests of respondents' knowledge approximately 8 months after the interventions suggest that between one-quarter and one-third of the knowledge gain and about one-fifth of the self-efficacy gain persist. Thus, this simple programme has effects both in the short run and medium run. [ABSTRACT FROM AUTHOR]

We use a representative survey covering 1,500 households to document the level of financial literacy in Switzerland and to examine how financial literacy is related to retirement planning. We measure financial literacy with standardized questions that capture knowledge about three basic financial concepts: Compound interest, inflation, and risk diversification. We measure retirement planning by the incidence of a voluntary retirement savings account. Our results show that financial literacy in Switzerland is high by international standards--a result which is compatible with the high ranking of Switzerland on the PISA mathematical scales. Financial literacy is lower among low-income, less-educated, and immigrant, non-native-speaking households as well as among women. We find that financial literacy is strongly correlated with voluntary retirement saving. Our results also show that financial literacy is correlated with financial market participation and mortgage borrowing. [ABSTRACT FROM AUTHOR]

Financial literacy and numeracy are closely tied. Furthermore, financial literacy has been shown to relate to important financial behaviors. This study examines the relationship between financial literacy and retirement planning using a measure that includes questions requiring numeracy. We implement a customized survey to a representative sample of 1,024 Australians. Overall, we find aggregate levels of financial literacy similar to comparable countries with the young, least educated, those not employed, and those not in the labor force most at risk. Our financial literacy measure is positively related to retirement planning in our sample. [ABSTRACT FROM AUTHOR]

We study financial literacy in France using the PATER survey and following the Lusardi and Mitchell (2011c) approach. We find that some subpopulations are less financially literate than others: women, young and old people as well as less-educated people are more likely to face difficulties when dealing with fundamental financial concepts such as risk diversification and inflation and interest compounding. We also find some differences in financial knowledge depending on the political opinion of the respondents. Finally we show that these differences in financial knowledge are correlated with differences in the propensity to plan: people who score higher on the financial literacy questions are more likely to be engaged in the preparation of a clearly defined financial plan. [ABSTRACT FROM AUTHOR]

Abstract: We design and administer a financial literacy test tailored to a specific defined contribution plan. We find that participants show fairly good knowledge of the basic mechanics of the plan, but are unable to differentiate among various investment options. Knowledge is particularly low among women, low income and low education employees. We also find some evidence that personal contributions lead to more knowledge. These results support plan designs that have few investment options and encourage personal contributions. [Copyright &y& Elsevier]

A needs assessment was conducted for the adaptation of an existing online Cooperative Extension investment course for use by farm households. The theoretical model was Social Marketing Theory. Data about financial attitudes, practices, and learning preferences of farm households were collected through a telephone survey of 300 farm households and two focus groups. Quantitative and qualitative data confirmed that farmers prefer investing in land and farm-related assets instead of securities. Further, an increasing number of farm family members engaged in paid employment, which provided access to employee benefits. Many farmers did not plan to retire in later life but indicated a desire to scale back their work hours and/or reduce the size of their farm business. Women in the sample were more engaged with the Internet than men and less likely to dislike using computers. [ABSTRACT FROM AUTHOR]

The article discusses financial literacy among mature U.S. women as revealed by a survey of 785 women at least 50 years of age, conducted by the 2004 Health and Retirement Study. A battery of six questions concerning inflation, interest rates, risk diversification, and retirement planning was administered to survey participants. Results suggest that older women in the U.S. have low levels of financial literacy, and have done little planning for retirement. In addition, retirement planning is more common among women who are financially literate.