Search

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]

Although financial trust has been modeled as a critical predictor of retirement financial planning activities, insufficient understanding has been developed concerning the relationship between financial trust and the effectiveness of the model of retirement financial planning. This current research creatively evaluated the moderating role of financial trust in the model of retirement financial planning in a sample of young working adults in Shanghai and Shenzhen, China (N = 422). Results presented evidence to support financial trust strengthened the pathways in the model of retirement financial planning. For example, social support was positively and significantly linked to retirement financial behaviors in the subsample reporting high financial trust but not among those with low trust; Risk tolerance was positively and significantly associated with retirement financial planning behaviors in the high-trust subsample but not in the low-trust subsample; Future time perspectives positively and significantly connected to retirement goal clarity in the high-trust but not low-trust respondents. Our findings improve the understanding of the model of retirement financial planning by increasing its complexity and providing new entry points to enhance retirement financial planning, namely promoting financial trust among the public. The results also propose a potential mechanism that can be used to explain how manipulation of financial trust will lead to better retirement financial planning. [ABSTRACT FROM AUTHOR]

The important decisions that retirees have to make to try to achieve their financial goals during retirement often stem from models used by financial planners. Despite the important role it plays in many of those models, the failure rate has several limitations and many alternatives have been proposed. This article introduces a new metric, the volatility-adjusted coverage ratio, which incorporates the benefit (the coverage ratio) and the cost (the volatility of the portfolio) of the strategies considered. Application of this new metric, which improves upon both the failure rate and the coverage ratio, is illustrated by determining the optimal asset allocation, for several initial withdrawal rates, for twenty-two global markets. The overall results show that maximizing the volatility-adjusted coverage ratio typically yields optimal asset allocations that are, first, more conservative than those stemming from maximizing the coverage ratio or the expected utility of the coverage ratio; and second, more consistent with those featured by target-date funds. [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.

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]

Objective: The aim of the study is to understand the needs and interests of occupational medicine physicians (OMPs) as they transition to retirement. Methods: An electronic survey was distributed through member organizations in the United States (ACOEM), United Kingdom (SOM/FOM), India (IAOH), South Africa (SASOM), and Medichem. Results: Four hundred ninety-seven OMPs at various career stages responded, including 282 from the United States, 97 from the United Kingdom, 36 from India, 30 from South Africa, and 52 from other countries. Two hundred seventy-eight work full-time, 160 part-time, and 58 are not doing paid work. Approximately 60% serve as volunteers. Sixty percent have a written financial plan. Thirty-five percent are very comfortable with their retirement plans. After leaving full-time work, 85% plan to work part-time. There is a high level of interest in learning about opportunities for part-time work and volunteering. Conclusions: Occupational medicine physicians are very interested in learning more about compensated and uncompensated work in retirement. [ABSTRACT FROM AUTHOR]

Copyright of Journal of Management Analysis / Revista Gestão em Análise is the property of Revista Gestao em Analise 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.)

New financial planners may be hesitant to advise small-business owners about which retirement plan to sponsor because this decision requires specialized knowledge. However, the practice of suggesting the optimum plan choice is an essential financial planning skill. What's more, small-business owners crave suitable advice. In an effort to start planners on the journey to helping plan sponsors choose the best retirement plan for their clients, we present 10 examples regarding "plan choice" issues with some introductory context concerning several topics. [ABSTRACT FROM AUTHOR]

Although most financial services professionals read many practitioner articles related to their field, many sources from the academic press and specialty journals contain valuable information that can be helpful in their practices. Often the concepts, techniques, and/or presentations in these resources are not user-friendly. In this article, the authors have attempted to identify relevant articles in academic and specialty publications over the past year and to summarize them in a nontechnical manner, although it must be emphasized that it is not possible to provide the complete depth and full context of the actual articles. The topics chosen represent three areas of special interest to financial services professionals: estate planning, retirement planning, and investment planning. [ABSTRACT FROM AUTHOR]

Population aging challenges the sustainability of pay-as-you-go pensions. Policy recommendations have suggested that individual funded pensions should be used for additional pension security. This would require people to financially plan for retirement at an early stage, because funded pensions need to be accumulated in advance. This study investigates how pension security concerns shape financial retirement planning across age groups. For this purpose, 32 people in their 30s, 40s, 50s, and 60s were recruited for semi-structured interviews on retirement planning. Qualitative content analysis was performed. The study shows how pension concerns contribute to a perception of increased personal responsibility over pension security, but perceived risks were also dismissed. Younger interviewees were concerned about pension security but rationalized postponing financial retirement planning through riskneutralization techniques. Financial planning was also shaped by family obligations among older interviewees. The study points to reasons why people may postpone retirement planning to a non-optimally late age. [ABSTRACT FROM AUTHOR]

The psychological implication of retirement is underemphasised. This study examined the relationship between proactive personality, social comparison, and retirement anxiety among Nigerian civil servants. The study is a cross-sectional design, using proactive personality, social comparison orientation, and Nigerian pre-retirement anxiety scales. Five hundred and eight staff members in government-owned tertiary institutions with five years or less to go until retirement, and at a mean age of 57.47 (SD = 3.02), were surveyed. The study established that a proactive personality negatively predicted retirement anxiety and that civil servants engage in diverse forms of intrapreneurship/entrepreneurship to augment their savings. The study also revealed that social comparison (opinion) mediated the relationship between proactive personality and retirement anxiety (financial preparedness and social alienation). In addition, the study found that social comparison (opinion and ability) mediated the relationship between proactive personality and retirement anxiety (financial preparedness) in a sequential order. The findings suggest that retirees in Nigeria face complex challenges, including financial unpreparedness, social alienation, and uncertainty. The study highlights the importance of understanding the relationship between personality traits, social comparison, and retirement anxiety in order to develop effective interventions and policies that support retirees in Nigeria. [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]

This study is about the determinants of investment decisions among retirables to evaluate their preparedness of retirables in terms of investment before they retire, the perceived factors that influence them to invest, and their knowledge and education in financial management. It also creates an investment planning model that will fit the needs of the individual depending on their income and risk appetite to invest. The study uses a descriptive correlational method, and the results revealed no significant difference between the respondents according to the three determinants (Investment Behavior, Financial Preparedness, and Investment Influencers). Therefore, they do not differ in terms of determinants in making decisions. However, there was a significant relationship between investment determinants of retirables and investment influencers. The correlation of 0.864 between investment determinants and investment influencers for the retirables was highly correlated and statistically significant. The investment determinants influence investment decision-making; thus, it is claimed that determinant factors are extremely important to implement their investment plan for retirement preparedness. Consequently, knowing the investment determinant behavior is the key to practicing Investment planning. It is recommended, therefore, to strengthen the level of financial preparedness and education of employed people at an early age to raise awareness and improve their understanding of financial risks when they are no longer earning (retired) and make necessary investments. [ABSTRACT FROM AUTHOR]

Retirement is a phase of life that every employee will go through when they reach retirement age. Previous studies have shown that financial planning for retirement among the millennial generation in Malaysia is still lacking compared to other countries. Therefore, this study will examine the relationship between financial knowledge and financial behaviour with regard to retirement financial planning among the millennial generation. The research on retirement financial planning involves the components of cash management, savings management, credit management, insurance management, investment management, and estate planning. The survey method using systematic random sampling is applied in this study. The millennial generation is represented in the study by civil servants from the Public Service Department in Putrajaya. A questionnaire was used as a data collection instrument. As a result, a total of 270 respondents were involved in this study. To explain the relationship between financial knowledge and financial behaviour in retirement planning, Pearson Correlation Analysis was used. The results of the study show that only financial behaviour shows a moderately positive and significant relationship with retirement financial planning. Therefore, the implications of the study suggest that behavior should be given attention in ensuring that the millennial generation has the best retirement planning. Attention should be focused more on aspects of credit management and investment planning. This is necessary in order for the millennial generation to make the best financial preparations for their future well-being, particularly when approaching retirement. [ABSTRACT FROM AUTHOR]

Purpose: This study aims to determine the contribution effect of learning experience on the financial well-being of government retirees in North-Central Nigeria. Special emphasis was placed on the contribution effect of the elements of the learning experience. Design/methodology/approach: This study used correlational and cross-sectional research designs based on a questionnaire survey of 376 retirees drawn from North-Central Nigeria. A confirmatory factor analysis was used to identify the factors of learning experience using the Analysis of Moments of Structures (AMOS) software, version 23. The contributory effect of the confirmed sub-domains of learning experience on the financial well-being of retirees was established using hierarchical regression. Findings: Confirmatory factor analysis results confirmed that financial knowledge, financial planning and financial self-efficacy are factors of learning experience. Although the sub-domains of the learning experience are significant predictors of financial well-being, financial knowledge has a significant effect on financial well-being, followed by financial planning and financial self-efficacy. The sub-domains of learning experience collectively explain about 46.5% of the variance in the financial well-being of retirees in North-Central Nigeria. Originality/value: Unlike most other documentation on financial well-being, which has focused on the general effect of the learning experience as a global variable, this study explores the role played by the three dimensions of learning experience and methodologically isolates the contribution of each dimension with respect to retirees in developing countries. As such, we uncover the reality that all the sub-domains of the learning experience are significant for the financial well-being of retirees in a developing country context, though in varying effects. [ABSTRACT FROM AUTHOR]

Life insurance in estate planning needs a fresh look. Instead of assuming the use of an irrevocable life insurance trust (ILIT) as the default estate planning approach, we should instead look at it as one of many ways of implementing a life insurance strategy. A new approach to life insurance planning is the wealth conservation and protection plan (W-CAP). A W-CAP is a simple estate planning methodology designed to preserve the client's estate both while alive and at death. [ABSTRACT FROM AUTHOR]

Financial planning careers sometimes focus on providing assistance to plan sponsors regarding their retirement plan. Oftentimes a planner finds him or herself in the position of advising a small business or a solo practitioner to navigate the Employment Retirement Income Security Act (ERISA). Many professional competencies are needed to service a client's retirement plan needs. Skills include ascertaining which plan best helps the client, determining the optimal plan design, directing the plan installation process, and resolving plan administration issues, among others. This review of the services that are involved with comprehensive planning for a plan sponsor may help an advisor assess whether they are providing expected services. [ABSTRACT FROM AUTHOR]

The article examines the Workplace Wellness Survey of lesbian, gay, bisexual, transgender and queer (LGBTQ) workers. Data shows the demographic characteristics of respondents including age, household income, employment and marital status, race/ethnicity and education. It discusses workers' job satisfaction, trade-offs between benefits and wages, eligibility and participation in benefit and financial wellness programs, opinions on employer and value of benefit, and work-life balance.

Individuals in search of a free retirement calculator need not look further than Google for a large field from which to choose. These calculators can serve as a valuable tool for those thinking about the big picture of retirement. Since these calculators are an integral part of the retirement planning process, there is a need to evaluate them and create a set of standardized criteria to assess their validity for a given client. The users of these tools are average financial planning clients, but the beneficiaries of this analysis will be financial planners because they will be better able to understand their clients' thinking. This paper will further educate planners on common calculators their clients may utilize, while also addressing which calculators best suit which clients. [ABSTRACT FROM AUTHOR]

Financial planning careers often focus on providing retirement planning services to clients. Investment management is a part of the package. However, many additional competencies are needed to professionally service a client's retirement needs. Skills include calculating the assets needed to retire, determining the method for creating retirement income from retirement assets, and assessing the best age to claim Social Security, among other things. A review of over 20 services that are involved in comprehensive retirement planning may help an advisor to assess whether there are other areas of need with which they can help a client. [ABSTRACT FROM AUTHOR]

As the financial services field moves toward holistic retirement planning and away from a transactional environment, the piece that is often missing is a deep knowledge of aging consumers and how their needs change over time. Some financial professionals believe their role is to focus on finance and leave these aging-oriented topics to other professionals or family members. But the financial professionals who involve themselves with nonfinancial issues like those described in this column will develop stronger relationships with their clients and are better equipped to help them as they navigate the aging continuum. [ABSTRACT FROM AUTHOR]

It may be time for financial planners to advise some clients that retirement may not be in their best interests. If the job is rewarding, and interesting, the escape from retirement may indeed be a very good thing. [ABSTRACT FROM AUTHOR]

This paper assesses the impact of required minimum distributions on the 4 percent rule. The main finding pertains to ending retirement account balances. They are likely to be overstated when required minimum distributions are ignored in an analysis, and this would create a false sense of security with regard to longevity risk and legacy goals. [ABSTRACT FROM AUTHOR]

This article studies the effect of real increases in salary on required contribution rates when saving for retirement to maintain a Sustainable Lifestyle Level (SLL). We consider two strategies. The first sets conventional contribution rates, recalculating whenever an increase occurs. This requires smaller initial contribution rates, which then need to be increased later in the employee's working life. The second strategy requires that a constant contribution rate be maintained that allows for the anticipated increases. This rate requires a substantially higher contribution rate from the start. The result is particularly important for setting appropriate default contribution rates for defined contribution retirement funds. [ABSTRACT FROM AUTHOR]

Retirement planning is a widely promoted activity to enhance wellbeing for aging populations. However, there is limited follow-up data to understand the antecedents of multi-dimensional retirement planning activities, the resources such activities produce or the explanatory mechanisms. This research draws on recent theorizing, which suggests that retirement planning may play a mediating role in explaining how pre-retirement antecedents are transformed into retirement resources. Antecedents, planning and retirement resources were examined using 3 waves of follow-up data collected in 2006, 2008, and 2014. Four hundred thirty-five people originally employed in 2008 and retired by 2014 participated in the study. Health, income, and a positive retirement attitude (T1) were the strongest predictors of retirement planning (T2), but job satisfaction and occupation also played smaller predictive roles. Financial planning (T2) predicted health, psychosocial, and financial resources in retirement (T3). However, health, lifestyle, and psychosocial planning played a minimal role in explaining retirement resources, and only financial planning demonstrated noteworthy evidence of mediation. Findings can help to inform policy decisions by identifying those at greatest risk of not planning, and to isolate the factors most likely to explain the longer-term effects of planning. Understanding which resources are predicted by different domains of planning will also help inform the targeting of interventions. [ABSTRACT FROM AUTHOR]

Capturing the Uncertainty in Long-Term Mortality Forecasts The uncertainty in future longevity presents a substantial risk factor for insurance companies, pension funds, and retirement systems. In "Modeling the Risk in Mortality Projections," Zhu and Bauer present novel stochastic models for analyzing this longevity risk that focus on the uncertainty associated with long-term mortality projections and capture the evolution of mortality forecasts over the past decades. They arrive at their models by analyzing time series of mortality forecasts in a forward modeling framework, which contrasts with conventional stochastic mortality models that are built on age-specific realized mortality rates. The authors showcase their models in exemplifying financial applications in both traditional life insurance markets and the emerging longevity risk transfer market. A key takeaway is that uncertainty in positions that depend on the long-term evolution of mortality is substantially greater under their models than suggested by conventional models. This paper presents and applies models for the valuation and management of mortality-contingent exposures. Such exposures include insurance and pension benefits, as well as novel mortality-linked securities traded in financial markets. Unlike conventional approaches to modeling mortality, we consider the stochastic evolution of mortality projections rather than realized mortality rates. Relying on a time series of age-specific mortality forecasts, we develop a set of stochastic models that—unlike conventional mortality models—capture the evolution of mortality forecasts over the past 50 years. In particular, the dynamics of our models reflect the substantial observed variability of long-term projections and are therefore particularly well-suited for financial applications where long-term demographic uncertainty is relevant. [ABSTRACT FROM AUTHOR]

This study aims to determine which factors influence household perceptions of retirement planning decisions. Age, marital status, salary, level of education, loan payment, and savings habit will be identified as significant variables in the prediction. This study employed the logistic regression (logit) model, with the sample divided into those who have enrolled in a pension plan and those who have not begun to plan for a pension fund. The sample age range was 26 to 58 years old, with a total of 2,808 respondents. This study discovered that for the age range 26-35 years old, obtaining more education, being younger, earning higher salaries, having less loan obligation, and saving less, the household were more likely to have proper retirement planning. However, between the ages of 36 and 58, planning for retirement became more likely as they get older, gain more education, enter marriage life, and have more loan obligations. [ABSTRACT FROM AUTHOR]

A personal case study is considered as a cautionary tale for financial service professionals who will be dealing more and more with baby boomer clients, their aging parents, and all the financial and nonfinancial implications that entails. [ABSTRACT FROM AUTHOR]

Approximately 16% of the world's population lives in countries with some concept of a financial retirement plan. Of the remaining population, many do not have access to a Western-style retirement system, and the concept of Dharma subliminally influences them. Dharma, an Eastern philosophical system, recommends Sanyasa (renunciation), instead of comfortable retirement life, as a life goal. This paper proposes a new defined lifestyle retirement planning instrument, referred to as Holistic Annual Retirement Investment (HARI), a standardized, tradable, futures contract that can alter the way individuals think of and plan for their retirement according to their belief system. HARI is a hypothetical product based on the Eastern value system and needs improvement ideas from other researchers. So, the reader is urged to be imaginative and forgiving. [ABSTRACT FROM AUTHOR]

Hundreds of financial planning literature reviews exist; only a few papers discuss the context of retirement. This paper aims to give researchers clarity and confidence on financial planning for retirement (FPR) by incorporating diverse perspectives, including theories, methodologies, and determinants of FPR. Given the importance of conceptual models to test hypotheses and predict information in a scientific study, the literature illustrated a dearth of model adoptions in examining the determinants that shape individuals' perceptions of FPR behaviours. This paper highlights the pertinent gaps in the literature regarding the significant outcomes of empirical and theoretical contributions that relate to cognitive, psychological, and external variables influencing FPR. This review consists of two steps. The first step contains database searches, whereas the second step retrieves and screens all pertinent articles extensively covered over nearly 20 years between 2000-2019. In addition, this paper provides researchers with primary key features in prior publications, such as publication trends in years and countries, sample types, and statistical techniques employed. [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]

In the present era, financial planning for retirement has become an inevitable part of everyone's life. Financial planning for retirement has been always painstaking as an objective that can be always postponed over present needs. The main objective of the present research is to study the impact of psychological, social and economic factors on financial planning and saving practices about retirement. Respondents are Service Sector employees from the state of Punjab from four sectors namely Banking, Insurance, Education and Health. A structured questionnaire is used to procure primary data from respondents. Participants are accessed using convenience sampling. Collected data is analyzed using SPSS. The Structural Equation Modeling (SEM) technique is used to analyze the data. Research results revealed a significant influence of psychological, social and economic variables on retirement planning and saving practices. [ABSTRACT FROM AUTHOR]

Financial planners looking to provide wraparound services for their clients may want to consider several unique ideas to augment their financial planning practice. These include: appointing a daily money manager to service their client's basic financial needs, connecting with a reverse mortgage counselor, engaging a social worker or life coach to help counsel a client about the transition to retirement, compiling a package of brochures about local retirement living options for distribution to clients, and dispensing the "Financial Self-Defense Guide for Seniors" and other industry brochures. Retired clients often need these extra services, and the planner can cement his or her relationship by caring enough to go the extra mile. [ABSTRACT FROM AUTHOR]

The practice of effective retirement planning is more than simply trying to maximize the rate of return in a portfolio or remembering the value of starting a savings program early in one's career. Careful consideration should be given to how to save and ensuring that all options are evaluated. Often, taking a different approach to a common task and reviewing financial transactions objectively can provide insightful information. Retirement planning is not a stand-alone process, nor is it one that starts late in one's career. Much to the contrary, retirement savings is a marathon, not a sprint, and thinking ahead yields success. [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: The paper empirically investigates the impact of financial inclusion on food security. Subsequently, it examines the overall effect of various dimensions of financial inclusion on food security of developing countries using the panel data for the time period of 2004–2019. Design/methodology/approach: To overcome the problem of endogeneity, the study has used a fixed-effect model, two-stage least-square and system generalized method of moments estimation techniques. Secondary data was collected from various websites such as WDI, FAO, UNICEF and UNESCO. Findings: It was found in the study that there is a significant effect of financial inclusion on food security. The evidence shows that if there is more financial inclusion in the country, it will help poor people to cope with difficult situations they face and provide them food security. Financial development, per capita income, agriculture growth and education positively affect food security, while militarization and urbanization have a negative impact on food security. The crux of the analysis is that any country's financial sector is an integral part of any country that supports food security. Originality/value: The literature does not clearly show the impact of financial inclusion dimensions on developing countries' food security. Therefore, there is a need to use all the dimensions of financial inclusion to check the overall impact on food security. For this purpose, the financial inclusion index is developed. A new dimension of non-life insurance is introduced that has not been used previously by any researcher to check financial inclusion impact. [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]

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]