Develop a retirement plan and stick to it: it will improve both your attitude and behavior with money

Gizelle D. Willows

doi:10.61190/fsr.v28i3.3429

Develop a retirement plan and stick to it

it will improve both your attitude and behavior with money

Authors

Gizelle D. Willows College of Accounting, University of Cape Town

DOI:

https://doi.org/10.61190/fsr.v28i3.3429

Keywords:

Retirement savings, Planner, Financial attitude, Financial behavior, Financial literacy

Abstract

This study explores the relationship between financial literacy, behavior and attitude, and retire- ment savings decisions. Members of a South African tertiary institution’s retirement fund were sur- veyed and multistage multivariate regression and mediation analyses showed that developing and conforming to a retirement plan positively influenced financial attitude and behavior. This indicates that interventions should focus on the specific behaviors which drive retirement planning, rather than financial literacy in isolation. Use of formal tools such as consulting with a financial planner also increases the relative risk of successful retirement planning. This presents a tangible and linear approach towards improved financial behavior.

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Published

2020-09-30

How to Cite

Willows, G. D. (2020). Develop a retirement plan and stick to it: it will improve both your attitude and behavior with money. Financial Services Review, 28(3), 243–271. https://doi.org/10.61190/fsr.v28i3.3429

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Issue

Vol. 28 No. 3 (2020): Fall 2020

Section

New Original Submission

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