Retirement income beliefs and financial advice seeking behaviors
DOI:
https://doi.org/10.61190/fsr.v30i1.3469Keywords:
Behavioral finance, Financial advisor perceived usefulness, Self-efficacy, Retirement incomeAbstract
This investigation identifies and validates a series of salient behavioral finance and psychological constructs that influence retirement income planning. We show how these scales relate to each other as well as retirement income concerns and investment behaviors. We also describe how four invest- ment personas can be linked with the Advisor Usefulness and Retirement Income Self-Efficacy scales to successfully identify preferred financial implementation methods. This can assist individu- als in more readily recognizing their relative strengths and weaknesses when implementing a retire- ment income strategy, and financial professionals can present advice in a manner that addresses a client’s concerns and preferred implementation.
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