Measuring financial preparation for retirement
a new scale using Australian evidence
DOI:
https://doi.org/10.61190/fsr.v18i4.4957Keywords:
Scale development, Measuring retirement readiness, Retirement planning, Financial preparation for retirementAbstract
This paper presents a new scale to measure financial preparation for retirement (FPR) that permits researchers to more easily compare their results across populations of interest. The paper first develops the new scale, drawing on FPR indicators commonly used in the financial planning literature. The paper then describes Australians in terms of the individual constituent indicators of FPR. Finally, the application of the scale to a representative sample of the Australian population shows that higher levels of PPR are better explained by income, years left to retirement, and education than the more commonly accepted factors of age and gender.
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