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The early bird catches the retirement savings

Lucía Rey-Ares (University of Santiago de Compostela, Santiago de Compostela, Spain)
Sara Fernández-López (University of Santiago de Compostela, Santiago de Compostela, Spain)
María Milagros Vivel-Búa (Faculty of Economics and Business Sciences, University of Santiago de Compostela, Santiago de Compostela, Spain)
Rubén Lado-Sestayo (Faculty of Economics and Business, University of Corunna, A Coruna, Galicia, Spain)

Qualitative Research in Financial Markets

ISSN: 1755-4179

Article publication date: 20 May 2019



This paper aims to investigate whether individuals’ planning horizon influences their decision to save privately for their retirement.


Focussing on Spain, this empirical research uses the fifth wave of the Survey of Health, Ageing and Retirement in Europe (SHARE)[1]. Logit models are estimated considering variables related to demographic characteristics, economic situation, education and cognitive abilities and psychological and social factors.


The results confirm that the planning horizon significantly influences the decision to save for retirement. Long-term planners are more likely to save for retirement than short-term planners.


Although previous literature has identified the planning horizon as a relevant variable in the decision to save for retirement, few empirical studies have evaluated their impact. This paper shows that it is important to develop habits of financial planning in societies, especially in societies with a prominent orientation towards the present.



Rey-Ares, L., Fernández-López, S., Vivel-Búa, M.M. and Lado-Sestayo, R. (2019), "The early bird catches the retirement savings", Qualitative Research in Financial Markets, Vol. ahead-of-print No. ahead-of-print.



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