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The purpose of this study is to examine a mechanism through which subjective financial literacy can exert negative effects on the retirement saving intention and behaviors, which has not been well understood in prior research. Particularly, the authors draw on the relevant risk literature to introduce financial risk tolerance and risk perception as important mediators that transfer subjective financial literacy into reduced retirement saving intention which in turn affects the saving behaviors.

The authors test the model with a sample of 347 adults using factor analysis and structural equation modeling.

Consistent with the notions about the negative side of subjective financial literacy, the authors find supporting evidence for the proposed indirect effects of financial literacy on retirement saving intention via risk tolerance and risk perception. In addition, the authors observe that an individual's retirement saving intention strongly predicts their retirement saving behaviors.

The study offers insights into the mechanisms that subjective financial knowledge might also inhibit individual's responsible financial behaviors (e.g. retirement saving).

This study aims to examine the effect of future time perspective (FTP), financial risk tolerance (FRT) and knowledge of financial planning for retirement (KFPR) on retirement saving behavior (RSB).

Primary data were collected using a non-probability judgmental sampling technique. A questionnaire was distributed either manually (by hand) or through email where 370 United Arab Emirates (UAE) residents used in the higher education sector participated. The data analysis was obtained by using SPSS and Smart-PLS software. Structural equation modeling was used to evaluate the linear relationship between FTP, FRT, KFPR and RSB.

The findings from this study are consistent with previous research. FTP and KFPR had a significant positive effect, while FRT had an insignificant negative effect on RSB.

This study examined the effect of a few psychological variables on RSB and was conducted on a sample of university employees in the UAE. Additional research should examine environmental influences, individual differences and other psychological process factors. Furthermore, future research could extend the current study into other industries and other the Middle East and North Africa countries.

A better understanding of the factors that influence RSB can help working individuals, financial advisors/financial planning professionals, financial institutions and government/policymakers strengthen their understanding and initiatives toward retirement planning.

To the best of the authors knowledge, none of the previous research papers studied RSB in the UAE. Additionally, it is important to note that the results of this study can be generalized to all Gulf Cooperation Council countries because of the similar economic, political, ethical, social and cultural factors.

The purpose of this study is to find out the effect of consumption tax on savings behavior especially on the people who are close to their retirement.

The authors analyze the response in spending and retirement saving using a difference-in-differences regression methodology. The authors use the year since the Public Provident Fund (PPF) enrollment date for each individual as a random assignment to identify the service tax policy's causal impact. Therefore, this variable is a continuous variable defined as an individual's age until the end of the restrictions when people can withdraw money from their retirement savings account PPF without any penalty. The treatment variable is the service tax shock (increase in service tax) that happened effective 1st April 2015.

The authors find a significant effect of a change in the service tax rate on individuals' spending and PPF saving behavior. On average, individuals lower their consumption by about 14% and increase their PPF savings by 16% in response to the increase in the service tax rate. The authors find substantial heterogeneity in effect across different types of individuals. The effect is more pronounced for people closer to their retirement and needy people (defined as individuals with low traditional savings account balances).

The authors studied the effect of consumption tax on one category of savings (PPF) only. There are other savings instruments available in India. The data for those were not available to us.

This paper not only throws light on the consumption and savings behaviour of the individuals, but will also help the policy maker for framing appropriate fiscal policy.

Using a unique and proprietary data from a large bank in India, the authors analyze the effect of a tax policy change on households' consumption and retirement savings behavior. The authors find that households reduce their consumption by 14% and increase their voluntary retirement savings (Public Provident Fund aka PPF) by 16% in response to an increase in the service tax policy. Individuals close to their retirement age (55 years of age and above) and without any withdrawal restrictions from their PPF account tend to reduce their expenditures more and save more. Individuals with financial constraints and withdrawal restrictions do not reduce their expenditures significantly. To the best of the authors’ knowledge no study was done on this.

This purpose of this paper is to respond to calls for further research into consumer pre‐purchase decision‐making, and investigate the factors that cause a customer to make a decision to save for retirement.

Exploratory research using eight focus groups was undertaken in Sydney, Australia with a total of 55 participants. The data were analysed using the approach suggested by Cresswell and includes coding into chunks, development of themes, interpreting, and validating findings.

Three key findings emerged from the research. First, there are certain internal, external, and risk factors that have a major impact on propensity to save for retirement. These are: involvement level, motivation, needs and wants, family influence, marketer influence, competitive options, financial risk, functional risk, and psychological risk. Second, no clear and universal gender differences in the pre‐purchase decision‐making process emerged during the focus group discussions. Finally, alternative options for spending and addressing risk negatively influence pre‐purchase decision‐making and therefore the desire or ability to save.

This study is constrained by its exploratory nature. Consequently, future research could utilise quantitative methodology to confirm findings and allow generalisation of results. Also, a study incorporating ethnicity would add breadth to the findings.

Managers and policy makers benefit from understanding that marriage and turning 40 years old are highly influential to a consumer's likelihood to save for their retirement. This information is particularly useful for the development of marketing and communication campaigns.

This is the first exploratory study of pre‐purchase decision‐making which researches the triggers for buying complex financial services associated with saving for retirement.

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.

There has been a great deal of exploratory, conceptual and empirical research on digital financial literacy (DFL) in the fields of finance, economics, business and management. But up until now, there has not been any attempt to provide a thorough scientific mapping of the area. Therefore, by combining various knowledge systems, this study seeks to identify the current research trend.

A sample of 158 papers was subjected to bibliometric analysis in the areas of DFL or digital finance. Assembling, organising and evaluating are the three phases that make up the bibliometric analysis process derived from the most dependable and genuine sources, the Scopus database, and the Web of Science (WoS) database. This study was done using a scientific search technique on the Scopus and WoS databases for the years 2015 through 2022. The study made use of Biblioshiny, a web-based tool created in R-studio and part of the Bibliometrix package. Prominent journals, authors, nations, articles and themes were identified with the use of the software's automated workflow. “Citation, co-citation, and social network analysis” were also carried out.

The study' outcomes indicate that, as an interdisciplinary discipline, the themes of digital finance have changed throughout time. Researchers first concentrated on socioeconomic and demographic variables, but over time the subject expanded to include themes like influencing, promoting, and behavioural factors that affect digital financial literacy (DFL). This research shows the conceptual framework of the area in addition to its intellectual and social structure. This study offers crucial insights into subjects that demand more research.

Since the current study is a bibliometric analysis, the usual restrictions on such studies apply. A meta-analysis, a thorough literature review and other methods would be beneficial for future researchers to develop a solid conceptual framework. This current research work's science mapping is restricted to the Scopus and WoS databases because this research includes more high-quality articles and has organised formats that work with the Bibliometrix application.

Present research provides critical insights into saving behaviour, retirement planning, digital finance and the interdependence of these. This research highlights the most prevalent problems in the field and points in the direction of potential areas for further study. Exposing the social and intellectual structure of the domain educates upcoming scholars about the themes, contexts and opportunities for collaboration in this field.

The study will be useful for future learning as the study gives broad exposure to the current literature in the field of digital finance. On the other hand, people will also grow aware of the effects of digital finance and make the proper choices as a result. Additionally, the report might offer crucial insights for developing policies on digital finance and literacy.

In the past, a significant number of conceptual and empirical studies were conducted internationally in the research fields of economics, finance, business, management and consumer behaviour. This research makes a significant addition by bringing together disparate literature in the field, highlighting reliable sources, authors and documents, and examining the relationship between digital finance, saving behaviour and retirement planning.

Using the integrated behavioural model (IBM) as a theoretical framework, this study aims to identify the determinants of saving behaviour among Malaysia's income-earning Generation Y (Gen Y) born in the years 1980–1995.

The study was conducted using a questionnaire survey targeting Gen Y respondents 500 sets of responses were obtained via convenience sampling method.

Analysis conducted using partial least squares structural equation modelling (PLS-SEM) revealed that there were positive relationships among instrumental attitude, injunctive norm, perceived control, self-efficacy and intention to save. Secondly, intention to save, financial literacy and time preference were found to positively influence saving behaviour.

Policymakers may find this study useful as the results reveal saving behaviour determinants of Gen Ys in Malaysia, and policies could then be formulated to improve Gen Y's saving behaviour.

This study contributes to the literature by applying the IBM to a study on saving behaviour.

The peer review history for this article is available at: https://publons.com/publon/10.1108/IJSE-05-2023-0340

Using data from the Health and Retirement Study, we examine behavioral responses to a new generation of retirement policies that on average are actuarially neutral. Although many conventional models predict that actuarially neutral policies will not affect retirement behavior, our model allows those with high-time preference rates to find that the promise of an actuarially fair increase in future rewards does not balance the loss from foregone current benefits. Thus together with liquidity constraints facing those with high-time preference, we find that actuarially neutral policies do affect retirement behavior. One such policy follows on the elimination of the Social Security earnings test for those over normal retirement age, and would eliminate the earnings test between early and normal retirement age. Another of these policies would increase the ages of benefit entitlement. Still another such policy emerges from a central focus of the past few years on the adoption of personal accounts. Although Social Security benefits are currently paid in the form of an annuity, benefits from either defined benefit plans or from personal accounts may be made available as an annuity or as a lump sum of equivalent actuarial value. A related policy choice between actuarially equivalent benefits emerges on the pension side. There has been discussion of relaxing the current IRS prohibition against paying a pension benefit when a person remains at work, instead allowing partial pension benefits to be paid to those who partially retire on a job.

The aim of this study is to understand the effects of psychological social and financial perceptions of post-retirement life and demographic characteristics on retirement planning behaviour (RPB) of the employees from different occupational sectors.

The primary data from 400 employees in central government, state government and private sector is collected through a structured questionnaire. The questionnaire comprised of 43 items to measure social and financial perceptions and RPB along with demographic information. An exploratory factor analysis (EFA) and multiple linear regression (MLR) analysis are performed to find the significant variables of social and financial perceptions influencing the RPB.

The results of exploratory factor analysis revealed three principle components of social perceptions, four of financial perceptions and three of RPB. The role clarity, involvement, obligations, uncertainty and preparations have significant impact on RPB. This study found a moderate positive correlation between RPB and extracted factors of social and financial perceptions. The study confirms the significant effect of demographic variables such as age, marital status, occupational sector, income and education levels on RPB.

The study has number of implications for government and private sector organisations involved in offering the retirement planning solutions as well as to the employees. The stakeholders may take a note of the role of psychological social (role clarity and social involvement) and financial (financial obligations, uncertainty and preparation for post-retirement life) perceptions that influence RPB. The study also provides an insight to the policy makers for considering the demographic information such as age, education, marital status and income of the employees while designing/offering the choices of retirement plans to them. Further studies are recommended to validate the findings of this study in terms of testing the effect of psychological social and financial perceptions on retirement planning behaviour of the employees.

The purpose of this paper is to examine the status of the research on women’s financial planning for retirement. This paper provides a brief review of the work carried out so far along with a conceptual framework of factors influencing women’s retirement financial planning. In addition, it lists significant gaps and recommends avenues for future research.

The review is based on 151 articles appearing in various peer-reviewed journals published during 1980–2017. The study establishes its prominence by studying the publication activities based on the year of publication and region, citation analysis, research designs, data analysis techniques and findings from the selected articles.

Most of the literature on women’s financial planning for retirement indicates a lack of financial management amongst women and their susceptibility to poverty in postretirement years. The majority of the research works in this field have taken place in developed economies. Empirical research with regression-based models for analysis is the most popular research design. This review also highlights the significant determinants of women’s retirement financial planning as identified through literature. These include socio-demographic factors, psychological constructs, financial literacy, economic and circumstantial forces.

This paper covers the research works done in this area in the past 38 years. To the best of authors’ knowledge, this is the first attempt to provide a systematic and comprehensive compilation of the knowledge in this subject. It further synthesizes the findings of various studies on factors influencing women’s retirement financial planning and gives recommendations for future studies.