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Article
Publication date: 19 July 2021

Krishna Murari, Shalini Shukla and Bhupendra Adhikari

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

Abstract

Purpose

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.

Design/methodology/approach

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.

Findings

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.

Originality/value

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.

Details

International Journal of Social Economics, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0306-8293

Keywords

Content available
Article
Publication date: 16 July 2021

Kulondwa Safari, Charity Njoka and Mugisho Guershom Munkwa

The purpose of this study was to investigate the effect of financial literacy on personal retirement planning in Bukavu city in the Democratic Republic of the Congo (DRC)…

Abstract

Purpose

The purpose of this study was to investigate the effect of financial literacy on personal retirement planning in Bukavu city in the Democratic Republic of the Congo (DRC), which is a Sub-Saharan underdeveloped country with a weak pension and social security system.

Design/methodology/approach

This study used a structural equation modeling and a sample of 361 public sector employees selected in Bukavu city in the DRC. The data were collected through a survey questionnaire, and the data were analyzed using SPSS and SMART PLS software.

Findings

The results from the study revealed that financial literacy has a significant impact on personal retirement planning. Two constructs of financial literacy, respectively, computation capability and financial knowledge were found to have a significant impact on personal retirement planning, while financial education and attitudes toward financial products were found not significant in explaining personal retirement planning.

Practical implications

The findings from this study can be used by policy makers in the DRC to design socioeconomic programs, aiming to increase the level of financial literacy in the country and awareness on personal retirement planning.

Originality/value

The reviewed studies were based mostly on developed countries, and countries were the social security system works effectively. We have not found a study on financial literacy and retirement planning that has been conducted in the DRC, which is a country with specific characteristics compared to developed countries.

Details

Journal of Business and Socio-economic Development, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2635-1374

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Article
Publication date: 1 August 1993

Salem M. Altuhaih

Early retirement in the Arabian Gulf States and in Kuwait inparticular became a public issue before and after the Gulf War. Reportsa recent study of Kuwaiti nationals who…

Abstract

Early retirement in the Arabian Gulf States and in Kuwait in particular became a public issue before and after the Gulf War. Reports a recent study of Kuwaiti nationals who retired from the Government sector from 1979 to 1989: more than 84 per cent of the sample were 50 years of age and younger; more than 70 per cent of the women and 52 per cent of the men were college graduates; more than 74 per cent of the women and 32 per cent of the males spent less than 25 years in service; and more than 51 per cent of men and 42 per cent of women worked after their retirement. The sample considered early retirement benefits and management‐organizational factors to be the major influences on their early retirement decision and proposed improving the management‐organization factors through training, managerial development, career development, and counselling as means for reducing the outflow of Kuwaiti manpower from the Government sector, and offsetting the early retirement trend.

Details

International Journal of Manpower, vol. 14 no. 8
Type: Research Article
ISSN: 0143-7720

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Article
Publication date: 1 February 1998

Karen Martin Gibler, James R. Lumpkin and George P. Moschis

Factors such as retirement and declining health may trigger older Americans to move into retirement housing. Most mature consumers make this decision in consultation with…

Abstract

Factors such as retirement and declining health may trigger older Americans to move into retirement housing. Most mature consumers make this decision in consultation with their family. Understanding the timing and decision‐making process is necessary to properly position and promote retirement housing. A national survey of retirement housing residents found that most moves were prompted by financial considerations, retirement, and health problems. Although most seniors made the final decision to move themselves, children and physicians were influencers. Thus, retirement housing must be promoted to family members and health care workers as well as potential residents.

Details

Journal of Consumer Marketing, vol. 15 no. 1
Type: Research Article
ISSN: 0736-3761

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Article
Publication date: 1 January 1976

James W. Walker and Karl F. Price

Retirement: is it the ‘golden years’ or is it relegation to the ‘human scrapheap’? In reality, it may be either, depending on a multitude of factors interrelated in a…

Abstract

Retirement: is it the ‘golden years’ or is it relegation to the ‘human scrapheap’? In reality, it may be either, depending on a multitude of factors interrelated in a complex process. This paper presents a model that describes this process and explains the retirement decision in behavioural terms. The model also shows the interaction between environmental, institutional and individual variables; their impact on retirement; and the impact of retirement upon them.

Details

Personnel Review, vol. 5 no. 1
Type: Research Article
ISSN: 0048-3486

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Article
Publication date: 1 July 1983

W.E. Beveridge

With the development over recent years of Preparation for Retirement (PFR) courses, it has become a matter of concern to evaluate the relevance of their content and method…

Abstract

With the development over recent years of Preparation for Retirement (PFR) courses, it has become a matter of concern to evaluate the relevance of their content and method to those who participate. Beveridge and Rives and Siegel suggest that programmes have tended to concentrate too much on information giving, largely on environmental issues like health, finance and housing, to the neglect of problems of psychological adjustment. Gilmore has pointed out that there is no evidence that teaching styles and methodologies appropriate to older people have been given sufficient consideration by course planners.

Details

Journal of European Industrial Training, vol. 7 no. 7
Type: Research Article
ISSN: 0309-0590

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Article
Publication date: 15 June 2010

Kenneth S. Shultz and Kène Henkens

The purpose of this overview is to provide a brief introduction to the topic of retirement, noting five key issues and directions for future research which are addressed…

Abstract

Purpose

The purpose of this overview is to provide a brief introduction to the topic of retirement, noting five key issues and directions for future research which are addressed collectively in the compilation of papers that follow: the changing nature of retirement; the need for an interdisciplinary perspective on retirement; the need to look at both individual and organizational perspectives; international variations in contexts and processes; and the need for a broad methodological perspective. The authors then outline and summarize the seven studies included in this special issue, as well as acknowledge those who were instrumental in bringing this special issue to fruition.

Design/methodology/approach

The International Journal of Manpower's usual double blind review process was used to select the seven papers included in this special issue. The papers themselves represent a wide variety of designs, methodologies, and analytic strategies used to study retirement. In addition, a wide variety of disciplinary approaches and levels of analyses and perspectives are employed across the seven studies.

Findings

The findings of the studies included in this special issue touch on retirement planning and decision making, as well as employer perspectives on the global aging workforce.

Practical implications

Each article includes practical implications with regard to retirement for the country and/or constituents examined in the study.

Originality/value

Taken as a collective, the papers in this special issue help to propel forward in significant ways the study of retirement from an international and interdisciplinary perspective.

Details

International Journal of Manpower, vol. 31 no. 3
Type: Research Article
ISSN: 0143-7720

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Article
Publication date: 1 April 2004

Saundra K. Morelos and Brian H. Kleiner

The County Employees Retirement Law of 1937 paved the way for employer‐sponsored retirement programmes to be created. One such programme is the Orange County Employees…

Abstract

The County Employees Retirement Law of 1937 paved the way for employer‐sponsored retirement programmes to be created. One such programme is the Orange County Employees Retirement System. It was implemented in 1945 to provide retirement benefits for public service employees. Since that time, many new developments have resulted in changing the system to better service the members. Those new developments include SB 558, the cancer presumptive bill, AB 1817 affecting disability retirement, AB2841 increasing employer contributions, and AB1937 increasing retirement allowances. Using Orange County as an example, these developments are analysed according to their affects upon employees. The significance of these developments for employers and employees of all companies is to encourage the appropriate action necessary to implement change in a positive way for all members of a retirement scheme.

Details

Management Research News, vol. 27 no. 4/5
Type: Research Article
ISSN: 0140-9174

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Article
Publication date: 1 December 1995

A. John Maule

Following a brief review of research on special early retirement,provides a summary of a recent extensive study by Maule, Cliff andTaylor (in press) and re‐interprets the…

Abstract

Following a brief review of research on special early retirement, provides a summary of a recent extensive study by Maule, Cliff and Taylor (in press) and re‐interprets the findings of this study in the context of the development of effective early retirement schemes. Discusses effectiveness in terms of the factors which are important in the decision and how these should be presented, the worries and concerns which people have about early retirement and how these should be addressed, ways of helping people make the decision and the factors at the point of decision that are likely to affect the quality of life in retirement. Considers of the ways in which each of these factors affect different groups of workers and the possibility that retirement schemes can be targeted to be differentially attractive to different groups.

Details

Personnel Review, vol. 24 no. 8
Type: Research Article
ISSN: 0048-3486

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Article
Publication date: 30 April 2021

Linh Thi My Nguyen, Phong Thanh Nguyen, Quynh Nguyen Nhu Tran and Thi Tuong Giang Trinh

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…

Abstract

Purpose

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.

Design/methodology/approach

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

Findings

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.

Originality/value

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

Details

Review of Behavioral Finance, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1940-5979

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