Influence of future time perspective, financial knowledge, and financial risk tolerance on retirement saving behaviors

By Joy M. Jacobs-Lawson, D. Hershey. Financial Services Review, 2005

269 citations recorded by the source corpus.

The purpose of this study is to explore the extent to which individuals' knowledge of retirement planning, future time perspective, and financial risk tolerance influence retirement saving practices. A total of 270 young working adults participated in the study. Regression analyses reveal that each of the three variables is predictive of saving practices, and they interact with one another as well. From an applied perspective, the findings suggest that counseling and intervention efforts aimed at pro­moting retirement saving should differentially target individuals on the basis of these three psycho­logical dimensions.

Subfields: Accounting, Demography, Experimental and Cognitive Psychology

View Paper: https://www.semanticscholar.org/paper/d3e1409d17d7149780c90573e71ea15cac16abcc

How researchers see this paper

The researchers whose trusted networks rank it highest, strongest advocate first. Every researcher gets a different order.

In Accounting

1. Satish Kumar
2. H. Baker
3. Sweta Tomar
4. Arvid O. I. Hoffmann
5. Neha Garg
6. Shveta Singh

In Demography

1. Sweta Tomar
2. H. Baker
3. Satish Kumar
4. Arvid O. I. Hoffmann
5. Kene Henkens
6. Neha Garg
7. Shveta Singh

In Experimental and Cognitive Psychology

1. Satish Kumar
2. Sweta Tomar
3. H. Baker
4. Arvid O. I. Hoffmann
5. D. Hershey

Citations in the corpus

• Psychological Foundations of Financial Planning for Retirement (2007, unknown): “• Self-rated financial planning knowledge will be predicted by future time perspective and general retirement goal clarity, based on previous empirical findings by Hershey and Mowen (2000), Jacobs-Lawson and Hershey (2005), and Mowen et al. (2000).”
• Financial literacy among youth (2018, background): “Risk tolerance, i.e. willingness to take more risk to fetch more return on investments was associated with retirement savings (Dulebohn, 2002; Jacobs-Lawson and Hershey, 2005).”
• Psychological determinants of retirement financial planning behavior (2021, methodology): “According to Jacobs-Lawson and Hershey (2005), there is a three-way interaction between risk tolerance, financial planning knowledge, and future time perspective that influences retirement savings.”
• Mapping the Minds of Retirement Planners (2007, background): “Hershey and Mowen (2000; see also Jacobs-Lawson & Hershey, 2005) found that future time perspective was positively associated with self-reported financial preparedness for retirement among individuals aged 35 to 88.”