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TOO FAR AWAY TO CARE ABOUT? PREDICTING PSYCHOLOGICAL PREPAREDNESS FOR RETIREMENT FINANCIAL PLANNING AMONG YOUNG EMPLOYED ADULTS

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Bačová V., Kostovičová L.
Ekonomický časopis (Journal of Economics)
|
2018
|
vol. 66
|
issue 1
43 – 63
EN
Knowing which factors underlie beliefs concerning financial planning for retirement (FPR) among young adults is essential for designing interventions to support their actual FPR. Therefore, we examined predictors of FPR-related beliefs and current retirement savings in a sample of 502 employed Slovak adults aged 20 to 35 years. Actual savings and all dimensions of psychological preparedness for FPR were positively predicted by retirement financial literacy and self-rated financial literacy. Moreover, we found that perceived FPR emotional load decreases with education, and perceived FPR task complexity diminishes with age. Further, increasing income was predictive of a higher subjective FPR competence and a perception of FPR as less stressful. Finally, professional experience in the financial domain was linked to a higher self-assessed capability in terms of FPR, but also with a lower personal FPR engagement. Our findings stress the need for effective communication of information about FPR’s relevance to young people.
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