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Psychosocial determinants of financial planning for retirement among immigrants in Europe

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  • Topa, Gabriela
  • Moriano, Juan A.
  • Moreno, Ana
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    Abstract

    The aim of this paper is twofold. First, to extend Hodges’ model of relationships between financial planning for retirement with psychosocial variables to predict both objective and subjective measures of financial planning. Second, to apply that model to a representative sample of immigrants in Europe provided by the first wave of SHARE study. Data from 1272 immigrants in Europe were obtained through structured interviews and questionnaires. The Structural Equation Modeling (SEM) analyses reveal that the total expected amount of pension was predicted by poor health, migration seniority, and job demands, among other variables. Total years of pension contribution were predicted by salary, job tenure, and migration seniority. These results validate and expand the previous research on bridge employment activities and partial retirement.

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    Bibliographic Info

    Article provided by Elsevier in its journal Journal of Economic Psychology.

    Volume (Year): 33 (2012)
    Issue (Month): 3 ()
    Pages: 527-537

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    Handle: RePEc:eee:joepsy:v:33:y:2012:i:3:p:527-537

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    Web page: http://www.elsevier.com/locate/joep

    Related research

    Keywords: Retirement; Immigration; Europe; Psychosocial determinants; Financial planning;

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    References

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    1. van Rooij, Maarten C.J. & Lusardi, Annamaria & Alessie, Rob J.M., 2011. "Financial literacy and retirement planning in the Netherlands," Journal of Economic Psychology, Elsevier, vol. 32(4), pages 593-608, August.
    2. Neymotin, Florence, 2010. "Linking self-esteem with the tendency to engage in financial planning," Journal of Economic Psychology, Elsevier, vol. 31(6), pages 996-1007, December.
    3. Lusardi, Annamaria & Mitchell, Olivia S., 2007. "Baby Boomer retirement security: The roles of planning, financial literacy, and housing wealth," Journal of Monetary Economics, Elsevier, vol. 54(1), pages 205-224, January.
    4. Olivia S. Mitchell, 1982. "Fringe Benefits and Labor Mobility," Journal of Human Resources, University of Wisconsin Press, vol. 17(2), pages 286-298.
    5. Laura Crespo, 2006. "Caring For Parents And Employment Status Of European Mid-Life Women," Working Papers wp2006_0615, CEMFI.
    6. Croy, Gerry & Gerrans, Paul & Speelman, Craig, 2010. "The role and relevance of domain knowledge, perceptions of planning importance, and risk tolerance in predicting savings intentions," Journal of Economic Psychology, Elsevier, vol. 31(6), pages 860-871, December.
    7. Stark, Oded, 1995. " Return and Dynamics: The Path of Labor Migration When Workers Differ in Their Skills and Information Is Asymmetric," Scandinavian Journal of Economics, Wiley Blackwell, vol. 97(1), pages 55-71, March.
    8. Pascale Lengagne & Thierry Debrand, 2007. "Pénibilité au travail et santé des seniors en Europe," Économie et Statistique, Programme National Persée, vol. 403(1), pages 19-38.
    9. Bartel, Ann P, 1979. "The Migration Decision: What Role Does Job Mobility Play?," American Economic Review, American Economic Association, vol. 69(5), pages 775-86, December.
    10. Siegrist, Johannes & Starke, Dagmar & Chandola, Tarani & Godin, Isabelle & Marmot, Michael & Niedhammer, Isabelle & Peter, Richard, 2004. "The measurement of effort-reward imbalance at work: European comparisons," Social Science & Medicine, Elsevier, vol. 58(8), pages 1483-1499, April.
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    Cited by:
    1. Scott Payne & Jeremy Yorgason & Jeffrey Dew, 2014. "Spending Today or Saving for Tomorrow: The Influence of Family Financial Socialization on Financial Preparation for Retirement," Journal of Family and Economic Issues, Springer, vol. 35(1), pages 106-118, March.

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