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Financial Planning for Later Life: Subjective Understandings of Catalysts and Constraints

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Author Info

  • Candace L. Kemp
  • Carolyn J. Rosenthal
  • Margaret Denton
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    Abstract

    This paper examines the conditions under which individuals begin or do not begin making financial plans for their later years. The data are drawn from a sample of mid- and later-life individuals (n=51) who participated in qualitative, life-history interviews. Participants identified three types of circumstances that acted as both catalysts and constraints to their planning: financial, personal and familial. Catalytic financial influences included employer programs and enrolment in retirement courses, while job loss and unforeseen expenses were viewed as constraints. Personal influences such as health and age, as well as familial transitions such as the death of a spouse, divorce, or remarriage served as both catalysts and constraints, depending on the individual. For example, divorce was viewed by some as a constraint, while others viewed it as a catalyst. Participants' locations in the social structure influenced the onset of financial preparation, however, subjective perceptions of life circumstances were also pivotal.

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    Bibliographic Info

    Paper provided by McMaster University in its series Social and Economic Dimensions of an Aging Population Research Papers with number 118.

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    Length: 43 pages
    Date of creation: Jun 2004
    Date of revision:
    Handle: RePEc:mcm:sedapp:118

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    Related research

    Keywords: financial planning; aging;

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    Cited by:
    1. Isik U. Zeytinoglu & Margaret Denton, 2006. "Satisfied Workers, Retained Workers: Effects of Work and Work Environment on Homecare Workers' Job Satisfaction, Stress, Physical Health, and Retention," Quantitative Studies in Economics and Population Research Reports 412, McMaster University.
    2. Margaret Denton & Linda Boos, 2007. "Gender Inequality in the Wealth of Older Canadians," Quantitative Studies in Economics and Population Research Reports 413, McMaster University.
    3. Frank T. Denton & Christine H. Feaver & Byron G. Spencer, 2005. "Population Aging in Canada: Software for Exploring the Implications for the Labour Force and the Productive Capacity of the Economy," Quantitative Studies in Economics and Population Research Reports 403, McMaster University.
    4. Margaret Denton & Karen Kusch, 2006. "Well-Being Throughout the Senior Years: An Issues Paper on Key Events and Transitions in Later Life," Quantitative Studies in Economics and Population Research Reports 411, McMaster University.

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