Financial Planning for Later Life: Subjective Understandings of Catalysts and Constraints
AbstractThis 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 InfoPaper provided by McMaster University in its series Social and Economic Dimensions of an Aging Population Research Papers with number 118.
Length: 43 pages
Date of creation: Jun 2004
Date of revision:
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financial planning; aging;
Find related papers by JEL classification:
- J14 - Labor and Demographic Economics - - Demographic Economics - - - Economics of the Elderly; Economics of the Handicapped; Non-Labor Market Discrimination
- J26 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Retirement; Retirement Policies
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