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Promoting later planned retirement: Construal level intervention impact reverses with age

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  • van Schie, Ron J.G.
  • Dellaert, Benedict G.C.
  • Donkers, Bas

Abstract

We predict an age-related reversal of the effect of a construal level intervention on planned retirement age. As individuals’ temporal distance to retirement decreases, their primary retirement goal is likely to change. Younger individuals are primarily driven by desirability goals, but older individuals are driven by feasibility goals. Results from an online survey show that indeed a construal level intervention-induced global mindset increases the impact of desirability considerations on planned retirement age for younger individuals (and lowers planned retirement age), but increases the impact of feasibility considerations for older individuals (and raises planned retirement age). The findings underline the importance of taking into account heterogeneity in individuals’ chronic construals of decisions when designing construal level interventions to promote later planned retirement ages.

Suggested Citation

  • van Schie, Ron J.G. & Dellaert, Benedict G.C. & Donkers, Bas, 2015. "Promoting later planned retirement: Construal level intervention impact reverses with age," Journal of Economic Psychology, Elsevier, vol. 50(C), pages 124-131.
  • Handle: RePEc:eee:joepsy:v:50:y:2015:i:c:p:124-131
    DOI: 10.1016/j.joep.2015.06.010
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    Cited by:

    1. Robert L. Clark & Robert G. Hammond & Christelle Khalaf, 2019. "Planning for Retirement? The Importance of Time Preferences," Journal of Labor Research, Springer, vol. 40(2), pages 127-150, June.
    2. Joanna Rudzinska-Wojciechowska, 2017. "If you want to save, focus on the forest rather than on trees. The effects of shifts in levels of construal on saving decisions," PLOS ONE, Public Library of Science, vol. 12(5), pages 1-18, May.
    3. Niels Vermeer & Maarten Rooij & Daniel Vuuren, 2019. "Retirement Age Preferences: The Role of Social Interactions and Anchoring at the Statutory Retirement Age," De Economist, Springer, vol. 167(4), pages 307-345, December.
    4. Lourenço, Carlos J.S. & Dellaert, Benedict G.C. & Donkers, Bas, 2020. "Whose Algorithm Says So: The Relationships Between Type of Firm, Perceptions of Trust and Expertise, and the Acceptance of Financial Robo-Advice," Journal of Interactive Marketing, Elsevier, vol. 49(C), pages 107-124.

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    More about this item

    Keywords

    Retirement planning; Construal level theory; Mental representation;
    All these keywords.

    JEL classification:

    • D12 - Microeconomics - - Household Behavior - - - Consumer Economics: Empirical Analysis
    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • J26 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Retirement; Retirement Policies

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