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Aging and financial planning for retirement : Interdisciplinary influences viewed through a cross-cultural lens

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  • Hershey, D.A.
  • Henkens, C.J.I.M.

    (Tilburg University, School of Economics and Management)

  • van Dalen, H.P.

    (Tilburg University, School of Economics and Management)

Abstract

Current theoretical models support the existence of interactions between the individual and socio-environmental forces when it comes to the formation and enactment of life plance (Friedman & Scholnick, 1997; Shanahan & Elder, 2002). In this investigation, we examine the social, economic, and psychological forces that impact financial planning for retirement. The collective force of these three broad sets of influences was examined from developmental and cross-cultural perspectives, among respondents from two countries with very different retirement financing systems. Participants were 419 American and 556 Dutch working adults, 25-64 years of age. Path analysis models were created to examine differences in planning associated with age and national origin. Compared to younger individuals, older respondents in both countries were more involved in nearly all aspects of the financial planning process. Differences across cultures were also observed in the social support mechanisms that underlie planning and the impact economic forces have on perceptions of saving adequacy. The discussion focuses on the value of developing interdisciplinary theoretical models of planning, and how such models can inform the development of savings-oriented intervention and public policy initiatives.

Suggested Citation

  • Hershey, D.A. & Henkens, C.J.I.M. & van Dalen, H.P., 2010. "Aging and financial planning for retirement : Interdisciplinary influences viewed through a cross-cultural lens," Other publications TiSEM b4f94fc9-8a77-44d1-9baa-5, Tilburg University, School of Economics and Management.
  • Handle: RePEc:tiu:tiutis:b4f94fc9-8a77-44d1-9baa-5c345fa32983
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    1. repec:eee:pacfin:v:47:y:2018:i:c:p:150-165 is not listed on IDEAS
    2. Frank Erp & Niels Vermeer & Daniel Vuuren, 2014. "Non-financial Determinants of Retirement: A Literature Review," De Economist, Springer, vol. 162(2), pages 167-191, June.
    3. Frank van Erp & Niels Vermeer & Daniël van Vuuren, 2013. "Non-financial determinants of retirement," CPB Discussion Paper 243, CPB Netherlands Bureau for Economic Policy Analysis.
    4. Heenkenda, Shirantha, 2016. "Readiness to retirement planning of estate sector employees in Sri Lanka," MPRA Paper 72744, University Library of Munich, Germany.
    5. 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.
    6. Buchholtz, Sonia & Gaska, Jan & Góra, Marek, 2018. "Pension Strategies of Workers in a Country Getting Old before Getting Rich," IZA Discussion Papers 11830, Institute for the Study of Labor (IZA).

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