Retirement Savings Model Tested With Brazilian Private Health Care Workers

Thaís Cravo Schuabb · Lúcia Helena de Freitas Pinho França · Silvia Miranda Amorim

16 citations0/0 files storedFrontiers in Psychology

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Financial Literacy, Pension, Retirement Analysis Retirement, Disability, and Employment Aging and Gerontology Research

Abstract

Retirement is one of the most serious challenges facing Brazil currently, considering the rapid pace of population aging, growing social inequalities, and the difficulty that Brazilians have in planning for their financial future. The number of studies on psychosocial factors in retirement is limited. The aim of this cross-sectional study is to determine Brazilian health workers' perceptions about financial planning for retirement, based on studies by Hershey and Mowen (2000). In this study, retirement saving - the dependent variable - is highlighted by the use of a model with the following antecedents: parental influence, retirement goal clarity and retirement planning activity level. The goals of the study were to establish mediating and moderating relationships as an innovative approach to the original model. Data was gathered from 319 workers at a private hospital in the municipality of Niterói, Rio de Janeiro (Brazil) who filled out a questionnaire concerning their saving behaviors and antecedents. Results indicated a model in which goal clarity mediated the relationship between parental influence and retirement saving, and retirement activity was observed to influence the level of retirement saving. The findings confirmed the complexities of financial planning for retirement, and emphasized important factors, such as parental advice starting in childhood and the effect of this advice on goal clarity. The results also pointed to the role of individual responsibility in the process, which depended on establishing a plan for activities. In addition to parental advice, an educational approach can contribute encouraging saving behaviors and helping retirees achieve financial security in retirement.

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2007Financial Literacy and Retirement Preparedness: Evidence and Implications for Financial Education 2000Psychological Determinants of Financial Preparedness for Retirement 2010Comparing Regional Cultures Within a Country: Lessons From Brazil 2005Influence of future time perspective, financial knowledge, and financial risk tolerance on retirement saving behaviors 2007Psychological Foundations of Financial Planning for Retirement 2009Understanding the influence of demographic and psychological variables on retirement planning.2007Goal Clarity and Financial Planning Activities as Determinants of Retirement Savings Contributions 1996Stress in Mental Health Professionals: a Theoretical Overview

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