Parental and Social Influences on Understanding of Financial Planning for Retirement

Abstract

Financial planning for retirement has been studied by researchers from various disciplines. The current psychological investigation served to develop and test a theoretically grounded, life-span model of the psychomotivational dimensions of retirement planning. In developing the model, special consideration was given to positive early influences on development that may impact other dimensions known to predict successful financial planning. As hypothesized, these measures of early influences were predictive of other variables that are known to underlie the retirement planning decision-making process. The results and implications are discussed in terms of how motivational factors contribute to effective retirement planning.