: Aging is an inevitable process that brings with it new challenges and concerns. This study examines the drivers (e.g., financial knowledge, health knowledge, concerns of older adults, and quality of life of the aging person) of retirement planning. Data collected by NCOA from a nationally representative sample of 3,048 community-residing adults was utilized. Multiple regression was used for testing of hypotheses. Results indicate: Indicators of quality of life (SEI), Health knowledge (SHK), and concerns of aging (SCA) are important predictors of retirement planning, and Financial knowledge (SFK) of the aged person is a predictor of planning in the opposite direction.
Over the past several decades, the world and most countries have undergone unprecedented demographic change. The most obvious example of this change is the rise in human numbers, and there are also important trends in fertility, family structure, mortality, migration, urbanization, and population aging. This paper summarizes past trends and projections in fertility and population. After reaching 2.5 billion in 1950, the world population grew rapidly to 7.2 billion in 2013 and the projections exp...
The rapid aging of the world's population will bring unprecedented and important changes in the global economic environment, creating unique challenges and opportunities for businesses worldwide. These challenges and opportunities span multiple business areas, including strategy, human resources, cross-cultural management, and marketing, while operating simultaneously at the functional, corporate, and public policy levels nationally and internationally. In this paper, we first present an overvie...
This paper undertakes an assessment of a rapidly growing body of economic research on financial literacy. We start with an overview of theoretical research, which casts financial knowledge as a form of investment in human capital. Endogenizing financial knowledge has important implications for welfare, as well as policies intended to enhance levels of financial knowledge in the larger population. Next, we draw on recent surveys to establish how much (or how little) people know and identify the l...
#1Martin Prince('KCL': King's College London)H-Index: 119
#2Renata Bryce('KCL': King's College London)H-Index: 4
Last. Cleusa P. Ferri(UNIFESP: Federal University of São Paulo)H-Index: 60
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Abstract Background The evidence base on the prevalence of dementia is expanding rapidly, particularly in countries with low and middle incomes. A reappraisal of global prevalence and numbers is due, given the significant implications for social and public policy and planning. Methods In this study we provide a systematic review of the global literature on the prevalence of dementia (1980–2009) and metaanalysis to estimate the prevalence and numbers of those affected, aged ≥60 years in 21 Global...
Abstract People systematically underestimate exponential growth. This article illustrates this phenomenon, its implications, and some potential interventions in the context of saving for retirement, where savings grow exponentially over long periods of time. Experiment 1 shows that a majority of participants expect savings over 40 years to grow linearly rather than exponentially, leading them to grossly underestimate their account balance at retirement. Experiment 2 demonstrates that this misund...
We examined financial literacy among the young using the most recent wave of the 1997 National Longitudinal Survey of Youth. We showed that financial literacy is low; fewer than one-third of young adults possess basic knowledge of interest rates, inflation and risk diversification. Financial literacy was strongly related to sociodemographic characteristics and family financial sophistication. Specifically, a college-educated male whose parents had stocks and retirement savings was about 45 perce...
Purpose – Although superannuation planning has been examined within the context of individual choice, life course and cumulative advantage perspectives, little research has been contained within the theories of consumer behavior. This paper, therefore, aims to examine this important issue by delving into the perceptions of retirement planning from the perspectives of both male and female consumers.Design/methodology/approach – A qualitative research design was adopted to gather in‐depth informat...
#2Lance J. Rips(NU: Northwestern University)H-Index: 35
People tend to attach less value to a good if they know a delay will occur before they obtain it. For example, people value receiving 100 tomorrow more than receiving 00 in 10 years. We explored one reason for this tendency (due to Parfit, 1984): In terms of psychological properties, such as beliefs, values, and goals, the decision maker is more closely linked to the person (his or her future self) receiving 100 tomorrow than to the person receiving 00 in 10 years. For this reason, he or s...
Purpose – The purpose of this paper is to draw the attention of managers and academics to the extent of demographic changes now occurring in the European Union, specifically the ongoing change from a young consumer base to one in which most adult consumers are aged over 50. It seeks to explain the nature of the challenge and highlight the need for further research.Design/methodology/approach – Both academic and practitioner sources are synthesised in order to identify and describe the issues, an...