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ERIC Number: EJ873591
Record Type: Journal
Publication Date: 2010
Pages: 38
Abstractor: As Provided
ISSN: ISSN-0091-4150
Aging and Financial Planning for Retirement: Interdisciplinary Influences Viewed through a Cross-Cultural Lens
Hershey, Douglas A.; Henkens, Kene; van Dalen, Hendrik P.
International Journal of Aging and Human Development, v70 n1 p1-38 2010
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 plans (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. (Contains 5 footnotes, 5 tables, and 6 figures.)
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Publication Type: Journal Articles; Reports - Research
Education Level: N/A
Audience: N/A
Language: English
Sponsor: N/A
Authoring Institution: N/A
Identifiers - Location: Netherlands; United States