Retirement income beliefs and financial advice seeking behaviors

This investigation identifies and validates a series of salient behavioral finance and psychological constructs that influence retirement income planning. We show how these scales relate to each other as well as retirement income concerns and investment behaviors. We also describe how four invest- m...

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Published in:Financial services review (Greenwich, Conn.) Vol. 30; no. 1; pp. 1 - 29
Main Authors: Murguia, Alejandro, Pfau, Wade D.
Format: Journal Article
Language:English
Published: Atlanta Academy of Financial Services 01.01.2022
Subjects:
Advisors
Behavior
Behavioral economics
Cost control
Decision making
Financial literacy
Financial planners
Investigations
Investment advisors
Professionals
Retirement income
Retirement planning
Validation studies
Validity
ISSN:1873-5673, 1057-0810, 1057-0810, 1873-5673
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Abstract This investigation identifies and validates a series of salient behavioral finance and psychological constructs that influence retirement income planning. We show how these scales relate to each other as well as retirement income concerns and investment behaviors. We also describe how four invest- ment personas can be linked with the Advisor Usefulness and Retirement Income Self-Efficacy scales to successfully identify preferred financial implementation methods. This can assist individu- als in more readily recognizing their relative strengths and weaknesses when implementing a retire- ment income strategy, and financial professionals can present advice in a manner that addresses a client’s concerns and preferred implementation.
AbstractList This investigation identifies and validates a series of salient behavioral finance and psychological constructs that influence retirement income planning. We show how these scales relate to each other as well as retirement income concerns and investment behaviors. We also describe how four investment personas can be linked with the Advisor Usefulness and Retirement Income Self-Efficacy scales to successfully identify preferred financial implementation methods. This can assist individuals in more readily recognizing their relative strengths and weaknesses when implementing a retirement income strategy, and financial professionals can present advice in a manner that addresses a client's concerns and preferred implementation. © 2022 Academy of Financial Services. All rights reserved.
This investigation identifies and validates a series of salient behavioral finance and psychological constructs that influence retirement income planning. We show how these scales relate to each other as well as retirement income concerns and investment behaviors. We also describe how four invest- ment personas can be linked with the Advisor Usefulness and Retirement Income Self-Efficacy scales to successfully identify preferred financial implementation methods. This can assist individu- als in more readily recognizing their relative strengths and weaknesses when implementing a retire- ment income strategy, and financial professionals can present advice in a manner that addresses a client’s concerns and preferred implementation.
Author Murguia, Alejandro
Pfau, Wade D.
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SubjectTerms Advisors
Behavior
Behavioral economics
Cost control
Decision making
Financial literacy
Financial planners
Investigations
Investment advisors
Professionals
Retirement income
Retirement planning
Validation studies
Validity
Title Retirement income beliefs and financial advice seeking behaviors
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