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Financial Confidence Among Retirees: The Role of Financial Advice and Planning Duration

Author

Listed:
  • Swarnankur Chatterjee

    (University of Georgia)

  • John R. Salter

    (Texas Tech University)

  • Nathaniel J. Harness

    (Texas A&M University-Commerce)

Abstract

This paper examines the factors contributing to the financial confidence of retirees using the 2008 wave of a new nationally representative proprietary dataset of retirees. The results indicate that income, risk tolerance, duration of pre-retirement financial planning, and the utilization of professional financial advice are positive predictors of retirement confidence. The results also indicate that retirees with defined benefit plans are more likely to be confident about their retirement and conversely, retirees with defined contribution plans are less likely to be confident about their retirement. This paper provides useful discussion for financial planning practitioners, economists, and policy makers.

Suggested Citation

  • Swarnankur Chatterjee & John R. Salter & Nathaniel J. Harness, 2011. "Financial Confidence Among Retirees: The Role of Financial Advice and Planning Duration," Economics Bulletin, AccessEcon, vol. 31(1), pages 315-323.
    • Handle: RePEc:ebl:ecbull:eb-10-00525
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    File URL: http://www.accessecon.com/Pubs/EB/2011/Volume31/EB-11-V31-I1-P31.pdf
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    Cited by:

    1. Aren Selim & Hamamci Hatice Nayman, 2023. "Mediating Effect of Pleasure-Seeking and Loss Aversion in the Relationship Between Phantasy and Financial Risk Tolerance and the Moderating Role of Confidence," Folia Oeconomica Stetinensia, Sciendo, vol. 23(2), pages 24-44, December.

    More about this item

    Keywords

    Retirement planning; Financial advice; Planning duration;
    All these keywords.

    JEL classification:

    • D0 - Microeconomics - - General
    • D1 - Microeconomics - - Household Behavior

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