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Consumer estate planning behavior

In: A Research Agenda for Consumer Financial Behavior

Author

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  • Blain Pearson

Abstract

This chapter examines consumer estate planning behavior and offers an agenda for future research. First, the current state of estate planning engagement is reviewed. They key findings show that estate planning engagement remains relatively low, and engagement has declined from 2005 to 2021. The disparities in estate planning engagement generally show that non-whites, women, the less educated, and those with low levels of financial literacy are less likely to engage in estate planning. Secondly, current research initiatives into increasing estate planning receptiveness are reviewed. Particularly, the research findings in this section show a positive association between increasing estate planning receptiveness and increasing mortality salience and decreasing the complexity of estate planning vernacular. Lastly, future estate planning research directions are discussed. Specifically, the research orbiting the varying ranges of emotional responses that estate planning elicits, digital asset preservation, ethical will adoption, and the impact of cognitive decline on estate planning is reviewed.

Suggested Citation

  • Blain Pearson, 2023. "Consumer estate planning behavior," Chapters, in: Jing J. Xiao & Satish Kumar (ed.), A Research Agenda for Consumer Financial Behavior, chapter 13, pages 171-182, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:21534_13
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