Retirement Income Beliefs and Financial Advice Seeking Behaviors
33 Pages Posted: 24 Mar 2021
Date Written: February 1, 2021
This investigation identifies and validates a series of salient behavioral finance and psychological constructs that influence retirement income planning. We show how these scales are related 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.
Keywords: retirement income, self-efficacy, financial advisor perceived usefulness, behavioral finance
JEL Classification: D14
Suggested Citation: Suggested Citation