Mapping the Minds of Retirement Planners

Tinbergen Institute Discussion Paper No. 06-038/1

38 Pages Posted: 8 Jun 2006

See all articles by Douglas A. Hershey

Douglas A. Hershey

Oklahoma State University - Stillwater

Kene Henkens

Netherlands Interdisciplinary Demographic Institute

Hendrik P. van Dalen

Tilburg University, CentER; Netherlands Interdisciplinary Demographic Institute (NIDI)

Date Written: April 3, 2006

Abstract

This study explored the psychological mechanisms that underlie the retirement planning and saving tendencies of Dutch and American workers. Participants were 988 Dutch and 429 Americans, 25-64 years of age. Analyses were designed to: (a) examine the extent to which structural variables were related to planning tendencies, and (b) develop culture-specific path analysis models to identify the mechanisms that underlie perceived financial preparedness for retirement. Findings revealed striking differences across the Netherlands and the United States not only among structural variables predictive of key psychological and retirement planning constructs, but also in the robustness of the path models. These findings suggest that policy analysts should take into account both individual and cultural differences in the psychological predispositions of workers when considering pension reforms that stress individual responsibility for planning and saving.

Keywords: retirement, pensions, financial planning, psychology, saving, uncertainty

JEL Classification: D14, D91, J26, P52

Suggested Citation

Hershey, Douglas A. and Henkens, Kene and van Dalen, Hendrik P., Mapping the Minds of Retirement Planners (April 3, 2006). Tinbergen Institute Discussion Paper No. 06-038/1, Available at SSRN: https://ssrn.com/abstract=907281 or http://dx.doi.org/10.2139/ssrn.907281

Douglas A. Hershey (Contact Author)

Oklahoma State University - Stillwater ( email )

Stillwater, OK 74078-0555

Kene Henkens

Netherlands Interdisciplinary Demographic Institute ( email )

P.O. Box 11650
The Hague NL-2502 AR
Netherlands
+3170 3565235 (Phone)
+3170 3647187 (Fax)

Hendrik P. Van Dalen

Tilburg University, CentER ( email )

Tilburg University
P.O. Box 90153
Tilburg, NL-5000 LE
Netherlands
+13 4668982 (Phone)

HOME PAGE: http://www.tilburguniversity.nl/webwijs/show/?uid=h.p.vandalen

Netherlands Interdisciplinary Demographic Institute (NIDI) ( email )

P.O. Box 11650
NL-2502 AR The Hague
Netherlands
+70 356 5237 (Phone)
+70 364 7187 (Fax)

HOME PAGE: http://www.nidi.knaw.nl/en/staff/vandalen/

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