TY - JOUR
T1 - Financial confidence among retirees
T2 - The role of financial advice and planning duration
AU - Chatterjee, Swarnankur
AU - Salter, John R.
AU - Harness, Nathaniel J.
PY - 2011
Y1 - 2011
N2 - 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.
AB - 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.
UR - http://www.scopus.com/inward/record.url?scp=79952329935&partnerID=8YFLogxK
M3 - Article
AN - SCOPUS:79952329935
SN - 1545-2921
VL - 31
SP - 315
EP - 323
JO - Economics Bulletin
JF - Economics Bulletin
IS - 1
ER -