Financial self-efficacy and the saving behavior of older pre-retirees

Sarah D. Asebedo, Martin C. Seay

Research output: Contribution to journalArticlepeer-review

17 Scopus citations


This study investigates the relationship between financial self-efficacy (FSE) and saving behavior within a sample of 847 U.S. pre-retirees aged 50 to 70 from the Health and Retirement Study. In accordance with the social cognitive theory of self-regulation, results revealed that FSE is positively related to saving behavior after controlling for sociodemographic attributes, financial characteristics, and saving motives. Understanding how FSE contributes to saving behavior is critical as older workers attempt to bridge the retirement saving gap. Financial counselors and planners can help this population save by cultivating and supporting clients’ FSE throughout the financial planning and counseling process.

Original languageEnglish
Pages (from-to)357-368
Number of pages12
JournalJournal of Financial Counseling and Planning
Issue number2
StatePublished - 2018


  • Financial self-efficacy
  • Older pre-retirees
  • Saving behavior
  • Social cognitive theory of self-regulation


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