The psychological predictors of older pre-retirees’ financial self-efficacy

Sarah Asebedo, Martin Seay, Kristy Archuleta, Gary Brase

Research output: Contribution to journalArticlepeer-review


Financial self-efficacy (FSE) is a psychological trait that has significant influence over a wide array of financial behavior—from credit market participation to saving and investing behavior. Research has provided consistent evidence that suggests higher FSE supports prudent and growth-oriented financial behavior across a variety of samples. For older adults, FSE has been shown to be weak and susceptible to decline, which is concerning because older adults need to save significantly for retirement, with little time to do so. While research has provided some insight into the sociodemographic and economic factors related to FSE (e.g., income), little is understood about the psychological factors that contribute to FSE levels. Consequently, the authors investigate how psychological characteristics shape FSE within a sample of 2,068 U.S. preretirees from the Health and Retirement Study. Results revealed that FSE can be supported through frequent positive affect, reduced negative affect,
Original languageEnglish
Pages (from-to)127-138
JournalJournal of Behavioral Finance
StatePublished - 2019


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