|Title||Aging and loneliness: Why financial advisors should help clients and how|
|Publication Type||Journal Article|
|Year of Publication||2022|
|Authors||Gibson, P, Cheng, Y, Sam, JK|
|Journal||Financial Planning Review|
|Keywords||behavioral finance, Financial planning, Retirement|
The primary goal of this study is to examine loneliness in retirement and explore steps that a financial planner can take to mitigate client loneliness. Using data from the Participant Lifestyle Questionnaire, and Leave-Behind Module from the Health and Retirement Study database, we show that even after controlling for relationship status and having a purpose in life, leisure activities can help reduce loneliness. When compared to increasing household wealth, the authors find that engaging in social activities has a greater impact on decreasing loneliness, signaling a possible duty of care owed to clients as it relates to well-being. We conclude with implications and practical strategies financial advisors can implement to help clients as they plan for and navigate retirement.