Is Retirement That Easy? Analyzing the Impact of Financial Rules of Thumb Through the Theory of Planned Behavior.

TitleIs Retirement That Easy? Analyzing the Impact of Financial Rules of Thumb Through the Theory of Planned Behavior.
Publication TypeJournal Article
Year of Publication2021
AuthorsRussell, M, C Strong, R, Krausman, J, Lawson, D
JournalJournal of Personal Finance
Volume20
Issue2
Pagination40-56
ISSN Number15406717
Keywordsattitudes, financial rule of thumb, perceived behavior controls, retirement preparedness
Abstract

This study investigates the relationship between sociological characteristics and retiring on time within a sample of 2,129 US individuals over age 50 from the Health and Retirement Study. Sociological factors were operationalized through the theory of planned behavior constructs of attitude, subjective norms, and perceived behavioral control. Results of confirmatory factor analysis (CFA) within a structural equation modeling framework revealed that intention to retire and perceived behavioral control are positively associated with early or on-time retirement. Attitudes and subjective norms, measured by financial rules of thumb, were not related to retirement intent. This study adds to the body of knowledge with a positive association of attitudes and perceived behavioral control on early or on-time retirement while financial rules of thumb alone do not ensure financial success.

URLhttps://eds.p.ebscohost.com/abstract?site=eds&scope=site&jrnl=15406717&AN=153053325&h=M89x1V%2fCfQvlCqYjSd1ndUekwR%2ffsa218WwKXLDjDemQlm5XCpbh6pTCJ5JdXZ6DLAy7lrgw9DMXcRjDm8HMsQ%3d%3d&crl=c&resultLocal=ErrCrlNoResults&resultNs=Ehost&crlhashurl=login.aspx%3
Citation Key12622