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

TitleFinancial self-efficacy and the saving behavior of older pre-retirees
Publication TypeJournal Article
Year of Publication2018
AuthorsAsebedo, SD, Seay, MC
JournalJournal of Financial Counseling and Planning
Volume29
Issue2
Pagination357-368
ISSN Number1052-3073
KeywordsFinancial literacy, Savings, Self-efficacy
Abstract

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.

URLhttp://connect.springerpub.com/lookup/doi/10.1891/1052-3073.29.2.357https://syndication.highwire.org/content/doi/10.1891/1052-3073.29.2.357
DOI10.1891/1052-3073.29.2.357
Short TitleJournal of Financial Counseling and Planning
Citation Key9974