economic cognitions among older adults: parental socialization predicts financial planning for retirement

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ID: 188072
2017
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Ranked #27 of 234 articles by views in Frontiers in chemistry

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Abstract
Drawing on the model on financial planning for retirement (FPR), the aim of this work is to explore how parental economic socialization both directly and indirectly affects FPR through the mediation of financial literacy, financial planning decisions and financial management. Data from a sample of 280 participants aged between 45 and 63 years were used. The results show that parental economic socialization directly and indirectly influences FPR. Moreover, parental economic behavior acts as a positive model for the development of financial literacy and skills and for decisions about FPR. All the variables increased the explained variance of FPR. Lastly, we discuss the process by which parental economic socialization is positively related to financial literacy and skills that impact on FPR, indicating some implications and future lines of research.
Reference Key
palaci2017frontierseconomic Use this key to autocite in the manuscript while using SciMatic Manuscript Manager or Thesis Manager
Authors ;Francisco Palaci;Irene Jiménez;Gabriela Topa
Journal Frontiers in chemistry
Year 2017
DOI
10.3389/fnagi.2017.00376
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