Ready or Not, Here It Comes: A Model of Perceived Financial Preparedness for Retirement

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dc.authoridSelcuk, Elif Akben/0000-0002-1384-243X|Aydin, Asli/0000-0002-9145-386X
dc.authorwosidSelcuk, Elif Akben/AAB-3581-2019
dc.contributor.authorAkben-Selcuk, Elif
dc.contributor.authorAydin, Asli Elif
dc.date.accessioned2024-07-18T20:42:12Z
dc.date.available2024-07-18T20:42:12Z
dc.date.issued2021
dc.departmentİstanbul Bilgi Üniversitesien_US
dc.description.abstractThis study develops and tests a model of the predictors of financial preparedness for retirement using retirement planning knowledge and attitude as mediators. The study also compares the model across groups that choose to opt out or stay after being automatically enrolled in the private pension system. Structural equation modeling methodology is used to test the relationships between constructs using data from 600 employees (333 men, 267 women; M age = 30.12 years, SD = 8.39) from workplaces preparing to initiate automatic enrollment into the private pension system in Turkey. It is shown that both parental influence and life satisfaction are positively related to perceived financial preparedness for retirement. In contrast, pessimistic future economic perspectives have a negative effect on perceived financial preparedness for retirement. Moreover, the findings reveal a positive impact of retirement planning attitude and a negative impact of retirement planning knowledge on perceived financial preparedness. Mediating roles of retirement planning knowledge and attitude are determined. Path differences between those who opt out and those who stay enrolled in the private pension system are demonstrated. The study makes an original contribution by showing the impact of consumers' current life satisfaction and future economic perspectives on financial preparedness for retirement. Given that retirement and financial planning studies have generally been conducted in developed countries, research investigating the predictors of financial preparedness for retirement in emerging countries remains scarce. Moreover, this study is novel in that, unlike previous works, it considers mediating factors. Finally, a further contribution is made by examining differences in the model between individuals who choose to stay within the private pension system and those who choose to opt out.en_US
dc.description.sponsorshipIstanbul Bilgi University for editing servicesen_US
dc.description.sponsorshipFinancial support from Istanbul Bilgi University for editing services is gratefully acknowledged.en_US
dc.identifier.doi10.1007/s10804-021-09387-z
dc.identifier.endpage357en_US
dc.identifier.issn1068-0667
dc.identifier.issn1573-3440
dc.identifier.issue4en_US
dc.identifier.scopus2-s2.0-85116244397en_US
dc.identifier.scopusqualityQ2en_US
dc.identifier.startpage346en_US
dc.identifier.urihttps://doi.org/10.1007/s10804-021-09387-z
dc.identifier.urihttps://hdl.handle.net/11411/7175
dc.identifier.volume28en_US
dc.identifier.wosWOS:000673453100001en_US
dc.identifier.wosqualityQ4en_US
dc.indekslendigikaynakWeb of Scienceen_US
dc.indekslendigikaynakScopusen_US
dc.language.isoenen_US
dc.publisherSpringer/Plenum Publishersen_US
dc.relation.ispartofJournal of Adult Developmenten_US
dc.relation.publicationcategoryMakale - Uluslararası Hakemli Dergi - Kurum Öğretim Elemanıen_US
dc.rightsinfo:eu-repo/semantics/closedAccessen_US
dc.subjectFinancial Preparedness For Retirementen_US
dc.subjectRetirement Attitudeen_US
dc.subjectRetirement Knowledgeen_US
dc.subjectParental İnfluencesen_US
dc.subjectFuture Economic Perspectivesen_US
dc.subjectLife Satisfactionen_US
dc.subjectLifeen_US
dc.subjectDeterminantsen_US
dc.subjectSatisfactionen_US
dc.subjectHappinessen_US
dc.subjectEducationen_US
dc.subjectLiteracyen_US
dc.subjectFutureen_US
dc.subjectWorken_US
dc.titleReady or Not, Here It Comes: A Model of Perceived Financial Preparedness for Retirementen_US
dc.typeArticleen_US

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