Business, Management and Accounting
4 years ago

New model predicts financial behavior for better retirement planning.

Journal of Business Economics and Management
A MODEL FOR PERSONAL FINANCIAL PLANNING TOWARDS RETIREMENT
Teresa C. Herrador‐Alcaide, Montserrat Hernández-Solís, Gabriela Topa

Paper Summary

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The article presents a model for personal financial planning towards retirement. The researchers analyzed factors like financial literacy, retirement objectives, optimism, and risk tolerance to predict financial management practices and resources for retirement. The model can predict 36% of financial management practices and 53% of financial resources for retirement. This model can help individuals better understand their financial behavior before retirement and plan for a secure future.