Financial Confidence Among Retirees: The Role of Financial Advice and Planning Duration

Swarnankur Chatterjee, John Salter () and Nathaniel Harness ()
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John Salter: Texas Tech University
Nathaniel Harness: Texas A&M University-Commerce

Economics Bulletin, 2011, vol. 31, issue 1, 315-323

Abstract: This paper examines the factors contributing to the financial confidence of retirees using the 2008 wave of a new nationally representative proprietary dataset of retirees. The results indicate that income, risk tolerance, duration of pre-retirement financial planning, and the utilization of professional financial advice are positive predictors of retirement confidence. The results also indicate that retirees with defined benefit plans are more likely to be confident about their retirement and conversely, retirees with defined contribution plans are less likely to be confident about their retirement. This paper provides useful discussion for financial planning practitioners, economists, and policy makers.

Keywords: Retirement planning; Financial advice; Planning duration (search for similar items in EconPapers)
JEL-codes: D0 D1 (search for similar items in EconPapers)
Date: 2011-01-15
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