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Factors Associated With the Ownership of Individual Retirement Accounts (IRAs): Applying the Theory of Planned Behavior

Magwegwe, Frank M ; Lim, HanNa

Financial counseling and planning, 2021-01, Vol.32 (1), p.116-130 [Periódico revisado por pares]

New York, NY: Springer Publishing Company

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Título:
Factors Associated With the Ownership of Individual Retirement Accounts (IRAs): Applying the Theory of Planned Behavior
Autor: Magwegwe, Frank M ; Lim, HanNa
Assuntos: Adult Learning ; Advisors ; Aging (Individuals) ; Attitudes ; Behavior Standards ; Behavior Theories ; Behavioral Sciences ; Computation ; Consumer Economics ; Counseling ; Debt (Financial) ; Debt management ; Education ; Employers ; Employment ; Financial Needs ; Financial planners ; Fringe Benefits ; General Counseling ; Goal Orientation ; Goal setting ; Individual retirement accounts ; Influence ; Intention ; Investment advisors ; IRA ; Literature reviews ; Marriage and Family Counselling ; Money Management ; National Surveys ; Ownership ; Parents ; Path Analysis ; Peer Influence ; Perceptions ; Planning ; Positive Attitudes ; Prediction ; Printed Materials ; Psychological Patterns ; Researchers ; Retirement ; Retirement planning ; Retirement plans ; Self employment ; Social Behavior ; Social Influences ; Socialization ; Sociodemographics ; Theory of planned behavior ; Young adults
É parte de: Financial counseling and planning, 2021-01, Vol.32 (1), p.116-130
Notas: ObjectType-Article-2
SourceType-Scholarly Journals-1
content type line 23
ObjectType-Report-1
Descrição: Despite the importance of retirement savings, many individuals retire with lack of adequate retirement savings. While calculating retirement savings needs was found to enhance retirement savings, little is known about what underlies this enhancement. Applying the theory of planned behavior (TPB), we developed a model in which psychological factors influence the calculation of retirement savings needs, which in turn influences the ownership of individual retirement accounts. Path analysis was used to test our model with data from the 2015 National Financial Capability Study. The results showed that favorable attitudes, strong social norms, and perceived behavioral control are associated with calculating retirement savings needs. Also, calculating retirement savings needs as well as perceived behavioral control and having an employer-based retirement plan, in turn, contributed to the prediction of individual retirement account ownership. Our results suggest it is important to understand he psychological factors behind calculating retirement savings needs and to make it easy for individuals to calculate those needs.
Editor: New York, NY: Springer Publishing Company
Idioma: Inglês

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Factors Associated With the Ownership of Individual Retirement Accounts (IRAs): Applying the Theory of Planned Behavior

Magwegwe, Frank M ; Lim, HanNa

New York, NY: Springer Publishing Company

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