Search Results (9)

This study examined the relationships between financial literacy, financial product ownership, confidence in financial advisers, and confidence in retirement readiness across Estonia, Latvia, and Lithuania. By using data from the Flash Eurobarometer 525 survey (March 2022) and applying categorical data analysis methods, including chi-square tests and Cramér’s V, the findings revealed that a higher financial literacy and confidence in financial advisers are significantly associated with greater retirement preparedness. The ownership of financial products, particularly among active investors, is also strongly correlated with improved retirement outcomes. These results highlight the importance of financial education, accessible advisory services, and policies promoting financial literacy and product ownership to mitigate retirement risks and enhance financial security in the Baltic region. Full article

This study discusses financial sustainability in retirement via a comprehensive bibliometric and content analysis on financial literacy and retirement preparedness for 1970–October 2024. Data for this study are extracted from the Scopus database. In line with the PRISMA guideline, the inclusion and exclusion criteria were applied, and the final corpus of articles used in the analysis is 518 articles. These articles are analyzed using the bibliometric methods: Bibliometrix R-package (Biblioshiny) version 4.0 and VOSviewer 1.6.20. The descriptive analysis identified the publication trends, prominent authors, articles, sources, country collaboration, and quadrant analysis. Based on the bibliographic coupling, the following themes were identified: (1) financial literacy and retirement planning, (2) behavioral finance and psychological determinants of retirement planning and preparedness, (3) financial risk, decision making, and retirement preparedness, and (4) gender, socioeconomic factors, and financial literacy disparities. This study has consolidated and enriched the understanding of how financial literacy, education, psychology and behaviors, and financial risk play a pivotal and central role in shaping long-term financial sustainability, as well as retirement planning and preparedness. From a practical perspective, an all-inclusive understanding of the above is essential for guiding regulators and policymakers in designing policies, targeted interventions, and programs that empower individuals towards retirement preparedness, considering regional, socioeconomic, and gender-related factors. Full article

The psychological implication of retirement is underemphasised. This study examined the relationship between proactive personality, social comparison, and retirement anxiety among Nigerian civil servants. The study is a cross-sectional design, using proactive personality, social comparison orientation, and Nigerian pre-retirement anxiety scales. Five hundred and eight staff members in government-owned tertiary institutions with five years or less to go until retirement, and at a mean age of 57.47 (SD = 3.02), were surveyed. The study established that a proactive personality negatively predicted retirement anxiety and that civil servants engage in diverse forms of intrapreneurship/entrepreneurship to augment their savings. The study also revealed that social comparison (opinion) mediated the relationship between proactive personality and retirement anxiety (financial preparedness and social alienation). In addition, the study found that social comparison (opinion and ability) mediated the relationship between proactive personality and retirement anxiety (financial preparedness) in a sequential order. The findings suggest that retirees in Nigeria face complex challenges, including financial unpreparedness, social alienation, and uncertainty. The study highlights the importance of understanding the relationship between personality traits, social comparison, and retirement anxiety in order to develop effective interventions and policies that support retirees in Nigeria. Full article

According to the U.S. Census records, 40% of the population is aged between 35 and 64. This statistic means that a substantial percentage of the nation’s population is in the wealth-formation phase of their life cycle and should be saving towards their retirement goals. Hence, the demand for retirement planning is anticipated to increase over the next decade. However, many economists and policymakers are concerned that a substantial number of American households are not well prepared for retirement. The Retirement Confidence Survey of the Employee Benefit Research Institute found that 36% of workers do not have any retirement savings. In particular, Generation X is the cohort that is least prepared for retirement. This research focuses on Generation X (40–54 years old) and explores this cohort’s retirement preparedness relative to their Baby Boomer and Millennial peers. The study also models cohort effects and identifies the key factors affecting retirement preparedness. The result indicates that Generation X is better prepared for retirement than Millennials in safer portfolio allocations, but there is no significant difference in retirement adequacy between Gen Xers and Baby Boomers. Income, risk tolerance, and attainment of a college education are positively associated with retirement preparedness. Full article

Thailand recently reached “aged” society status, signifying that over twenty percent of the population is over sixty. Considering that Thailand has a low literacy rate, a fractured pension system, and no regulations that could provide sufficient income to cover basic needs after retirement, there will be economic repercussions if the situation is not handled soon. The government and financial institutions have been encouraging Thai citizens to prepare retirement plans but lack understanding of the root causes of being unprepared for retirement. The objectives of this qualitative research were to explore the behavior, knowledge, and preparedness towards retirement in governmental and private wageworkers. Moreover, the study aims to identify the pain points of being unprepared for retirement and deliver the optimal solutions and sustainable retirement plans suitable for each segment. This article employed a sample of 46 wageworkers in Khon Kaen, Thailand with ages ranging from 20 to 59 years old. Qualitative semi-structured in-depth interviews and qualitative content analysis were conducted with the respondents asking about their income, expenses, pains, and problems towards saving for retirement, their desired outcome after they retire, and how they would achieve it. The framework used for the in-depth qualitative interview was by utilizing the customer, problem, and solution zoom tool. The research contributions were to facilitate Thai citizens being ready for retirement stages and overcome post-retirement risks sustainably. The results revealed that the sample could be divided into four segments by their characteristics. Two low-income segments share the same traits and behaviors that can prove that financial literacy plays an essential role in retirement readiness. Lower-income wage workers do not have their money put in place to prepare for retirement. Additionally, this article discussed the study’s implications for wageworkers, employers, and the Thai government. This article recommended that Thai citizens should accumulate wealth in various ways, including investment in financial assets and earning additional income from a second job. Employers should provide suitable retirement contribution schemes. The government should launch a policy enabling above-60-year-old seniors to continue working. Full article

The air transportation industry has undergone unprecedented changes throughout the COVID-19 pandemic, as measured in terms of flight cancellations, aircraft retirements, airline bailouts, and disconnection of worldwide communities. In this study, we performed a cross-comparison of the impact COVID-19 had on three aviation centers of the world—the United States, Europe, and China. Methodologically, we analyzed the air transportation system as complex networks and by using time series analysis. We discovered that the peak of COVID-19 impact was around April/May 2020, followed by a strong recovery mostly in domestic subsystems. We found a homogeneous impact on the United States, a strong heterogeneous impact on Europe, and a rather short-term impact on China. Domestic flight connectivity recovered much faster than international flight connectivity, particularly for the Chinese air transportation system. Our study provided a comprehensive, data-driven analysis of the COVID-19 impact on air transportation for these three major regions, augmented by references to the rich scientific literature on this subject. We hope that our work opens up pathways to a better understanding and a higher degree of preparedness for future pandemics. Full article

The aim of the study is to evaluate the preparedness of retirement and nursing homes in the city of Sassari at the end of the first wave of the severe acute respiratory syndrome coronavirus 2 epidemic, first by investigating the risk perception of epidemic outbreaks by the facility managers and subsequently by carrying out a field assessment of these facilities. To perform the field assessment, a checklist developed by the CDC (Infection Prevention and Control Assessment Tool for Nursing Homes Preparing for COVID-19) and adapted to the Italian context was used. Fourteen facilities took part in the survey (87.5%). The application of good practices for each survey area was expressed as a percentage with the following median values: restriction policies (87.5%), staff training (53.8%), resident training (67.6%), availability of personal protective equipment (41.7%), infection control practices (73.5%) and communication (80%). Among the facilities, considerable variability was observed in these evaluation fields: only the restriction policies and communication activities were applied uniformly. A discrepancy was found between perceived risk and real danger in the facilities, requiring targeted communication actions. At present, it is necessary to promote a new approach based on the prediction of critical events, thereby providing the means to effectively address them. Full article

This study has three principal aims: to classify consumers by their retirement preparation planning and behavior; to examine the financial status of retirement preparation in each country; and to find ways to help consumers effectively secure financial sustainability after retirement by practicing retirement preparation. Adopting the planner–doer model, consumers were classified into four types: ‘indifferent,’ ‘just planner,’ ‘just doer,’ and ‘ideal doer.’ This study used data collected by Korea Life Insurance Association to compare the level of retirement preparation in Korea, Japan, Germany, the U.S., and the U.K. The data were analyzed using the chi-square test, analysis of variance (ANOVA), and binary logistic regression analysis. The major findings are three-fold: first, the largest percentage of consumers in every country were ‘just doers’; second, ‘ideal doers’ are older than the other types, but have a low expected retirement age and high level of retirement preparedness; and third, ‘ideal doers’ demonstrated distinct variations in their characteristics in different countries. These findings indicate the need to help consumers recognize the necessity to prepare effectively for financial sustainability in their post-retirement lives; this requires the development of policy and gradual education programs, including effective practical suggestions. Full article

Coastal communities are increasingly exposed to more intense and frequent hurricanes, accelerated sea-level rise, and prolonged tidal inundation, yet they are often a preferred retirement destination for older adults vulnerable to flooding and extreme weather events. The unique physical and psychosocial challenges of older population age 65 and over may affect their level of preparedness, capacity to cope with, and ability to respond and recover from a hazard event. Despite the clear vulnerabilities of older residents living in high-risk areas when compared to younger coastal populations, there is a lack of empirical research on the integrated flood risks to this population group in the coastal context. This paper provides a holistic assessment of this emerging problem along the U.S. East Coast by measuring the exposure of older population to sea level rise and storm surge in coastal counties. It further evaluates how age-related vulnerabilities differ between rural and urban settings using the case study approach and geospatial and statistical analysis the paper also conducts a review of scientific literature to identify gaps in the current understanding of health and well-being risks to aging populations in coastal communities. The results show that older populations are unevenly distributed along the U.S. East Coast with some states and counties having significantly higher percent of residents age 65 and older living along the shoreline. Many places with larger older populations have other attributes that further shape the vulnerability of this age group such as older housing stock, disabilities, and lower income and that often differ between rural and urban settings. Lastly, our study found that vast majority of research on aging in high-risk coastal locations has been conducted in relation to major disasters and almost none on the recurrent nuisance flooding that is already affecting many coastal communities. Full article