Influence of future time perspective, financial knowledge, and financial risk tolerance on retirement saving behaviors

Abstract

The purpose of this study is to explore the extent to which individuals' knowledge of retirement planning, future time perspective, and financial risk tolerance influence retirement saving practices. A total of 270 young working adults participated in the study. Regression analyses reveal that each of the three variables is predictive of saving practices, and they interact with one another as well. From an applied perspective, the findings suggest that counseling and intervention efforts aimed at pro­moting retirement saving should differentially target individuals on the basis of these three psycho­logical dimensions.