Counseling Psychology Commons^™

When Are Impending Retirees Inspired To Save: The Role Of Agreeableness And Future Clarity, Simon A. Moss, Era Ghafoori

Journal of Financial Therapy

In the decade or so before they retire, many individuals do not save enough money to maintain their lifestyle after retirement. According to the self-continuity hypothesis, as individuals approach a transition in their life, such as retirement, they are not as willing to sacrifice pleasure now to benefit their future, impeding their tendency to save money judiciously and to manage their finances prudently. This longitudinal study, however, tested the hypothesis that impending retirees who are agreeable or perceive their future as vivid and certain, called future clarity, are more likely to manage their finances prudently, despite this looming transition. In …