Retirement planning: its application to marketing practices.
Ramendra Thakur1, Dena Hale2, Dhoha AlSaleh3
1University of Louisiana at Lafayette, Lafayette, Louisiana, USA.
Health Marketing Quarterly
|May 14, 2020
Summary
Older adults
Area of Science:
- Gerontology and Health Economics
Background:
- Aging presents unique challenges and concerns for individuals.
- Retirement planning is crucial for financial security and well-being in later life.
Purpose of the Study:
- To identify key drivers influencing retirement planning among older adults.
- To examine the relationship between quality of life, health knowledge, aging concerns, and financial knowledge with retirement planning.
Main Methods:
- Utilized data from a nationally representative sample of 3,048 community-residing adults.
- Employed multiple regression analysis to test hypotheses regarding retirement planning predictors.
Main Results:
- Quality of life indicators (SEI), health knowledge (SHK), and concerns about aging (SCA) positively predict retirement planning.
- Financial knowledge (SFK) showed an inverse relationship with retirement planning.
Conclusions:
- Factors beyond financial literacy, such as perceived quality of life and health awareness, significantly influence retirement planning.
- Interventions should consider a holistic approach, addressing well-being and health alongside financial education for effective retirement preparation.
