Perceptions of retirement adequacy: evidence from South Africa

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Date

Authors

Reyers, Michelle

Journal Title

Journal ISSN

Volume Title

Publisher

Springer

Abstract

Concerns regarding the adequacy of retirement savings have contributed to the move to encourage better savings behavior. One area of research focuses on understanding the profile of individuals who believe they are preparing adequately for retirement. The current study uses data from a national survey of South Africans to determine how confident workers are about their future retirement income adequacy, and whether behavioral characteristics play a role in their perception of retirement readiness. This study highlights the role that behavioral factors play in perceptions of retirement income adequacy in an African developing market context. In particular, financial risk tolerance, future time perspective, good financial behavior, and self-assessed financial knowledge are all found to be positively related to respondents’ retirement confidence.

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Keywords

Financial behavior, Financial knowledge, Retirement adequacy, Retirement preparation

Sustainable Development Goals

Citation

Reyers, M. 2018, 'Perceptions of retirement adequacy: evidence from South Africa', Journal of Financial Counseling and Planning, vol. 29, no. 2, pp. 343-356.