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Forever young? The costs of preparation for retirement
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Abstract(s)
A conjugação do aumento da expectativa de vida e da diminuição das pensões de
reforma tem levado trabalhadores de todo o mundo a assumir uma maior responsabilidade
relativamente às suas poupanças para a reforma. Diversas pesquisas mostram que mesmo um
pequeno grau de planeamento resulta numa melhor situação económica na reforma, mas que o
grau de planeamento da reforma continua baixo. Uma possível explicação reside na existência
de custos de planeamento. Propomos que estes custos resultam, entre outros aspetos, da
escassez de tempo, da complexidade dos produtos financeiros, de falta de conhecimentos
financeiros e de habilidades específicas, como numeracia, e de ansiedade e stresse associados
às decisões financeiras.
Assim, os nossos principais objetivos foram demonstrar que os custos psicológicos de
planeamento da reforma afetam o planeamento e as poupança, e investigar a sua relação com
outras variáveis importantes neste âmbito, tais como motivação, valência afetiva e perspetiva
temporal. Assumindo que o comportamento de poupança é em grande medida orientado pela
impaciência, pretendíamos também explorar um possível efeito do contexto de reforma e do
grau de referência ao tempo futuro das linguagens na impaciência.
Os nossos resultados mais importantes são que os custos psicológicos de preparação
para a reforma emergem como uma variável que pode afetar a forma como as pessoas tomam
as suas decisões de reforma e deve ser tomada em consideração de forma a superar as
dificuldades que sentida no planeamento da reforma. As mulheres parecem ter mais
dificuldade em planear a reforma e estar particularmente em risco de não conseguir manter o
padrão de vida durante a reforma, aspeto que é de grande importância se considerarmos que
as mulheres tendem a viver mais tempo do que os homens. Verificámos que a motivação para
a reforma e fatores como perspetiva temporal futura e valência afetiva associada à reforma
desempenham um papel importante, e também sugerem que as pessoas que apresentam
elevados custos psicológicos apresentem uma maior sensibilidade ao contexto da reforma.
Finalmente, os nossos resultados sugerem a existência de um efeito do contexto da reforma e
da situação de trabalho no grau de impaciência das pessoas, e dão suporte parcial ao efeito do
grau de referência ao tempo futuro das linguagens na impaciência.
Os programas de educação financeira desenvolvidos para melhorar o planeamento da
reforma e a poupança podem ser úteis, dando conhecimento sobre aspetos financeiros e de
planeamento, mas frequentemente as pessoas não possuem condições para aproveitar ao
máximo essa informação. Para serem eficazes, estes programas devem visar a redução dos
reais custos psicológicos de preparação para a reforma sentidos pelas pessoas e ser ajustáveis,
em alguma medida, a diferenças individuais em aspetos como a motivação, valência afetiva,
género, situação de trabalho e perspetiva temporal.
Em conclusão, é claramente necessária mais informação sobre estas questões, mas
acreditamos que, se as características individuais forem tomadas em consideração e se se
tentarem reduzir os custos psicológicos de preparação para a reforma, estes programas podem
ser verdadeiros facilitadores do planeamento e poupança para a reforma e, consequentemente,
conduzir a uma melhor qualidade de vida durante a reforma.
ABSTRACT: The combination of increasing life expectancy and declining of retirement pensions is leading workers all around the world to take on a much higher responsibility for their retirement savings. Research shows that even a small amount of retirement planning results in a better economical situation in retirement, but a very low extent of retirement planning has been found. A possible explanation for this situation resides in the existence of planning costs. In our view, these costs may derive, among other aspects, from lack of time to plan, complexity of financial products, lack of financial knowledge and of specific skills, like numeracy, and anxiety associated with financial decisions. Therefore, the main objectives of this work were to demonstrate that psychological costs of retirement planning may significantly affect retirement planning and savings, to investigate the relationship between these costs and other variables with an important role in the retirement planning activity, such as retirement motivation, retirement affective valence and time perspective. Assuming savings behavior to be guided by impatience degree, we also intended to explore a possible effect of retirement context, and of language’s future time reference, on impatience. Our most important results are that psychological costs of retirement preparation emerge as a variable that can affect how people make their retirement decisions and must be addressed to overcome the difficulties people feel in planning their retirement. Women seem to feel more difficulty in planning retirement and are particularly at risk of not being able to maintain their living standard in retirement, which is of sizeable importance when we consider that women tend to live longer than men. We also found that retirement motivation and factors such as future time perspective and retirement affective valence play an important role in retirement planning, and that people with high psychological costs may present a heightened sensitivity to retirement context. Finally, our results suggest an effect of retirement context and work status in people’s impatience, and give partial support to time preference sensitivity to degree of future time reference in languages. Financial education programs developed to enhance retirement planning and savings can be helpful by offering financial and planning knowledge, but people often do not take full advantage of this kind of information. We consider that, in order to be effective, these programs should also aim at the reduction of the actual psychological costs of retirement preparation perceived by people and be adjustable, at least in some measure, to differences in aspects like retirement motivation, retirement affective valence, gender, work status and time perspective. In conclusion, more information about these issues is needed but we believe that, if taking into account individual characteristics and attempting to reduce the psychological costs of retirement preparation, these programs might become true facilitators of retirement savings and planning and, therefore, lead to a better quality of life in retirement.
ABSTRACT: The combination of increasing life expectancy and declining of retirement pensions is leading workers all around the world to take on a much higher responsibility for their retirement savings. Research shows that even a small amount of retirement planning results in a better economical situation in retirement, but a very low extent of retirement planning has been found. A possible explanation for this situation resides in the existence of planning costs. In our view, these costs may derive, among other aspects, from lack of time to plan, complexity of financial products, lack of financial knowledge and of specific skills, like numeracy, and anxiety associated with financial decisions. Therefore, the main objectives of this work were to demonstrate that psychological costs of retirement planning may significantly affect retirement planning and savings, to investigate the relationship between these costs and other variables with an important role in the retirement planning activity, such as retirement motivation, retirement affective valence and time perspective. Assuming savings behavior to be guided by impatience degree, we also intended to explore a possible effect of retirement context, and of language’s future time reference, on impatience. Our most important results are that psychological costs of retirement preparation emerge as a variable that can affect how people make their retirement decisions and must be addressed to overcome the difficulties people feel in planning their retirement. Women seem to feel more difficulty in planning retirement and are particularly at risk of not being able to maintain their living standard in retirement, which is of sizeable importance when we consider that women tend to live longer than men. We also found that retirement motivation and factors such as future time perspective and retirement affective valence play an important role in retirement planning, and that people with high psychological costs may present a heightened sensitivity to retirement context. Finally, our results suggest an effect of retirement context and work status in people’s impatience, and give partial support to time preference sensitivity to degree of future time reference in languages. Financial education programs developed to enhance retirement planning and savings can be helpful by offering financial and planning knowledge, but people often do not take full advantage of this kind of information. We consider that, in order to be effective, these programs should also aim at the reduction of the actual psychological costs of retirement preparation perceived by people and be adjustable, at least in some measure, to differences in aspects like retirement motivation, retirement affective valence, gender, work status and time perspective. In conclusion, more information about these issues is needed but we believe that, if taking into account individual characteristics and attempting to reduce the psychological costs of retirement preparation, these programs might become true facilitators of retirement savings and planning and, therefore, lead to a better quality of life in retirement.
Description
Tese de Doutoramento apresentada ao ISPA - Instituto Universitário
Keywords
Poupança para a reforma Custos psicológicos Impaciência Linguagem Retirement savings Psychological costs Impatience Language
Citation
Publisher
ISPA - Instituto Universitário das Ciências Psicológicas, Sociais e da Vida