“Because My Father Told Me To”: Exploratory Insights into Parental Influence on the Retirement Savings Behavior of Adult Children

Robertson-Rose, Lynne

doi:10.1007/s10834-019-09643-1

Cited by 21 publications

(10 citation statements)

References 42 publications

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“…P04, for instance, grew up seeing his parents prepare budgets at home, but P09 was more influenced by her father’s thrifty and careful spending behaviour, which is now reflected in her own attitude. Such influence, even if indirect, supports the findings of Robertson-Rose (2020), LeBaron et al (2018) and Palaci et al (2017) that parental economic behaviour acts as a positive model for their children’s financial literacies, saving decisions and money-management skills. Spouses and partners influence the participants’ saving behaviour, as do people older than them, specifically colleagues and friends.…”

Section: Resultssupporting

confidence: 68%

“…Studies have also investigated the impact of family influence, particularly the influence of parents, on saving behaviour, money management and financial planning for retirement (Robertson-Rose, 2020); LeBaron et al , 2018; Jorgensen et al , 2017; Kagotho et al , 2017; Palaci et al , 2017; Tang, 2017; Grohmann et al , 2015; Tang et al , 2015). In studies involving youths and emerging adults, it was found that when parents and caregivers provide financial instruction to their youths and emerging adults, the youths are more likely to exhibit better saving, money management and other financial behaviours (LeBaron et al , 2018; Kagotho et al , 2017; Jorgensen et al , 2017; Tang et al , 2015).…”

Section: Introductionmentioning

confidence: 99%

“…In studies involving youths and emerging adults, it was found that when parents and caregivers provide financial instruction to their youths and emerging adults, the youths are more likely to exhibit better saving, money management and other financial behaviours (LeBaron et al , 2018; Kagotho et al , 2017; Jorgensen et al , 2017; Tang et al , 2015). This familial involvement can continue beyond adolescence, even when planning for retirement (Robertson-Rose, 2020). The role of families was also observed in a study that found children who grew up in loving families, with adequate financial and emotional support, are likely to save money for the future (Duh, 2016).…”

Section: Introductionmentioning

confidence: 99%

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Identifying salient beliefs underlying intention to save regularly: an elicitation study of Malaysian Gen Y

Lopez

Mahdzan

Rahman

2022

QRFM

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Purpose Using the integrated behavioural model as a theoretical framework, this study aims to identify salient beliefs underlying intention to save regularly among Gen Ys in Malaysia. Design/methodology/approach Semi-structured interviews were conducted with 13 participants who were selected using purposive and snowball sampling methods. Findings While Gen Ys are not pushed by others to save, they find that older people (parents, parents-in-law, colleagues and relatives) influence them to save. The main facilitator of regular saving behaviour is low financial commitments. Expenses, particularly unexpected expenses, was found to be the main factor impeding the performance of regular saving. Overall, the participants feel that, irrespective of what happens in the future, they want to continue saving regularly. Lastly, self-efficacy might be present for some participants, but not self-control. Some end up withdrawing their savings for spending, emergency, and travel, thus ending up almost depleting their savings. Research limitations/implications Of this study’s 13 interviewees, only one has not managed to save any money. Such an imbalanced sample composition was not deliberate. It appears those who have not saved money were reluctant to be interviewed, as this topic might be uncomfortable for them. This could have led to only those who save being eager to be interviewed. Practical implications Policy makers should find this study useful, as the behaviour of Gen Ys in Malaysia is different from the overall perception of Malaysians’ financial behaviours. Gen Ys have positive attitudes towards saving money, although they do not seem to practice long-term saving. Policymakers could identify, with banks and the Employee Provident Fund, ways to encourage Gen Ys to think long term. Government could play its part by creating and increasing awareness amongst Gen Ys on the long-term consequences of inadequate savings. Originality/value This study contributes to the literature by identifying the salient beliefs underlying regular saving behaviour through the conduct of elicitation interviews. It is an empirically grounded study enhancing the understanding of intention to perform regular saving among Gen Ys in an emerging market.

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Section: Resultssupporting

confidence: 68%

Section: Introductionmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

See 1 more Smart Citation

Identifying salient beliefs underlying intention to save regularly: an elicitation study of Malaysian Gen Y

Lopez

Mahdzan

Rahman

2022

QRFM

View full text Add to dashboard Cite

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“…This is due to younger individuals being encouraged by and/or reliant on their parents to give them advice on how to save for retirement. Their parents' attitude towards saving and their saving strategies therefore greatly influenced how the individual went about saving for retirement (Robertson-Rose, 2020). Therefore, the impressionable nature of younger individuals could see them replicating their parent's bad saving techniques.…”

Section: Agementioning

confidence: 99%

Perceptions of retirement savings: Through the lens of Black amaXhosa women in South Africa

Willows

October

2023

Critical Perspectives on Accounting

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Research dissertation presented for the approval of the University of Cape TownSenate in fulfilment of part of the requirements for the degree of Master of Commerce (Specialising in Financial Reporting, Analysis and Governance) in approved courses and a minor dissertation. The other part of the requirement for this qualification was the completion of a programme of courses.I hereby declare that I have read and understood the regulations governing the submission of Master of Commerce dissertations, including those relating to length and plagiarism, as contained in the rules of the University, and that this dissertation conforms to those regulations. SUPERVISOR: Dr Gizelle Willows

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“…Concerning to the current study framework, current study has attempted to know the effect of family background, and peer role on saving decisions, peer role and family background are treated as social factors that affects saving decisions. With regard to family background there is categorical and dual nature of parents (positive and negative) (Ribeiro, Fonseca, & Soares 2018;Robertson-Rose 2020). Due to this categorical nature from family, has different effect on saving.…”

Section: Financial Literacy As Mediatormentioning

confidence: 99%

Saving Model Under Financial Literacy

Shah¹,

Murugiah²,

Ahmad³

2021

IJARBSS

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The study attempted to assess how family background, and peer role affect the saving decisions of working youth in Pakistan. Current study also attempted to measure the effect of financial literacy as mediator between relationship of peer role and family back ground with saving decisions of working youth. Working youth among different organizations with total of 309 responses were collected through stratified random sampling. Using structural equation modeling through Smart PLS3, the study found that the significant effect of peer role on saving, and financial literacy. On other side family background shown insignificant effect on saving decisions but significant effect on financial literacy. Furthermore this study also found significant effect of financial literacy on saving decisions. Additionally this research shown mediated effect of family background and peer role on saving decisions through financial literacy. Findings of this study shaded the light that how family background, peer role have influenced saving decisions directly and indirectly through mediation by financial literacy. This research framework was tested under life cycle hypothesis and relative income hypothesis. Further policy makers could design policies and arranging training workshops for financial literacy awareness among working youth, as it is already highlighted that youth is also lacking in financial literacy (

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“Because My Father Told Me To”: Exploratory Insights into Parental Influence on the Retirement Savings Behavior of Adult Children

Cited by 21 publications

References 42 publications

Identifying salient beliefs underlying intention to save regularly: an elicitation study of Malaysian Gen Y

Identifying salient beliefs underlying intention to save regularly: an elicitation study of Malaysian Gen Y

Perceptions of retirement savings: Through the lens of Black amaXhosa women in South Africa

Saving Model Under Financial Literacy

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