Literaturnachweis - Detailanzeige
| Autor/inn/en | Xu, Yilan; Yao, Rui |
|---|---|
| Titel | Financial Decision-Making Responsibility and Household Wealth Accumulation among Older Adults: A Comparative Advantage Perspective |
| Quelle | In: Journal of Financial Counseling and Planning, 33 (2022) 1, S.3-23 (21 Seiten)
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| Sprache | englisch |
| Dokumenttyp | gedruckt; online; Zeitschriftenaufsatz |
| ISSN | 1052-3073 |
| Schlagwörter | Older Adults; Financial Needs; Money Management; Decision Making; Fiscal Capacity; Memory; Numeracy; Personality Traits; Self Control; Productivity; Achievement Need; Self Motivation; Individual Characteristics; Spouses; Thinking Skills |
| Abstract | This article introduces collective rationality and comparative advantage into understanding household financial decision-making responsibility allocation and its relationship to wealth accumulation. Evidence from the Health and Retirement Study (HRS) shows that conscientiousness, memory, and numeracy are favorable personal attributes for household financial decision-making. Greater relative advantages in these attributes predict a higher probability of assuming financial responsibility. Households that assign the disadvantaged spouse as the financial decision-maker tend to have a lower total net worth and a lower financial net worth. Our results suggest that it is critical for financial planning professionals to engage both spouses in the initial discussion of household finances and to assess the efficiency of the status quo financial decision-making responsibility allocation. (As Provided). |
| Anmerkungen | Association for Financial Counseling and Planning Education. 1500 West Third Avenue Suite 223, Columbus, OH 43212. Tel: 614-485-9650; Fax: 614-485-9621; Web site: https://connect.springerpub.com/content/sgrjfcp |
| Erfasst von | ERIC (Education Resources Information Center), Washington, DC |
| Update | 2024/1/01 |
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