| This qualitative study of retirees focuses on what is important to them as they manage their financial resources. The 13 participants in the study attended an eight-week long, non-credit class about investing that was held for retirees on the campus of a large midwestern university. Data collection included observation, interviews, and documents.; The first set of the major generalizations of the study includes the issues that are important to retirees as they manage their money. The primary issue is maintaining a comfortable lifestyle. Secondary issues, which focus on the first one, are acquiring knowledge about investing and economics, maintaining an inflation-adjusted income, and finding a trustworthy, professional money manager. The subjects' willingness to take risks increases as their knowledge about money-management increases. No correlation was found between age and risk willingness. The second set of generalizations focuses on the ways retirees resolve the issues that are important to them. One way is self-education (reading, attending classes, watching televised business programs, and comparing one's money management activities with those of other people). Another is trial-and-error. The third set includes the information that is important to retirees as they manage their money. The subjects actively seek out a broad-range of information, both economic and cultural, to use in making financial decisions. The fourth set concerns the relationship between self-confidence in managing money and increased information about money management. The two are directly correlated: with increased knowledge comes increased self-confidence. The findings of this study suggest that people should be educated about the financial aspects of retirement long before they retire. |
