Future Time Insight And Retirement Financial Plannin

Influenced by aging and the rapid development of financial products,retirement financial planning has increasingly become a hot topic of research for scholars in different fields,and it has become particularly important to understand the psychological,social,and economic factors behind retirement financial planning and to plan ahead for retirement.Previous psychological studies have found that psychological factors related to motivation and intentions are the direct causes of retirement financial planning,and changes in willingness can have a direct impact on behavior in both theory and practice.However,the mechanisms behind this and the antecedent variables that influence it are not sufficiently well sorted out.Therefore,in addition to considering the important role of willingness factors on retirement financial planning,it is also important to consider the antecedent variables that influence willingness.Based on the "opportunity-ability-willingness" model proposed by Hershey in the field of retirement financial planning,this study selects the core variables of willingness dimension-future time perspective and retirement goal clarity-and examines their predictive effects on retirement financial planning.The model is based on the "Opportunity-Ability-Willingness" model.Hershey’s model is a conceptual model,in which opportunity,ability,and willingness are a set of concepts,and the specific variables of the study are only generalized,lacking in the sorting out of the relationship between opportunity,ability,and willingness.Therefore,this study will continue to sort out the relationship between the three levels of variables and verify the applicability of Hershey’s model in the Chinese context.Based on the " opportunity-ability-willingness" model and its related studies,early financial education and social norms were selected as opportunity variables,financial literacy as ability variables,future time perspective and retirement goal clarity as willingness variables,and retirement financial planning as dependent variables.Firstly,in Study I,the analysis of CFPS 2018 data confirmed that future confidence,which can reflect future time perspective,has a positive predictive effect on retirement financial planning,which initially verified the research hypothesis.Study II surveyed individuals in the age group of 26-55 years old,and collected valid data of 584 individuals,with opportunity(early financial education and social norms)and ability(financial literacy)as independent variables,willingness(future time perspective and retirement goal clarity)as mediating variables,and retirement financial planning as dependent variables,to develop a structural equation model.The results show that(1)the direct effect of retirement goal clarity on retirement financial planning is confirmed at the level of willingness,and retirement goal clarity fully mediates the predictive effect of future time perspective on retirement financial planning,the higher the individual’s future time perspective is,the clearer the retirement financial is,and the more active the retirement financial planning is.(2)Opportunity positively predicts individuals’ intentions,early financial education and social norms positively predict future time perspective,and early financial education and social norms positively predict retirement goal clarity.Opportunity-level variables have both a direct predictive effect on retirement planning and a predictive effect on retirement financial planning mediated through willingness variables.Early financial education has a significant direct predictive effect on retirement financial planning,and future time perspective and retirement goal clarity play a chain mediating role in it.Social norms have a significant direct predictive effect on retirement financial planning,and future time perspective and retirement goal clarity play a chain mediating role.(3)Competence has a positive predictive effect on individuals’ intentions,i.e.,financial literacy positively predicts future time perspective and financial literacy positively predicts retirement goal clarity.The ability-level variables have both a direct predictive effect on retirement planning and a mediating effect on retirement financial planning through the willingness variable,i.e.,financial literacy has a significant direct predictive effect on retirement financial planning,and future time perspective and retirement goal clarity play a chain mediating role in it.(4)The retirement planning prediction models differed among different occupational type groups,and the mediating role of willingness(future time perspective and retirement goal clarity)in opportunity(early financial education and social norms)and financial literacy on retirement financial planning was confirmed in the results of subjects in other types of units,while the results of subjects in institutions,institutions and stateowned enterprises only confirmed the mediating role of willingness(future time perspective and retirement goal clarity)in opportunity(early financial education and social norms)on retirement financial planning,the path of financial literacy affecting retirement financial planning through willingness cannot be established.Taken together,willingness(future time perspective and retirement goal clarity)plays a mediating role in the chain of influence of opportunity(early financial education and social norms)and ability(financial literacy)on retirement financial planning,indicating that willingness is a key link in retirement financial planning decisions,which provides a basis for designing individual psychological interventions for retirement financial planning based on willingness(future time perspective and retirement goal clarity)to enhance retirement financial planning.This provides a basis for designing individual psychological interventions for retirement financial planning based on willingness(future time perspective and retirement goal clarity).At the same time,this study tests the opportunity-ability-willingness model of retirement financial planning,which provides a theoretical basis for systematically explaining residents’ retirement financial planning decisions.