Individual Financial Planning for Retirement: Empirical Insights from the Affluent Segment in Germany (Google eBook)

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Springer Science & Business Media, Jan 25, 2008 - Business & Economics - 443 pages
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Over time, the responsibility for providing for a financially secure retirement has shifted more towards the individual. A number of implicit assumptions about perspectives, behavior, and individual choices underlie this shift. These assumptions presume that individuals are well-informed and reason unemotionally; that they process information correctly; and that they take rational decisions and act to maximize their own welfare. Empirical evidence, however, shows that such maxims do not often guide individuals’ actual behavior.

Building on a new structure applied to insights drawn from behavioral finance, this book analyzes the perspectives of individuals with regard to their financial situation in retirement and compares the actions they take with ideal behavior. The work provides new insights into the broadly defined topic of individual retirement-specific financial planning behavior.

The research builds on over 500 interviews with affluent individuals in Germany and contributes to defining ways in which policy-makers, financial planners, and individuals themselves can improve financial provisioning for retirement.

  

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Contents

Introduction
1
12 Review of existing research
5
13 Knowledge aim and research questions
6
14 Research objectives and structure of the thesis
8
15 Demarcation and contribution
11
Frame of reference and conceptual approach for the analysis of individual retirementspecific financial planning behavior
13
the components of individual FPB
25
23 Conceptual approach for the analysis of individual retirementspecific FPB
35
52 Investor retirement survey as chosen observation instrument
150
53 Identification of different investor groups with a particular capability for risk
161
54 Structure of the empirical analyses for the examination of the conceptual approach
175
55 Summary of introduction to investor retirement survey and empirical analyses
176
Empirical analyses of individual retirementspecific FPB
179
62 Analysis of investor type specific FP perspectives
199
63 Analysis of investor type specific FP actions and comparison to benchmark behavior
250
64 Scenario analyses for adequate saving rates
277

24 Summary of the frame of reference and the conceptual approach
42
Fundamentals of the retirement system in Germany
43
31 Demographic developments in Germany
44
32 The German pension system
51
33 Summary of the fundamentals of the retirement system in Germany
73
Retirementspecific behavioral finance and derivation of benchmark behavior for FP actions
75
41 Relevance of behavioral finance to the study of individual retirementspecific FPB
76
42 The standard economic theory of decisionmaking and its adaptation to behavioral finance
78
43 Behavioral finance adaptations of additional FPB relevant theories
114
44 Postulated benchmark behavior for individual FP actions
117
45 Summary of retirementspecific behavioral finance and the derivation of benchmark behavior for FP actions
134
Investor retirement survey and outlook on empirical analyses about individual retirementspecific FPB
136
51 Operationalization of researchspecific FP perspectives and FP actions
138
65 Summary of the empirical analyses of individual retirementspecific FPB
302
Review of empirical research and identification of suggestions for policymakers financial planners and the individual
305
71 Review of identified FP perspectives
306
72 Review of gaps identified in individual retirement specific FP actions
311
73 Summary of individual retirementspecific FPB profiles for the five investor types
313
74 Suggestions for policymakers financial planners and the individual
322
75 Summary of the review of empirical research and identification of suggestions for policymakers financial planners and the individual
354
Conclusion
356
81 Summary of results
358
82 Assessment and critique of this study
362
83 Further research questions
363
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