Abstract
| Original language | English |
|---|---|
| Pages (from-to) | 435-458 |
| Journal | Australian Journal of Management |
| Volume | 40 |
| Issue number | 3 |
| DOIs | |
| Publication status | Published - 2015 |
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Financial literacy, financial judgement, and retirement self-efficacy of older trustees of self-managed superannuation funds. / Earl, J.K.; Gerrans, Paul; Asher, A.; Woodside, J.
In: Australian Journal of Management, Vol. 40, No. 3, 2015, p. 435-458.Research output: Contribution to journal › Article
TY - JOUR
T1 - Financial literacy, financial judgement, and retirement self-efficacy of older trustees of self-managed superannuation funds
AU - Earl, J.K.
AU - Gerrans, Paul
AU - Asher, A.
AU - Woodside, J.
PY - 2015
Y1 - 2015
N2 - © 2015, © The Author(s) 2015. We investigate relationships between retirement self-efficacy, financial literacy and financial judgement across a sample of older trustees of self-managed superannuation funds (SMSFs). Aside from demographic factors, we explore self-rated dementia behaviours, general mental ability, mastery and risk tolerance. An increasing number of older people are controlling significant assets, particularly those who elect to become self-managed superannuation fund trustees. The ageing population, including self-managed superannuation fund trustees, is susceptible to cognitive decline with advancing age. We find that cognitive ability and self-rated behavioural dementia symptoms both relate to financial literacy. Variance in retirement self-efficacy was explained by age, cognitive ability, financial literacy, mastery and self-rated behavioural dementia symptoms. Those reporting dementia symptoms appear more vulnerable to making poor financial judgements. Findings have important implications for financial literacy interventions and the monitoring of on-going cognitive decline.
AB - © 2015, © The Author(s) 2015. We investigate relationships between retirement self-efficacy, financial literacy and financial judgement across a sample of older trustees of self-managed superannuation funds (SMSFs). Aside from demographic factors, we explore self-rated dementia behaviours, general mental ability, mastery and risk tolerance. An increasing number of older people are controlling significant assets, particularly those who elect to become self-managed superannuation fund trustees. The ageing population, including self-managed superannuation fund trustees, is susceptible to cognitive decline with advancing age. We find that cognitive ability and self-rated behavioural dementia symptoms both relate to financial literacy. Variance in retirement self-efficacy was explained by age, cognitive ability, financial literacy, mastery and self-rated behavioural dementia symptoms. Those reporting dementia symptoms appear more vulnerable to making poor financial judgements. Findings have important implications for financial literacy interventions and the monitoring of on-going cognitive decline.
U2 - 10.1177/0312896215572155
DO - 10.1177/0312896215572155
M3 - Article
VL - 40
SP - 435
EP - 458
JO - Australian Journal of Management
JF - Australian Journal of Management
SN - 0312-8962
IS - 3
ER -