Retirement goal clarity, needs estimation, and saving amount: Evidence from Hong Kong, China

Alex Yue Feng ZHU, Kee Lee CHOU

Research output: Contribution to journalArticles

1 Citation (Scopus)

Abstract

This study investigated the relationship between retirement saving needs estimation and the amount of self-reported private retirement savings amassed by working-age adults in Hong Kong, China, by focusing on the mediating role of retirement saving needs estimation between retirement goal clarity and the amount of private retirement savings. Based on the data collected from a phone survey of 958 Hong Kong workers aged 25–64 years, we found that the retirement saving needs estimation was associated with the savings of individuals over 44 years old; furthermore, it mediated the association between retirement goal clarity and self-reported private retirement savings. The findings offer theoretical contributions for financial planning conceptual frameworks and provide policy implications. Copyright © 2018 Association for Financial Counseling and Planning Education.
Original languageEnglish
Pages (from-to)328-342
JournalJournal of Financial Counseling and Planning
Volume29
Issue number2
DOIs
Publication statusPublished - 2018

Citation

Zhu, A. Y. F., & Chou, K. L. (2018). Retirement goal clarity, needs estimation, and saving amount: Evidence from Hong Kong, China. Journal of Financial Counseling and Planning, 29(2), 328-342. doi: 10.1891/1052-3073.29.2.328

Keywords

  • Financial planning
  • Private retirement savings
  • Retirement goal clarity
  • Saving needs estimation
  • Working-age adults

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