Abstract
Retirement is one of the most serious challenges facing Brazil currently, considering the rapid pace of population aging, growing social inequalities, and the difficulty that Brazilians have in planning for their financial future. The number of studies on psychosocial factors in retirement is limited. The aim of this cross-sectional study is to determine Brazilian health workers’ perceptions about financial planning for retirement, based on studies by Hershey and Mowen (2000). In this study, retirement saving – the dependent variable - is highlighted by the use of a model with the following antecedents: parental influence, retirement goal clarity and retirement planning activity level. The goals of the study were to establish mediating and moderating relationships as an innovative approach to the original model. Data was gathered from 319 workers at a private hospital in the municipality of Niterói, Rio de Janeiro (Brazil) who filled out a questionnaire concerning their saving behaviors and antecedents. Results indicated a model in which goal clarity mediated the relationship between parental influence and retirement saving, and retirement activity was observed to influence the level of retirement saving. The findings confirmed the complexities of financial planning for retirement, and emphasized important factors, such as parental advice starting in childhood and the effect of this advice on goal clarity. The results also pointed to the role of individual responsibility in the process, which depended on establishing a plan for activities. In addition to parental advice, an educational approach can contribute encouraging saving behaviors and helping retirees achieve financial security in retirement.
Highlights
Population aging represents one of the most serious challenges
Health workers were the selected population based on several criteria: (i) health workers have special rights for retirement (Brazil, 1991); (ii) there is a higher rate of occupational diseases among health workers, such as burnout syndrome (Moore and Cooper, 1996); (iii) health workers have greater ability to choose an autonomous career, which presupposes a different work regimen than that established for hired employees (Zoltowski and Teixeira, 2013)
An existing correlation between latent variables was observed and it was noticed that VME values were, in the majority, higher than coefficient of determination (r2) between latent variables (i.e., VME > r2). These results indicated the lack of multicollinearity, with the exception of multicollinearity found between Planning Activity Level and Retirement Saving, and Planning Activity Level and Goal Clarity (Table 4)
Summary
Population aging represents one of the most serious challenges The growth of this older population has resulted in an exponential number of retirees (World Health Organization [WHO], 2015). In 2040, the number of elderly Brazilian people is expected to constitute almost one fourth (23.8%) of the population (Miranda et al, 2016). For this reason, demographic change is a challenging issue, especially considering the economical-political crisis and the unsustainable public system of retirement pensions (Ataides and Santos, 2017; Garcia and Haro, 2017). Retirement planning has generated a number of discussions in many sectors throughout Brazil
Sign-in/Register to view highlights & summary Sign-in/Register to access full text options 
Free) 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a call
