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E3c Time Will Tell: Determinants and Significance of Financial Planning Horizon Changes
Key Words
Consumer Decisions, Behavioral Economics, Financial Planning, Saving Horizon, Subjective Life Expectancy
Short Description
Recent studies have demonstrated that individuals' financial planning horizons significantly impact their economic decisions, such as saving propensities, credit card usage behaviors, investment choices, retirement decisions as well as estate planning engagements. Motivated by the profound implications and impacts of people's financial planning horizon variations, this study investigates the determinants of individuals' financial planning horizons both cross-sectionally and longitudinally. Using the Health and Retirement Study (HRS) data, this study reveals that American adults' financial planning horizons are strongly determined by their self-perceived life expectancy. Over time, the changes in subjective life expectancy, marital and retirement status, health conditions, and wealth level will cause individuals to shift their financial planning horizons. The insight gained in this study helps financial planners to better understand the factors driving the changes of their clients' financial planning horizons and how to encourage the clients to expand their planning horizons.
First & Corresponding Author
Zhikun Liu, Great-West Financial®
Authors in the order to be printed
Zhikun Liu, Russell James