The influence of positive psychological factors on small business owners' retirement planning activities
DOI:
https://doi.org/10.61190/fsr.v21i1.3605Keywords:
Engagement, Satisfaction, Small business owners, Retirement planning, Behavioral financeAbstract
This analysis studies the influence of certain behavioral characteristics on small business owners' retirement planning preparation. In the proposed model, an owner's retirement goal clarity is hypothesized to mediate the relationship between the level of his retirement planning activities and three behavioral factors: engagement, satisfaction, and future time perspective. Survey responses from business owners were analyzed using structural equation modeling. Results suggest that owners who are engaged by their businesses and have a "live for today" attitude are less motivated to plan for retirement. A sense of satisfaction with the business, however, shows positive influences on retirement planning motivation.
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