The heterogeneity of middle-age Australians' retirement plans

Wei Chun Wang, Anthony Worsley, Everarda G Cunningham, Wendy C Hunter

Research output: Contribution to journalArticleResearchpeer-review

3 Citations (Scopus)

Abstract

Retirement is an important phase in people s lives. Life after retirement is less likely to be healthy and satisfying without planning. This study investigated retirement planning patterns among middle-age Australians and the relationships between these patterns and demographics, problem-solving skills, attitudes toward the future, and the presence of long-term illness. A cross-sectional survey was conducted among a random sample of Australians ages 40 to 70 years in Victoria. A total of 729 usable questionnaires were obtained. Latent class analysis was conducted separately for men and women because of known gender differences in retirement-planning behaviors. Four types of retirement planning for both genders were identified - namely, fully planned, physically and mentally planned, financially planned, and unplanned. Membership of these groups was associated with age, income, problem-solving skills, attitudes toward the future, and the presence of long-term illness. The findings suggest that middle-age people should be encouraged to engage in multifaceted retirement planning to have a healthy and active retirement life. This may be improved by attempts to change attitudes and to improve problem-solving ability. The findings also highlight the need for social policies to provide adequate, readily available information to support planning for retirement.
Original languageEnglish
Pages (from-to)36 - 46
Number of pages11
JournalSocial Work Research
Volume38
Issue number1
DOIs
Publication statusPublished - 2014

Cite this