Financial Planning for Retirement: Age-Related Differences Among Spanish Workers

This article tests an integrated model of financial planning for retirement (FPR), with 948 Spanish workers aged between 30 and 63. Overall, the three model dimensions—capacity, willingness, and opportunities to plan and save—show a significant association with financial planning for retirement. The moderator role of age in the relationships between antecedents and financial planning was tested. Consistent with our hypothesis, younger participants showed a greater level of FPR if they were characterized by a high level of education. The interaction between both age and psychological preparation for retirement and retirement goals clarity failed to reach statistical significance. We discuss how financial planning effectiveness could be increased based on the results of importance-performance map analyses.