Exploring behavioral barriers and interventions in retirement savings: Findings from online focus groups among university students
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Received March 25, 2022;Accepted May 15, 2022;Published May 23, 2022
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Author(s)Link to ORCID Index: https://orcid.org/0000-0002-0938-2944Link to ORCID Index: https://orcid.org/0000-0002-1740-0663Link to ORCID Index: https://orcid.org/0000-0003-1448-1936
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DOIhttp://dx.doi.org/10.21511/imfi.19(2).2022.13
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Article InfoVolume 19 2022, Issue #2, pp. 154-166
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Cited by2 articlesJournal title: Investment Management and Financial InnovationsArticle title: Unveiling individuals’ financial behavior patterns: The Polish-Ukrainian case study in the pre-war periodDOI: 10.21511/imfi.20(4).2023.20Volume: 20 / Issue: 4 / First page: 242 / Year: 2023Contributors: Yevheniia Polishchuk, Valentyna Maiurchenko, Oleg Tereshchenko, Maksym Budiaiev, Serhii OnikiienkoJournal title: Investment Management and Financial InnovationsArticle title: Role of behavioral biases in the investment decisions of Pakistan Stock Exchange investors: Moderating role of investment experienceDOI: 10.21511/imfi.21(1).2024.12Volume: 21 / Issue: 1 / First page: 146 / Year: 2024Contributors: Saima Aziz, Shahid Mehmood, Muhammad Asif Khan, Anita Tangl
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In a number of countries around the world, population ageing raises concerns about the sustainability of pension systems. A younger generation has conventionally been least likely to save for retirement even if there is a need to take individual responsibility and start saving for their retirement as soon as possible. In this context, the aim of the paper is to identify behavioral barriers and interventions towards retirement savings ceiling to this part of the productive population. For this purpose, three online focus groups were deployed among 16 university students aged 23-24 years. Using the coding process, common categories, related codes and frequencies of responses were determined from the transcribed material. The results pointed at two crucial barriers related to retirement savings: behavioral (present bias, status quo bias, loss aversion, limited attention) and institutional (education, pension policy and trustworthiness of the state institutions). Additionally, three main categories of behavioral interventions were detected to overcome these barriers: simplification of decision-making (easy calculation of pension, default options), use of salience effects (information campaigns, visualization tools, personalized content) and minimizing feelings of loss (framing of messages, financial incentives, products with different types of liquidity). Based on findings, recommendations were formulated for three groups of stakeholders: government, industry (financial providers and pension funds) and employers. The results bring valuable insights to relevant stakeholders regarding behaviors and attitudes of the young generation on retirement savings issues.
Acknowledgments
This contribution was written with the support of the Technology Agency of the Czech Republic, project number TL03000737 titled as “Behavioral economics as a population activation targeted tool within use of financial security banking products.”
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JEL Classification (Paper profile tab)G23, J26, J32
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References50
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Tables1
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Figures2
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- Figure 1. Conceptual map introducing results from online focus groups
- Figure 2. Framework of behavioral barriers and designed solutions
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- Table 1. Characteristics of participants in each focus group
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Conceptualization
Martin Horák, Soňa Kukučková
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Data curation
Martin Horák, Soňa Kukučková
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Formal Analysis
Martin Horák, Soňa Kukučková, Kamil Dobeš
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Funding acquisition
Martin Horák, Soňa Kukučková, Kamil Dobeš
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Investigation
Martin Horák, Soňa Kukučková
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Methodology
Martin Horák, Soňa Kukučková
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Project administration
Martin Horák, Soňa Kukučková, Kamil Dobeš
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Resources
Martin Horák, Soňa Kukučková
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Software
Martin Horák
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Validation
Martin Horák, Soňa Kukučková, Kamil Dobeš
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Visualization
Martin Horák
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Writing – original draft
Martin Horák, Soňa Kukučková
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Writing – review & editing
Martin Horák, Soňa Kukučková, Kamil Dobeš
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Supervision
Kamil Dobeš
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Conceptualization
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Supply chain disruptions in the context of early stages of the global COVID-19 outbreak
Problems and Perspectives in Management Volume 18, 2020 Issue #2 pp. 490-500 Views: 2845 Downloads: 545 TO CITE АНОТАЦІЯThe world finds itself facing unprecedented conditions as the global pandemic of the COVID-19 virus has led to fundamental changes in the global supply chains. This paper aims to assess the initial response undertaken by Central European companies in the early stages of the outbreak. The survey was conducted as a research method to collect data from a large number of companies. Since it takes time to assess long-term effects of the pandemic and related measures, various changes in supply chains are examined as the early results of the COVID-19 crisis and measures implemented by companies. The study examines how different economy sectors were changed due to this situation. The changes in operating volumes were identified as the most commonly used measures to accommodate new market developments. However, developing the new supply chain partnership was the most successful measure. This measure correlates with an increase in revenues and an increase in the number of customers. In some cases, disruptions in supply chains had positive effects on revenues as a reaction to the COVID-19 epidemic outbreak. Cross-country examinations found that all Polish companies implemented at least one new measure to tackle this crisis. Nearly 20% of Slovak companies and nearly 30% of Czech companies made no changes in their operations during the early stages of the crisis. However, overall, the supply chains in Central European countries turned out to be quite resilient, since most companies managed to survive the supply chain disruptions and in some cases even show signs of overcoming them completely.
Acknowledgement
This contribution was supported by the project No. 1/0757/18, “Consumer behavior in buying goods of daily consumption with an emphasis placed different contents of goods offered on markets of selected EU countries”. -
Important factors which predict entrepreneur’s perception in business risk
Problems and Perspectives in Management Volume 17, 2019 Issue #2 pp. 415-429 Views: 1860 Downloads: 193 TO CITE АНОТАЦІЯThis paper seeks to examine the role of factors originated from outside (economic, political, competitive environment and relationships) and within (entrepreneur’s attitude) the organization on the business risk perceived by entrepreneurs. To test the hypothetical relationships, an ordinal regression with two link functions was applied on an original dataset of 641 small and medium-sized enterprises (SMEs) operating in Slovakia and Czech Republic. The analysis revealed that not only economic factors can predict business risk, but along with them are political and competitive environments, relationship with supply chain actors and entrepreneur’s attitude. Consistent with prior research, it is found that an unstable economic environment leads the business to expose themselves to business risk. Also, a friendly regulation framework and quality education contribute significantly to reducing the level of risk. The research triggers the interest of policymakers who design policies aimed at improving the business environment by reducing the level of risk that firms face in doing business. Also, this paper is useful for managerial perspective, since entrepreneur attitude was found to be a predictor of business risk.
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Individualism and self-reliance of Generations Y and Z and their impact on working environment: An empirical study across 5 European countries
Problems and Perspectives in Management Volume 19, 2021 Issue #1 pp. 39-52 Views: 1856 Downloads: 3440 TO CITE АНОТАЦІЯIn recent years, numerous researches and studies confirm differences between Generations in their values, attitudes, or characteristics. However, the challenge is to get to know the Generation Z, whose individuals are currently entering the labor market for research and practical application. The presented paper aims to expand the knowledge of Generations Y and Z in the field of individualism and self-reliance. This issue is examined concerning independence regarding housing and financial independence to parental help. The aim of the study is an empirical verification of possible similarities and differences between Generations Y and Z. The study is based on an online questionnaire survey. Data were obtained from more than 1,500 respondents of these Generations (born in 1982–2005) in 5 European countries (Czech Republic, Denmark, the Netherlands, Poland, and Slovakia). Data are examined using a two-tailed t-test, Mann-Whitney U test, and regression analysis. The overall findings of the study indicate intergenerational differences in the issue of independence, with Generation Z, unlike Millennials, becoming more self-sufficient at a younger age. Research has also found that women leave the parental household earlier than men. The paper presents the possible influence of the outputs on the working environment and work motivation of the Generations Y and Z.
Acknowledgment
The paper was created with the support of the project SGS-2020-015 “Research in selected areas of management and marketing of organisations in the context of demographic and technological changes.”