Brunhart Individual Financial Planning for Retirement

Empirical Insights from the Affluent Segment in Germany
2008
ISBN: 978-3-7908-1998-4
Verlag: Physica-Verlag HD
Format: PDF
Kopierschutz: 1 - PDF Watermark

E-Book, Englisch, 443 Seiten

Reihe: Contributions to Economics

Over time, the responsibility for providing for a financially secure retirement has shifted towards the individual. Building on a new structure applied to insights drawn from behavioral finance, this book analyzes the perspectives of individuals with regard to their financial situation in retirement and compares the actions they take with ideal behavior. The work provides new insights into the broadly defined topic of individual retirement-specific financial planning behavior.

Autoren/Hrsg.

Brunhart, Nicole

Inhaltsverzeichnis

1;Foreword;7
2;Acknowledgements;9
3;Abstract;11
4;Table of contents;13
5;Detailed table of contents;15
6;1 Introduction;21
6.1;1.1 Motivation and background of the study;21
6.2;1.2 Review of existing research;25
6.3;1.3 Knowledge aim and research questions;26
6.4;1.4 Research objectives and structure of the thesis;28
6.5;1.5 Demarcation and contribution;31
7;2 Frame of reference and conceptual approach for the analysis of individual retirement-specific financial planning behavior;33
7.1;2.1 The individual financial optimization problem;33
7.2;2.2 FP perspectives and FP actions: the components of individual FPB;45
7.3;2.3 Conceptual approach for the analysis of individual retirement- specific FPB;55
7.4;2.4 Summary of the frame of reference and the conceptual approach;62
8;3 Fundamentals of the retirement system in Germany;63
8.1;3.1 Demographic developments in Germany;64
8.2;3.2 The German pension system;71
8.3;3.3 Summary of the fundamentals of the retirement system in Germany;93
9;4 Retirement-specific behavioral finance and derivation of benchmark behavior for FP actions;95
9.1;4.1 Relevance of behavioral finance to the study of individual retirement-specific FPB;96
9.2;4.2 The standard economic theory of decision-making and its adaptation to behavioral finance;98
9.3;4.3 Behavioral finance adaptations of additional FPB relevant theories;134
9.4;4.4 Postulated benchmark behavior for individual FP actions;137
9.5;4.5 Summary of retirement-specific behavioral finance and the derivation of benchmark behavior for FP actions;154
10;5 Investor retirement survey and outlook on empirical analyses about individual retirementspecific FPB;156
10.1;5.1 Operationalization of research-specific FP perspectives and FP actions;157
10.2;5.2 Investor retirement survey as chosen observation instrument;169
10.3;5.3 Identification of different investor groups with a particular capability for risk;180
10.4;5.4 Structure of the empirical analyses for the examination of the conceptual approach;194
10.5;5.5 Summary of introduction to investor retirement survey and empirical analyses;195
11;6 Empirical analyses of individual retirementspecific FPB;197
11.1;6.1 Pooling of investor groups and characterization of the newly defined homogenous investor types;197
11.2;6.2 Analysis of investor type specific FP perspectives;217
11.3;6.3 Analysis of investor type specific FP actions and comparison to benchmark behavior;268
11.4;6.4 Scenario analyses for adequate saving rates;295
11.5;6.5 Summary of the empirical analyses of individual retirement-specific FPB;320
12;7 Review of empirical research and identification of suggestions for policy-makers, financial planners and the individual;323
12.1;7.1 Review of identified FP perspectives;324
12.2;7.2 Review of gaps identified in individual retirementspecific FP actions;329
12.3;7.3 Summary of individual retirement-specific FPB profiles for the five investor types;331
12.4;7.4 Suggestions for policy-makers, financial planners and the individual;340
12.5;7.5 Summary of the review of empirical research and identification of suggestions for policy-makers, financial planners and the individual;372
13;8 Conclusion;374
13.1;8.1 Summary of results;375
13.2;8.2 Assessment and critique of this study;379
13.3;8.3 Further research questions;380
14;Appendix;383
15;List of symbols;426
16;Abbreviations;427
17;Bibliography;429
18;Index;453