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August 19, 2026Scientific ReportsOpen Access

The influence of psychological factors on financial planning for retirement

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Authors

HRHan RenTLThien Sang Lim

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Overview

Cross-sectional survey demonstrates subjective financial literacy outweighs objective knowledge in driving retirement planning in China, indicating perceived confidence heavily shapes preparedness.

Key Points

  • To examine how psychological factors, subjective financial literacy, and goal clarity influence financial planning for retirement within an integrated motivational-cognitive framework.
  • Conducted a cross-sectional survey of 245 individual respondents in China.
  • Validated the survey instrument using expert reviews and cognitive interviews.
  • Synthesized the capacity–willingness–opportunity model, image theory, and the 3M model to evaluate planning behavior.
  • Subjective financial literacy exerted a predominant influence over objective financial knowledge in shaping retirement planning decisions.
  • A future time perspective alone was insufficient to drive retirement planning without sufficient self-confidence and clear post-retirement financial goals.

Cite This Study

Ren et al. (2026) studied this question.

synapsesocial.com/papers/6a8563eb03308d306e2d762fhttps://doi.org/10.1038/s41598-026-62256-1
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