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Retirement Confidence: Development of an Index.

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Title: Retirement Confidence: Development of an Index.
Authors: Ghafoori, Eraj1,2, Mata, Fernanda1 fernanda.mata@monash.edu, Borg, Kim1, Smith, Liam1, Ralston, Debora3
Source: Inquiry (00469580). 9/28/2021, Vol. 58, p1-15. 15p.
Subject Terms: *Experimental design, *Literacy, *Confidence, *Employee attitudes, *Research methodology, *Research methodology evaluation, *Social networks, *Financial management, *Anxiety, *Statistical correlation, *Goal (Psychology), *Evaluation, Retirement & psychology, Well-being, Self-management (Psychology), Health status indicators, Mental health, Retirement planning, Psychometrics, Questionnaires, Scale analysis (Psychology), Descriptive statistics, Research funding, Statistical sampling, Social skills, Data analysis software, Old age
Geographic Terms: Australia
Abstract: Older workers who are confident about the changes accompanying retirement report higher well-being. We have developed an index to measure retirement confidence – the Retirement Confidence Index (RCI). A six-stage approach was used to develop the index items, including (i) a literature review to catalogue retirement confidence components; (ii) a consultation with a panel of experts to review the proposed indicators and combine components according to their meaning; (iii) normalisation of the selected components to make them comparable; (iv) weighting of the top-level dimensions using experts' judgement; (v) linear aggregation of the dimension scores according to their corresponding relative weight; and (vi) correlation of the composite score with a self-report measure of retirement confidence. Based on the review of the literature, a list of nine sub-components (financial literacy, financial attitude and behaviour, financial control, financial anxiety, physical health, mental health, social connectedness, goal setting for retirement and future uncertainties) was compiled. Subsequently, these components were grouped into four broad dimensions. Correlations between these dimensions (social, financial awareness and skills, health and well-being, and retirement awareness and planning dimensions) and the corresponding self-reported measures were as high as r = 0.555, r = 0.603, r = 0.591 and r = 0.569, reflecting 30.8%, 36.3%, 34.9% and 32.3% shared variance with the corresponding self-reported indices, respectively. The Retirement Confidence Index provides the foundation for future research to measure retirement confidence, with the aim of identifying deficient RCI dimensions and directing efforts to targeted policies to ensure older workers are confident about retirement. [ABSTRACT FROM AUTHOR]
Copyright of Inquiry (00469580) is the property of Sage Publications Inc. and its content may not be copied or emailed to multiple sites without the copyright holder's express written permission. Additionally, content may not be used with any artificial intelligence tools or machine learning technologies. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
Database: Education Research Complete
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  Data: Retirement Confidence: Development of an Index.
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  Data: <searchLink fieldCode="JN" term="%22Inquiry+%2800469580%29%22">Inquiry (00469580)</searchLink>. 9/28/2021, Vol. 58, p1-15. 15p.
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  Data: <searchLink fieldCode="DE" term="%22Australia%22">Australia</searchLink>
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  Data: Older workers who are confident about the changes accompanying retirement report higher well-being. We have developed an index to measure retirement confidence – the Retirement Confidence Index (RCI). A six-stage approach was used to develop the index items, including (i) a literature review to catalogue retirement confidence components; (ii) a consultation with a panel of experts to review the proposed indicators and combine components according to their meaning; (iii) normalisation of the selected components to make them comparable; (iv) weighting of the top-level dimensions using experts' judgement; (v) linear aggregation of the dimension scores according to their corresponding relative weight; and (vi) correlation of the composite score with a self-report measure of retirement confidence. Based on the review of the literature, a list of nine sub-components (financial literacy, financial attitude and behaviour, financial control, financial anxiety, physical health, mental health, social connectedness, goal setting for retirement and future uncertainties) was compiled. Subsequently, these components were grouped into four broad dimensions. Correlations between these dimensions (social, financial awareness and skills, health and well-being, and retirement awareness and planning dimensions) and the corresponding self-reported measures were as high as r = 0.555, r = 0.603, r = 0.591 and r = 0.569, reflecting 30.8%, 36.3%, 34.9% and 32.3% shared variance with the corresponding self-reported indices, respectively. The Retirement Confidence Index provides the foundation for future research to measure retirement confidence, with the aim of identifying deficient RCI dimensions and directing efforts to targeted policies to ensure older workers are confident about retirement. [ABSTRACT FROM AUTHOR]
– Name: AbstractSuppliedCopyright
  Label:
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  Data: <i>Copyright of Inquiry (00469580) is the property of Sage Publications Inc. and its content may not be copied or emailed to multiple sites without the copyright holder's express written permission. Additionally, content may not be used with any artificial intelligence tools or machine learning technologies. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract.</i> (Copyright applies to all Abstracts.)
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RecordInfo BibRecord:
  BibEntity:
    Identifiers:
      – Type: doi
        Value: 10.1177/00469580211035732
    Languages:
      – Code: eng
        Text: English
    PhysicalDescription:
      Pagination:
        PageCount: 15
        StartPage: 1
    Subjects:
      – SubjectFull: Experimental design
        Type: general
      – SubjectFull: Literacy
        Type: general
      – SubjectFull: Confidence
        Type: general
      – SubjectFull: Employee attitudes
        Type: general
      – SubjectFull: Research methodology
        Type: general
      – SubjectFull: Research methodology evaluation
        Type: general
      – SubjectFull: Social networks
        Type: general
      – SubjectFull: Financial management
        Type: general
      – SubjectFull: Anxiety
        Type: general
      – SubjectFull: Statistical correlation
        Type: general
      – SubjectFull: Goal (Psychology)
        Type: general
      – SubjectFull: Evaluation
        Type: general
      – SubjectFull: Retirement & psychology
        Type: general
      – SubjectFull: Well-being
        Type: general
      – SubjectFull: Self-management (Psychology)
        Type: general
      – SubjectFull: Health status indicators
        Type: general
      – SubjectFull: Mental health
        Type: general
      – SubjectFull: Retirement planning
        Type: general
      – SubjectFull: Psychometrics
        Type: general
      – SubjectFull: Questionnaires
        Type: general
      – SubjectFull: Scale analysis (Psychology)
        Type: general
      – SubjectFull: Descriptive statistics
        Type: general
      – SubjectFull: Research funding
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      – SubjectFull: Statistical sampling
        Type: general
      – SubjectFull: Social skills
        Type: general
      – SubjectFull: Data analysis software
        Type: general
      – SubjectFull: Old age
        Type: general
      – SubjectFull: Australia
        Type: general
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      – TitleFull: Retirement Confidence: Development of an Index.
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              M: 09
              Text: 9/28/2021
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              Y: 2021
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