Psychosocial factors influencing planning for retirement : a quantitative analysis : a thesis submitted in partial fulfilment of the requirements for the degree of Master of Arts in Psychology at Massey University, Palmerston North, New Zealand

Abstract

A population approaching the end of their working life might reasonably be expected to be actively engaged in planning their retirement. This research investigates that assumption in a New Zealand population aged 55 through 70 who are currently in the work force and within ten years of being eligible for the New Zealand pension. The social and psychological factors impacting retirement planning, as determined by an examination of the literature, were identified as health and wealth. Distal to these two factors are the ramifications of income, selected occupation and career, educational choices and investment in dependents and family. Survey results from a representative sample of this population were analysed using Structural Equation Modelling to assess whether these expected planning behaviours were relevant in New Zealanders. Two equivalent models utilised the survey questions in different combinations to gain an understanding of the impact of these psychosocial determinants. The results demonstrate how all these factors impact differently on women and men but that, contrary to expectation, health does not correlate with retirement planning. The implications of these results are discussed.