Xu XYoung MZou LFang J30/01/202330/01/2023International Journal of Financial Studies, 2023, 11 (1), pp. ? - ? (24)2227-7072https://hdl.handle.net/10179/17977Using New Zealand Household Economic Survey (HES) 2018 data, we examine the impact of direct financial market participation post-retirement on retirement income in New Zealand. Our results demonstrate the importance of post-retirement financial market participation in the enhancement of retirees’ financial well-being. We conclude that retirees who participate in the financial market enjoy a 78% increase in overall annuitised net wealth; further analysis also reveals a substantial 154% increase if government pensions are excluded from calculations of annuitised net wealth. Moreover, these retiree participants also show higher probabilities of financial-situation satisfaction. These results highlight the significant contribution to retirement income of direct financial market participation. Our paper sheds extra light on issues related to retirement financial well-being and has important implications for policy makers in New Zealand.? - ? (24)annuitised net wealthFinancial Market Participationfinancial situation satisfactionlife satisfactionNew Zealand retirement incomeJournal article10.3390/ijfs11010024459206Massey_Dark