Individual financial planning for retirement: empirical insights from the affluent segment in Germany
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Heidelberg
Physica-Verl.
2008
|
| Schriftenreihe: | Contributions to economics
|
| Schlagworte: | |
| Online-Zugang: | Klappentext Inhaltsverzeichnis |
| Beschreibung: | Zugl.: St. Gallen, Univ., Diss., 2007 u.d.T.: Individual retirement-specific financial planning behavior |
| Beschreibung: | XX, 441 S. graph. Darst. 235 mm x 155 mm |
| ISBN: | 3790819972 9783790819977 |
Internformat
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| 245 | 1 | 0 | |a Individual financial planning for retirement |b empirical insights from the affluent segment in Germany |c Nicole Brunhart |
| 264 | 1 | |a Heidelberg |b Physica-Verl. |c 2008 | |
| 300 | |a XX, 441 S. |b graph. Darst. |c 235 mm x 155 mm | ||
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Datensatz im Suchindex
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|---|---|
| adam_text | Hriinhiirt
Individual Financial
Planning
l or Rotiremont
The responsibility for providing for a financially secure retire¬
ment has been shifting increasingly onto the individual.
Λ
number of implicit assumptions about perspectives, behavior,
and individual choices underlie this shift. These assumptions
presume that individuals are well informed, reason without
emotion, process information correctly, and that they make
rational decisions and act to maximize their own welfare.
Kmpirical evidence, however, shows that such maxims do not
often guide individuals actual behavior.
Building on a new structure applied to insights drawn from
behavioral
financ«1,
this book analyzes the perspectives of indi¬
viduals with regard to their financial situation in retirement and
compares the actions they take with ideal behavior. Using this
approach the author provides new insights into tho broadly
defined topic of individual retirement-specific financial planning
behavior.
The research is based on over
500
interviews with affluent
individuals in Germany and contributes to defining ways in
which policy-makers, financial planners, and individuals can
improve1 financial provisioning for retirement.
TABLE OF CONTENTS 1
INTRODUCTION.............................................................................................1
1.1 MOTIVATION AND BACKGROUND OF THE STUDY
..........................................1 1.2 REVIEW OF EXISTING
RESEARCH..............................................................5
1.3 KNOWLEDGE AIM AND RESEARCH
QUESTIONS............................................6 1.4 RESEARCH
OBJECTIVES AND STRUCTURE OF THE THESIS ................................8
1.5 DEMARCATION AND CONTRIBUTION
........................................................11 2 FRAME OF
REFERENCE AND CONCEPTUAL APPROACH FOR THE ANALYSIS OF INDIVIDUAL
RETIREMENT-SPECIFIC FINANCIAL PLANNING BEHAVIOR .............13 2.1
THE INDIVIDUAL FINANCIAL OPTIMIZATION PROBLEM
..............................13 2.2 FP PERSPECTIVES AND FP ACTIONS: THE
COMPONENTS OF INDIVIDUAL
FPB.................................................................................................25
2.3 CONCEPTUAL APPROACH FOR THE ANALYSIS OF INDIVIDUAL RETIREMENT-
SPECIFIC FPB
...................................................................................35
2.4 SUMMARY OF THE FRAME OF REFERENCE AND THE CONCEPTUAL APPROACH..42 3
FUNDAMENTALS OF THE RETIREMENT SYSTEM IN GERMANY
........................43 3.1 DEMOGRAPHIC DEVELOPMENTS IN GERMANY
.......................................44 3.2 THE GERMAN PENSION
SYSTEM...........................................................51 3.3
SUMMARY OF THE FUNDAMENTALS OF THE RETIREMENT SYSTEM IN GERMANY
.........................................................................................73
4 RETIREMENT-SPECIFIC BEHAVIORAL FINANCE AND DERIVATION OF BENCHMARK
BEHAVIOR FOR FP ACTIONS
...................................................75 4.1 RELEVANCE OF
BEHAVIORAL FINANCE TO THE STUDY OF INDIVIDUAL RETIREMENT-SPECIFIC
FPB..................................................................76
4.2 THE STANDARD ECONOMIC THEORY OF DECISION-MAKING AND ITS ADAPTATION
TO BEHAVIORAL
FINANCE.....................................................78 4.3
BEHAVIORAL FINANCE ADAPTATIONS OF ADDITIONAL FPB RELEVANT THEORIES
.........................................................................................114
4.4 POSTULATED BENCHMARK BEHAVIOR FOR INDIVIDUAL FP ACTIONS
...........117 4.5 SUMMARY OF RETIREMENT-SPECIFIC BEHAVIORAL FINANCE AND
THE DERIVATION OF BENCHMARK BEHAVIOR FOR FP ACTIONS
........................134 XIV TABLE OF CONTENTS 5 INVESTOR RETIREMENT
SURVEY AND OUTLOOK ON EMPIRICAL ANALYSES ABOUT INDIVIDUAL
RETIREMENT-SPECIFIC FPB ........................................137
5.1 OPERATIONALIZATION OF RESEARCH-SPECIFIC FP PERSPECTIVES AND FP
ACTIONS...........................................................................................138
5.2 INVESTOR RETIREMENT SURVEY AS CHOSEN OBSERVATION INSTRUMENT
......150 5.3 IDENTIFICATION OF DIFFERENT INVESTOR GROUPS WITH A
PARTICULAR CAPABILITY FOR
RISK..........................................................................161
5.4 STRUCTURE OF THE EMPIRICAL ANALYSES FOR THE EXAMINATION OF THE
CONCEPTUAL APPROACH
.....................................................................175
5.5 SUMMARY OF INTRODUCTION TO INVESTOR RETIREMENT SURVEY AND EMPIRICAL
ANALYSES
........................................................................176
6 EMPIRICAL ANALYSES OF INDIVIDUAL RETIREMENT-SPECIFIC
FPB..............179 6.1 POOLING OF INVESTOR GROUPS AND
CHARACTERIZATION OF THE NEWLY DEFINED HOMOGENOUS INVESTOR TYPES
.............................................179 6.2 ANALYSIS OF
INVESTOR TYPE SPECIFIC FP PERSPECTIVES.......................199 6.3
ANALYSIS OF INVESTOR TYPE SPECIFIC FP ACTIONS AND COMPARISON TO
BENCHMARK BEHAVIOR
.................................................................250 6.4
SCENARIO ANALYSES FOR ADEQUATE SAVING
RATES.................................277 6.5 SUMMARY OF THE EMPIRICAL
ANALYSES OF INDIVIDUAL RETIREMENT-SPECIFIC
FPB................................................................302 7
REVIEW OF EMPIRICAL RESEARCH AND IDENTIFICATION OF SUGGESTIONS FOR
POLICY-MAKERS, FINANCIAL PLANNERS AND THE INDIVIDUAL...............305
7.1 REVIEW OF IDENTIFIED FP PERSPECTIVES
...........................................306 7.2 REVIEW OF GAPS
IDENTIFIED IN INDIVIDUAL RETIREMENT-SPECIFIC FP
ACTIONS...........................................................................................311
7.3 SUMMARY OF INDIVIDUAL RETIREMENT-SPECIFIC FPB PROFILES FOR THE FIVE
INVESTOR
TYPES...................................................................313
7.4 SUGGESTIONS FOR POLICY-MAKERS, FINANCIAL PLANNERS AND THE
INDIVIDUAL......................................................................................322
7.5 SUMMARY OF THE REVIEW OF EMPIRICAL RESEARCH AND IDENTIFICATION OF
SUGGESTIONS FOR POLICY-MAKERS, FINANCIAL PLANNERS AND THE
INDIVIDUAL......................................................................................354
8 CONCLUSION
...........................................................................................357
8.1 SUMMARY OF
RESULTS.......................................................................358
8.2 ASSESSMENT AND CRITIQUE OF THIS
STUDY...........................................362 8.3 FURTHER RESEARCH
QUESTIONS
............................................................363
DETAILED TABLE OF CONTENTS FOREWORD
................................................................................................VII
ACKNOWLEDGEMENTS
.................................................................................
IX ABSTRACT
...................................................................................................
XI TABLE OF CONTENTS
..................................................................................
XIII DETAILED TABLE OF CONTENTS
......................................................................
XV 1
INTRODUCTION.............................................................................................1
1.1 MOTIVATION AND BACKGROUND OF THE STUDY
..........................................1 1.2 REVIEW OF EXISTING
RESEARCH..............................................................5
1.3 KNOWLEDGE AIM AND RESEARCH
QUESTIONS............................................6 1.4 RESEARCH
OBJECTIVES AND STRUCTURE OF THE THESIS ................................8
1.5 DEMARCATION AND CONTRIBUTION
........................................................11 2 FRAME OF
REFERENCE AND CONCEPTUAL APPROACH FOR THE ANALYSIS OF INDIVIDUAL
RETIREMENT-SPECIFIC FINANCIAL PLANNING BEHAVIOR .............13 2.1
THE INDIVIDUAL FINANCIAL OPTIMIZATION PROBLEM
..............................13 2.1.1 LIFE-CYCLE HYPOTHESIS AS
THEORETICAL BASIS FOR THE INTER- TEMPORAL FINANCIAL OPTIMIZATION PROBLEM
..............................14 2.1.2 FINANCIAL FLOWS AND RISKS
RELEVANT TO INDIVIDUAL RETIREMENT- SPECIFIC FPB
..........................................................................19
2.1.3 MODEL FOR THE INDIVIDUAL INTER-TEMPORAL FINANCIAL OPTIMIZATION
PROBLEM ............................................................22
2.2 FP PERSPECTIVES AND FP ACTIONS: THE COMPONENTS OF INDIVIDUAL
FPB.................................................................................................25
2.2.1 GENERAL PERSPECTIVES ON FINANCIAL
PLANNING...........................25 2.2.2 INDIVIDUAL
RETIREMENT-SPECIFIC FPB AND ITS TWO COMPONENTS AS RESEARCH
FOCUS....................................................................27
2.2.3 FP PERSPECTIVES: THE FIRST COMPONENT OF INDIVIDUAL
RETIREMENT-SPECIFIC
FPB.........................................................30 XVI
DETAILED TABLE OF CONTENTS 2.2.4 FP ACTIONS: THE SECOND COMPONENT OF
INDIVIDUAL RETIREMENT- SPECIFIC FPB
..........................................................................34
2.3 CONCEPTUAL APPROACH FOR THE ANALYSIS OF INDIVIDUAL RETIREMENT-
SPECIFIC FPB
...................................................................................35
2.4 SUMMARY OF THE FRAME OF REFERENCE AND THE CONCEPTUAL APPROACH..42 3
FUNDAMENTALS OF THE RETIREMENT SYSTEM IN GERMANY
........................43 3.1 DEMOGRAPHIC DEVELOPMENTS IN GERMANY
.......................................44 3.2 THE GERMAN PENSION
SYSTEM...........................................................51
3.2.1 OVERALL SET-UP
........................................................................52
3.2.1.1 THE FIRST PILLAR: COMPULSORY STATE PENSION, ALSO CALLED
STATUTORY STATE PENSION (SSP)...........................55 3.2.1.2 THE
SECOND PILLAR: OCCUPATIONAL PENSION SCHEME (OPS)
.........................................................................59
3.2.1.3 THE THIRD PILLAR: VOLUNTARY PERSONAL PENSIONS (VPP).61 3.2.2
STATUS OF PENSION REFORMS
......................................................62 3.2.3 THE
GERMAN STATUTORY STATE PENSION BENEFIT FORMULA.............67 3.3
SUMMARY OF THE FUNDAMENTALS OF THE RETIREMENT SYSTEM IN GERMANY
.........................................................................................73
4 RETIREMENT-SPECIFIC BEHAVIORAL FINANCE AND DERIVATION OF BENCHMARK
BEHAVIOR FOR FP
ACTIONS........................................................................75
4.1 RELEVANCE OF BEHAVIORAL FINANCE TO THE STUDY OF INDIVIDUAL
RETIREMENT-SPECIFIC
FPB..................................................................76
4.2 THE STANDARD ECONOMIC THEORY OF DECISION-MAKING AND ITS ADAPTATION
TO BEHAVIORAL
FINANCE.....................................................78 4.2.1
STANDARD ECONOMIC THEORY OF DECISION-MAKING .....................78
4.2.2 STEP 1: *NORMAL* PERCEPTION OF
REALITY..................................80 4.2.2.1 FAULTY PROBABILITY
ASSESSMENTS BASED ON PROMINENT PAST
INFORMATION........................................81 4.2.2.2 POSITIVE
BIAS ...............................................................84
4.2.3 STEP 2: *NORMAL* DECISION
MAKING........................................87 4.2.3.1 PROSPECT
THEORY...........................................................87
4.2.3.2 LIMITED COGNITIVE
ABILITIES..........................................92 4.2.3.3 PORTFOLIO
SEGREGATION ................................................102 4.2.3.4
COMPLEXITY AVERSION ................................................105
4.2.4 STEP 3: *NORMAL* IMPLEMENTATION OF ACTIONS
......................107 4.2.4.1 PASSIVITY
...................................................................107
4.2.4.2 LACK OF SELF-CONTROL
..................................................110 4.2.4.3 HOME
BIAS.................................................................112
4.2.4.4 REGRET
.......................................................................113
DETAILED TABLE OF CONTENTS XVII 4.3 BEHAVIORAL FINANCE ADAPTATIONS OF
ADDITIONAL FPB RELEVANT THEORIES
.........................................................................................114
4.3.1 BEHAVIORAL FINANCE ADAPTATION OF THE LIFE-CYCLE HYPOTHESIS.114
4.3.2 BEHAVIORAL FINANCE ADAPTATION OF THE MODERN PORTFOLIO
THEORY...................................................................................116
4.4 POSTULATED BENCHMARK BEHAVIOR FOR INDIVIDUAL FP ACTIONS
...........117 4.4.1 BENCHMARK BEHAVIOR: START OF FINANCIAL PLANNING
ACTIVITIES 119 4.4.2 BENCHMARK BEHAVIOR: OVERALL UNDERSTANDING OF THE
INDIVIDUAL FINANCIAL SITUATION IN RETIREMENT
.........................121 4.4.3 BENCHMARK BEHAVIOR: HOLDING OF
CLASSICAL PENSION SAVINGS PRODUCTS
..................................................................124
4.4.4 BENCHMARK BEHAVIOR:
DIVERSIFICATION..................................127 4.4.5 BENCHMARK
BEHAVIOR: RISK-RETURN PROFILE OF THE PERSONAL ASSET PORTFOLIO
......................................................................130
4.4.6 BENCHMARK BEHAVIOR: RISK
MITIGATION.................................132 4.5 SUMMARY OF
RETIREMENT-SPECIFIC BEHAVIORAL FINANCE AND THE DERIVATION OF BENCHMARK
BEHAVIOR FOR FP ACTIONS ........................134 5 INVESTOR
RETIREMENT SURVEY AND OUTLOOK ON EMPIRICAL ANALYSES ABOUT INDIVIDUAL
RETIREMENT-SPECIFIC FPB ........................................137
5.1 OPERATIONALIZATION OF RESEARCH-SPECIFIC FP PERSPECTIVES AND FP
ACTIONS...........................................................................................138
5.1.1 OPERATIONALIZATION AND MEASUREMENT SPECIFICATIONS OF
SOCIO-DEMOGRAPHIC AND SOCIO-ECONOMIC ATTRIBUTES .............138 5.1.2
OPERATIONALIZATION AND MEASUREMENT SPECIFICATIONS OF FP
PERSPECTIVES....................................................................141
5.1.3 OPERATIONALIZATION AND MEASUREMENT SPECIFICATIONS OF FP ACTIONS
............................................................................147
5.2 INVESTOR RETIREMENT SURVEY AS CHOSEN OBSERVATION INSTRUMENT
......150 5.2.1 CHOICE OF THE TARGET GROUP
...................................................151 5.2.2
INTRODUCTION OF THE OBSERVATION INSTRUMENT..........................155
5.2.3 STRUCTURE, CONTENT AND FORMAL CHARACTERISTICS OF THE QUESTIONNAIRE
.......................................................................157
5.2.4 REALIZATION OF THE INVESTOR RETIREMENT
SURVEY......................160 5.3 IDENTIFICATION OF DIFFERENT INVESTOR
GROUPS WITH A PARTICULAR CAPABILITY FOR
RISK..........................................................................161
5.3.1 INTRODUCTION OF INVESTOR GROUPS WITH A LOWER THAN AVERAGE RISK
CAPABILITY
......................................................................164
5.3.2 INTRODUCTION OF INVESTOR GROUPS WITH A HIGHER THAN AVERAGE RISK
CAPABILITY
......................................................................169
5.3.3 ASSIGNMENT OF INDIVIDUAL INTERVIEWEES TO DIFFERENT INVESTOR GROUPS
....................................................................172
XVIII DETAILED TABLE OF CONTENTS 5.4 STRUCTURE OF THE EMPIRICAL ANALYSES
FOR THE EXAMINATION OF THE CONCEPTUAL APPROACH
.....................................................................175
5.5 SUMMARY OF INTRODUCTION TO INVESTOR RETIREMENT SURVEY AND EMPIRICAL
ANALYSES
........................................................................176
6 EMPIRICAL ANALYSES OF INDIVIDUAL RETIREMENT-SPECIFIC
FPB..............179 6.1 POOLING OF INVESTOR GROUPS AND
CHARACTERIZATION OF THE NEWLY DEFINED HOMOGENOUS INVESTOR TYPES
.............................................179 6.1.1 SUGGESTED POOLING
OF INVESTOR GROUPS WITH A LOWER THAN AVERAGE RISK
CAPABILITY.........................................................181
6.1.2 SUGGESTED POOLING OF INVESTOR GROUPS WITH A HIGHER THAN AVERAGE
RISK
CAPABILITY.........................................................187
6.1.3 CHARACTERIZATION OF THE RESULTING FIVE INVESTOR TYPES
...........191 6.2 ANALYSIS OF INVESTOR TYPE SPECIFIC FP
PERSPECTIVES.......................199 6.2.1 ANALYSIS OF THE PLANNED
LIFE IN RETIREMENT ...........................200 6.2.1.1 PLANNED TIMING
OF RETIREMENT....................................200 6.2.1.2 INDIVIDUAL
LIFE PLANS..................................................202 6.2.1.3
INDIVIDUAL COPING STRATEGIES .....................................205
6.2.1.4 FINANCIAL OBJECTIVES IN RETIREMENT
............................207 6.2.2 ANALYSIS OF THE FINANCIAL VIEW ON
LIFE IN RETIREMENT ............209 6.2.2.1 ANALYSIS OF THE EXPENSE SIDE
(INCOME NEEDS) IN
RETIREMENT.............................................................210
6.2.2.2 ANALYSIS OF THE INCOME SIDE IN RETIREMENT ................215
6.2.2.3 ANALYSIS OF THE RETIREMENT GAP BASED ON INDIVI- DUALLY ESTIMATED
INCOME AND EXPENSE STREAMS.........221 6.2.2.4 COMPARISON OF RETIREMENT
GAP WITH FEELING OF FINANCIAL PREPAREDNESS FOR
RETIREMENT.......................224 6.2.3 ANALYSIS OF THE TRANSACTION
PREFERENCES ...............................228 6.2.3.1 PREFERENCES FOR
INFORMATION GATHERING AND DECISION MAKING
.......................................................228 6.2.3.2
DECISION PREFERENCES IN THE FAMILY CONTEXT ..............230 6.2.4
ANALYSIS OF THE RISK PROFILE
..................................................231 6.2.4.1 ANALYSIS
OF SELF-ASSESSED RISK APPETITE .....................231 6.2.4.2 ANALYSIS
OF RISK SOPHISTICATION .................................236 6.3 ANALYSIS
OF INVESTOR TYPE SPECIFIC FP ACTIONS AND COMPARISON TO BENCHMARK
BEHAVIOR
.....................................................................250
6.3.1 COMPARATIVE ANALYSIS: START OF FINANCIAL PLANNING ACTIVITIES
..............................................................................250
6.3.2 COMPARATIVE ANALYSIS: OVERALL UNDERSTANDING OF THE INDIVIDUAL
FINANCIAL SITUATION IN RETIREMENT .........................253 6.3.3
COMPARATIVE ANALYSIS: HOLDING OF CLASSICAL PENSION SAVINGS PRODUCTS
..................................................................262
DETAILED TABLE OF CONTENTS XIX 6.3.4 COMPARATIVE ANALYSIS:
DIVERSIFICATION.................................264 6.3.5 COMPARATIVE
ANALYSIS: RISK-RETURN PROFILE OF THE PERSONAL ASSET
PORTFOLIO........................................................267
6.3.6 COMPARATIVE ANALYSIS: RISK
MITIGATION................................273 6.4 SCENARIO ANALYSES FOR
ADEQUATE SAVING RATES .................................277 6.4.1
DIFFERENT CONCEPTIONS OF THE RETIREMENT GAP ........................280
6.4.2 ANALYTICAL DERIVATION OF THE SAVING RATES REQUIRED TO COVER THE
WEALTH-ADJUSTED STATUTORY STATE RETIREMENT INCOME GAP..284 6.4.3
SCENARIO ANALYSES FOR IMPLICATIONS OF DIFFERENT ASSUMPTIONS ON THE
REQUIRED SAVING RATE..............................290 6.4.4 SCENARIO
ANALYSIS COMBINING IMPACT OF DIFFERENT LEVERS ON THE FINANCIAL SITUATION
OF THE LIMITED-WEALTH RISK-GROUPS ..293 6.4.5 THE LONGEVITY RISK OR THE
INVESTIGATION OF THE DURATION OF A SECURED RETIREMENT FINANCING
............................................295 6.4.6 COMPARATIVE
ANALYSIS WITH STATED SAVING RATES ....................298 6.5 SUMMARY OF
THE EMPIRICAL ANALYSES OF INDIVIDUAL RETIREMENT- SPECIFIC FPB
.................................................................................302
7 REVIEW OF EMPIRICAL RESEARCH AND IDENTIFICATION OF SUGGESTIONS FOR
POLICY-MAKERS, FINANCIAL PLANNERS AND THE INDIVIDUAL...............305
7.1 REVIEW OF IDENTIFIED FP PERSPECTIVES
...........................................306 7.1.1 PLANNED LIFE IN
RETIREMENT ....................................................306 7.1.2
FINANCIAL VIEW ON LIFE IN
RETIREMENT.....................................308 7.1.3 TRANSACTION
PREFERENCES.......................................................309
7.1.4 RISK PROFILE
..........................................................................309
7.2 REVIEW OF GAPS IDENTIFIED IN INDIVIDUAL RETIREMENT-SPECIFIC FP
ACTIONS...........................................................................................311
7.3 SUMMARY OF INDIVIDUAL RETIREMENT-SPECIFIC FPB PROFILES FOR THE FIVE
INVESTOR
TYPES...................................................................313
7.3.1 KEY FINDINGS ABOUT THE
RETIREES...........................................313 7.3.2 KEY
FINDINGS ABOUT THE LIMITED-WEALTH RISK-GROUPS...........315 7.3.3 KEY
FINDINGS ABOUT THE LIMITED-WEALTH SELF-EMPLOYED.......317 7.3.4 KEY
FINDINGS ABOUT THE HIGH-POTENTIAL ................................318
7.3.5 KEY FINDINGS ABOUT THE WEALTHY
..........................................319 7.3.6 COMPARATIVE
POSITIONING OF ALL FIVE INVESTOR TYPES..............320 7.4 SUGGESTIONS
FOR POLICY-MAKERS, FINANCIAL PLANNERS AND THE
INDIVIDUAL......................................................................................322
7.4.1 KEY LIMITATIONS IN INDIVIDUAL RETIREMENT-SPECIFIC FPB........323
7.4.1.1 LIMITATION #1: OVER-OPTIMISTIC PERCEPTION OF ONE*S OWN FINANCIAL
REALITY.......................................323 7.4.1.2 LIMITATION #2:
UNSOPHISTICATED PLANNING OF RETIREMENT
CASH-FLOWS...............................................324 XX DETAILED
TABLE OF CONTENTS 7.4.1.3 LIMITATION #3: LATE START OF FINANCIAL
PLANNING FOR RETIREMENT
...........................................................326 7.4.1.4
LIMITATION #4: LOW RISK MITIGATION DESPITE HIGH RISK AWARENESS
..................................................326 7.4.1.5 LIMITATION
#5: SUB-OPTIMAL PORTFOLIO CHOICES ..........327 7.4.2 GUIDING PRINCIPLES
TO ENHANCE INDIVIDUAL RETIREMENT- SPECIFIC FPB
........................................................................329
7.4.3 SUGGESTIONS FOR POLICY-MAKERS SEEKING TO IMPROVE INDIVIDUAL FPB
....................................................................334
7.4.4 SUGGESTIONS FOR FINANCIAL PLANNERS SEEKING TO IMPROVE INDIVIDUAL
FPB
....................................................................343
7.4.5 SUGGESTIONS FOR THE INDIVIDUAL SEEKING TO IMPROVE INDIVIDUAL FPB
....................................................................348
7.5 SUMMARY OF THE REVIEW OF EMPIRICAL RESEARCH AND IDENTIFICATION OF
SUGGESTIONS FOR POLICY-MAKERS, FINANCIAL PLANNERS AND THE
INDIVIDUAL......................................................................................354
8 CONCLUSION
...........................................................................................357
8.1 SUMMARY OF
RESULTS.......................................................................358
8.1.1 INVESTOR-TYPE SPECIFIC FINDINGS
............................................358 8.1.2 MOST SUBSTANTIAL
LIMITATIONS.................................................360 8.1.3
IMPROVEMENT LEVERS FOR POLICY-MAKERS, FINANCIAL PLANNERS AND THE
INDIVIDUAL................................................................361
8.2 ASSESSMENT AND CRITIQUE OF THIS
STUDY...........................................362 8.3 FURTHER RESEARCH
QUESTIONS
............................................................363
APPENDIX.................................................................................................367
LIST OF
SYMBOLS........................................................................................411
ABBREVIATIONS
.........................................................................................413
BIBLIOGRAPHY...........................................................................................415
INDEX
.......................................................................................................439
|
| adam_txt |
Hriinhiirt
Individual Financial
Planning
l'or Rotiremont
The responsibility for providing for a financially secure retire¬
ment has been shifting increasingly onto the individual.
Λ
number of implicit assumptions about perspectives, behavior,
and individual choices underlie this shift. These assumptions
presume that individuals are well informed, reason without
emotion, process information correctly, and that they make
rational decisions and act to maximize their own welfare.
Kmpirical evidence, however, shows that such maxims do not
often guide individuals' actual behavior.
Building on a new structure applied to insights drawn from
behavioral
financ«1,
this book analyzes the perspectives of indi¬
viduals with regard to their financial situation in retirement and
compares the actions they take with ideal behavior. Using this
approach the author provides new insights into tho broadly
defined topic of individual retirement-specific financial planning
behavior.
The research is based on over
500
interviews with affluent
individuals in Germany and contributes to defining ways in
which policy-makers, financial planners, and individuals can
improve1 financial provisioning for retirement.
TABLE OF CONTENTS 1
INTRODUCTION.1
1.1 MOTIVATION AND BACKGROUND OF THE STUDY
.1 1.2 REVIEW OF EXISTING
RESEARCH.5
1.3 KNOWLEDGE AIM AND RESEARCH
QUESTIONS.6 1.4 RESEARCH
OBJECTIVES AND STRUCTURE OF THE THESIS .8
1.5 DEMARCATION AND CONTRIBUTION
.11 2 FRAME OF
REFERENCE AND CONCEPTUAL APPROACH FOR THE ANALYSIS OF INDIVIDUAL
RETIREMENT-SPECIFIC FINANCIAL PLANNING BEHAVIOR .13 2.1
THE INDIVIDUAL FINANCIAL OPTIMIZATION PROBLEM
.13 2.2 FP PERSPECTIVES AND FP ACTIONS: THE
COMPONENTS OF INDIVIDUAL
FPB.25
2.3 CONCEPTUAL APPROACH FOR THE ANALYSIS OF INDIVIDUAL RETIREMENT-
SPECIFIC FPB
.35
2.4 SUMMARY OF THE FRAME OF REFERENCE AND THE CONCEPTUAL APPROACH.42 3
FUNDAMENTALS OF THE RETIREMENT SYSTEM IN GERMANY
.43 3.1 DEMOGRAPHIC DEVELOPMENTS IN GERMANY
.44 3.2 THE GERMAN PENSION
SYSTEM.51 3.3
SUMMARY OF THE FUNDAMENTALS OF THE RETIREMENT SYSTEM IN GERMANY
.73
4 RETIREMENT-SPECIFIC BEHAVIORAL FINANCE AND DERIVATION OF BENCHMARK
BEHAVIOR FOR FP ACTIONS
.75 4.1 RELEVANCE OF
BEHAVIORAL FINANCE TO THE STUDY OF INDIVIDUAL RETIREMENT-SPECIFIC
FPB.76
4.2 THE STANDARD ECONOMIC THEORY OF DECISION-MAKING AND ITS ADAPTATION
TO BEHAVIORAL
FINANCE.78 4.3
BEHAVIORAL FINANCE ADAPTATIONS OF ADDITIONAL FPB RELEVANT THEORIES
.114
4.4 POSTULATED BENCHMARK BEHAVIOR FOR INDIVIDUAL FP ACTIONS
.117 4.5 SUMMARY OF RETIREMENT-SPECIFIC BEHAVIORAL FINANCE AND
THE DERIVATION OF BENCHMARK BEHAVIOR FOR FP ACTIONS
.134 XIV TABLE OF CONTENTS 5 INVESTOR RETIREMENT
SURVEY AND OUTLOOK ON EMPIRICAL ANALYSES ABOUT INDIVIDUAL
RETIREMENT-SPECIFIC FPB .137
5.1 OPERATIONALIZATION OF RESEARCH-SPECIFIC FP PERSPECTIVES AND FP
ACTIONS.138
5.2 INVESTOR RETIREMENT SURVEY AS CHOSEN OBSERVATION INSTRUMENT
.150 5.3 IDENTIFICATION OF DIFFERENT INVESTOR GROUPS WITH A
PARTICULAR CAPABILITY FOR
RISK.161
5.4 STRUCTURE OF THE EMPIRICAL ANALYSES FOR THE EXAMINATION OF THE
CONCEPTUAL APPROACH
.175
5.5 SUMMARY OF INTRODUCTION TO INVESTOR RETIREMENT SURVEY AND EMPIRICAL
ANALYSES
.176
6 EMPIRICAL ANALYSES OF INDIVIDUAL RETIREMENT-SPECIFIC
FPB.179 6.1 POOLING OF INVESTOR GROUPS AND
CHARACTERIZATION OF THE NEWLY DEFINED HOMOGENOUS INVESTOR TYPES
.179 6.2 ANALYSIS OF
INVESTOR TYPE SPECIFIC FP PERSPECTIVES.199 6.3
ANALYSIS OF INVESTOR TYPE SPECIFIC FP ACTIONS AND COMPARISON TO
BENCHMARK BEHAVIOR
.250 6.4
SCENARIO ANALYSES FOR ADEQUATE SAVING
RATES.277 6.5 SUMMARY OF THE EMPIRICAL
ANALYSES OF INDIVIDUAL RETIREMENT-SPECIFIC
FPB.302 7
REVIEW OF EMPIRICAL RESEARCH AND IDENTIFICATION OF SUGGESTIONS FOR
POLICY-MAKERS, FINANCIAL PLANNERS AND THE INDIVIDUAL.305
7.1 REVIEW OF IDENTIFIED FP PERSPECTIVES
.306 7.2 REVIEW OF GAPS
IDENTIFIED IN INDIVIDUAL RETIREMENT-SPECIFIC FP
ACTIONS.311
7.3 SUMMARY OF INDIVIDUAL RETIREMENT-SPECIFIC FPB PROFILES FOR THE FIVE
INVESTOR
TYPES.313
7.4 SUGGESTIONS FOR POLICY-MAKERS, FINANCIAL PLANNERS AND THE
INDIVIDUAL.322
7.5 SUMMARY OF THE REVIEW OF EMPIRICAL RESEARCH AND IDENTIFICATION OF
SUGGESTIONS FOR POLICY-MAKERS, FINANCIAL PLANNERS AND THE
INDIVIDUAL.354
8 CONCLUSION
.357
8.1 SUMMARY OF
RESULTS.358
8.2 ASSESSMENT AND CRITIQUE OF THIS
STUDY.362 8.3 FURTHER RESEARCH
QUESTIONS
.363
DETAILED TABLE OF CONTENTS FOREWORD
.VII
ACKNOWLEDGEMENTS
.
IX ABSTRACT
.
XI TABLE OF CONTENTS
.
XIII DETAILED TABLE OF CONTENTS
.
XV 1
INTRODUCTION.1
1.1 MOTIVATION AND BACKGROUND OF THE STUDY
.1 1.2 REVIEW OF EXISTING
RESEARCH.5
1.3 KNOWLEDGE AIM AND RESEARCH
QUESTIONS.6 1.4 RESEARCH
OBJECTIVES AND STRUCTURE OF THE THESIS .8
1.5 DEMARCATION AND CONTRIBUTION
.11 2 FRAME OF
REFERENCE AND CONCEPTUAL APPROACH FOR THE ANALYSIS OF INDIVIDUAL
RETIREMENT-SPECIFIC FINANCIAL PLANNING BEHAVIOR .13 2.1
THE INDIVIDUAL FINANCIAL OPTIMIZATION PROBLEM
.13 2.1.1 LIFE-CYCLE HYPOTHESIS AS
THEORETICAL BASIS FOR THE INTER- TEMPORAL FINANCIAL OPTIMIZATION PROBLEM
.14 2.1.2 FINANCIAL FLOWS AND RISKS
RELEVANT TO INDIVIDUAL RETIREMENT- SPECIFIC FPB
.19
2.1.3 MODEL FOR THE INDIVIDUAL INTER-TEMPORAL FINANCIAL OPTIMIZATION
PROBLEM .22
2.2 FP PERSPECTIVES AND FP ACTIONS: THE COMPONENTS OF INDIVIDUAL
FPB.25
2.2.1 GENERAL PERSPECTIVES ON FINANCIAL
PLANNING.25 2.2.2 INDIVIDUAL
RETIREMENT-SPECIFIC FPB AND ITS TWO COMPONENTS AS RESEARCH
FOCUS.27
2.2.3 FP PERSPECTIVES: THE FIRST COMPONENT OF INDIVIDUAL
RETIREMENT-SPECIFIC
FPB.30 XVI
DETAILED TABLE OF CONTENTS 2.2.4 FP ACTIONS: THE SECOND COMPONENT OF
INDIVIDUAL RETIREMENT- SPECIFIC FPB
.34
2.3 CONCEPTUAL APPROACH FOR THE ANALYSIS OF INDIVIDUAL RETIREMENT-
SPECIFIC FPB
.35
2.4 SUMMARY OF THE FRAME OF REFERENCE AND THE CONCEPTUAL APPROACH.42 3
FUNDAMENTALS OF THE RETIREMENT SYSTEM IN GERMANY
.43 3.1 DEMOGRAPHIC DEVELOPMENTS IN GERMANY
.44 3.2 THE GERMAN PENSION
SYSTEM.51
3.2.1 OVERALL SET-UP
.52
3.2.1.1 THE FIRST PILLAR: COMPULSORY STATE PENSION, ALSO CALLED
STATUTORY STATE PENSION (SSP).55 3.2.1.2 THE
SECOND PILLAR: OCCUPATIONAL PENSION SCHEME (OPS)
.59
3.2.1.3 THE THIRD PILLAR: VOLUNTARY PERSONAL PENSIONS (VPP).61 3.2.2
STATUS OF PENSION REFORMS
.62 3.2.3 THE
GERMAN STATUTORY STATE PENSION BENEFIT FORMULA.67 3.3
SUMMARY OF THE FUNDAMENTALS OF THE RETIREMENT SYSTEM IN GERMANY
.73
4 RETIREMENT-SPECIFIC BEHAVIORAL FINANCE AND DERIVATION OF BENCHMARK
BEHAVIOR FOR FP
ACTIONS.75
4.1 RELEVANCE OF BEHAVIORAL FINANCE TO THE STUDY OF INDIVIDUAL
RETIREMENT-SPECIFIC
FPB.76
4.2 THE STANDARD ECONOMIC THEORY OF DECISION-MAKING AND ITS ADAPTATION
TO BEHAVIORAL
FINANCE.78 4.2.1
STANDARD ECONOMIC THEORY OF DECISION-MAKING .78
4.2.2 STEP 1: *NORMAL* PERCEPTION OF
REALITY.80 4.2.2.1 FAULTY PROBABILITY
ASSESSMENTS BASED ON PROMINENT PAST
INFORMATION.81 4.2.2.2 POSITIVE
BIAS .84
4.2.3 STEP 2: *NORMAL* DECISION
MAKING.87 4.2.3.1 PROSPECT
THEORY.87
4.2.3.2 LIMITED COGNITIVE
ABILITIES.92 4.2.3.3 PORTFOLIO
SEGREGATION .102 4.2.3.4
COMPLEXITY AVERSION .105
4.2.4 STEP 3: *NORMAL* IMPLEMENTATION OF ACTIONS
.107 4.2.4.1 PASSIVITY
.107
4.2.4.2 LACK OF SELF-CONTROL
.110 4.2.4.3 HOME
BIAS.112
4.2.4.4 REGRET
.113
DETAILED TABLE OF CONTENTS XVII 4.3 BEHAVIORAL FINANCE ADAPTATIONS OF
ADDITIONAL FPB RELEVANT THEORIES
.114
4.3.1 BEHAVIORAL FINANCE ADAPTATION OF THE LIFE-CYCLE HYPOTHESIS.114
4.3.2 BEHAVIORAL FINANCE ADAPTATION OF THE MODERN PORTFOLIO
THEORY.116
4.4 POSTULATED BENCHMARK BEHAVIOR FOR INDIVIDUAL FP ACTIONS
.117 4.4.1 BENCHMARK BEHAVIOR: START OF FINANCIAL PLANNING
ACTIVITIES 119 4.4.2 BENCHMARK BEHAVIOR: OVERALL UNDERSTANDING OF THE
INDIVIDUAL FINANCIAL SITUATION IN RETIREMENT
.121 4.4.3 BENCHMARK BEHAVIOR: HOLDING OF
CLASSICAL PENSION SAVINGS PRODUCTS
.124
4.4.4 BENCHMARK BEHAVIOR:
DIVERSIFICATION.127 4.4.5 BENCHMARK
BEHAVIOR: RISK-RETURN PROFILE OF THE PERSONAL ASSET PORTFOLIO
.130
4.4.6 BENCHMARK BEHAVIOR: RISK
MITIGATION.132 4.5 SUMMARY OF
RETIREMENT-SPECIFIC BEHAVIORAL FINANCE AND THE DERIVATION OF BENCHMARK
BEHAVIOR FOR FP ACTIONS .134 5 INVESTOR
RETIREMENT SURVEY AND OUTLOOK ON EMPIRICAL ANALYSES ABOUT INDIVIDUAL
RETIREMENT-SPECIFIC FPB .137
5.1 OPERATIONALIZATION OF RESEARCH-SPECIFIC FP PERSPECTIVES AND FP
ACTIONS.138
5.1.1 OPERATIONALIZATION AND MEASUREMENT SPECIFICATIONS OF
SOCIO-DEMOGRAPHIC AND SOCIO-ECONOMIC ATTRIBUTES .138 5.1.2
OPERATIONALIZATION AND MEASUREMENT SPECIFICATIONS OF FP
PERSPECTIVES.141
5.1.3 OPERATIONALIZATION AND MEASUREMENT SPECIFICATIONS OF FP ACTIONS
.147
5.2 INVESTOR RETIREMENT SURVEY AS CHOSEN OBSERVATION INSTRUMENT
.150 5.2.1 CHOICE OF THE TARGET GROUP
.151 5.2.2
INTRODUCTION OF THE OBSERVATION INSTRUMENT.155
5.2.3 STRUCTURE, CONTENT AND FORMAL CHARACTERISTICS OF THE QUESTIONNAIRE
.157
5.2.4 REALIZATION OF THE INVESTOR RETIREMENT
SURVEY.160 5.3 IDENTIFICATION OF DIFFERENT INVESTOR
GROUPS WITH A PARTICULAR CAPABILITY FOR
RISK.161
5.3.1 INTRODUCTION OF INVESTOR GROUPS WITH A LOWER THAN AVERAGE RISK
CAPABILITY
.164
5.3.2 INTRODUCTION OF INVESTOR GROUPS WITH A HIGHER THAN AVERAGE RISK
CAPABILITY
.169
5.3.3 ASSIGNMENT OF INDIVIDUAL INTERVIEWEES TO DIFFERENT INVESTOR GROUPS
.172
XVIII DETAILED TABLE OF CONTENTS 5.4 STRUCTURE OF THE EMPIRICAL ANALYSES
FOR THE EXAMINATION OF THE CONCEPTUAL APPROACH
.175
5.5 SUMMARY OF INTRODUCTION TO INVESTOR RETIREMENT SURVEY AND EMPIRICAL
ANALYSES
.176
6 EMPIRICAL ANALYSES OF INDIVIDUAL RETIREMENT-SPECIFIC
FPB.179 6.1 POOLING OF INVESTOR GROUPS AND
CHARACTERIZATION OF THE NEWLY DEFINED HOMOGENOUS INVESTOR TYPES
.179 6.1.1 SUGGESTED POOLING
OF INVESTOR GROUPS WITH A LOWER THAN AVERAGE RISK
CAPABILITY.181
6.1.2 SUGGESTED POOLING OF INVESTOR GROUPS WITH A HIGHER THAN AVERAGE
RISK
CAPABILITY.187
6.1.3 CHARACTERIZATION OF THE RESULTING FIVE INVESTOR TYPES
.191 6.2 ANALYSIS OF INVESTOR TYPE SPECIFIC FP
PERSPECTIVES.199 6.2.1 ANALYSIS OF THE PLANNED
LIFE IN RETIREMENT .200 6.2.1.1 PLANNED TIMING
OF RETIREMENT.200 6.2.1.2 INDIVIDUAL
LIFE PLANS.202 6.2.1.3
INDIVIDUAL COPING STRATEGIES .205
6.2.1.4 FINANCIAL OBJECTIVES IN RETIREMENT
.207 6.2.2 ANALYSIS OF THE FINANCIAL VIEW ON
LIFE IN RETIREMENT .209 6.2.2.1 ANALYSIS OF THE EXPENSE SIDE
(INCOME NEEDS) IN
RETIREMENT.210
6.2.2.2 ANALYSIS OF THE INCOME SIDE IN RETIREMENT .215
6.2.2.3 ANALYSIS OF THE RETIREMENT GAP BASED ON INDIVI- DUALLY ESTIMATED
INCOME AND EXPENSE STREAMS.221 6.2.2.4 COMPARISON OF RETIREMENT
GAP WITH FEELING OF FINANCIAL PREPAREDNESS FOR
RETIREMENT.224 6.2.3 ANALYSIS OF THE TRANSACTION
PREFERENCES .228 6.2.3.1 PREFERENCES FOR
INFORMATION GATHERING AND DECISION MAKING
.228 6.2.3.2
DECISION PREFERENCES IN THE FAMILY CONTEXT .230 6.2.4
ANALYSIS OF THE RISK PROFILE
.231 6.2.4.1 ANALYSIS
OF SELF-ASSESSED RISK APPETITE .231 6.2.4.2 ANALYSIS
OF RISK SOPHISTICATION .236 6.3 ANALYSIS
OF INVESTOR TYPE SPECIFIC FP ACTIONS AND COMPARISON TO BENCHMARK
BEHAVIOR
.250
6.3.1 COMPARATIVE ANALYSIS: START OF FINANCIAL PLANNING ACTIVITIES
.250
6.3.2 COMPARATIVE ANALYSIS: OVERALL UNDERSTANDING OF THE INDIVIDUAL
FINANCIAL SITUATION IN RETIREMENT .253 6.3.3
COMPARATIVE ANALYSIS: HOLDING OF CLASSICAL PENSION SAVINGS PRODUCTS
.262
DETAILED TABLE OF CONTENTS XIX 6.3.4 COMPARATIVE ANALYSIS:
DIVERSIFICATION.264 6.3.5 COMPARATIVE
ANALYSIS: RISK-RETURN PROFILE OF THE PERSONAL ASSET
PORTFOLIO.267
6.3.6 COMPARATIVE ANALYSIS: RISK
MITIGATION.273 6.4 SCENARIO ANALYSES FOR
ADEQUATE SAVING RATES .277 6.4.1
DIFFERENT CONCEPTIONS OF THE RETIREMENT GAP .280
6.4.2 ANALYTICAL DERIVATION OF THE SAVING RATES REQUIRED TO COVER THE
WEALTH-ADJUSTED STATUTORY STATE RETIREMENT INCOME GAP.284 6.4.3
SCENARIO ANALYSES FOR IMPLICATIONS OF DIFFERENT ASSUMPTIONS ON THE
REQUIRED SAVING RATE.290 6.4.4 SCENARIO
ANALYSIS COMBINING IMPACT OF DIFFERENT LEVERS ON THE FINANCIAL SITUATION
OF THE LIMITED-WEALTH RISK-GROUPS .293 6.4.5 THE LONGEVITY RISK OR THE
INVESTIGATION OF THE DURATION OF A SECURED RETIREMENT FINANCING
.295 6.4.6 COMPARATIVE
ANALYSIS WITH STATED SAVING RATES .298 6.5 SUMMARY OF
THE EMPIRICAL ANALYSES OF INDIVIDUAL RETIREMENT- SPECIFIC FPB
.302
7 REVIEW OF EMPIRICAL RESEARCH AND IDENTIFICATION OF SUGGESTIONS FOR
POLICY-MAKERS, FINANCIAL PLANNERS AND THE INDIVIDUAL.305
7.1 REVIEW OF IDENTIFIED FP PERSPECTIVES
.306 7.1.1 PLANNED LIFE IN
RETIREMENT .306 7.1.2
FINANCIAL VIEW ON LIFE IN
RETIREMENT.308 7.1.3 TRANSACTION
PREFERENCES.309
7.1.4 RISK PROFILE
.309
7.2 REVIEW OF GAPS IDENTIFIED IN INDIVIDUAL RETIREMENT-SPECIFIC FP
ACTIONS.311
7.3 SUMMARY OF INDIVIDUAL RETIREMENT-SPECIFIC FPB PROFILES FOR THE FIVE
INVESTOR
TYPES.313
7.3.1 KEY FINDINGS ABOUT THE
RETIREES.313 7.3.2 KEY
FINDINGS ABOUT THE LIMITED-WEALTH RISK-GROUPS.315 7.3.3 KEY
FINDINGS ABOUT THE LIMITED-WEALTH SELF-EMPLOYED.317 7.3.4 KEY
FINDINGS ABOUT THE HIGH-POTENTIAL .318
7.3.5 KEY FINDINGS ABOUT THE WEALTHY
.319 7.3.6 COMPARATIVE
POSITIONING OF ALL FIVE INVESTOR TYPES.320 7.4 SUGGESTIONS
FOR POLICY-MAKERS, FINANCIAL PLANNERS AND THE
INDIVIDUAL.322
7.4.1 KEY LIMITATIONS IN INDIVIDUAL RETIREMENT-SPECIFIC FPB.323
7.4.1.1 LIMITATION #1: OVER-OPTIMISTIC PERCEPTION OF ONE*S OWN FINANCIAL
REALITY.323 7.4.1.2 LIMITATION #2:
UNSOPHISTICATED PLANNING OF RETIREMENT
CASH-FLOWS.324 XX DETAILED
TABLE OF CONTENTS 7.4.1.3 LIMITATION #3: LATE START OF FINANCIAL
PLANNING FOR RETIREMENT
.326 7.4.1.4
LIMITATION #4: LOW RISK MITIGATION DESPITE HIGH RISK AWARENESS
.326 7.4.1.5 LIMITATION
#5: SUB-OPTIMAL PORTFOLIO CHOICES .327 7.4.2 GUIDING PRINCIPLES
TO ENHANCE INDIVIDUAL RETIREMENT- SPECIFIC FPB
.329
7.4.3 SUGGESTIONS FOR POLICY-MAKERS SEEKING TO IMPROVE INDIVIDUAL FPB
.334
7.4.4 SUGGESTIONS FOR FINANCIAL PLANNERS SEEKING TO IMPROVE INDIVIDUAL
FPB
.343
7.4.5 SUGGESTIONS FOR THE INDIVIDUAL SEEKING TO IMPROVE INDIVIDUAL FPB
.348
7.5 SUMMARY OF THE REVIEW OF EMPIRICAL RESEARCH AND IDENTIFICATION OF
SUGGESTIONS FOR POLICY-MAKERS, FINANCIAL PLANNERS AND THE
INDIVIDUAL.354
8 CONCLUSION
.357
8.1 SUMMARY OF
RESULTS.358
8.1.1 INVESTOR-TYPE SPECIFIC FINDINGS
.358 8.1.2 MOST SUBSTANTIAL
LIMITATIONS.360 8.1.3
IMPROVEMENT LEVERS FOR POLICY-MAKERS, FINANCIAL PLANNERS AND THE
INDIVIDUAL.361
8.2 ASSESSMENT AND CRITIQUE OF THIS
STUDY.362 8.3 FURTHER RESEARCH
QUESTIONS
.363
APPENDIX.367
LIST OF
SYMBOLS.411
ABBREVIATIONS
.413
BIBLIOGRAPHY.415
INDEX
.439 |
| any_adam_object | 1 |
| any_adam_object_boolean | 1 |
| author | Brunhart, Nicole 1975- |
| author_GND | (DE-588)133598926 |
| author_facet | Brunhart, Nicole 1975- |
| author_role | aut |
| author_sort | Brunhart, Nicole 1975- |
| author_variant | n b nb |
| building | Verbundindex |
| bvnumber | BV023024453 |
| callnumber-first | H - Social Science |
| callnumber-label | HG179 |
| callnumber-raw | HG179 |
| callnumber-search | HG179 |
| callnumber-sort | HG 3179 |
| callnumber-subject | HG - Finance |
| classification_rvk | QX 400 |
| ctrlnum | (OCoLC)406968598 (DE-599)DNB986054135 |
| dewey-full | 332.02401450943 |
| dewey-hundreds | 300 - Social sciences |
| dewey-ones | 332 - Financial economics |
| dewey-raw | 332.02401450943 |
| dewey-search | 332.02401450943 |
| dewey-sort | 3332.02401450943 |
| dewey-tens | 330 - Economics |
| discipline | Wirtschaftswissenschaften |
| discipline_str_mv | Wirtschaftswissenschaften |
| format | Book |
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| genre | (DE-588)4113937-9 Hochschulschrift gnd-content |
| genre_facet | Hochschulschrift |
| geographic | Deutschland Deutschland (DE-588)4011882-4 gnd |
| geographic_facet | Deutschland |
| id | DE-604.BV023024453 |
| illustrated | Illustrated |
| index_date | 2024-07-02T19:14:30Z |
| indexdate | 2024-07-09T21:09:14Z |
| institution | BVB |
| isbn | 3790819972 9783790819977 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-016228448 |
| oclc_num | 406968598 |
| open_access_boolean | |
| owner | DE-355 DE-BY-UBR DE-945 DE-1047 |
| owner_facet | DE-355 DE-BY-UBR DE-945 DE-1047 |
| physical | XX, 441 S. graph. Darst. 235 mm x 155 mm |
| publishDate | 2008 |
| publishDateSearch | 2008 |
| publishDateSort | 2008 |
| publisher | Physica-Verl. |
| record_format | marc |
| series2 | Contributions to economics |
| spelling | Brunhart, Nicole 1975- Verfasser (DE-588)133598926 aut Individual financial planning for retirement empirical insights from the affluent segment in Germany Nicole Brunhart Heidelberg Physica-Verl. 2008 XX, 441 S. graph. Darst. 235 mm x 155 mm txt rdacontent n rdamedia nc rdacarrier Contributions to economics Zugl.: St. Gallen, Univ., Diss., 2007 u.d.T.: Individual retirement-specific financial planning behavior Finance, Personal Germany Retirement income Germany Planning Anlageverhalten (DE-588)4214003-1 gnd rswk-swf Private Altersversorgung (DE-588)4665610-8 gnd rswk-swf Deutschland Deutschland (DE-588)4011882-4 gnd rswk-swf (DE-588)4113937-9 Hochschulschrift gnd-content Deutschland (DE-588)4011882-4 g Private Altersversorgung (DE-588)4665610-8 s Anlageverhalten (DE-588)4214003-1 s DE-604 Erscheint auch als Online-Ausgabe 978-3-7908-1998-4 Digitalisierung UB Regensburg application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016228448&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Klappentext SWBplus Fremddatenuebernahme application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016228448&sequence=000004&line_number=0002&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Brunhart, Nicole 1975- Individual financial planning for retirement empirical insights from the affluent segment in Germany Finance, Personal Germany Retirement income Germany Planning Anlageverhalten (DE-588)4214003-1 gnd Private Altersversorgung (DE-588)4665610-8 gnd |
| subject_GND | (DE-588)4214003-1 (DE-588)4665610-8 (DE-588)4011882-4 (DE-588)4113937-9 |
| title | Individual financial planning for retirement empirical insights from the affluent segment in Germany |
| title_auth | Individual financial planning for retirement empirical insights from the affluent segment in Germany |
| title_exact_search | Individual financial planning for retirement empirical insights from the affluent segment in Germany |
| title_exact_search_txtP | Individual financial planning for retirement empirical insights from the affluent segment in Germany |
| title_full | Individual financial planning for retirement empirical insights from the affluent segment in Germany Nicole Brunhart |
| title_fullStr | Individual financial planning for retirement empirical insights from the affluent segment in Germany Nicole Brunhart |
| title_full_unstemmed | Individual financial planning for retirement empirical insights from the affluent segment in Germany Nicole Brunhart |
| title_short | Individual financial planning for retirement |
| title_sort | individual financial planning for retirement empirical insights from the affluent segment in germany |
| title_sub | empirical insights from the affluent segment in Germany |
| topic | Finance, Personal Germany Retirement income Germany Planning Anlageverhalten (DE-588)4214003-1 gnd Private Altersversorgung (DE-588)4665610-8 gnd |
| topic_facet | Finance, Personal Germany Retirement income Germany Planning Anlageverhalten Private Altersversorgung Deutschland Hochschulschrift |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016228448&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016228448&sequence=000004&line_number=0002&func_code=DB_RECORDS&service_type=MEDIA |
| work_keys_str_mv | AT brunhartnicole individualfinancialplanningforretirementempiricalinsightsfromtheaffluentsegmentingermany |