Self-knowledge in personal planning for retirement sustainability

Resumen

The difficulty of system pension’ sustainability leads in many countries to a personal complement to public funds for retirement. One of the problems is how people without specialized financial training could manage their own knowledge about their retirement intentions. Economic personal factors are not enough to explain the financial resources available when retirement occurs. The application of a complete model would allow the personal management of knowledge for retirement. If the individuals of a society could apply this model to anticipate their financial resources, it would mean an improvement in the sustainability of pensions. The objective of this paper is to analyse the relationship between several factors that affect the behaviour of retirement, the financial management practices and the financial resources by a model based on the analysis in three moments for a Spanish sample of more than 400 people. The results guarantee that a model based on self-assessment could be applied for personal planning of retirement as a complementary way to the sustainability of the public pensions.