Consumption pattern, financial literacy and financial well-being: the course of retirement

Research output: Contribution to conferenceOtherResearchpeer-review

Abstract

Although well-being has been broadly analysed, financial well-being is still an emerging research area. Consumption behaviour and financial literacy are primary factors in determining personal financial well-being in retirement. Based on unique survey data concerning elderly Australians, we analyse and combine changes in actual consumption and consumption needs over retirement to examine how meeting consumption needs influences financial well-being. The role of financial literacy in the relationship between meeting consumption needs and financial well-being is also analysed. We find that meeting both essential and non-essential consumption needs significantly improves financial well-being. The positive effect is strongest for non-essential consumption. While financial literacy is independent of the relationship between meeting essential consumption needs and financial well-being, it helps strengthen the positive relationship between meeting non-essential consumption needs and financial well-being.
Original languageEnglish
Publication statusPublished - Jul 2018
EventThe 58th Accounting and Finance Association of Australia & New Zealand (AFAANZ) 2018 Annual Conference - Auckland, New Zealand
Duration: 1 Jul 20183 Jul 2018
Conference number: 58th

Conference

ConferenceThe 58th Accounting and Finance Association of Australia & New Zealand (AFAANZ) 2018 Annual Conference
Abbreviated titleAFAANZ
CountryNew Zealand
CityAuckland
Period1/07/183/07/18

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Financial literacy
Consumption patterns
Well-being
Retirement
Factors
Consumption behavior
Survey data

Cite this

Xue, R., Gepp, A., Stern, S., O'Neill, T., & Vanstone, B. J. (2018). Consumption pattern, financial literacy and financial well-being: the course of retirement. The 58th Accounting and Finance Association of Australia & New Zealand (AFAANZ) 2018 Annual Conference, Auckland, New Zealand.
Xue, Rui ; Gepp, Adrian ; Stern, Steven ; O'Neill, Terence ; Vanstone, Bruce J. / Consumption pattern, financial literacy and financial well-being: the course of retirement. The 58th Accounting and Finance Association of Australia & New Zealand (AFAANZ) 2018 Annual Conference, Auckland, New Zealand.
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Xue, R, Gepp, A, Stern, S, O'Neill, T & Vanstone, BJ 2018, 'Consumption pattern, financial literacy and financial well-being: the course of retirement' The 58th Accounting and Finance Association of Australia & New Zealand (AFAANZ) 2018 Annual Conference, Auckland, New Zealand, 1/07/18 - 3/07/18, .

Consumption pattern, financial literacy and financial well-being: the course of retirement. / Xue, Rui; Gepp, Adrian; Stern, Steven; O'Neill, Terence; Vanstone, Bruce J.

2018. The 58th Accounting and Finance Association of Australia & New Zealand (AFAANZ) 2018 Annual Conference, Auckland, New Zealand.

Research output: Contribution to conferenceOtherResearchpeer-review

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T1 - Consumption pattern, financial literacy and financial well-being: the course of retirement

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AU - Gepp, Adrian

AU - Stern, Steven

AU - O'Neill, Terence

AU - Vanstone, Bruce J

PY - 2018/7

Y1 - 2018/7

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AB - Although well-being has been broadly analysed, financial well-being is still an emerging research area. Consumption behaviour and financial literacy are primary factors in determining personal financial well-being in retirement. Based on unique survey data concerning elderly Australians, we analyse and combine changes in actual consumption and consumption needs over retirement to examine how meeting consumption needs influences financial well-being. The role of financial literacy in the relationship between meeting consumption needs and financial well-being is also analysed. We find that meeting both essential and non-essential consumption needs significantly improves financial well-being. The positive effect is strongest for non-essential consumption. While financial literacy is independent of the relationship between meeting essential consumption needs and financial well-being, it helps strengthen the positive relationship between meeting non-essential consumption needs and financial well-being.

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Xue R, Gepp A, Stern S, O'Neill T, Vanstone BJ. Consumption pattern, financial literacy and financial well-being: the course of retirement. 2018. The 58th Accounting and Finance Association of Australia & New Zealand (AFAANZ) 2018 Annual Conference, Auckland, New Zealand.