Title | Aging and loneliness: Why financial advisors should help clients and how |
Publication Type | Journal Article |
Year of Publication | 2022 |
Authors | Gibson, P, Cheng, Y, Sam, JK |
Journal | Financial Planning Review |
Volume | 5 |
Issue | 1 |
Pagination | e1136 |
Keywords | behavioral finance, Financial planning, Retirement |
Abstract | The primary goal of this study is to examine loneliness in retirement and explore steps that a financial planner can take to mitigate client loneliness. Using data from the Participant Lifestyle Questionnaire, and Leave-Behind Module from the Health and Retirement Study database, we show that even after controlling for relationship status and having a purpose in life, leisure activities can help reduce loneliness. When compared to increasing household wealth, the authors find that engaging in social activities has a greater impact on decreasing loneliness, signaling a possible duty of care owed to clients as it relates to well-being. We conclude with implications and practical strategies financial advisors can implement to help clients as they plan for and navigate retirement. |
DOI | 10.1002/cfp2.1136 |
Citation Key | 12298 |