- Title
- Rational and irrational indicators of financial efficacy and desirable savings behaviour among East London low-income consumers
- Creator
- Khumalo, Sibanisezwe A, Dlodlo, Nobukhosi
- Subject
- To be catalogued
- Date
- 2018
- Type
- text
- Type
- article
- Identifier
- http://hdl.handle.net/10962/470655
- Identifier
- vital:77382
- Identifier
- https://dergipark.org.tr/en/pub/ijbms/issue/44994/558691
- Description
- Since the principal source of retirement income is savings, the significance of projecting desirable savings behaviour during the pre-retirement phase can never be overestimated. Notably, the majority of low-income consumers in South Africa are not sufficiently prepared for retirement. This provides fertile ground for clarifying the importance of positive long-term savings behaviour. This study aimed to present a composite view by delineating both rational and irrational markers of financial efficacy and self-reported savings behaviour, whilst simultaneously discussing how such determinants can be predisposed towards increasing an individual’s retirement savings rate. Procedural techniques in the form of multiple regression analysis quantified the impact of financial risk tolerance, perceived income adequacy and social norms influence on individuals’ efficacy towards long-term savings behaviour. The findings of this study have practical implications for financial advisors, on how increased financial needs awareness amongst low-income consumers regarding future retirement life may be generated. Furthermore, this paper contributes towards the development of thriving communities by proffering knowledge on enhancing resource utilisation in lieu of increasing long-term financial security among low-income households.
- Format
- 16 pages, pdf
- Language
- English
- Relation
- International Journal of Business and Management Studies, Khumalo, S.A. and Dlodlo, N., 2018. Rational and irrational indicators of financial efficacy and desirable savings behaviour among East London low-income consumers. International Journal of Business and Management Studies, 10(2, International Journal of Business and Management Studies volume 10 number 2 1 16 2018
- Rights
- Publisher
- Rights
- Use of this resource is governed by the terms and conditions of the publisher
- Hits: 33
- Visitors: 41
- Downloads: 8
Collections
Khumalo, Sibanisezwe Alwyn (Assoc Prof)
RU Department of Economics and Economic History
SDG 08. Decent Work and Economic Growth
| Thumbnail | File | Description | Size | Format | |||
|---|---|---|---|---|---|---|---|
| View Details Download | SOURCE1 | Rational and irrational indicators of financial efficacy and desirable savings behaviour among East London low-income consumers.pdf | 153 KB | Adobe Acrobat PDF | View Details Download |