Figure 1
Within the Family:
- Inadequate planning for longer life expectancies
- unclear goals
- unidentified needs
- Unprepared for later life events
- changing work patterns, including retirement
- changes in family structure, roles, responsibilities
- changes in health and independence
- death
- aging parent/in-laws
Indicators:
_ lack of having identified future income needs
_ no income sources beyond Social Security
_ low personal savings rates
_ low level of accumulated assets
_ no health insurance coverage beyond Medicare
_ no will or transfer plans for resources
_ fear and worry about outliving income/resources
_ no intergenerational communication
- Unsolved conflicts among family decision makers
- Roles
- Values, attitudes, goals
- Meaning of financial security
- Low financial literacy (knowledge and skills)
- Saving and investing
- Health and long term care
- Low self-efficacy/confidence in ability to plan, prepare, protect
Outside Family:
- Inadequate Professional Advice
- Financial planners
- Elderlaw attorneys
- Lack of choices/options within private and public sectors
- lack of access to pensions/retirement saving accounts
- Complex and changing options (public and private sectors)
- Lack of information/misinformation
- Ambiguity in social norms
- Who's responsible for retirement, later life, long term care?
Cumulative Factors (Individual and Societal levels):
- Gender
- Minorities
- Family history
Marlene S. Stum, PhD, Family Social Science. University of Minnesota (2001). |
