Self-employment, financial knowledge, and retirement planning. (2nd January 2022)

• Record Type: Journal Article
• Authors: Rostamkalaei, Anoosheh; Nitani, Miwako; Riding, Allan
• Is Part Of: Journal of small business management. Volume 60:Number 1(2022)
• Page Start: 63
• Page End: 92
• Publication Date: 2022-01-02
• Subjects: Financial literacy -- financial knowledge -- self-employed -- retirement planning -- overconfidence; Small business -- Management -- Periodicals; 658.022
• DOI: 10.1080/00472778.2019.1695497
• Languages: English
• ISSNs: 0047-2778

Abstract

ABSTRACT: The level of self-employed individuals' financial knowledge holds implications with respect to financial stability, economic welfare, and growth of young enterprises. This study found that self-employed individuals did not differ significantly from employed workers in terms of their financial knowledge. Self-employed workers were less likely than employed workers to be engaged in financial practices that improved their long-term financial health. However, there was no difference in the level of confidence in future retirement prospects between self-employed individuals and their employed counterparts. With the ongoing erosion of social protection systems, this research provides a basis for addressing the issue of relatively poor retirement planning among self-employed workers.