Graduate Thesis Or Dissertation
 

Financial management practices of a selected group of retired couples

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  • This study examined the financial management practices of a group of middle and upper class retired couples in a period of rising prices and relatively fixed incomes. The objective of this study was to describe (1) financial planning of retired couples, (2) expenditures of these couples, (3) adjustments of their expenditures to income, (4) place of credit in their financial management, (5) financial management problems faced since retirement, and (6) feeling about their financial position. The data were obtained from a sample of 50 couples who considered themselves retired. They lived in an adult community near Portland, Oregon, owned or were buying a single-family dwelling and were willing to cooperate in the study. The 50 couples were interviewed in their homes during the summer of 1971. The age of the husbands at retirement ranged from 52 to 79 with a mean age of 64.8. The mean number of year retired was seven. Based on Hollingshead's Two-factor Index of Social Position, all the husbands were from the middle or upper social positions. In 1970, incomes of the couples ranged from $2,000 to $40,000 with a median of $8,400. Their net worth ranged from $23,000 to over $200,000 with a median of $80,000. All couples reported enough income for current needs. Forty-eight couples indicated they had adequate provision for an extended illness and sufficient income to visit children and relatives as often as they wished. Forty-six couples lived close enough to their pre-retirement level of living to please them. Thirty-nine of the couples used a financial plan, but only five couples had made written plans. Most couples based their financial plan on past experiences and adjusted their plan as needs changed. Those with a financial plan usually planned for a month or a longer period. All couples reported some degree of flexibility in their plans. Thirty-eight of the 45 couples who at some time had used a financial plan felt it had been an aid to a higher level-of-living than would have been possible without a plan. The total expenditures of the 50 couples in 1970 ranged from $2,695 to $20,264 with a mean of $8,287. By income level the mean total expenditures were: $4,255 for the $5,000 or less income group; $7,973 for the $5,001 to $10,000 group; $10,753 for the $10,001 to $15,000 group; and $13,570 for the group with income of $15,001 or more. The expenditures represent dissavings in the two lower income groups in decreasing amounts as income increased. Savings in the two upper income groups increased in amounts as income increased. The mean 1970 expenditures for all couples were: food, $1,450; housing, $1,538; transportation, $1,213; clothing and clothing care, $327; medical, $571; other family consumption, $1,414; gifts and contributions, $391; life insurance, $224; and personal taxes, $1,147. When asked about adjustments of expenditures to income, 35 couples reported they had made adjustments to increasing costs in 1970. All couples used their time, energy or skills as substitutes for purchased services. The services performed and named in order of frequency of substitution were: laundering, cleaning, making minor household repairs and doing maintenance work. Ninety-eight percent of the couples found satisfaction in performing these services. Forty-seven of the 50 couples used credit in 1970. Credit cards were used by 40 couples and monthly charge accounts by 24 couples. The items most frequently purchased on credit in 1970 were gas and oil followed by clothing and household items. Only three couples reported financial management problems after retirement. The problems reported were: having children in school after retirement; selling home to buy in a more desirable neighborhood; receiving reduced income from investments; and supporting an aged parent in a nursing home.
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