Aging and loneliness: Why financial advisors should help clients and how

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 a...

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Published in:Financial planning review (Hoboken, N.J.) N.J.), 2022-03, Vol.5 (1), p.n/a
Main Authors: Gibson, Philip, Cheng, Yuanshan, Sam, Janine K.
Format: Article
Language:English
Subjects:
behavioral finance
financial planning
retirement
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description 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_str_mv 10.1002/cfp2.1136
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subjects behavioral finance
financial planning
retirement
title Aging and loneliness: Why financial advisors should help clients and how
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