The Necessary and Sufficient conditions for Retirement Funding Adequacy: A Fuzzy set analysis

Bomikazi Zeka, Francesco Veri

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Although retirement funding adequacy literature has explored perceptions of retirement preparations and savings targets, there remains a lack of understanding of which conditions are necessary and sufficient for it to occur. This study identifies the necessary and sufficient conditions for retirement funding adequacy by examining the extent to which demographic, psychological and behavioural variables predict its occurrence. Within the context of South Africa, fuzzy set qualitative comparative analysis was used to test a complex model and qualify the processes that lead to retirement funding adequacy. The results show that educated women of higher socio-economic status are associated with retirement provisions. Thus, the inclusion and empowerment of women in financial planning activities results in positive retirement outcomes. Furthermore, retirement provisions precede retirement funding adequacy, and financial knowledge is a necessary condition for both retirement provisions and retirement funding adequacy. This research is relevant for financial planners and institutions encouraging individuals to plan and save for retirement in order to reduce the retirement funding adequacy gap experienced by retirees.

Original languageEnglish
Pages (from-to)109-124
Number of pages16
JournalEconomics and Sociology
Issue number1
Publication statusPublished - Mar 2022


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