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Abstract
The need for effective financial planning interventions has recently increased, as members of the baby boom generation near retirement. In the present study, the efficacy of three different retirement seminars was evaluated one year following intervention. The retirement seminars focused on either (1) information about financial planning and investing, (2) financial goal-setting exercises, or (3)acombination of financial information and goal-setting exercises. Post-intervention goal clarity and planning and savings practices were compared across the three groups, as well as to individuals in a control condition who received a memory improvement seminar. Intervention had the strongest impact on those in the combined (information and goals) condition, and a moderate influence on the behavior of those who attended the information-only seminar. These findings suggest that the influence of information-based seminars (the most common form of motivational intervention) can be enhanced by the addition of a supplemental goal-setting module.
