Date of Conferral

2023

Degree

Ph.D.

School

Management

Advisor

Holly Rick

Abstract

Planning for retirement is a practical approach to preparing for an excellent financial quality of life post career. However, individuals do not have the human capital to make optimal financial decisions or know whom to turn to for financial advice when they obtain human capital. This quantitative, correlational study examined the relationship between having a financial advisor, income, education, age, gender, marital status, racial status, employment status, the number of children under 19 years old in the household, and perceived financial success. The chosen theoretical foundation for this study was human capital theory. They used 944 data sets from the Health and Wealth 2016 database to test the study hypotheses. The inclusion criteria for the survey used to collect the data in the database were (a) 24 years old and above, (b) U.S. citizen, (c) employed full-time or self-employed, and (d) have at least $25,000 in investible assets. Results of ordinal regression analyses indicated a statistically significant but weak relationship between the independent variables and perceived financial success for 8 of the 10 regression models. The implication for social change from the study is that individuals who decide to work with a financial advisor to help them make their financial decisions are likely to increase their overall financial well-being.

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