Table 1.

Summary of recent studies with further extensions of the Hershey's Model.

Study	Type of participants	Variables	Main findings
Jiménez et al., in press	948 Spanish workers aged between 30 and 63. Cross sectional study	Three model dimensions-capacity, willingness and opportunities to plan and save + financial planning for retirement + moderator role of age in the relationships between antecedents and financial planning	Global support for the model. The younger participants showed a greater level of FPR if they were characterized by a high level of education. The interaction between both age and Psychological preparation for retirement and Retirement goals clarity failed to reach statistical significance
Palaci et al., 2017	280 participants aged between 45 and 63 years. Cross sectional study	Parental financial socialization, financial planning for retirement (FPR), financial literacy, financial planning decisions, and financial management	Parental financial socialization directly and indirectly influences FPR. Financial literacy, decisions about FPR and financial management mediated the relation between parental financial socialization and FPR
Topa et al., in press	Three-wave's study (N = 276) were 40-plus Spanish clients of financial advisory firms	The mediating role of financial behavior in the relationship between financial goals and retirement saving adequacy, and the moderating role of Fear of death	Relationship between financial goals and retirement saving adequacy is mediated by financial behavior. Fear of death moderates the financial behavior-retirement saving adequacy relationship
Topa et al., in press	Longitudinal study 272 adult non-students younger 40 years	The mediating role of investment advice use in the relation between investment literacy and financial management behavior among young adults. NCC moderates the relations between Investment advice use and financial management behavior	Employees with more investment advice use and characterized by high need for cognitive closure show a higher level of financial management behavior, both for the seizing and the freezing dimensions
Herrador-Alcaide et al., in press	Spanish aged workers (N = 452), who were in transition to retirement. Participants were still working at Time 1, and Time 2, while at Time 3 they will be retired during the past year	Combined influence of Financial Literacy, Financial Retirement Goals, Optimism to Retirement, Financial Risk Tolerance, and Commitment to financial planner (at Time 1), on Financial Management Practices (at Time 2); which will be associated with Financial Resources for retirement (at Time 3)	The main hypotheses have been fully supported by the Partial Least Squares analysis, predicting 36% of the Financial Management Practices' variance and 53% of the Financial Resources for retirement's variance
Topa et al., 2017b	A two wave longitudinal study with Spanish nurses older than 55 years (N = 132)	Retirement planning involvement, Retirement goals clarity, and Financial knowledge relationships with three types of retirement planning behaviors: Public Protection, Self-Insurance, and Self-protection	Statistically significant differences have been found: goal clarity in men positively affects all three planning dimensions, although it affects self-protection less. In women, goal clarity negatively influences public protection and strongly influences self-protection. For men, financial knowledge only influences public protection, in a negative sense, whereas for women, this relation does not exist and, in contrast, financial knowledge increases self-protection and self-insurance