Marissa Hettinger’s research while affiliated with University of Arizona and other places

Climate change is undeniably one of the most urgent issues of our era, with consequences that will profoundly shape our lives and the well-being of our families. Already, climate change-related worries impact how individuals plan for the future. Recent literature has investigated how psychological stressors, like concerns about climate change, impact decision-making. Building on this, we utilize the theory of imagined futures to explore how climate change influences the retirement savings behavior of millennials, a demographic often seen as financially unprepared for retirement, and as the first generation to come of age and build a family amidst the climate crisis. Through 50 in-depth interviews, we identify five main themes: climate stress, hopeful horizons, financial planning amidst future uncertainties, embracing the present, and the parenthood effect. These themes encompass a wide range of perspectives on retirement savings behavior in the context of climate change. While some participants see climate change as a reason to save more for an uncertain future, others view the unpredictable nature of climate change as a reason to enjoy their resources now, before environmental challenges make such opportunities less feasible. Drawing from our findings, we offer implications for individuals planning for retirement, financial advisors, and policymakers.