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Customer Intention to Save for Retirement Using a Professional Financial Services Planner

Author

Listed:
  • Rickwood Catherine M.
  • Johnson Lester W.
  • Worthington Steve
  • White Lesley

Abstract

This paper presents the results of an investigation into the factors that determine the intention to save for retirement using a professional financial services planner. The sample of 289 individuals aged between 30-65 years in Australia revealed that self-efficacy and attitudes are the main factors that cause a consumer to save for retirement, using the services of a financial planner and/or accountant. Structural equation modelling (SEM) analysis indicated that subjective knowledge and goal clarity have a negligible effect on behavioural intentions in this context. Furthermore, it was found that goal clarity, subjective knowledge and perceived risk did not have a direct impact on behavioural intentions. With 57 per cent of the variance explained, these results are considered robust. Finally, a number of opportunities for further research are outlined.

Suggested Citation

Handle: RePEc:vrs:finprj:v:3:y:2017:i:2:p:47-67:n:1003
DOI: 10.2478/fprj-2017-0008
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