Why and when does financial information affect retirement planning intentions and which consumers are more likely to act on them?

Information provision is fundamental to improving retirement planning intentions and behavior, but little is known about the role of message format or the process underlying message effectiveness. Equally sparse are insights about when financial information messages are more likely to improve retirement planning intentions and which consumers are more prone to act on their stated intentions. This paper answers these questions through a longitudinal study of a sample of 736 U.S. consumers. While message format has only a limited effect on message effectiveness, receipt of a message improves consumers’ intention to plan for retirement. This effect is mediated by the willingness to learn more about retirement planning and retirement self-efficacy. Financial information messages are more likely to improve retirement planning intentions when consumers’ perceived financial security is low and when such messages are congruent with consumers’ construal level. Finally, consumers with more self-control display a stronger association between their intentions and actual behavior.