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

Rickwood Catherine M., Johnson Lester W. (), Worthington Steve and White Lesley

Financial Planning Research Journal, 2017, vol. 3, issue 2, 47-67

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.

Keywords: Attitude; financial planning; retirement; saving behaviour; self-efficacy (search for similar items in EconPapers)
Date: 2017
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Persistent link: https://EconPapers.repec.org/RePEc:vrs:finprj:v:3:y:2017:i:2:p:47-67:n:1003

DOI: 10.2478/fprj-2017-0008

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