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<p>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.</p>
</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.

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

Financial Planning Research Journal

This work is licensed under the Creative Commons Attribution 4.0 International License.

This paper presents the results of an investigation into the factors that determine the intention to save for retirement using a professional financial...

Model fit for the CFA	Goodness of fit indices
Model fit for the CFA	χ²	P	Df	RMSEA	GFI	IFI	TLI	CFI
Sample n=289	560.90	.000	180	.086	.850	.906	.890	.905

Relationship	Sample n=289		Hypothesis Supported/Confirmed
Relationship	β	CR	Hypothesis Supported/Confirmed
H1a Self-efficacy → behavioural intention	.510	7.361	Yes
H1b Self-efficacy → goals	.549	7.643	Yes
H2a Goal clarity → behavioural intention	-.019	-.284	No
H2b Goal clarity → attitudes	.227	3.519	Yes
H3 Attitudes → behavioural intention	.537	9.465	Yes
H4a Subjective knowledge → behavioural intention	.029	.563	No
H4b Subjective knowledge → attitudes	-.183	-2.833	No
H4c Subjective knowledge → perceived risk	-.164	-2.458	Yes
H5 Perceived risk → behavioural intentions	.151	3.043	No

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

Data publikacji: 19 mar 2024

Zakres stron: 47 - 67

Otrzymano: 31 mar 2017

Przyjęty: 15 cze 2017

DOI: https://doi.org/10.2478/fprj-2017-0008

© 2017 Catherine M. Rickwood et al., published by Sciendo

This work is licensed under the Creative Commons Attribution 4.0 International License.

Figure 1:

Fit indices for the confirmatory factor analysis

Path estimates and critical ratio values