Have a personal or library account? Click to login
Customer Intention to Save for Retirement Using a Professional Financial Services Planner Cover

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

Open Access
|Mar 2024

References

  1. Ajzen, I. (1988) Attitudes, Personality, and Behaviour, Dorsey, Chicago.
  2. Ajzen, I. (1991) ‘The theory of planned behaviour’, Organisational Behaviour & Human Decision Processes, 50:2, pp. 179–211.
  3. Ajzen, I. (2002) ‘Perceived behavioural control, self-efficacy, locus of control, and the theory of planned behaviour’, Journal of Applied Social Psychology, 32:4, pp. 665–683.
  4. Ajzen, I. (2005) Attitudes, Personality & Behaviour (2nd ed.), Open University Press, Berkshire, England.
  5. Anderson, J.C. and Gerbing, D.W. (1988) ‘Structural equation modeling in practice: a review and recommended two-step approach’, Psychological Bulletin, 103:3, pp. 411–423.
  6. Armitage, C. J. and Conner, M. (1999) ‘Distinguishing perceptions of control from self-efficacy: Predicting consumption of a low-fat diet using the Theory of Planned Behaviour’, Journal of Applied Social Psychology, 29:1: pp. 72–90.
  7. Armitage, C.J. and Conner, M. (2001) ‘Efficacy of the theory of planned behaviour: A meta-analytic review’, British Journal of Social Psychology, 40:4, pp. 471–499.
  8. Australian Bureau of Statistics. (ABS) (2009) Australian Social Trends, Catalogue No. 4102.0, Australian Bureau of Statistics, Canberra.
  9. Australian Bureau of Statistics. (ABS) (2011) Census of Population and Housing: Time Series Profile, 2011, Second Release, Catalogue No. 2003.0, Australian Bureau of Statistics, Canberra.
  10. Australian Treasury (2010) Australia to 2050: Future Challenges, Commonwealth of Australia.
  11. Bagozzi, R.P. and Dholakia, U. (1999) ‘Goal setting and goal striving in consumer behaviour’, Journal of Marketing, 63:4, pp. 19–32.
  12. Bandura, A. (1977) Self-efficacy: The Exercise of Control, W.H. Freeman and Company, New York.
  13. Bandura A. and Jourdan, F.J. (1991) ‘Self-regulatory mechanisms governing the impact of social comparison on complex decision making’, Journal of Personality & Social Psychology, 60:6, pp. 945–951.
  14. Bandura A. and Locke E.A. (2003) ‘Negative self-efficacy and goal effects revisited’, Journal of Applied Psychology, 88:1, pp. 87–99.
  15. Bansal, H.S. and Voyer, P.A. (2000) ‘Word-of-mouth processes within a services purchase decision context’, Journal of Service Research, 3:2, pp. 166–177.
  16. Bauer, R.A. (1960) ‘Consumer behaviour as risk taking’, Paper presented at the 43rd National Conference of the American Marketing Association, Minneapolis, University of Minnesota, 15-17 June.
  17. Byrne, B.M. (2001) Structural Equation Modeling with AMOS: Basic Concepts, Applications, and Programming, Lawrence Erlbaum Associates, New Jersey.
  18. Canova, L., Rattazzi, A. M. M. and Webley, P. (2005) ‘The hierarchical structure of saving motives’, Journal of Economic Psychology, 26:1, pp. 21–34.
  19. Clark, G.L., Strauss, K. and Knox-Hayes, J. (2012) Saving for Retirement, Oxford University Press, Oxford.
  20. Cohen, J.B. (1972) Behavioral Science Foundations of Consumer Behavior, The Free Press, New York.
  21. Conchar, M.P., Zinkhan, G.M., Peters, C. and Olavarrieta, S. (2004) ‘An integrated framework for the conceptualization of consumers’ perceived-risk processing’, Journal of the Academy of Marketing Science, 32:4, pp. 418–436.
  22. Crespo, A.H., del Bosque, I.R. and Sanchez, M. (2009) ‘The influence of perceived risk on internet shopping behaviour: a multidimensional perspective’, Journal of Risk Research, 12:2, pp. 259–277.
  23. Croy, G., Gerrans, P. and Speelman, C. (2010) ‘The role and relevance of domain knowledge, perceptions of planning importance, and risk tolerance in predicting savings intentions’, Journal of Economic Psychology, 31, pp. 860–871.
  24. Cull, M. (2009) ‘The rise of the financial planning industry’, Australasian Accounting, Business and Finance Journal, 3:1, pp. 26–37.
  25. Dewitte, S., Verguts, T. and Lens, W. (2003) ‘Implementation intentions do not enhance all types of goals: the moderating role of goal difficulty’, Current Psychology, 22:1, pp. 73–89.
  26. Eagley, A.H. and Chaiken, S. (1993) The Psychology of Attitudes, Harcourt Brace and Company, Orlando.
  27. Edelman (2014) Edelman Trust Barometer, available at: http://www.edelman.com/insights/intellectual-property/2014-edelman-trust-barometer/trust-in-business/trust-in-financial-services/ (accessed on 21/02/2017)
  28. Engelberg, E. (2007) ‘The perception of self-efficacy in coping with economic risks among young adults: an application of psychological theory and research’, International Journal of Consumer Studies, 31:1, pp. 95–101.
  29. Ettenson, R. and Turner, K. (1997) ‘An exploratory investigation of consumer decision making for selected professional and non-professional services’, Journal of Services Marketing, 11:2/3, pp. 91–104.
  30. Featherman, M. S. and Pavlou, P. A. (2003) ‘Predicting e-services adoption: A perceived risk facets perspective’, International Journal of Human-Computer Studies, 59:4, pp. 451–474.
  31. Finlay, R. and Price, F. (2014) Research Discussion Paper: Household Saving in Australia, Reserve Bank of Australia, RDP2014-03.
  32. Fishbein M. and Ajzen, I. (1975) Belief, Attitude, Intention & Behavior: An Introduction to Theory & Research, Addison-Wesley Publishing Company, Massachusetts.
  33. Fitzmaurice, J. (2005) ‘Incorporating consumers’ motivations into the theory of reasoned action’, Psychology & Marketing, 22:11, pp. 911–929.
  34. Flynn, L. R. and Goldsmith, R. E. (1999) ‘A short, reliable measure of subjective knowledge’, Journal of Business Research, 46:1, pp. 57–66.
  35. Fornell, C. and Larcker, D. F. (1981) ‘Evaluating structural equation models with unobservable variables and measurement error’, Journal of Marketing Research, 18:1, pp. 39–50.
  36. Fox, J. (2005) ‘Why Johnny can’t save for retirement’, Fortune, 151:6, pp. 72–78.
  37. Garver, M. S. and Mentzer, J. T. (1999) ‘Logistics research methods: Employing structural equation modeling to test for construct validity’, Journal of Business Logistics, 20:1, pp. 33–57.
  38. Gollwitzer, P.M. (1993) ‘Goal achievement: The role of intentions’, European Review of Social Psychology, 4, pp. 141–185.
  39. Gollwitzer, P.M. (1999) ‘Implementation intentions’, American Psychologist, 54:7, pp. 493–503.
  40. Grace, D., Weaven, S. and Anderson, S. (2008) ‘An examination of involvement in relation to superannuation consumption’, Journal of Financial Services Marketing, 12:4, pp. 311–319.
  41. Hair, J.F. Jr, Black, W.C., Babin, B.J., Anderson, R.E. and Tatham, R.L. (2006) Multivariate Data Analysis (6th Ed.), Pearson Education, New Jersey.
  42. Harrison, T. (2003) ‘Understanding the behaviour of financial services consumers: A research agenda’, Journal of Financial Services Marketing, 8:1, pp. 6–9.
  43. Harrison, T., Waite, K. and White, P. (2006) ‘Analysis by paralysis: the pension purchase decision process’, International Journal of Bank Marketing, 24:1, pp. 5–23.
  44. Hershey, D. A. and Mowen, J. C. (2000) ‘Psychological determinants of financial preparedness for retirement’, Gerontologist, 40:6, pp. 687–697.
  45. Hira, T.K., Rock, W.L. and Loibl, C. (2009) ‘Determinants of retirement planning behaviour and differences by age’, International Journal of Consumer Studies, 33, pp. 293–301.
  46. Holland, D.S. (2008) ‘Finding optimism in uncertain times: The increasingly critical role of the financial planner’, Journal of Financial Planning, 21:9, pp. 14–15.
  47. Howcroft, B., Hewer, P. and Hamilton, R. (2003) ‘Consumer decision-making styles and the purchase of financial services’, The Service Industries Journal, 23:3, pp. 63–81.
  48. Howlett, E., Kees, J. and Kemp, E. (2008) ‘The role of self-regulation, future orientation, and financial knowledge in long-term financial decisions, Journal of Consumer Affairs, 42:2, pp. 223–242.
  49. Katona, G. (1975) Psychological Economics, Elsevier, New York.
  50. Laroche, M., Bergeron, J. and Goutland, C. (2003) ‘How intangibility affects perceived risk: The moderating role of knowledge and involvement’, Journal of Services Marketing, 17:2, pp. 122–140.
  51. Lee, M.-C. (2009) ‘Factors influencing the adoption of internet banking: An integration of TAM and TPB with perceived risk and perceived benefit’, Electronic Commerce Research and Applications, 8:3, pp. 130–141.
  52. Llewellyn, D.T. (2005) ‘Trust and confidence in financial services: a strategic challenge’, Journal of Financial Regulation & Compliance, 13:4, pp. 333–346.
  53. Loibl, C. and Hira, T. K. (2009) ‘Investor information search’, Journal of Economic Psychology, 30:1, pp. 24–41.
  54. Louis, W., Davies, S., Smith, J. and Terry, D. (2007) ‘Pizza and pop and the student identity: The role of referent group norms in healthy and unhealthy eating’, Journal of Social Psychology, 147:1, pp. 57–74.
  55. Lovelock, C. (2001) Services Marketing: People, Technology, Strategy (Fourth ed.), Prentice Hall, New Jersey.
  56. Lusardi, A. and Mitchell, O., S. (2007a) ‘Financial literacy and retirement preparedness: Evidence and implications for financial education’, Business Economics, 42:1, pp. 35–44.
  57. Lusardi, A. and Mitchell, O.S. (2007b) ‘Baby Boomer retirement security: The roles of planning, financial literacy, and housing wealth’, Journal of Monetary Economics, 54:1, pp. 205–224.
  58. Lusardi, A. and Mitchell, O.S. (2011) ‘Financial literacy around the world: An overview’, Journal of Pension Economics and Finance, 10:4, pp. 497–508.
  59. Manstead, A. S. R. and van Eekelen, S. A. M. (1998) ‘Distinguishing between perceived behavioural control and self-efficacy in the domain of academic achievement intentions and behaviours’, Journal of Applied Social Psychology, 28:15, pp. 1375–1392.
  60. McKeown, W. (2012) Financial advice reform: Have we learned enough from Storm?, available at https://theconversation.com/financial-advice-reform-have-we-learned-enough-from-storm-5299, (accessed on 29/03/2016)
  61. Mitchell, V.-W. (1999) ‘Consumer perceived risk: Conceptualisations and models’, European Journal of Marketing, 33:1/2, pp. 163–195.
  62. Mitchell, V.-W. and Greatorex, M. (1993) ‘Risk perception and reduction in the purchase of consumer services’, The Service Industries Journal, 13:4, pp. 179–200.
  63. Mitra, K. and Reiss, M.C. (1999) ‘An examination of perceived risk, information search and behavioural intentions in search’, Journal of Services Marketing, 13:3, pp. 208–228.
  64. Moschis, G. P. and Burkhalter, J. E. N. (2008) ‘Making ends meet: How will the elderly manage their finances and post-retirement expenses?’, Journal of Financial Services Marketing, 12:3, pp. 235–241.
  65. Murray, K.B. (1991) ‘A test of services marketing theory: Consumer information acquisition activities’, Journal of Marketing, 55:1, pp. 10–25.
  66. Murray K.B. and Schlacter, J.L. (1990) ‘The impact of services versus good on consumers’ assessment of perceived risk and variability’, Journal of the Academy of Marketing Science, 18:1, pp. 51–65.
  67. Norman, P. and Hoyle, S. (2004) ‘The theory of planned behaviour and breast self-examination: Distinguishing between perceived control and self-efficacy’, Journal of Applied Social Psychology, 34:4, pp. 694–708.
  68. OECD (2005) Ageing Populations: High Time for Action, OECD.
  69. Osgood, C.E., Suci, G.J. and Tannenbaum, P.J. (1957) The Measurement of Meaning, University of Illinois Press, Chicago.
  70. Povey, R., Conner, M., Sparks, P., James, R. and Shepherd, R. (2000) ‘Application of the theory of planned behaviour to two dietary behaviours: Roles of perceived control and self-efficacy’, British Journal of Health Psychology, 5, pp. 121–139.
  71. Prestwich, A., Perugini, M. and Hurling, R. (2008) ‘Goal desires moderate intention-behaviour relations’, British Journal of Social Psychology, 47, pp. 49–71.
  72. Rabinovich, A. and Webley, P. (2007) ‘Filling the gap between planning and doing: Psychological factors involved in the successful implementation of saving intention’, Journal of Economic Psychology, 28:4, pp. 444–461.
  73. Rickwood, C. M. and White, L. (2009) ‘Pre-purchase decision-making for a complex service: Retirement planning’, Journal of Services Marketing, 23:3, pp. 145–153.
  74. Robertson, A. (2015) Financial planners face declining business unless trust restored, ABC, available at http://www.abc.net.au/news/2015-02-11/financial-planners-face-declining-business-unless-trust-restored/6086570, (accessed 29/03/2016)
  75. Schwarzer, R. (1999) ‘Self-regulatory processes in the adoption and maintenance of health behaviours’, Journal of Health Psychology, 4:2, pp. 115–127.
  76. Sheeran, P. (2002) ‘Intention-behaviour relations: A conceptual and empirical review’, European Review of Social Psychology, 12, pp. 1–36.
  77. Smith, J. R., Terry, D. and Hogg, M. (2006) ‘Who will see me? The impact of type of audience on willingness to display group-mediated attitude-intention consistency’, Journal of Applied Psychology, 36:5, pp. 1173–1197.
  78. Stawski, R. S., Hershey, D. A. and Jacobs-Lawson, J. M. (2007) ‘Goal clarity and financial planning activities as determinants of retirement savings contributions’, International Journal of Aging & Human Development, 64:1, pp. 13–32.
  79. Sutton, S. (1998) ‘Predicting and explaining intentions and behaviour: How well are we doing?’, Journal of Applied Social Psychology, 28:15, pp. 1317–1338.
  80. Sweeney, J.C., Soutar, G.N. and Mazzarol, Y. (2008) ‘Factors influencing word of mouth effectiveness: receiver perspectives’, European Journal of Marketing, 42:3/4, pp. 344–364.
  81. Tang, T. L.-P. (1993) ‘The meaning of money: Extension and exploration of the money ethic scale in a sample of university students in Taiwan’, Journal of Organisational Behaviour, 14:1, pp. 93–99.
  82. Terry, D. J. and O’Leary, J. E. (1995) ‘The Theory of Planned Behaviour: The effects of perceived behavioural control and self-efficacy’, British Journal of Social Psychology, 34, pp. 199–220.
  83. Thakor, M.V. and Kumar, A. (2000) ‘What is a professional service? A conceptual review and binational investigation’, Journal of Services Marketing, 14:1, pp. 63–82.
  84. The Treasury. (2016) Available at www.futureofadvice.treasury.gov.au, (accessed 29/03/2016)
  85. Toossi, M. (2012) ‘Projections of the labor force to 2050: a visual essay’, Monthly Labor Review, The Bureau of Labor Statistics, available at https://www.bls.gov/opub/mlr/2012/10/art1full.pdf, (accessed 10/02/2017)
  86. Topa, G., Moriano, J.A. and Moreno, A. (2012) ‘Psychosocial determinants of financial planning for retirement among immigrants in Europe’, Journal of Economic Psychology, 33:3, pp. 527–537.
  87. Vancouver, J.B., Thompson, C.M. and Williams, A.A. (2001) ‘The changing signs in the relationships among self-efficacy, personal goals, and performance’, Journal of Applied Psychology, 86:4, pp. 605–620.
  88. van Rooij, M.C. J., Lusardi, A. and Alessie, R.J. M. (2011) ‘Financial literacy and retirement planning in the Netherlands’, Journal of Economic Psychology, 32:4, pp. 593–608.
  89. Washington, S. (2010) ‘Collapse of financial planner was ‘inevitable’’, Sydney Morning Herald, May 28, 2010.
  90. Yi, M. Y. and Hwang, Y. (2003) ‘Predicting the use of web-based information systems: Self-efficacy, enjoyment, learning goal orientation, and the technology acceptance model’, International Journal of Human-Computer Studies, 59:4, pp. 431–449.
  91. Zeithaml, V.A., Parasuraman, A. and Berry, L.L. (1985) ‘Problems and strategies in services marketing’, Journal of Marketing, 49:2, pp. 33–46.
DOI: https://doi.org/10.2478/fprj-2017-0008 | Journal eISSN: 2206-1355 | Journal ISSN: 2206-1347
Language: English
Page range: 47 - 67
Submitted on: Mar 31, 2017
Accepted on: Jun 15, 2017
Published on: Mar 19, 2024
Published by: Financial Advice Association of Australia
In partnership with: Paradigm Publishing Services
Publication frequency: 2 issues per year

© 2024 Catherine M. Rickwood, Lester W. Johnson, Steve Worthington, Lesley White, published by Financial Advice Association of Australia
This work is licensed under the Creative Commons Attribution 4.0 License.