Factors Influencing the Decision to Join a Pension System. Examination of Youth Perspectives in Colombia

Over the past 30 years, Colombia’s pension systems have undergone substantial changes, leading to the establishment of two primary systems: the Solidarity Average Premium Scheme and the Individual Savings Scheme with Solidarity. This study aimed to discover and assess the factors influencing Colombian youth’s decision to join a pension fund, a subject that has been scarcely examined in the Colombian context. A digital questionnaire was developed utilising the Theory of Planned Behaviour and completed by 482 youths, whose data were evaluated using a Structural Equations Model. The findings indicate that attitudes towards pension funds, beliefs, social influences, and perceived behavioural control favourably impact juvenile decision-making. Furthermore, we discovered that political uncertainty, although pertinent, exhibits a less robust correlation with other variables. These findings offer significant insights for pension institutions and indicate the necessity for tailored tactics for various social groupings.