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Article
Publication date: 1 December 2005

Orla Gough and Peter D. Sozou

The aim of this article is to obtain a better understanding of people's motivation and behaviour with respect to provision for their retirement.

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Abstract

Purpose

The aim of this article is to obtain a better understanding of people's motivation and behaviour with respect to provision for their retirement.

Design/methodology/approach

This study examines variation in behaviour and attitudes towards pensions and retirement saving among consumers of financial service products, using data from a questionnaire survey.

Findings

A cluster analysis indicates that consumers can be divided into six clusters, with distinctive demographic, economic, behavioural and attitudinal traits for each cluster. Of particular interest is the finding that members of two of the clusters reported a general tendency to be in debt in the short term, whilst at the same time putting money away for retirement through either a company pension or voluntary regular saving.

Research limitations/implications

The data set is composed of people who enquired about products offered by the financial services industry. This makes the findings by definition relevant to marketing pensions and retirement savings products to this set of people. It is not clear to what extent they apply to the population as a whole; this would be a useful further study.

Originality/value

The key contribution of this study is that the identification of target groups could ultimately lead to enhanced abilities for pension providers to develop customised pension and saving products for those groups.

Details

International Journal of Bank Marketing, vol. 23 no. 7
Type: Research Article
ISSN: 0265-2323

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Book part
Publication date: 1 December 2008

Lisbeth Nielsen and John W.R. Phillips

Purpose – This chapter offers an integrative review of psychological and neurobiological differences between younger and older adults that might impact economic behavior. Focusing…

Abstract

Purpose – This chapter offers an integrative review of psychological and neurobiological differences between younger and older adults that might impact economic behavior. Focusing on key health economic challenges facing the elderly, it offers perspectives on how these psychological and neurobiological factors may influence decision-making over the life course and considers future interdisciplinary research directions.

Methodology/approach – We review relevant literature from three domains that are essential for developing a comprehensive science of decision-making and economic behavior in aging (psychology, neuroscience, and economics), consider implications for prescription drug coverage and long-term care (LTC) insurance, and highlight future research directions.

Findings – Older adults face many complex economic decisions that directly affect their health and well-being, including LTC insurance, prescription drug plans, and end of life care. Economic research suggests that many older Americans are not making cost-effective and economically rational decisions. While economic models provide insight into some of the financial incentives associated with these decisions, they typically do not consider the roles of cognition and affect in decision-making. Research has established that older age is associated with predictable declines in many cognitive functions and evidence is accumulating that distinct social motives and affect-processing profiles emerge in older age. It is unknown how these age differences impact the economic behaviors of older people and implies opportunities for path-breaking interdisciplinary research.

Originality/value of the chapter – Our chapter looks to develop interdisciplinary research to better understand the causes and consequences of age-related changes in economic decision-making and guide interventions to improve public programs and overall social welfare.

Details

Neuroeconomics
Type: Book
ISBN: 978-1-84855-304-0

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Article
Publication date: 5 October 2015

Matthias Ruefenacht, Tobias Schlager, Peter Maas and Pekka Puustinen

The purpose of this paper is to delineate the impact of social context and savings attitudes on consumers’ self-reported long-term savings and discuss how these drivers can be…

2102

Abstract

Purpose

The purpose of this paper is to delineate the impact of social context and savings attitudes on consumers’ self-reported long-term savings and discuss how these drivers can be influenced to increase an individual’s savings rate.

Design/methodology/approach

An online survey was conducted among 993 German savers. A structural equation model quantified the influence of the social context and an individual’s attitudes on long-term savings behavior, as stated by consumers.

Findings

Both social context constructs – subjective norms and relationship quality – exert a significant influence on the savings attitudes of perceived anxiety and perceived importance, which in turn significantly affect long-term savings. Furthermore, the results of a mediation analysis indicated that the social context only has an indirect effect on long-term savings.

Research limitations/implications

The study was conducted in Germany only. Therefore, the results may not apply across cultures. In addition, the salient belief structures, access channels used, and savings product categories were not part of this study.

Practical implications

The results showed that financial institutions can influence an individual’s attitudes toward long-term savings by providing a satisfying and trusted relationship. The positive effect on savings attitudes will translate to an increased long-term savings rate. According to the analysis, financial service providers can only have an indirect effect on long-term savings behavior.

Originality/value

This paper delineates the impact of the social environment on long-term savings. This relationship has not been investigated in previous research. In addition, the influence of the social context within the attitudes-behavior framework for long-term savings is expounded.

Details

International Journal of Bank Marketing, vol. 33 no. 7
Type: Research Article
ISSN: 0265-2323

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