Retirement: Why Delay? Insights into the Consumer Decision-making Process

C.M. Rickwood, Lesley White, K. Hughes

Research output: Book chapter/Published conference paperConference paper

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Abstract

This study brings together both consumer behaviour and economic psychology literature to gain insights and understanding of the consumer decision-making process in the context of saving for retirement. Three research questions concerning the reasons that consumers delay saving for retirement; use a financial planner; and save but do not use a financial planner, directed the research. A factor analysis of 194 usable questionnaires led to a typology of 10 components divided between three groups correlating directly with the research questions. A key component that emerged in the factor analysis is the role of risk in delaying decision-making when financially planning for retirement. This exploratory research suggests that there are at least 11 factors associated with pre-purchase decision-making that cause consumers to delay decision-making or to take action with regard to saving for retirement.
Original languageEnglish
Title of host publication3Rs reputation, responsibility, relevance
Place of PublicationDunedin, NZ
PublisherUniversity of Otago
Pages2300-2306
Number of pages7
ISBN (Electronic)9781877156280
Publication statusPublished - 2007
EventAustralian and New Zealand Marketing Academy (ANZMAC) Conference - Fremantle, Perth, Australia
Duration: 05 Dec 200607 Dec 2006

Conference

ConferenceAustralian and New Zealand Marketing Academy (ANZMAC) Conference
CountryAustralia
Period05/12/0607/12/06

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    Rickwood, C. M., White, L., & Hughes, K. (2007). Retirement: Why Delay? Insights into the Consumer Decision-making Process. In 3Rs reputation, responsibility, relevance (pp. 2300-2306). University of Otago.