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.
|Title of host publication||3Rs reputation, responsibility, relevance|
|Place of Publication||Dunedin, NZ|
|Publisher||University of Otago|
|Number of pages||7|
|Publication status||Published - 2007|
|Event||Australian and New Zealand Marketing Academy (ANZMAC) Conference - Fremantle, Perth, Australia|
Duration: 05 Dec 2006 → 07 Dec 2006
|Conference||Australian and New Zealand Marketing Academy (ANZMAC) Conference|
|Period||05/12/06 → 07/12/06|
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.