Factors affecting consumers' retirement saving plan adoption decision : an empirical investigation

Name: Suchanya Saichana

LCSH: Kasetsart University -- Dissertations. Ph.D. (Business Administration) 2016

Classification :.LCCS: HC79.S3

LCSH: Kasetsart University. Faculty of Business Administration -- Dissertations

LCSH: Saving and investment

LCSH: Retirement -- Planning

Abstract: Encouraging consumers to buy voluntary retirement saving plans is major challenge for both policy makers and marketers of retirement saving plans. Review of literature in the area of voluntary retirement saving plan revealed that there has not been any empirical study that directly addresses the process by which consumers use to make retirement saving plan purchase decision. This thesis proposed and empirically tested the retirement saving plan adoption model. An exploratory research augmented with literature review for appropriate conceptual frameworks was used to propose the conceptual model. This thesis was mixed method both qualitative and quantitative research. Qaulitative data were collected from the 8 respondents of current retirement saving plan policy holders of AIA in Thailand and quantitative data were collected from the 200 samples of existing and prospect retirement saving plan customers. Analysis of the data by structural equation modeling showed that the model has acceptable measurement model. The model fitted in the empirical data with the fit indices as follows: p-value = 0.00, χ² / df = 3.99, NFI = 0.89, CFI = 0.92, IFI = 0.92 and RMSEA = 0.13. The findings from the structural model results showed that purchase intention is affected by attitude toward the retirement saving plan (path estimate = 0.53) (which is, in turn, affected by product benefits including tax benefit (0.45) and rate of return (0.27)) and toward subjective norm (path estimate = 0.41) (which is, in turn, affected by approval of important person (0.79)). It is also found that the effect of attitude toward the salesperson (which is affected by perceived expertise and trustworthiness) on purchase intention is mediated by the product benefits and attitude toward the retirement saving plan. This research set the significance level at 0.05. Theoretical contribution and managerial implications are also discussed. For instance, intention to buy retirement saving plans was the most positively affected by tax benefit. The tax benefit concept encouraged people to buy pension insurance plans for tax saving. This is the most common motivation to buy the retirement plans. The strategic marketing plan for the retirement plan being useful is that “lifestyle is not changed in retirement”. “Word-of-mouth” strategy and “customer-getcustomer” campaign can also be considered by the results of subjective norm was positively affected purchase intention. Finally, it is still important to make sure that the customers have favorable attitude toward the salesperson.

Kasetsart University. Office of the University Library

Address: Bangkok

Email: tdckulib@ku.ac.th

Name: Thirarut Worapishet

Role: Thesis Advisor

Name: Samart Powpaka

Role: Thesis Co-Advisor

Name: Tipparat Laohavichien

Role: Thesis Co-Advisor

Created: 2016

Modified: 2023-06-12

Issued: 2023-06-12

วิทยานิพนธ์/Thesis

application/pdf

URL: https://kasetsart.idm.oclc.org/login?url=https://www.lib.ku.ac.th/KUthesis/2559/suchanya-sai-all.pdf

CallNumber: HC79.S3.S83

eng

DegreeName: Doctor of Philosophy

Level: Doctoral Degree

Descipline: Business Administration

Grantor: Kasetsart University

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