Gerry Croy|Paul Gerrans|Craig Speelman
The role and relevance of domain knowledge, perceptions of planning importance, and risk tolerance in predicting savings intentions
Edith Cowan University|Edith Cowan University|Edith Cowan University
need individuals increase retirement savings widely promoted yet understanding motivations individuals save higher rate remains sparse paper reports findings survey 2300 retirement savings fund members motivations contribute savings actively manage investment strategy utilising theory planned behavior study reveals respondents selfreported attitudes subjective norms perceptions behavioral control account high proportion variance behavioral intention contrary expectations study finds respondents risk tolerance adds little prediction behavioral intention contrast perceptions planning importance selfassessed planning preparedness domain knowledge found exert powerful indirect influences behavioral intentions via perceived behavioral control construct novel finding confirms relevance planning constructs financial literacy understanding retirement savings behavior establishes need improve levels financial literacy society