Journal of Families and Better Life (가정과삶의질연구)

Korean Home Management Association (가정과삶의질학회)
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A Study on Behavioral Intention for Financial Retirement Preparation to Apply Theory of Planned Behavior: Focusing on Consumers in their 20s and 30s

계획된 행동이론을 적용한 경제적 은퇴준비행동의도에 관한 연구: 20·30대 소비자 대상으로

  • Zhang, Meng Jiao (Department of Consumer Information Science, Konkuk University) ;
  • Lee, Seung Sin (Department of Global trade and Consumer, Konkuk University)
  • Received : 2016.07.15
  • Accepted : 2016.10.23
  • Published : 2016.10.31
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Abstract

Financial preparation for retirement means making financial plans by predicting expected incomes and expenditures needed for maintaining success in later life. Because this preparation needs long-term planning, preparing as early as possible is recommended. This study, therefore, uses theory of planned behavior for examining the intention of financial preparation for retirement of consumers in their 20s and 30s. By using financial education and its understanding as additional variables, this study also intends to examine the ultimate effects on the intention. The following is a summary of the main results and suggestions. First, the level of consumer financial education is lower than the average. The level of understanding finance is lower than the average, and particularly, the level of understanding retirement related finance is much lower. Second, the more the attitude of financial preparation for retirement is positive, and the higher the level of subjective norm or perceived behavioral control is, the level of the intention of financial preparation for retirement tends to be more higher. Therefore, relevant efforts to encourage this preparation are needed. Third, the level of the intention of financial preparation for retirement is higher than the average, whereas financial education has no effects on the intention. This means that despite the importance of the financial education, its current implementation has many problems. The suggestions of this study are as follows. First of all, this study can provide preliminary data for developing retirement planning programs. In addition, in terms of the policy, given that this study targets relatively young consumers in their 20s and 30s, it can provide preliminary data for making policies for their future retirements.

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References

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