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- Title
Motivation for emergency and retirement saving: an examination of Regulatory Focus Theory.
- Authors
Cho, Soo Hyun; Loibl, Cäzilia; Geistfeld, Loren
- Abstract
Can Regulatory Focus Theory be used to better understand consumers' saving attitudes and behaviours? The theory posits that prevention- and promotion-oriented personality traits may influence financial decision making. Using secondary and experimental survey data, two research questions were examined: (1) Are promotion- and prevention-related saving goals, in combination with promotion- and prevention-oriented personality traits, related to attitudes towards saving behaviour? (2) To what extent does the match between these goals and traits affect actual saving behaviour? Findings confirmed that promotion-oriented consumers were less likely to save for prevention goals, while the opposite was true for prevention-oriented individuals. Further, consumers' saving goal and personality trait-based regulatory focus were found to influence cognitive attitudes towards saving. The discussion focuses on how these findings and theoretical perspectives may predict and influence consumers' financial decision making.
- Subjects
EMERGENCY savings accounts; RETIREMENT planning; REGULATORY focus theory; SAVINGS; CONSUMER attitudes
- Publication
International Journal of Consumer Studies, 2014, Vol 38, Issue 6, p701
- ISSN
1470-6423
- Publication type
Article
- DOI
10.1111/ijcs.12143