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An analysis of determinants of purchase intension of individual pension using structural equation model
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 Title & Authors
An analysis of determinants of purchase intension of individual pension using structural equation model
Lee, Chanhee; Jung, Hongjoo;
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 Abstract
This study analyzed the causal relationship among factors that influence the purchase intensions for individual pensions which have a growing importance as a financial means after retirement. For this purpose, structural equation modeling based on the survey data (N = 928) was conducted to analyze psychological factors and financial factors comprehensively. According to empirical results of the structural equation, in the case of non-subscribers of individual pensions, potential longevity and coping efficacy influenced the purchase intensions for individual pensions fully mediated by fear and worry about longevity. Trust in insurers and risk tolerance directly influenced the purchase intensions for individual pensions. These show that trust in insurers is the most important factor in purchase intensions for individual pensions. Also, only trust in insurers give a direct impact on individual pensions in the case of individual pension subscribers. Longevity-related emotional side is expected to help in marketing activities that target potential customers signing individual pensions. In addition, trust in insurers has the greatest impact on new and additional subscriptions that represent critical efforts to improve trust in insurers.
 Keywords
structural equation model(SEM);individual pension;potential longevity;coping efficacy;trust;
 Language
Korean
 Cited by
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