The aim of this study was to investigate the longevity annuity buying intention on the part of Italian young adults, aged 25-35, by adopting the Theory of Reasoned Action. Using a structural equation modeling approach based on Partial Least Square, a confirmatory test of the model construct validity was performed, including behavioral beliefs and normative beliefs. Results from 7,480 Italian young adults revealed that the Theory of Reasoned Action had predictive power for the intention of buying longevity annuities. The cause-effect relationship of behavioral and normative beliefs was confirmed. Intention to purchase a longevity annuity was found to be affected by both attitude toward buying and subjective norm, with a greater influence of social pressure over attitude. Finally, results showed that intention to buy longevity annuity policies was significantly moderated by three background factors, namely gender, annual household income, and educational attainment. Research, policy, and managerial implications of the findings are discussed and suggestions for further research provided.
Nosi, C., D'Agostino, A., Pagliuca, M., Pratesi, C.A. (2014). Saving for old age: Longevity annuity buying intention of Italian young adults. JOURNAL OF BEHAVIORAL AND EXPERIMENTAL ECONOMICS, 51, 85-98 [10.1016/j.socec.2014.05.001].
Saving for old age: Longevity annuity buying intention of Italian young adults
NOSI, COSTANZA;PRATESI, Carlo Alberto
2014-01-01
Abstract
The aim of this study was to investigate the longevity annuity buying intention on the part of Italian young adults, aged 25-35, by adopting the Theory of Reasoned Action. Using a structural equation modeling approach based on Partial Least Square, a confirmatory test of the model construct validity was performed, including behavioral beliefs and normative beliefs. Results from 7,480 Italian young adults revealed that the Theory of Reasoned Action had predictive power for the intention of buying longevity annuities. The cause-effect relationship of behavioral and normative beliefs was confirmed. Intention to purchase a longevity annuity was found to be affected by both attitude toward buying and subjective norm, with a greater influence of social pressure over attitude. Finally, results showed that intention to buy longevity annuity policies was significantly moderated by three background factors, namely gender, annual household income, and educational attainment. Research, policy, and managerial implications of the findings are discussed and suggestions for further research provided.I documenti in IRIS sono protetti da copyright e tutti i diritti sono riservati, salvo diversa indicazione.
