Normative influence on retirement savings decisions: Do people care what employers and the government want?

Figures & data

Table 1 Sample demographics

Males (n)	916	(39%)
Females (n)	1,423	(61%)
Couples : Singles (%)		73:27
Average age (years)	45
Average annual income	$55,000
Average household income	$87,000
Average household mortgage	$70,000
Average household net wealth	$404,000
Average superannuation savings balance	$190,000

Table 2 Sample occupation classification

	Managers (%)	Professionals (%)	Technicians, trade workers (%)	Community and personal service workers (%)	Clerical and administration (%)	Sales workers (%)	Machinery operators and drivers (%)	Labourers (%)
Sample (n = 2,216)	9	58	6	9	11	1	2	4
Census	14	21	13	9	16	10	7	10

Source. Commonwealth of Australia (2006b).

Table 3 Attitude, subjective norm, and perceived control towards contributing extra to superannuation

Variable	M	SD	Correlation
			A	SN	PBC	I
Attitude (A)	4.84	1.23	–
Subjective norm (SN)	4.20	1.34	0.59	–
Perceived behavioural control (PBC)	5.24	1.65	0.38	0.35	–
Intention (I)	4.10	2.16	0.61	0.62	0.57	–

Note. Mean scores are based on scales, with possible scores ranging from 1 to 7.

All correlations were statistically significant p < .01, n = 2,283.

Table 4 Attitude, subjective norm, and perceived control towards changing investment strategy

Variable	M	SD	Correlation
			A	SN	PBC	I
Attitude (A)	4.47	1.14	–
Subjective norm (SN)	3.83	1.20	0.59	–
Perceived behavioural control (PBC)	5.91	1.27	0.16	0.10	–
Intention (I)	3.66	1.80	0.61	0.63	0.19	–

Note. Mean scores are based on scales, with possible scores ranging from 1 to 7.

All correlations were significant, p < .01, n = 2,285.

Table 5 Behaviour intention regressions

Behaviour intention	Independent variable	Coefficient (standard error)
Contributing extra to superannuation	Attitude	0.30** (0.057)
(n = 2283)	Subjective norm	0.74** (0.075)
	Perceived behavioural control	0.71** (0.048)
Change superannuation investment strategy	Attitude	0.25** (0.043)
(n = 2285)	Subjective norm	0.91** (0.067)
	Perceived behavioural control	0.13** (0.024)

Note.**Significant, p < .01. Unstandardised coefficient from regression of Intention on Attitude, Subjective Norm, and Perceived Behavioural Control for each targeted behaviour. R² values for contributions to extra to superannuation 0.76, 0.72 for changing superannuation investment strategy.

Table 6 Normative belief strength and motivation to comply with important referents to make extra super contributions

Referent	Belief strength (n)		Motivation to comply (m)		Correlation nimi with Intention
	M	SD	M	SD
The government	5.45	2.08	2.94	2.21	0.07
Your superannuation fund	5.07	2.02	3.79	2.25	0.11
Your financial advisor	5.02	1.91	4.75	2.08	0.22
Your spouse/partner	4.06	2.02	5.23	193	0.35
Your employer	3.12	1.89	2.50	1.81	0.06

Note. Normative belief strength and motivation to comply scored from 1 (low) to 7.

n_im_i = Normative Belief Strength × Motivation to Comply provides indirect measure of subjective norm.

Table 7 Normative belief strength and motivation to comply with important referents to change super investment strategy

Referent	Belief strength (n)		Motivation to comply (m)		Correlation nimi with Intention
	M	SD	M	SD
The government	3.90	2.21	2.95	2.28	0.14
Your superannuation fund	4.01	2.25	3.79	2.09	0.16
Your financial advisor	4.46	2.08	4.75	1.97	0.24
Your spouse/partner	3.65	1.93	5.23	1.97	0.33
Your employer	2.77	1.81	2.50	1.80	0.15

Note. Normative belief strength and motivation to comply scored from 1 (low) to 7.

n_im_i = Normative Belief Strength × Motivation to Comply provides indirect measure of subjective norm.

Commonwealth of Australia (2006b). Australia (C) (statistical local area). 20680‐Occupation—2006 ANZSCO (sub‐major groups) by sex—Australia. Retrieved from http://www.censusdata.abs.gov.au

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