SavedAdd your journal

Journals / SOSYAL GÜVENLİK DERGİSİ / 2026 / Cilt: 15 Sayı: 1

Investigation of the Relationship Between Factors Affecting the Intention to Participate in the Individual Pension System and Planned Participation Behavior in Insurance Marketing

Sigorta Pazarlamasında Bireysel Emeklilik Sistemine Katılım Niyetini Etkileyen Faktörler ile Planlı Katılım Davranışı Arasındaki İlişkinin İrdelenmesi

Abdulaziz Sezer(DÜZCE ÜNİVERSİTESİ)0000-0001-5666-3979
Pages
39–56
Publication Date
2025-10-03
🏛️Bibliographic metadata and full text access for this article are provided via DergiPark.
DergiPark Record ↗
✨

AI Summary & Key Takeaways

AI Insight
⚡ TL;DR(Too Long; Didn't Read)

The analysis results indicate that individuals’ perceptions of managing their financial future play a significant role in their decisions to participate in the Private Pension System (PPS).

📌 3 Key Takeaways

🎯
Objective & Hypothesis:This study investigates the relationship between factors influencing participation reasons in the private pension system (PPS) within insurance marketing and planned participation behavior.
📊
Key Findings & Data:In the model estimated with 232 data obtained by convenience sampling techniquefrom the survey conducted with academic staff was tested using structural equation modeling in AMOS program.
💡
Conclusion & Impact:The analysis results indicate that individuals’ perceptions of managing their financial future play a significant role in their decisions to participate in the Private Pension System (PPS).
🔬Design:Survey & Empirical Study
📍Scope:Comprehensive Sample
⚙️Variables:Sigorta pazarlaması · bireysel emeklilik sistemi · planlı davranış teorisi

Abstract

This study investigates the relationship between factors influencing participation reasons in the private pension system (PPS) within insurance marketing and planned participation behavior. In the model estimated with 232 data obtained by convenience sampling techniquefrom the survey conducted with academic staff was tested using structural equation modeling in AMOS program. The analysis results indicate that individuals’ perceptions of managing their financial future play a significant role in their decisions to participate in the Private Pension System (PPS). It was found that individuals with a high locus of control tend to develop more favorable attitudes toward PPS, perceive greater behavioral control, and are more influenced by social norms. While avoidant and goal-oriented control orientations negatively impact attitudes toward PPS, they enhance individuals’ perceptions of financial decisionmaking competence. Furthermore, individuals with higher financial literacy levels exhibit relatively weaker attitudes toward PPS and are less influenced by social norms, yet they demonstrate a stronger perception of financial selfmanagement. Positive attitudes toward PPS significantly increase participation intentions, with perceived control and social influences further reinforcing this intention. Finally, participation intention was found to be a strong predictor of actual enrollment in the system.

Özet

Bu çalışmada, sigorta pazarlamasında bireysel emeklilik sistemine (BES) katılım sebeplerini etkileyen faktörler ve planlı katılım davranışı arasındaki ilişki incelenmiştir. Akademik personele yapılan anket uygulamasından kolayda örneklem tekniği ile elde edilen 232 veriyle tahmin edilen model, AMOS programında yapısal eşitlik modeli kullanılarak test edilmiştir. Yapılan analizler sonucunda, bireylerin mali geleceklerini yönetme algısının BES’e katılım kararlarında önemli bir rol oynadığı görülmüştür. Kontrol odağı yüksek bireylerin, BES’e yönelik tutumları, algılanan davranışsal kontrol ve çevresel etkilerle (öznel normlar) olumlu yönde şekillendiği belirlenmiştir. Kaçınmacı ve yönelimci kontrol odağının, BES’e yönelik tutumu olumsuz etkilerken, bireylerin mali kararlarını yönetme algısını güçlendirdiği saptanmıştır. Finansal okuryazarlık seviyesi yüksek bireylerin BES’e yönelik tutumlarının ve çevresel etkilerinin nispeten daha zayıf olduğu, ancak mali geleceklerini yönetme algılarının daha yüksek olduğu görülmüştür. Bireylerin BES’e yönelik olumlu tutumları, katılım niyetlerini güçlü bir şekilde artırırken, algılanan kontrol ve çevresel faktörlerin de bu niyeti desteklediği belirlenmiştir. Son olarak, katılım niyetinin, bireylerin fiili katılım davranışlarını güçlü bir şekilde yönlendirdiği ortaya konulmuştur.

🔖

Cite This Article

Sezer, A. (2025). Investigation of the Relationship Between Factors Affecting the Intention to Participate in the Individual Pension System and Planned Participation Behavior in Insurance Marketing. SOSYAL GÜVENLİK DERGİSİ, Cilt: 15 Sayı: 1, 39–56. https://doi.org/10.32331/sgd.1788861

📄 Full Text PDF Viewer

📄

PDF görüntüleyici hazırlanıyor...

References (60)

  1. Ajzen, I. (1991). The Theory of Planned Behavior. Organizational Behavior and Human Decision Processes. 50(2). 179-211.
  2. Ameriks, J., Caplin, A. and Leahy, J. (2003). Wealth Accumulation and The Propensity to Plan. The Quarterly Journal of Economics. 118(3). 1007-1047.
  3. Aydın, A. E. and Selçuk, E. A. (2017). Türkiye’de Bireysel Emeklilik Sistemine Katılım Kararını Etkileyen Faktörler. Finans Politik ve Ekonomik Yorumlar. 632. 27-37.
  4. Bailey, J. J., Nofsinger, J. R. and O’Neill, M. (2004). 401 (k) Retirement Plan Contribution Decision Factors: The Role of Social Norms. Journal of Business and Management. 9(4). 327-344.
  5. Bernheim, B. D. and Garrett, D. M. (2003). The Effects of Financial Education in the Workplace: Evidence From a Survey of Households. Journal of Public Economics. 87(7-8). 1487-1519.
  6. Beshears, J., Choi, J. J., Laibson, D., Madrian, B. C. and Milkman, K. L. (2015). The Effect of Providing Peer Information on Retirement Savings Decisions. The Journal of Finance. 70(3). 1161-1201.
  7. Cheng, S., Lam, T. and Hsu, C. H. (2005). Testing the Sufficiency of the Theory of Planned Behavior: A Case of Customer Dissatisfaction Responses in Restaurants. International Journal of Hospitality Management. 24(4). 475-492.
  8. Cole, C. R. (2017). The Potential Impact of State-Based Retirement Plans on Retirement Savings. Journal of Financial Service Professionals. 71(5). 68–76.
  9. Croy, G., Gerrans, P. and Speelman, C. (2010). The Role and Relevance of Domain Knowledge, Perceptions of Planning Importance and Risk Tolerance in Predicting Savings Intentions. Journal of Economic Psychology. 31(6). 860- 871.
  10. Dauda, S., Tolos, H. and Ibrahim, Y. (2017). The Direct Predictors of Retirement Planning Behavior: A Study of Nigerian Workers. IOSR Journal of Business and Management. 19(12). 41-49.
  11. Ekerdt, D. J., Hackney, J., Kosloski, K. and DeViney, S. (2001). Eddies in the Stream: The Prevalence of Uncertain Plans for Retirement. The Journals of Gerontology Series B: Psychological Sciences and Social Sciences. 56(3). 162-170.
  12. Elder, H. W. and Rudolph, P. M. (1999). Does Retirement Planning Affect the Level of Retirement Satisfaction? Financial Services Review. 8(2). 117-127.
  13. Fletcher, W. L. and Hansson, R. O. (1991). Assessing the Social Components of Retirement Anxiety. Psychology and Aging. 6(1). 76.
  14. Fornell, C. and Larcker, D. F. (1981). Evaluating Structural Equation Models with Unobservable Variables and Measurement Error. Journal of Marketing Research. 18(1). 39-50.
  15. Gallery, N., Newton, C. and Palm, C. (2011). Framework for Assessing Financial Literacy and Superannuation Investment Choice Decisions. Australasian Accounting, Business and Finance Journal. 5(2). 3-22.
  16. Greenwald, L., Copeland, C. and VanDerhei, J. (2017). The 2017 Retirement Confidence Survey: Many Workers Lack Retirement Confidence and Feel Stressed About Retirement Preparations. EBRI Issue Brief. (431).
  17. Han, H., Hsu, L. T. J. and Sheu, C. (2010). Application of the Theory of Planned Behavior to Green Hotel Choice: Testing the Effect of Environmental Friendly Activities. Tourism Management. 31(3). 325-334.
  18. Hassan, K. H., Rahim, R. A., Ahmad, F., Zainuddin, T. N. A. T., Merican, R. R. and Bahari, S. K. (2016). Retirement Planning Behaviour of Working Individuals and Legal Proposition for New Pension System in Malaysia. J. Pol. and L. 9. 43.
  19. Henager, R. and Cude, B. J. (2016). Financial Literacy and Long-and Short-Term Financial Behavior in Different Age Groups. Journal of Financial Counseling and Planning. 27(1). 3-19.
  20. Hershey, D. A., Jacobs-Lawson, J. M. and Austin, J. T. (2013). 26 Effective Financial Planning for Retirement. The Oxford Handbook of Retirement. 402.
  21. Hershey, D. A., Jacobs-Lawson, J. M., McArdle, J. J. and Hamagami, F. (2007). Psychological Foundations of Financial Planning for Retirement. Journal of Adult Development. 14. 26-36.
  22. Hershey, D. A. and Mowen, J. C. (2000). Psychological Determinants of Financial Preparedness for Retirement. The Gerontologist. 40(6). 687-697.
  23. Hooper, D., Coughlan, J. ve Mullen, M. (2008). Structural Equation Modelling: Guidelines for Determining Model Fit. Electronic Journal of Business Research. 6(1). 53–60.
  24. Howlett, E., Kees, J. and Kemp, E. (2008). The Role of Self-Regulation, Future Orientation and Financial Knowledge in Long-Term Financial Decisions. Journal of Consumer Affairs. 42(2). 223-242.
  25. Kerdvimaluang, N. and Banjongprasert, J. (2022). An Investigation of Financial Attitudes and Subjective Norms Influencing Retirement Planning. The EUrASEANs: Journal on Global Socio-Economic Dynamics. 1 (32). 67-76.
  26. Kline, P. (1994). An Easy Guide to Factor Analysis. New York: Routledge.
  27. Kline, R. B. (2011). Principles and Practice of Structural Equation Modeling. New York, NY: The Guilford Press.
  28. Kırıkcı, S. ve Kulualp, H. G. (2021). Planlı Davranış Teorisi Çerçevesinde Akademisyenlerin Kongre Turizmine Katılma Niyetlerinin Belirlenmesi. Kocaeli Üniversitesi Sosyal Bilimler Dergisi. 1(41). 79-95.
  29. Kim, Y. H., Goh, B. K. and Yuan, J. (2010). Development of A Multi-Dimensional Scale for Measuring Food Tourist Motivations. Journal of Quality Assurance in Hospitality and Tourism. 11(1). 56-71.
  30. Knoll, M. A. (2010). The Role of Behavioral Economics and Behavioral Decision Making in Americans’ Retirement Savings Decisions. Soc. Sec. Bull. 70. 1.
  31. Konting, M. M., Kamaruddin, N. and Man, N. A. (2009). Quality Assurance in Higher Education Institutions: Exit Survey among Universiti Putra Malaysia Graduating Students. International Education Studies. 2(1). 25-31.
  32. Kumaraguru, L. and Geetha, C. (2021). The Influence of Attitude, Subjective Norms and Perceived Behavioral Control on Retirement Preparation: A Case of Gen Y in Selangor, Malaysia. International Journal of Advanced Research in Economics and Finance. 3(3). 219-238.
  33. Lee, M. C. (2009). Factors Influencing the Adoption of Internet Banking: An Integration of TAM and TPB with Perceived Risk and Perceived Benefit. Electronic Commerce Research and Applications. 8(3). 130-141.
  34. Lee, H. Y., Qu, H. and Kim, Y. S. (2007). A Study of the Impact of Personal Innovativeness on Online Travel Shopping Behavior—A Case Study of Korean Travelers. Tourism Management. 28(3). 886-897.
  35. Loibl, C., Kraybill, D. S. and DeMay, S. W. (2011). Accounting for the Role of Habit in Regular Saving. Journal of Economic Psychology. 32(4). 581-592.
  36. Lusardi, A. (2000). Explaining Why So Many Households Do Not Save. Irving B. Harris Graduate School of Public Policy Studies. University of Chicago.
  37. Lusardi, A. and Mitchell, O. S. (2007). Baby Boomer Retirement Security: The Roles of Planning, Financial Literacy and Housing Wealth. Journal of Monetary Economics. 54(1). 205-224.
  38. Lusardi, A. and Mitchell, O. S. (2011). Financial Literacy and Planning: Implications for Retirement Wellbeing (No. w17078). National Bureau of Economic Research.
  39. Magwegwe, F. M. and Lim, H. (2021). Factors Associated with the Ownership of Individual Retirement Accounts (IRAs): Applying the Theory of Planned Behavior. Journal of Financial Counseling and Planning. 32(1). 116-130.
  40. Mahdzan, N. S. and Victorian, S. M. P. (2013). The Determinants of Life Insurance Demand: A Focus on Saving Motives and Financial Literacy. Asian Social Science. 9(5). 274.
  41. Marsh, H. W. (2012). Application of Confirmatory Factor Analysis and Structural Equation Modeling in Sport and Exercise Psychology. In G. Tenenbaum and R. C. Eklund (Eds.). Handbook of Sport Psychology. (pp. 737–799). New Jersey, NJ: John Wiley and Sons.
  42. Moorthy, M. K., Durai, T., Chelliah, L., Sien, C. S., Leong, L. C., Kai, N. Z.,. Teng, W. Y. (2012). A Study on the Retirement Planning Behaviour of Working Individuals in Malaysia. International Journal of Academic Research in Economics and Management Sciences. 1(2). 54.
  43. Mutran, E. J., Reitzes, D. C. and Fernandez, M. E. (1997). Factors That Influence Attitudes Toward Retirement. Research on Aging. 19(3). 251-273.
  44. Robb, C. and Woodyard, A. (2011). Financial Knowledge and Best Practice Behavior. Journal of Financial Counseling and Planning. 22(1). 60–70.
  45. Rotter, J. B. (1975). Some Problems and Misconceptions Related to the Construct of Internal Versus External Control of Reinforcement. Journal of Consulting and Clinical Psychology. 43(1). 56.
  46. Ryu, K. and Han, H. (2010). Predicting Tourists’ Intention to Try Local Cuisine Using a Modified Theory of Reasoned Action: The Case of New Orleans. Journal of Travel and Tourism Marketing. 27(5). 491-506.
  47. Sheeran, P. (2002). Intention—Behavior Relations: A Conceptual and Empirical Review. European review of Social Psychology. 12(1). 1-36.
  48. Shim, S., Serido, J. and Tang, C. (2012). The Ant and the Grasshopper Revisited: The Present Psychological Benefits of Saving and Future Oriented Financial Behaviors. Journal of Economic Psychology. 33(1). 155-165.
  49. Simon D., Kriston L., Loh A., Spies C., Scheibler F., Wills C. ve Harter M. (2010). Confirmatory Factor Analysis and Recommendations for Improvement of the Autonomy-Preference-Index (API). Health Expectations. 13. 234–243.
  50. Sparks, B. (2007). Planning a Wine Tourism Vacation? Factors That Help to Predict Tourist Behavioural Intentions. Tourism Management. 28(5). 1180-1192.
  51. Sparks, B. and Pan, G. W. (2009). Chinese Outbound Tourists: Understanding Their Attitudes, Constraints and Use of Information Sources. Tourism Management. 30(4). 483-494.
  52. Suresh, N. and Devanathan, S. V. (2012). An Empirical Study On Factors Influencing Employees In The Investment Decision Of Pension Fund Scheme In A Public Sector Organization At Tiruchirappalli. Interdisciplinary Journal Of Contemporary Research In Business. 4(6). 578-591.
  53. Tabachnick, B. G. ve Fidell, L. S. (2013). Using Multivariate Statistics. (6th ed.), Pearson, Boston.
  54. Thaler, R. H. and Shefrin, H. M. (1981). An Economic Theory of Self-Control. Journal of Political Economy. 89(2). 392-406.
  55. Tsai, C. Y. (2010). Applying the Theory of Planned Behavior to Explore the Independent Travelers’ Behavior. African Journal of Business Management. 4(2). 221-234.
  56. Verberi, C. and Kaplan, M. (2024). Exploring the Impact of Behavioural Factors and Personality Traits on Private Pension System Participation: A Machine Learning Approach. İstanbul İktisat Dergisi. 74(1). 281-314.
  57. Wang, Z., Zhao, L. and Li, Y. (2021). Social Influence and Retirement Savings Behavior in China. Financial Planning Review. 17(2). 185-201.
  58. Zhou, X. and Zhang, L. (2023). Future Time Perspective and Financial Behavior: Implications for Retirement Savings. Journal of Behavioral Economics. 57(2). 111-123.
  59. Zhu, A. Y. F. and Chou, K. L. (2018). Retirement Goal Clarity, Needs Estimation and Saving Amount: Evidence from Hong Kong, China. Journal of Financial Counseling and Planning. 29(2). 328-342.
  60. Moorthy, M. K., Durai, T., Chelliah, L., Sien, C. S., Leong, L. C., Kai, N. Z.,. Teng, W. Y. (2012). A Study on the Retirement Planning Behaviour of Working Individuals in Malaysia. International Journal of Academic Research in Economics and Management Sciences. 1(2). 54.