Saving Normsss

International Journal of Bank Marketing
Drivers of long-term savings behavior from the consumers perspective

Matthias Ruefenacht Tobias Schlager Peter Maas Pekka Puustinen
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Drivers of long-term
savings behavior from the
consumers perspective
IJBM
33,7
922
Matthias Ruefenacht
Institute of Insurance Economics,
University of St Gallen, St Gallen, Switzerland
Received 24 November 2014

Revised 26 March 2015
Accepted 13 April 2015
Tobias Schlager
Center for Customer Insight, University of St Gallen, St Gallen, Switzerland
Peter Maas
Institute of Insurance Economics, University of St Gallen, St Gallen,
Switzerland, and
Pekka Puustinen
Institute of Insurance Economics, University of St Gallen,
St Gallen, Switzerland and
University of Tampere, Tampere, Finland
Abstract
Purpose The purpose of this paper is to delineate the impact of social context and savings attitudes
on consumers self-reported long-term savings and discuss how these drivers can be influenced
to increase an individuals savings rate.
Design/methodology/approach An online survey was conducted among 993 German savers.
A structural equation model quantified the influence of the social context and an individuals attitudes
on long-term savings behavior, as stated by consumers.
Findings Both social context constructs subjective norms and relationship quality exert a
significant influence on the savings attitudes of perceived anxiety and perceived importance, which in
turn significantly affect long-term savings. Furthermore, the results of a mediation analysis indicated
that the social context only has an indirect effect on long-term savings.
Research limitations/implications The study was conducted in Germany only. Therefore, the
results may not apply across cultures. In addition, the salient belief structures, access channels used,
and savings product categories were not part of this study.
Practical implications The results showed that financial institutions can influence an individuals
attitudes toward long-term savings by providing a satisfying and trusted relationship. The positive
effect on savings attitudes will translate to an increased long-term savings rate. According to the
analysis, financial service providers can only have an indirect effect on long-term savings behavior.
Originality/value This paper delineates the impact of the social environment on long-term savings.
This relationship has not been investigated in previous research. In addition, the influence of the social
context within the attitudes-behavior framework for long-term savings is expounded.
Keywords Attitudes, Relationship quality, Social context, Subjective norms, Long-term savings
Paper type Research paper
International Journal of Bank

Marketing
Vol. 33 No. 7, 2015
pp. 922-943
Emerald Group Publishing Limited
0265-2323
DOI 10.1108/IJBM-11-2014-0168
Introduction
Putting money aside for future expenses in contrast to immediate consumption is an
important trade-off for nearly every individual. Sufficient savings ensure smooth
consumption over time (Modigliani, 1986; lkmen and Cheema, 2011). Especially
in times of financial turmoil, the amount saved for the long-term gains relevance and
directly affects a households present and future budget. In addition, the consumers
peers are affected by long-term savings since wealth is typically bequeathed to ones
progeny. Thus, the decision to save depicts an important process due to its effects on an
individuals and family members lives.
Despite its importance, little research has been dedicated to the process underlying the
savings decision (Rickwood and White, 2009). Microeconomic research on savings has
considered the decision to save as an intertemporal optimization problem and concluded
that economically rational individuals determine the optimal savings rate in each period
(Thaler and Benartzi, 2004; Modigliani and Brumberg, 1954). With the relaxation of the
rationality assumption, behavioral studies focused on an individuals decision-making
process. This stream of research has investigated the factors that influence an individuals
decision to save. However, the underlying psychological process still lacks empirical
investigation. Research has not yet found an exhaustive explanation of how the decisionforming process regarding savings works (Elder and Rudolph, 1999; Hira et al., 2009;
Lusardi and Mitchell, 2005). This is especially valid for long-term savings. In this paper,
we lean on Fishbein and Ajzens (1975) theory of reasoned action as well as Bentler and
Speckarts (1979) generalization of the Fishbein and Ajzen model to explain the formation
of long-term savings decisions from a behavioral perspective. Consistent with this theory,
we investigated attitudes that influence individuals to save for the long term. In addition,
research has not investigated the influence of the social context despite its relevance
with respect to long-term savings (Lindbeck, 1997). Therefore, we draw on Giddens (1984)
structuration theory to account for the social context of long-term savings. Overall, the
proposed conceptual framework sheds light on the decision-making process concerning
long-term savings.
The remainder of this article is structured as follows. First, we outline the
relevant savings literature. Second, based on a behavioral approach, we introduce
the conceptual model that serves as the basis for our hypotheses. Third, we empirically
test the conceptual model by applying structural equation modeling and mediation
analysis on data of a representative sample of 993 German savers. Finally, we discuss
our findings, derive theoretical and practical implications to increase long-term
savings, and state future research propositions.
Theoretical background
In fundamental microeconomic theory, the process of saving is strongly linked to
consumer choice theory in an intertemporal setting (Varian, 2003). The microeconomic
perspective as well as Friedmans (1957) and Modigliani and Brumbergs (1954)
contributions to savings research imply rational behavior. According to Friedmans
(1957) permanent income hypothesis and Modigliani and Brumbergs life cycle theory
of saving (1954), rational individuals are capable of determining their optimal savings
rate. Following these theorems, a lot of savings research has been based on the concept
of utility maximization (e.g. Leland, 1968; Sandmo, 1970; Hayashi, 1982; Kimball, 1990).
Specifically, Leland (1968) and Sandmo (1970) introduced the concept of uncertainty
regarding an individuals savings behavior. In the event of uncertainty, individuals
form their savings decisions according to expected utility theory, which has been
widely recognized as a normative model in the context of rational behavior (Kahneman
and Tversky, 1979). However, the expected utility theory was criticized as early as 1953
by Allais (1953) with his well-known counter examples. Following Allais criticism, the
overarching principle of rationality has been contested by many behavioral-oriented
researchers as well (Mullainathan and Thaler, 2000). Most notably, Kahneman and
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Tversky (1979) delineated limitations of the rational behavior concept and proposed the
prospect theory as a more realistic, behavior-oriented framework (Kahneman and
Tversky, 1979; Thaler, 1985). In the context of savings, Thaler (1994) stated that the life
cycle model of savings, which subsumes the theoretical contributions of Modigliani and
Brumberg (1954) and Friedman (1957), does not adequately reflect the actual savings
behavior and the model should be enriched with behavior-oriented concepts. Shefrin
and Thaler (1988) applied the findings of behavioral economics directly to the works of
Modigliani and Brumberg (1954) and developed the behavioral life cycle hypothesis.
They included the three behavioral features of self-control, mental accounting, and
framing as limiting factors of rational behavior in the savings context. Subsequent
research has included different behavior-oriented concepts to further explain savings
behavior. Ameriks et al. (2003) stated that attitudes and skills toward financial planning
affect an individuals savings rate. They concluded that a higher propensity to plan
financial issues results in increased wealth accumulation (Ameriks et al., 2003). In line
with these findings, Gough and Sozou (2005) showed that savers differ regarding
attitudinal and behavioral traits. Adding to that, Fnfgeld and Wang (2009) revealed
five attitudes (anxiety, interest in financial issues, decision styles, need for
precautionary savings, and spending tendency) to classify an investors savings
behavior. Based on Glasman and Albarracns (2006) findings, such attitudes toward
savings have a direct effect on savings behavior.
Our research follows the delineated departure from the traditional life cycle model and
explores the attitude-behavior relation regarding the long-term savings decision forming
process. We lean on Fishbein and Ajzens theory of reasoned action, thereby especially
focusing on the generalized models of Bentler and Speckart (1979), which advocate a
direct linkage between attitudes and behavior. Bentler and Speckart (1979) criticized the
Fishbein and Ajzen model for, among other limitations, not including the theoretical
implications of a direct linkage from attitudes to behavior. We combine these two
theoretical perspectives and apply them as the first building block of our conceptual
model. Thus, we confidently relate the attitudes toward savings to the consumer reported
long-term savings behavior. Furthermore, we regard the context in which long-term
savings occurs as crucial for the decision to save for the long term. Based on Giddens
(1984) structuration theory, we propose a direct linkage between the social context and an
individuals savings attitudes. Therefore, structuration theory (Giddens, 1984) constitutes
the second theoretical building block of our conceptual model.
Conceptual model and hypotheses development
Social context
Our research aims to delineate the role of an individuals attitudes in the context
of long-term savings. At the same time, we emphasize the relevance of the wider social
context by drawing on structuration theory. Structuration theory explains the setting
of individuals and their actions, also referred to as agents and agency, facing a
structural context (Giddens, 1984). Structure is defined as the contextual constraints
which shape the social interaction between agents (Stewart and Pavlou, 2002).
According to structuration theory, societal norms and values have a significant
impact on the agent and are reciprocally shaped by the agents interaction with the
social context (Edvardsson et al., 2011; Giddens, 1984). Prior research has applied
structuration theory to embed an observed phenomenon in a broader social system.
For instance, Pavlou and Majchrzak (2002) highlighted the importance of structuration
theory in a business-to-business (B2B) context to explain the installation of
intermediary applications between organizations. They stated that the installation of

these interorganizational information systems has to be examined within the
specific context to understand how the intermediary technologies and the context
affect each other. Consequently, these B2B technologies have to be aligned with
the structural context. The alignment shifts the focus from a purely economic view to a
comprehensive perspective, including process-related measures such as trust,
satisfaction, and involvement (Pavlou and Majchrzak, 2002).
Regarding the application of structuration theory in the marketing literature,
Edvardsson et al. (2011) pointed out that the relevance of social construction theories
for marketing is based on the premise that a social consensus is constructed by shared
understandings. The social consensus shapes an individuals perceptions, behavior,
and interactions (Deighton and Grayson, 1995; Edvardsson et al., 2011). Accordingly,
on an individual level, the rules of social conduct influence actors in their production,
creation, and reproduction of social situations and structures (Edvardsson et al., 2011).
Regarding our study, we applied structuration theory to emphasize that the
long-term savings process is embedded within a wider social context, which ultimately
affects an individuals long-term savings behavior (Cole et al., 1992). According to
structuration theory, the social consensus regarding long-term savings is shaped and
reproduced through the interaction between the individual and his or her social
environment, in which the relevant referents such as family and friends play a crucial
role. Thus, by acting in accordance with the social consensus, the perceived
influence of relevant peers affects an individuals attitudes toward long-term savings.
We operationalize this social influence of relevant referents with the construct
subjective norms. Contrary to its original application, we conceptualize subjective
norms as attitudinal antecedents, highlighting the impact of the social consensus on an
individuals perception as theorized by preceding authors (Edvardsson et al., 2011;
Deighton and Grayson, 1995).
In addition, on the basis of structuration theory we further highlight that the
consumer-provider interaction is embedded within the social context (Stewart and
Pavlou, 2002). As Pavlou and Majchrzak (2002) suggested, we include important
process measures, which define the continuous interaction between the provider and
the consumer within the social context and influence an individuals perception
regarding long-term savings. These process measures include satisfaction with, trust
in, and commitment to the savings institution and are subsumed under the construct
of relationship quality. In conclusion, we apply a combined approach of the theory of
reasoned action, which explains the effect of attitudes on behavior, and structuration
theory to adequately reflect the complexity of the long-term savings process which
is embedded within a wider social context. The social context is concretized with the
two constructs of relationship quality and subjective norms.
Subjective norms. In line with Ajzen (1991), we define subjective norms as the social
pressure an individual perceives by performing or not performing a certain behavior.
Accordingly, the concept describes the subjective influence of the social environment
on an individuals behavior. The subjective influence delineates the approval or
disapproval of important referents to the individual regarding the performance of the
particular behavior in question (Taylor and Todd, 1995a).
The effect of a subjective social influence on different types of behavior has been
studied in previous literature (Bearden et al., 1989). For instance, Silvera et al. (2008)
analyzed the relationship between social influence and impulse buying, whereas
Dholakia et al. (2004) studied the impact of social influence variables on decision
Drivers of
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making and participation in virtual communities. In addition, Dholakia and Talukdar

(2004) inferred that the social influence of developed countries affects the consumption
levels in emerging markets.
However, the literature has not yet fully explained the relationship between
the perceived social pressure and long-term savings. As Lindbeck (1997) pointed out,
the influence, predominantly stemming from an individuals family, affects the decision
to save, especially before the global emergence of welfare states. Precautionary savings
have been considered a virtue and a sound future orientation. Thus, the decision
has been rewarded by social appreciation. Although social appreciation may not play
the same role today, long-term savings decisions are still embedded within a social
context (Cole et al., 1992). The subjective norms of this context affect an individuals
perception and ultimately that individuals savings behavior. Hence, subjective norms
are expected to affect long-term savings.
Relationship quality. In line with Crosby et al. (1990), we defined the construct of
relationship quality as the quality of the consumer-provider relationship, as perceived by
the consumer. Thus, the construct reflects an overall assessment of the exchange
relationship. Previous research has studied the influence of a variety of relationship quality
components, such as customer satisfaction, commitment, and trust, on consumer intentions
and behavior (De Cannire et al., 2010). For example, Homburg et al. (2005) found a strong
influence of customer satisfaction on willingness to pay. Harrison-Walker (2001) outlined
the relationship between customer commitment and word-of-mouth while Morgan and
Hunt (1994) pointed out that successful relationship marketing depends on commitment
and trust. However, past research has agreed on conceptualizing relationship quality
as a higher order construct encompassing satisfaction, commitment, and trust so as to
comprehensively account for the complexity of measuring the multifaceted consumerprovider relationship (Hennig-Thurau et al., 2002; Dorsch et al., 1998; De Wulf et al., 2001;
De Cannire et al., 2010). Therefore, we apply this interrelated construct specification of
relationship quality to our research. Regarding the components of relationship quality, we
conceptualize satisfaction as an emotional state that results due to the ongoing interaction
between the consumer and the provider (Verhoef, 2003). We define trust consistent with
Morgan and Hunt (1994) as the consumers confidence in the providers reliability and
integrity. Finally, by applying Moorman et al.s (1992) definition, we regard commitment as
a long-lasting desire to maintain an important relationship. As prior research has shown,
relationship quality encompassing these components plays an important role in studying
consumer behavior (De Wulf et al., 2001; De Cannire et al., 2009, 2010). In particular,
Rauyruen and Miller (2007) highlighted that all three components of relationship quality
have a positive influence on attitudinal loyalty, whereas only satisfaction affects behavioral
intentions. Therefore, we regard relationship quality as a crucial antecedent originating
from the social interaction between the consumer and his or her savings institution
that influences the attitudes toward long-term savings and ultimately savings behavior.
In conclusion, the relationship with a financial institution constitutes a crucial driver
toward security in retirement (Brown and Brown, 2008).
Attitudes toward long-term savings
Attitudes have been widely studied in social science research and different construct
specifications have been proposed. According to Fishbein and Ajzen (1975), attitudes
represent a favorable or unfavorable feeling toward a certain stimulus (i.e. toward
a particular behavior). As preceding authors have stated, context-specific attitudes,
as opposed to more general attitudes, have a stronger relationship with subsequent

behavior (Ajzen and Fishbein, 1980; Glasman and Albarracn, 2006; Fnfgeld and Wang,
2009). Therefore, we apply attitudes in our study that are closely related to the savings
process. We draw on Fnfgeld and Wangs (2009) findings and study the influence of
perceived anxiety and perceived importance on long-term savings. These two attitudes
specifically reflect the perception of the long-term savings process. Accordingly, in line
with the theory of reasoned action and Bentler and Speckarts (1979) generalization of
Ajzen and Fishbeins model, we directly relate the two savings attitudes, perceived
anxiety and perceived importance, to long-term savings behavior.
Perceived anxiety toward long-term savings. The concept of anxiety has received
broad attention in previous research in different disciplines. While earlier theories have
described the concept as a pathological disorder, more recent approaches have termed
anxiety as a common error of normal functioning individuals (Rachman, 2004).
Based on the newer terminology, we conceptualize perceived anxiety as an individuals
perception of a threatening social interaction which evokes feelings of inadequate
behavior and fear of negative consequences, such as loss of self-worth, status, or
rejection (Verbeke and Bagozzi, 2000; Clark and Wells, 1995). As Verbeke and Bagozzi
(2000) stated, anxious people are more likely to frame a given situation as a threat
and therefore have less confidence to cope with the particular situation. Schlenker
and Leary (1982) pointed out that especially in social interactions with powerful,
knowledgeable, and competent others, people are more likely to feel tense and anxious.
Accordingly, we infer that the social pressure stemming from ones family and friends
opinions regarding long-term savings decisions fosters the arousal of anxiety toward
long-term savings in a similar way. Thus, we state the following hypothesis:
H1a. The subjective norms stemming from family and friends increase an individuals
perceived anxiety toward the decision to save for the long term.
In contrast, the relationship quality with a financial service provider may reduce perceived
anxiety concerning the decision to save for the long term. By providing sound relationship
quality, the savings institution fosters satisfaction, commitment, and trust toward
its services, which may decrease a customers perceived anxiety (Crosby et al., 1990).
Therefore, it is reasonable to expect an attenuating effect of relationship quality on
perceived anxiety toward long-term savings, which leads to the following hypothesis:
H1b. Relationship quality reduces an individuals perceived anxiety toward the
decision to save for the long term.
In the context of savings, anxiety reflects insecurity and worries about money
matters (Fnfgeld and Wang, 2009). According to Yamauchi and Templer (1982), these
anxious feelings are essentially independent of an individuals income. Leaning on
their findings, Hayhoe et al. (2012) related anxiety to savings behavior. They reported
an inverse relationship between anxiety and the propensity to save regularly.
Hence, it seems reasonable to expect that anxiety negatively influences long-term
savings. In line with Fnfgeld and Wangs (2009) contributions to the savings
research, we conceptualize perceived anxiety as a construct including procrastination
of long-term savings decisions and unstable preferences toward savings affairs.
Unstable preferences are expressed by a continuous pondering regarding past and
future long-term savings decisions. The individual doubts whether he or she has made
the optimal long-term savings decisions. In contrast, procrastination refers to the
Drivers of
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personal trait of postponing unpleasant tasks. Since establishing a sound retirement

saving plan requires a fair amount of time and personal involvement, many people may
tend to postpone their long-term savings decisions. As Thaler and Benartzi (2004)
pointed out, procrastination is an important explanatory factor for insufficient
household savings. Thus, we state the following hypothesis:
H2. Perceived anxiety negatively influences long-term savings.
Perceived importance of long-term savings. As a second attitude toward long-term
savings, we introduce the concept of perceived importance. This attitude delineates
the importance individuals place on the decision to save for the long term. Therefore,
we define this concept as the perceived personal relevance of long-term savings.
Previous studies focusing on adolescents have pointed out that the meaningfulness
that youth attribute to long-term savings is heavily influenced by their parents and
peers (Moschis and Churchill, 1978; Wheeler-Brooks and Scanlon, 2009). We expect the
social context to also influence an adults perceived importance of long-term savings
because retirement savings gain in relevance with advancing age and thus become
more salient in daily life and interactions with others. In a similar way, the exchange
with a savings institution helps an individual to understand the pivotal role of
adequate long-term savings to ensure sufficient post-retirement consumption, thereby
enhancing the perceived importance of the subject. Thus, we hypothesize:
H3a. The subjective norms stemming from family and friends positively affects an
individuals perceived importance of long-term savings.
H3b. Relationship quality positively affects an individuals perceived importance
of long-term savings.
Furthermore, preceding research has suggested an influence of perceived importance on
behavior (Laurent and Kapferer, 1985). In the context of savings, Wheeler-Brooks and
Scanlon (2009) found a positive influence of perceived importance on adolescents savings
decisions. Accordingly, it seems reasonable to expect a positive influence of perceived
importance on long-term savings not only in the case of young people but also on a more
general level. Therefore, we hypothesize:
H4. Perceived importance of long-term savings positively affects long-term savings.
The mediating role of attitudes
In the light of our conceptual model, which builds on the theory of reasoned action as well
as further theoretical extensions, attitudes predominantly lead to behavioral outcomes.
As social identity theory postulates, the perceived social influence originating from
groups such as family and friends induces the individual to adopt prototypic group
attitudes (Wood, 2000; Ashforth and Mael, 1989). These attitudes in turn affect behavior
(Fishbein and Ajzen, 1975). Therefore, we assume a purely indirect effect of subjective
norms on long-term savings decisions, mediated by savings attitudes. Thus, we state the
following mediation hypothesis:
H5. The relationship between subjective norms and long-term savings is mediated
by savings attitudes.
Similarly, we do not assume that relationship quality directly affects long-term savings.
Based on the theory of hierarchy of effects, Ki and Hon (2007, 2012) delineated a sequence
of influence spanning from relationship perception to attitudes to behavior. Accordingly,

we define relationship quality as an antecedent of an individuals attitudes toward
long-term savings. Thus, we state the second mediation hypothesis as follows:
H6. The relationship between relationship quality and long-term savings is mediated
by savings attitudes.
Covariates
In addition to the social context and the attitudes toward long-term savings, we included
two covariates, income and perceived self-control, in our analysis. Income has played an
important role in the savings literature at least since Keynes introduced The General
Theory of Employment, Interest and Money. Keynes (1936/1973) pointed out that a rising
income will lead to increased savings. This proposition has been criticized by Friedman
(1957) and Modigliani and Brumberg (1954), both arguing the independence of
permanent income from savings. Subsequent empirical research has not found a clear
verification of either theoretical approach (e.g. Bhalla, 1980; Hayashi, 1982). Therefore,
we included income as a control variable since its potential influence on long-term
savings cannot be refuted on the basis of prior empirical studies. Similarly, perceived
self-control has been defined as a crucial antecedent for long-term savings (Shefrin and
Thaler, 1988). According to Shefrin and Thaler (1988), self-control is a prerequisite to
accumulating savings for the long term because immediate consumption always poses
an attractive alternative to saving for the future (Mitchell and Moore, 1998). Furthermore,
Shefrin and Thaler (1988) concluded that any savings model that does not include the
temptation to consume in the short-run is misspecified. Thus, by including perceived
self-control as a covariate in our model, we accounted for the willpower necessary to
resist myopic temptations to consume. Figure 1 depicts the conceptual model which we
applied to validate the aforementioned hypotheses.
Drivers of
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Methodology and study design

Research design and sample description
We collected the data for our research via a self-administered online survey.
The survey was conducted in each of the 16 states of Germany and distributed via a
Subjective norms
H1a
Perceived anxiety
H2
H1b
Long-term savings
H3a
H4
Relationship quality
to the institution
H3b
Perceived
importance
Control variables
- Perceivedself-control
- Income
Structuration theory
Theory of reasoned action

Generalized Fishbein-Ajzen model
Figure 1.
Conceptual model
and tested
hypotheses
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panel provider. The sample was drawn from the total population of each state between
18 and 65 years old to ensure that only people who are making relevant savings
decisions were included (given a legal age of 18 and a retirement age of 65 in Germany).
In addition to age, gender was considered as well to representatively reflect each state.
Moreover, only people who engage in some sort of long-term savings were part of
the survey. Before the survey was launched, the items and scales were discussed
with industry specialists. After final adjustments were made, the questionnaire was
sent with an introductory page explaining the purpose of the study. Participants were
randomly selected until around 240 responses per German state were collected. As a
result, more than 3,800 filled-out questionnaires were returned. However, since one of
our hypothesis states that the relationship quality with the savings institution has a
significant influence on the attitudes toward long-term savings, we only included
responses in which an actual relationship with a specific institution was indicated.
Furthermore, respondents who did not specify their savings rate as a fraction of
their income were excluded from the sample. This procedure reduced the number
of responses used to 993. Besides the questions needed to operationalize the constructs
and the demographics necessary to ensure adequate representation of each states
population, two demographic variables, income and education, were collected.
The final sample included slightly more male (52.0 percent) than female respondents
(48.0 percent). Regarding education and income, we highlight that more men than
women fall into the high education category (28.4 percent as opposed to 24.6 percent)
as well as the high income cohort (13.8 percent as opposed to 10.3 percent). We define
high income as above 4,000 euros per month while high education refers to university
or polytechnic graduates. Table I depicts the characteristics of the sample.
Measurement
For each construct in our conceptual model, participants rated a wide range of items. We
selected the scale items in line with existing research. To operationalize the construct
perceived anxiety, we applied Fnfgeld and Wangs (2009) findings by using similar
Demographics
Females (n 476)
Males (n 517)
Total (n 993)
Mean
Mean
Mean
value SD Percentage value SD Percentage value SD Percentage
Age
40.94 10.94
Education
Low (secondary
school)
Middle (high school,
apprenticeship
High (university,
polytechnic)
Table I.
Sample profile
of respondents
Monthly income
o 1,000
1,000-1,999
2,000-2,999
3,000-3,999
4,000-4,999
5,000
40.65 11.40
40.79 11.18
25.4
23.4
24.3
50.0
48.2
49.0
24.6
28.4
26.6
8.2
28.8
34.5
18.3
6.3
4.0
6.2
24.4
33.3
22.4
7.4
6.4
7.2
26.5
33.8
20.4
6.8
5.2
items. In addition, subjective norms, relationship quality, perceived importance,

and perceived self-control were constructed by applying commonly used scale items
(Croy et al., 2010; De Cannire et al., 2009; Hira et al., 2009; Parrotta and Johnson, 1998;
Joo and Pauwels, 2002; Shefrin and Thaler, 1988). The wording of some of the items
was slightly adjusted to fit the context of our study. Furthermore, perceived
self-control has been reverse coded so that high values on this scale reflect high values
of self-control. All of the items used to build the aforementioned constructs were
measured on a six-point Likert scale ranging from strongly disagree to strongly agree.
To condense the items into factors, we applied confirmatory factor analysis. All factor
loadings exceed 0.60 except for two scale items, one for perceived self-control (0.506)
and one for perceived importance (0.598). Although one might consider eliminating these
two scale items, we kept them in the model to preserve the original construct
specification. In addition, all factor loadings still exceed the 0.5 threshold proposed
by Anderson and Gerbing (1988) and all path coefficients between the items and
the constructs exhibit high significance ( po0.001), except for one item ( po0.05).
Furthermore, Cronbachs scores for the constructs range from 0.74 to 0.95, thereby
exceeding the proposed 0.7 threshold (Nunnally, 1978). Only the covariate perceived selfcontrol exhibits a mediocre score for Cronbachs (0.58). Nevertheless, we kept this
control variable in the model as originally specified. Regarding the high and significant
factor loadings of the items forming the construct relationship quality, we followed the
approach outlined in previous research and measured relationship quality as a unidimensional formative variable (Crosby et al., 1990; De Wulf et al., 2001; De Cannire et al.,
2009). The variable relationship quality was constructed by the mean of the nine items
used to measure the construct. Table II summarizes the items and features the factor
loadings on the six constructs, the resulting standard errors, and the Cronbachs scores.
The dependent variable long-term savings does not appear in the table because it was
measured by a single-item scale. Respondents were asked to indicate the amount saved
throughout the last year on a seven-point scale. Furthermore, participants had to state
the percentage of the total amount saved explicitly dedicated to the long term.
Multiplying the total amount saved with the percentage reserved for the long term led to
the values for long-term savings. Therefore, the values of long-term savings were selfreported by the respondents.
In addition, our scale exhibits ample reliability and validity. Except for the covariate
perceived self-control, none of the constructs falls below the suggested 0.7 threshold for the
composite reliability (CR) scores (Hair et al., 2010). Furthermore, we examined convergent
validity. All CR scores exceed the respective average variance extracted (AVE) scores,
which in turn pass the threshold of 0.5 (except for the covariate perceived self-control)
(Hair et al., 2010). Finally, discriminant validity has been tested by comparing the AVE
scores with the squared factor correlation values. Since the AVE scores are higher than the
squared correlation between the constructs, discriminant validity could have been achieved
(Fornell and Larcker, 1981). Table III highlights the AVE and CR scores as well as the
correlations between the constructs.
Analysis and model fit
To test the sets of hypotheses, we used structural equation modeling. Global fit measures
indicate a reasonably good model fit (TLI 0.931, CFI 0.942, RMSEA 0.062,
SRMR 0.082, 2 (143) 697.414). In general, due to a large sample size, the 2 value
is likely to be inflated, which also applies to our model (Bagozzi and Yi, 2012). Based on
these fit indices, we proceed with this model specification. Further assessment of
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Table II.
Construct reliability
and validity
measures
Items and constructs
FL
Perceived anxiety
I am anxious about long-term savings affairs
I do not feel equipped for the decision to save for the long term
I get unsure by the lingo of financial experts
I tend to postpone financial decisions
0.71
0.84 0.05
0.70 0.05
0.74 0.05
Perceived importance
I regard long-term savings as useful
For me long-term savings expresses a sound plan for life
Planning for the long term is the best way to proceed in life
0.60
0.84 0.08
0.63 0.07
Relationship quality to the savings institution

I am trusting the company
The company is very trustful
I feel personally related to the company
I would recommend the company to family and friends
Generally, I am satisfied with the company
I have a positive opinion of the company
0.90
0.91
0.70
0.84
0.90
0.92
Subjective norms
Family and friends have advised me to save for the long term
Family and friends would think it is a good idea to save for the long term
0.66
0.90 0.14
CA
0.83
0.74
0.95
0.02
0.04
0.03
0.02
0.02
0.75
Perceived self-control (reverse coded)

0.58
I often spontaneously spend more money than planned
0.51
When I think my finances are under control always something unplanned happens 0.84 0.70
Comparative fit index (CFI)
0.94
Tucker-Lewis index (TLI)
0.93
4.9
2/df
SRMR
0.08
Root mean square error of approximation (RMSEA)
0.06
Notes: Standardized factor loadings are shown. FL, factor loading; SE, standard error; CA, Cronbachs
Mean
Table III.
Factor correlation
matrix and average
variance extracted
SE
SD
CR
AVE
1 Relationship quality
4.626
1.007 0.949 0.756
2 Perceived importance
4.605
0.848 0.751 0.506
0.369
3 Perceived anxiety
3.137
1.111 0.832 0.555 0.241 0.282
4 Subjective norms
3.929
1.185 0.760 0.614
0.108
0.395
0.124
5 Perceived self-control
4.393
1.201 0.579 0.408
0.072
0.132 0.623 0.135
Notes: SD, standard deviation; CR, composite reliability; AVE, Average variance extracted
the model was done by investigating the direct paths from relationship quality with the
savings institution and from subjective norms to long-term savings. Including these two
direct paths in the model did not improve the fit indices. More importantly, neither path
showed statistical significance. Therefore, we confidently excluded the direct paths of
these two constructs and accepted the first model specification as we hypothesized based
on the theoretical framework.
Results
As our analyses reveals all of the hypotheses are supported. Regarding H1a, H1b, H3a,
and H3b, which assessed the paths from relationship quality and from subjective
norms to perceived anxiety and perceived importance, we can confidently reject the
null hypothesis of no significant influence. Thus, a well-established relationship
between the savings institution and the consumer considerably reduces perceived
anxiety (b 0.286, p o0.001). In addition, the importance placed on the decision
to save for the long term is significantly increased by a trustful and satisfying
relationship (b 0.378, p o 0.001). In contrast, we found a positive relationship between
subjective norms and perceived anxiety (b 0.103, p o 0.001). At the same time, the
perceived social pressure stemming from relevant referents augments an individuals
perceived importance (b 0.298, p o 0.001) of saving for the long term.
Both H2 and H4, which describe the relationship between the savings attitudes and
long-term savings, are supported. As the results show, perceived anxiety significantly leads
to decreased long-term savings (b 0.161, po0.001). Thus, anxious feelings, insecurity,
and the tendency to postpone long-term savings decisions negatively affect long-term
savings. In contrast, perceived importance shows the opposite effect by positively influencing
long-term savings (b 0.182, po0.001). The more people acknowledge the importance of
long-term savings, the more likely they are to save for the future.
To test the two mediation hypotheses (H5 and H6), we applied Preacher and Hayess
(2004; 2008) method as proposed by Zhao et al. (2010). Since our model encompasses
two explanatory variables (relationship quality and subjective norms) as well as two
mediators (perceived anxiety and perceived importance), this amounts to four indirect
effects. According to Preacher and Hayes (2004) and Zhao et al. (2010), we estimated
95 percent bootstrap confidence intervals and standard errors for each indirect effect
using 5,000 iterations. In line with our theorization, both social context constructs show
a significant indirect effect on long-term savings via each mediator. Relationship
quality exhibits a positive indirect effect via perceived anxiety (indirect effect 0.4625;
SE 0.09; 95 percent CI: 0.3059-0.6552) as well as via perceived importance (indirect
effect 0.4706; SE 0.10; 95 percent CI: 0.2906-0.6853). In contrast, subjective norms have
a negative effect on long-term savings via perceived anxiety (indirect effect 0.1802;
SE 0.06; 95 percent CI: 0.3138 to 0.0677) but a positive influence via perceived
importance (indirect effect 0.2987; SE 0.07; 95 percent CI: 0.1807-0.4576). These results
confirm our theorization. On the one hand, relationship quality increases perceived
importance, which positively influences long-term savings, and on the other it decreases
perceived anxiety, which further affects long-term savings in a positive way. In a similar
vein, subjective norms increase perceived importance but also increase perceived anxiety,
an attenuating factor toward long-term savings. In addition, we conducted a linear
regression encompassing all our constructs. Neither social context dimension showed a
significant direct effect on long-term savings (relationship quality: b 0.084, p 0.726;
subjective norm: b 0.116, p 0.553). According to Zhao et al.s (2010) framework, these
two indirect-only mediations prove consistency with the hypothesized framework and
omission of a crucial mediator is unlikely. Consequently, the indirect effects support our
mediation hypotheses and increase the nomological value of our conceptual model. Thus,
the results confirm that both social context variables, subjective norms and relationship
quality, are attitudinal antecedents as we theorized by combining structuration theory and
the theory of reasoned action.
Regarding the covariates, the influence of perceived self-control on long-term
savings could not sustain the test for statistical significance at a 0.05 threshold for ,
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although the effect is very close to significance with a p-value of 0.062. We thus refer to
this relationship as marginally significant and suggest that further research examine
the concept in more detail. However, income exhibits a highly significant and positive
impact on long-term savings. For income, we found the strongest relationship among
all the constructs in our model (b 0.407, p o 0.001). The positive effect on long-term
savings implies that the higher the income, the bigger the amount of money a given
household can set aside for the long term. Figure 2 summarizes the research results.
Although we included income as a mere control variable, its positive impact on
long-term savings is surprising considering the traditional microeconomic concepts
stating no relationship between income and savings (Friedman, 1957). However, due to
different construct specifications, we cannot fully compare this study with traditional
neoclassical economic theories.
Discussion
As the literature review has shown, savings research has left traditional microeconomic
paths and increasingly included insights of behavioral economics. However, very little
research has been dedicated to the social context and the underlying attitudes that
drive long-term savings (Fnfgeld and Wang, 2009). This study makes several
contributions to the existing literature. First, we contribute to the still unexplored
field of long-term savings. Our research follows a behavioral economics approach by
proposing a theoretical framework that includes social context, savings attitudes,
and self-reported long-term savings. Second, we delineate the influence of the social
context on long-term savings. While subjective norms have only been included in
savings research regarding general social pressure, preceding studies have not
examined the influence of relationship quality with the savings institution on long-term
savings decisions. We found a strong influence of relationship quality on savings
attitudes i.e., a positive effect on perceived importance and a negative impact
on perceived anxiety. Moreover, we found a positive relationship between subjective
norms and perceived anxiety as well as perceived importance. Accordingly, on the one
hand, the perceived social pressure induces anxiety but on the other it enhances
the consumers perceived importance of savings.
Next, we estimated the impact of the savings attitudes on self-reported long-term
savings. While perceived anxiety reduces long-term savings, perceived importance
has a positive effect. In addition, the savings attitudes were identified as the linking
Subjective norms
0.103 (2.776)**
Income
Perceived anxiety
0.161 ( 5.173)***
0.298 (7.357)***
0.407 (14.546)***
Long-term savings
0.286 ( 7.972)***
0.182 (5.548)***
Relationship quality
to the institution
Figure 2.
Maximum likelihood
results for the
conceptual model
0.378 (9.700)***
Perceived
importance
0.062 (1.884)ns
Perceived self-control
Notes: ns, not significant. Standardized regression coefficients are shown (critical ratio in
parentheses) **p < 0.01; ***p < 0.001
pins between the social context variables and long-term savings, thereby confirming our
conceptualization of combining structuration theory and theory of reasoned action. As
our findings show, peers as well as companies can only indirectly affect an individuals
long-term savings decisions. Therefore, it is crucial to include attitudes when examining
the influence of the social context on long-term savings. In conclusion, our research has
disclosed specific idiosyncrasies for the context of long-term savings that deviate from the
originally proposed framework of the theory of reasoned action. As our theoretical
framework drew on structuration theory, the social context plays a crucial role and affects
the attitude-behavior relationship regarding long-term savings. Contrary to the theory
of reasoned action, we showed that attitudes toward long-term savings behavior and
subjective norms are not constructs on the same level. The mediation analysis revealed
a significant indirect effect of subjective norms on self-reported long-term savings via
savings attitudes and confirmed the hypothesized mediating effect. Additionally, a linear
regression encompassing all of our constructs revealed no significant influence of either
social context construct on long-term savings. Therefore, the results of this study depict a
different sequence of the explanatory variables for analyzing savings behavior than is
proposed by the theory of reasoned action. By including structuration theory in our
research, we showed that the social context variables are indeed attitudinal antecedents.
These idiosyncrasies provide an interesting basis for studying conditions under which the
theory of reasoned action has to be adapted to examine the phenomenon of long-term
savings. Additional studies can greatly increase future theory adaptations or even aim at
proposing a long-term savings theory based on the theory of reasoned action as well as
our findings that show the particular role of the social context.
Managerial implications
The study results reveal that a well-established relationship with a financial intermediary
such as a bank or an insurer reduces perceived anxiety toward long-term savings and
enhances perceived importance. Both of these aspects in turn positively influence long-term
savings. Thus, a sustainable partnership between the consumer and the savings institution,
based on satisfaction, commitment, and trust, affects the attitudes toward long-term savings
and ultimately increases long-term savings. Consequently, banks and insurance companies
should try to reduce perceived anxiety by appearing as a trustful partner, showing empathy
for the consumers anxious feelings, and by offering high-quality and personalized service.
Additionally, emphasizing the importance of savings to the consumers future, for example,
by using projected retirement savings charts, is another way to indirectly induce long-term
savings. Moreover, financial services institutions should focus on relationship quality
itself to increase its effects on long-term savings attitudes. Relationship marketing initiatives
such as loyalty programs, tangible rewards, and interpersonal communication can be
implemented to raise the quality of the consumer-provider relationship (De Wulf et al., 2001).
As De Wulf et al. (2001) suggested, such marketing activities increase perceived relationship
investment, which is a direct antecedent of relationship quality. In addition, financial
advisors should be incentivized not only to sell savings products but also to maintain a
high standard of relationship quality. As Crosby et al. (1990) emphasized, sales personnel
can positively influence relationship quality by relational selling behaviors such as mutual
disclosure, cooperative intensions, and contact intensity. Therefore, financial services
institutions should highlight the importance of relational selling behaviors to sales
employees, provide adequate training to adopt such behavioral initiatives, and reward a
financial advisors endeavor to increase relationship quality, which will ultimately affect
long-term savings behavior.
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Theoretical implications and future research propositions

In our research, we adapted the theory of reasoned action to explain the relationship
between attitudes and behavior. Future research should draw on our findings and
include the concept of perceived behavioral control as introduced by Ajzen (1985)
within the theory of planned behavior. This construct delineates the level of control an
individual perceives regarding the behavior in question. Based on external influences,
such as an employers predefined retirement plans or the performance of private
investments dedicated to the long term, an individual might not take complete control
over the whole long-term savings process. Thus, this constrained volitional control is
likely to play an important role in long-term savings theory.
Furthermore, the impact of different channels should be addressed in future
research. In particular, the effect of the chosen access channel on relationship quality
offers new avenues for research. As Brun et al. (2014) stated the dimensions of
relationship quality are equally relevant in an online banking context as in a traditional
consumer-provider interaction if they are adapted to the peculiarities of the web
environment. Accordingly, online banking and offline financial services most likely
share the main building blocks of relationship quality, that is, satisfaction, trust, and
commitment (Brun et al., 2014). Trust seems to be especially crucial for online services
due to privacy concerns. However, there are definitely some distinctions as well.
Online-specific features such as website usability, user do-it-yourself experience, richness
of product information, website navigation functions, perceived customization, and
purchase convenience influence components of relationship quality in various industries
(Flavin et al., 2006; Montoya-Weiss et al., 2003; Steenkamp and Geyskens, 2006; Verhoef
et al., 2007). One can suggest that these characteristics apply to online banking as well.
Thus, replicating the current study in the online banking context by developing
more comprehensive measurements to assess the overall relationship quality of online
channels constitutes a challenge for future research. Future studies should compare
online vs offline channel usage and investigate whether channel choice leads to different
levels of relationship quality and ultimately to different amounts saved for the long term.
In addition, not only the channels but also the specific savings products purchased via
these channels may affect long-term savings. However, research on a product level
also needs to incorporate the specific investment goals and, even more importantly,
the different value dimensions associated with savings product usage. As Puustinen
et al. (2012) delineated, the consumers goals in fact vary with the chosen investment or
savings product. In addition, prior research has recognized that consumers indeed
evaluate different investment and savings products not only on the basis of economic
value dimensions but also based on experience and emotional and social value criteria
(Beal et al., 2005; Canova et al., 2005; Clark-Murphy and Soutar, 2005; Dorn and
Sengmueller, 2009). Therefore, a multi-faceted research approach including attributes
of service providers, channels, and product usage should be adopted. Regarding product
usage, the specific goals and value dimensions associated with the particular product
category has to be taken into account. Such a research approach would form a more
holistic representation of the complex phenomenon of long-term savings.
Furthermore, while our study included two savings attitudes, additional attitudes
that influence long-term savings should be identified and included in our proposed
model framework. More importantly, in our study we did not relate the attitude and
subjective norms constructs to attitudinal and normative beliefs as mentioned by
Ajzen (1991). An avenue for further research can extend our research and include
these belief structures. Taylor and Todd (1995a) provided a framework that can be
applied to long-term savings. The authors defined three salient attitudinal beliefs
structures: relative advantage, complexity, and compatibility. Relative advantage
could, for example, express the trade-off between saving and consumption or, in more
product-based research, the benefits of one savings product vs. alternatives. Similarly,
complexity can refer to the overall savings process or be defined on a savings-product
level. Finally, compatibility can focus on the alignment of the overall savings process or
the particular savings product with the individuals existing experience, inner values,
and current needs (Taylor and Todd, 1995a). We encourage future studies to include
these salient belief structures on a product as well as a more general level, depending
on the scope of the particular study. In addition, future research can include the
normative belief structure. According to Ajzen (1991), normative beliefs are based on
the approval or disapproval of important referent individuals or groups regarding a
particular behavior. Taylor and Todd (1995b) defined internal and external normative
belief structures. Whereas internal beliefs refer to the subjective influence from an
individuals family, external beliefs arise from individuals or groups outside ones
family. Although our study covers internal belief structures (i.e. the importance to ones
family) as well as some external influences (e.g. friends), additional external belief
structures should be included in future research on long-term savings behavior, such as
the opinions of an individuals employer or co-workers. Since a considerable source
of long-term savings is based on an employer-provided pension plan, additional
research can reasonably expect an influence of the external belief structure stemming
from an individuals working environment on subjective norms.
Concerning our covariates, we found a very strong influence of household income on
long-term savings. Since prior research has not found a clear answer for how income
affects savings, additional insights are needed. In addition, further demographics may be
included as well. Also, this empirical study did not include the concept of financial literacy
( Jappelli and Padula, 2013; Bnte and Filipiak, 2012). Future research should include
financial literacy within an attitude-behavior framework and investigate its impact on
behavior (Estelami, 2009). Finally, our study has been conducted in Germany. Due to
national particularities and different savings systems around the world, our findings may
not apply across countries. For example, the recent shift from defined-benefit to definedcontribution plans in the USA has prompted employees to define their savings rate more
autonomously than before (Thaler and Benartzi, 2004). This system change is likely to
affect the attitudes towards long-term savings differently. Perceived anxiety might
increase, but the salience of the topic might increase its perceived importance as well.
However, future research should verify our model in a cross-cultural setting, accounting
for national idiosyncrasies as well as cultural differences that may explain variations in
savings attitudes due to underlying cultural variables.
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About the authors
Matthias Ruefenacht is a Project Leader and Doctoral Candidate at the Institute of Insurance
Economics at the University of St Gallen. His areas of research mainly encompass the role of
intermediaries in the insurance industry, marketing in the financial services industry and
customer behavior in the financial sector. Matthias Ruefenacht is the corresponding author and
can be contacted at: matthias.ruefenacht2@unisg.ch
Tobias Schlager is a Post-Doctoral Researcher and Project Leader at the Center for Customer
Insight of the University of St Gallen. His research interest focuses on the difference between
consumer decision making in computer-mediated environments and in personal interactions.
For his articles, he applies various methods, including latent class models, Bayesian statistics,
and network analysis.
Peter Maas is Member of the Executive Board of the Institute of Insurance Economics at
the University of St Gallen and a Professor for service, insurance and risk management at the
University of St Gallen. He conducts research in diverse areas of the insurance industry focusing
on marketing in the financial services industry, customer value as a strategic management
perspective and trends in the insurance industry.
Pekka Puustinen (University of Tampere, Finland) is a Visiting Professor of insurance
marketing and management at the University of St Gallen. His research focus is on strategy and
management of insurance and financial companies. Currently, his research interests lie in
innovation and value creation in financial and insurance service businesses.
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Drivers of
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intermediary applications between organizations. They stated that the installation of

making and participation in virtual communities. In addition, Dholakia and Talukdar

as opposed to more general attitudes, have a stronger relationship with subsequent

personal trait of postponing unpleasant tasks. Since establishing a sound retirement

of influence spanning from relationship perception to attitudes to behavior. Accordingly,

Methodology and study design

Theory of reasoned action

items. In addition, subjective norms, relationship quality, perceived importance,

Items and constructs

Relationship quality to the savings institution

Perceived self-control (reverse coded)

Theoretical implications and future research propositions

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