Drivers of Long-Term Saving from a Consumer Perspective : A Large-Scale Empirical Investigation
Journal
I.VW Management Information
Type
newspaper article
Date Issued
2011-04-09
Author(s)
Abstract (De)
Throughout the last decade, saving and
especially long-term saving has constantly
gained relevance for individuals. The
Long-term saving decision is considered as
one of the most meaningful decisions in
people's life. Which factors determine saving
decisions poses a complex research question.
Including external influences, such as companies
and social contacts, into this decision
is particularly interesting as it also appears
to be relevant for others. By asking 1 512
consumers we investigate this crucial decision
process.1 Our results shed light into the
black-box of the long-term saving mechanism
and accordingly identify several implications
for insurance companies. For instance,
an insurer needs to explicitly focus
on dealing with consumers' perceived anxiety
regarding the saving decision. Further,
companies can enhance consumers' saving
activities by actively communicating the
importance of the saving decision. Finally,
our results reveal that the social context is
decisive similarly. Companies therefore
need to take action on dealing with consumer
communities, the consumers' families
and friends.
especially long-term saving has constantly
gained relevance for individuals. The
Long-term saving decision is considered as
one of the most meaningful decisions in
people's life. Which factors determine saving
decisions poses a complex research question.
Including external influences, such as companies
and social contacts, into this decision
is particularly interesting as it also appears
to be relevant for others. By asking 1 512
consumers we investigate this crucial decision
process.1 Our results shed light into the
black-box of the long-term saving mechanism
and accordingly identify several implications
for insurance companies. For instance,
an insurer needs to explicitly focus
on dealing with consumers' perceived anxiety
regarding the saving decision. Further,
companies can enhance consumers' saving
activities by actively communicating the
importance of the saving decision. Finally,
our results reveal that the social context is
decisive similarly. Companies therefore
need to take action on dealing with consumer
communities, the consumers' families
and friends.
Language
German
Keywords
Long-term saving
customer decision process
social context
communities
HSG Classification
contribution to scientific community
HSG Profile Area
SoM - Business Innovation
Refereed
No
Publisher
I.VW-HSG
Publisher place
St. Gallen
Volume
33
Number
2
Start page
23
End page
28
Pages
6
Subject(s)
Division(s)
Eprints ID
230999