Factors Affecting Intention to Purchase Voluntary Pension Insurance in Vietnam

Abstract

The research was carried out with the aim to identify factors affecting the intention to purchase voluntary pension insurance in Vietnam. With data collected from 334 subjects across the country, mainly in Hanoi, the results showed that attitude towards risk, subjective norms, percieved behavioral control, past experiences and corporate branding have positive influences on the central factor, which is intent. After quantitative analysis, the study proposes recommendations for businesses to improve their services as well as methods of distribution to meet the needs of potential customers to save in pension funds. Additionally, the study will provide the basis for regulators to come up with measures to promote the retirement insurance market and at the same time, raise public awareness about social security.

Keywords: voluntary pension insurances, pension funds, puchase intention, TPB, annuity.

DOI: 10.7176/EJBM/13-10-06

Publication date:May 31^st 2021