Driving factors and micro-mechanism of residents’ participation intention in individual pension system

Abstract

The introduction of an individual pension system is crucial to improve the current pension system in China. To increase the rate of participation of individuals in this new pension system and to give full play to its pension security effect, in this study, we built a conceptual model of participation intention of residents based on the theory of planned behavior considering seven new factors. Data were obtained through a questionnaire survey, and empirical tests and analyses were conducted using methods such as structural equation modeling. According to the results, 77.8 % of residents were willing to participate in the individual pension system. The internal driving factors such as perceived usefulness, trust, family burden and policy support directly influenced the residents’ participation rate. Participation attitude was a key variable, with a partial mediating effect on participation intention. Thus, it is recommended to increase publicity and policy support, improve laws, regulations and the regulatory system, regulate market operations and enhance service quality for boosting residents' recognition and enthusiasm to participate and reducing their burden in old age.