Consumer Attitude Towards Intention to Invest Private Retirement Scheme (PRS) in Structure Equation Modelling

Research aims: The study examines the factors influencing the intention to invest in Private Retirement Schemes (PRS), with attitudes as moderating variables. Design/Methodology/Approach: A quantitative approach was employed using a structured Google Form survey. Data on PRS investment intention were collected from respondents, assessing social (firm-generated/user-generated social media, social influence), marketing (transaction cost, advertisement), and personal factors (brand image, financial literacy, risk tolerance, trust, investment experience). Path analysis was used to examine relationships among variables and test the moderating effects of attitudes. Research findings: Attitudes mediate the relationship between the determinants and PRS investment intention. Advertising, financial literacy, and social influence significantly impact attitudes, shaping investment desire. Theoretical contribution/Originality: This study integrates the theory of planned behaviour (TPB), life cycle theory (LCT), and symbolic interaction theory (SIT) to provide a comprehensive understanding of the factors influencing PRS investment. It extends TPB by confirming attitudes as a mediating factor, incorporates LCT to explain investment behaviour across different stages of life, and applies SIT to explore the role of social influences and perceptions in shaping investment intentions. This multidimensional approach contributes to retirement investment research by offering a holistic perspective on the determinants of PRS investment. Practitioner/Policy implications: Findings suggest policymakers promote PRS through targeted advertising, financial literacy initiatives, and leveraging social influence, with tailored strategies for different income groups. Research limitation: The study may overlook systemic factors, lacks generalisability, and excludes psychological issues. © 2025, Faculty of Business and Economics,University of Malaya. All rights reserved.