Examining Participation Behavior in Defined Contribution Plans Using the Transtheoretical Model of Behavior Change

15 Pages Posted: 6 Mar 2013

See all articles by Michael S. Gutter

Michael S. Gutter

University of Wisconsin - Madison - School of Human Ecology

Celia Hayhoe

Department of Apparel, Housing, and Resource Management

Lingling Wang

University of Wisconsin - Madison - Department of Consumer Science

Abstract

Using the transtheoretical model of behavior change (TTM), employee contributions to defined contribution (DC) plans were examined. The data came from the 2001 Survey of Consumer Finances (SCF). Households were categorized into one of four TTM stages: precontemplation, contemplation, preparation, and action. The findings indicated that life cycle characteristics, financial characteristics, and personal preferences influenced the likelihood that a household was in the precontemplation, contemplation, or preparation stages relative to being in the action stage.

Keywords: defined contribution plans, retirement savings, saving, Survey of Consumer Finances, transtheoretical model of behavior change

Suggested Citation

Gutter, Michael S. and Hayhoe, Celia and Wang, Lingling, Examining Participation Behavior in Defined Contribution Plans Using the Transtheoretical Model of Behavior Change. Journal of Financial Counseling and Planning, Vol. 18, No. 1, 2007. Available at SSRN: https://ssrn.com/abstract=2228827

Michael S. Gutter (Contact Author)

University of Wisconsin - Madison - School of Human Ecology ( email )

1225 Observatory Drive
Madison, WI 53706
United States

Celia Hayhoe

Department of Apparel, Housing, and Resource Management ( email )

250 Drillfield Drive
Blacksburg, VA 24061
United States

Lingling Wang

University of Wisconsin - Madison - Department of Consumer Science ( email )

1225 Observatory Drive
Madison, WI 53706
United States

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