The objective of this study is to propose a framework related to financial consumers’ private pension
plan decisions. Specifically, we review the factors affecting consumers’ participation, contribution and asset
allocation decisions regarding private pensions. The factors discussed include situational and dispositional
factors, personality, motivation, financial literacy, and external influences. Based on this survey of literature, we
develop a number of propositions, which are expected to benefit individual retirement planners and pension
institutions in gaining a better understanding of retirement saving decisions.
