To Assess Factors Affecting Pension Subscribers’ Behavioral Intentions to Adopt Technology in The Pension Schemes

Abstract

This study explores the behavioral intentions of pension subscribers in Ghana to adopt technology in their pension schemes, grounded in the Extended Unified Theory of Acceptance and Use of Technology (UTAUT2). A quantitative correlational design was used, analyzing data from 1,539 pension subscribers through Structural Equation Modeling (SEM) to understand the relationships between key factors. The findings reveal that performance expectancy and effort expectancy are significant predictors of technology adoption, underscoring the importance of perceived benefits and ease of use. Interestingly, social influence did not significantly impact adoption, suggesting that pension subscribers make independent decisions regarding technology use, uninfluenced by peers or social circles. Facilitating conditions and price value were crucial, indicating the need for supportive infrastructure and cost-effectiveness to encourage adoption. Contrary to expectations, hedonic motivation negatively influenced adoption intentions, emphasizing that functionality is prioritized over entertainment in the pension sector. Habit emerged as a strong predictor, showing that ingrained technology use positively affects adoption intentions. This research offers theoretical insights into technology adoption in the pension sector of a developing country and practical guidance for policymakers and pension service providers on fostering technology uptake among subscribers. By examining the specific socio-economic and cultural factors in Ghana, this study contributes a nuanced understanding of technology adoption drivers in the pension sector, providing empirical evidence from a less-explored context and highlighting unique influences in this domain.