Framing the Retirement Planning Behavior Model towards Sustainable Wellbeing among Youth: The Moderating Effect of Public Profiles

Asyraf Afthanorhan, Abdullah Al Mamun, Noor Raihani Zainol, Hazimi Foziah and Zainudin Awang
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Abdullah Al Mamun: UCSI Graduate Business School, Faculty of Business and Management, UCSI University, Cheras, Kuala Lumpur 56000, Malaysia
Noor Raihani Zainol: Faculty of Entrepreneurship and Business, University Malaysia Kelantan, Kota Bharu 16100, Malaysia
Hazimi Foziah: Faculty of Business and Management, University Sultan Zainal Abidin (UniSZA), Campus Gong Badak, Kuala Nerus 21300, Malaysia
Zainudin Awang: Faculty of Business and Management, University Sultan Zainal Abidin (UniSZA), Campus Gong Badak, Kuala Nerus 21300, Malaysia

Sustainability, 2020, vol. 12, issue 21, 1-24

Abstract: This study examines the effect of financial literacy, saving attitudes, social influence, and goal clarity on the retirement planning construct. In addition, it investigates how the public demographic profile moderates these relationships. The questionnaire approach was utilized to collect data by adopting and customizing the measurement scale from previous studies. A systematic random sampling approach was employed on 323 prospective respondents. The outcomes of this study illustrate that all relationships are significantly and positively associated with retirement planning using structural equation modeling (SEM). Furthermore, all moderator variables (gender, age, status, income, and education) moderated the relationships. The government should construct a holistic retirement planning model that is based on demographic characteristics.

Keywords: retirement planning; financial literacy; saving attitude; social influence; goal clarity; structural equation modeling (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2020
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Citations: View citations in EconPapers (7)

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