Factors Affecting Retirement Planning Behaviour among Working Adults in the Private Sector: The Case of Pulau Pinang, Kuala Lumpur, and Johor

Heng Xu Chong (), Whye Shing Chow and Divya Sri K. Vasu
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Heng Xu Chong: Universiti Tunku Abdul Rahman, Faculty of Business and Finance
Whye Shing Chow: Universiti Tunku Abdul Rahman, Faculty of Business and Finance
Divya Sri K. Vasu: Universiti Tunku Abdul Rahman, Faculty of Business and Finance

A chapter in Proceedings of the 11th International Conference on Business, Accounting, Finance and Economics (BAFE 2023), 2023, pp 147-168 from Springer

Abstract: Abstract Nowadays, the topic of private sector workers’ retirement has drawn a lot of attention on a global scale. This study will examine the relationship between retirement planning behaviour and variables including family education, financial literacy, and goal clarity in the context of working adults in the private sector. The results of this study can be used by policymakers and retirement planning service providers to enhance awareness and encourage better retirement planning among citizens. A total of 411 surveys had been gathered from Kuala Lumpur, Pulau Pinang, and Johor states. Data analysis was conducted using the Statistical Package for the Social Sciences (SPSS) version 27.0, employing multiple linear regression analysis. The results revealed that financial literacy and goal clarity had significant in fluences on retirement planning behaviour. However, family education is reported to be insignificantly related to retirement planning behaviour. Therefore, this study provides practical implications that relevant institutions can utilize to promote awareness and education among individuals, thereby enhancing their retirement planning behaviour.

Keywords: Retirement Planning Behaviour; Family Education; Financial Literacy; Goal Clarity (search for similar items in EconPapers)
Date: 2023
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DOI: 10.2991/978-94-6463-342-9_12

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