The Effects of Financial Attitudes, Financial Literacy and Health Literacy on Sustainable Financial Retirement Planning: The Moderating Role of the Financial Advisor

Wan Mashumi Wan Mustafa, Md. Aminul Islam (), Muhammad Asyraf, Md. Sharif Hassan, Pradip Royhan and Shafiqur Rahman
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Wan Mashumi Wan Mustafa: Faculty of Business and Communication, Universiti Malaysia Perlis, Perlis 02600, Malaysia
Md. Aminul Islam: Faculty of Business and Communication, Universiti Malaysia Perlis, Perlis 02600, Malaysia
Muhammad Asyraf: Faculty of Business and Communication, Universiti Malaysia Perlis, Perlis 02600, Malaysia
Md. Sharif Hassan: Faculty of Business and Communication, Universiti Malaysia Perlis, Perlis 02600, Malaysia
Pradip Royhan: Asia Pacific International College, Parramatta NSW 2150, Australia
Shafiqur Rahman: Department of Business Administration, International Open University, Doha 2713, Qatar

Sustainability, 2023, vol. 15, issue 3, 1-17

Abstract: Financial planning for retirement is essential to ensure that people have enough money to live the lifestyle they desire when they retire. Self-employed business owners in developed countries widely do financial retirement planning. However, in Malaysia, the percentage of self-employed individuals concerned about financial retirement planning is lower than in other countries. This study aims to identify the relationship between the financial attitude, financial literacy and health literacy of self-employed individuals toward sustainable financial retirement planning in Malaysia and find out the moderating effect of the role of financial advisors. The study utilized structural equation modelling. Data were collected through a survey questionnaire and analyzed using SMART PLS 3.3. The total sample size was 416 self-employed individuals from the northern Malaysian region. The findings revealed that financial attitude and financial literacy significantly impact retirement planning. Moreover, the role of financial advisors moderates the relationship between financial attitude–financial retirement planning and financial literacy–financial retirement planning. The result of the study will fulfil the needs of self-employed individuals to plan their retirement by including the financial planning determinants needed for a well-planned retirement.

Keywords: sustainable financial retirement planning; financial literacy; financial attitude; health literacy; role of financial advisor (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2023
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (7)

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