Awareness of retirement confidence has been found to be low in many people, especially in women. Much of past research has revealed that women consistently perform a poor level of retirement confidence compared to men. This study aims to examine the influence of financial literacy, saving behaviour, and financial management on retirement confidence among women working in the Malaysian public sector. Multi-stage random sampling technique was applied as the sampling technique in this study. 708 respondents participated in this study. This study applied Pearson Correlational analysis to determine the relationship between the variables. The findings reveal that retirement confidence is positively correlated with financial literacy, saving behaviour, and financial management. Furthermore, multiple regression analysis was applied to determine the predictors of retirement confidence. This study concludes that financial literacy, saving behaviour, financial management, and financial status are significant predictors of retirement confidence among working women, with financial management as the major factor contributing towards retirement confidence. The findings of this study have practical implications for financial advisors in helping working women to be more aware of their future retirement life financial needs and to prevent financial crisis in later years.
Concerns regarding the retirement experience of pre-retirees are growing globally. Numerous discussions on factors affecting retirement confidence can be found in academia. The present study employed structural equation modelling in the attempt to examine the mediating role of financial management practices on the relation between financial literacy and retirement confidence. A mediation model was tested on a sample of 626 Malaysian women working in government agencies. Significant relations were found between financial literacy, financial management practices, and retirement confidence. Earlier analysis revealed that the relation between financial literacy and retirement confidence is spurious, as the relation is fully mediated by financial management practices. The result supports the Family Resource Management Theory introduced by Deacon and Firebaugh (1988). Implications of the findings and suggestions for future studies are offered.
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