Factors Affecting the Intention of Generation Y in Malaysia to Invest for Retirement

Zandi, Gholamreza; Torabi, Rezvan; Yu, O.T.; Sivalingam, Ananda Devan; Khong, Tan Teck

doi:10.37418/amsj.10.3.36

Cited by 8 publications

(13 citation statements)

References 5 publications

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“…Consequently, attitude is defined as a personal response reflected as either a positive or negative reflection of a specific behavior (Zulfaka & Kassim, 2021). A person's attitude towards retirement planning plays an important role in determining their intention or readiness for retirement (Zandi et al, 2021). Based on the evidence given by Zandi et al (2021), several research have determined that people with a positive attitude or perception of retirement are more likely to be financially prepared for retirement.…”

Section: Literature Reviewmentioning

confidence: 99%

“…A person's attitude towards retirement planning plays an important role in determining their intention or readiness for retirement (Zandi et al, 2021). Based on the evidence given by Zandi et al (2021), several research have determined that people with a positive attitude or perception of retirement are more likely to be financially prepared for retirement. Empirical evidence (Nosi et al, 2017) also confirms that attitude influences young adults' intentions to purchase financial products associated with retirement.…”

Section: Literature Reviewmentioning

confidence: 99%

“…According to (Zandi et al, 2021), subjective norms are defined as the pressures or expectations placed upon individuals by their social environment that influence their decisions to engage in certain behaviors or avoid them. Subjective norm is generally applied from family, friends, or colleagues at work to influence a person's decision and judgment (Zandi et al, 2021). This study explores subjective norms applied to moral obligation, organizational commitment and financial advisor among Gen Y in Selangor.…”

Section: Subjective Norm (Moral Obligation Organizational Commitments and Financial Advisor)mentioning

confidence: 99%

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Predicting Retirement Preparation Based on Proactivity, Time Discounting and Theory of Planned Behaviour (TPB)

Kumaraguru¹,

Geetha²

2021

IJARBSS

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Preparing for retirement is the key to a comfortable retirement. The purpose of this study is to analyze the factors that determine the retirement preparation of Gen Y in Selangor, Malaysia. A model was developed and tested from an extension of the theory of planned behavior, which included individual differences in proactivity and time discounting in retirement preparation. The study uses the TPB as its main overarching theory, along with the life cycle hypothesis and prospect theory to construct its exploratory conceptual framework. A convenience sample of Gen Y aged 24 to 41 is used for this study. The study collected data via an online survey and a total of 384 responses were collected. The structural equation model predicts that attitudes, perceived behavior control, proactive and time discounting positively predict preparation for retirement, whereas subjective norms do not correlate positively. The result of this study will encourage Gen Y and others to prepare towards retirement to maintain a standard of living upon retirement. Future researchers, the government, insurance industries, and investment firms will benefit from this research by gaining a better understanding of influencing factors on the preparation for retirement.

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Section: Literature Reviewmentioning

confidence: 99%

Section: Literature Reviewmentioning

confidence: 99%

Section: Subjective Norm (Moral Obligation Organizational Commitments and Financial Advisor)mentioning

confidence: 99%

See 1 more Smart Citation

Predicting Retirement Preparation Based on Proactivity, Time Discounting and Theory of Planned Behaviour (TPB)

Kumaraguru¹,

Geetha²

2021

IJARBSS

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“…In recent years, the population of "Baby Boomers" is getting lesser and "Generation X" are gradually stepping down from work for retirement. As a result, "Generation Y" is bound to dominate, becoming one of the largest demographic groups (Zandi et al, 2021). Generally, Generation Y refers to an individual born between the years 1980 to 2000.…”

Section: Introductionmentioning

confidence: 99%

“…Saving and investment are essential parts of life where they help individuals achieve their life goals or meet unexpected incidents. Among those, investing in retirement planning is vital to prepare for life after the retirement period when there is no active income (Bongini & Cucinelli, 2019;Zandi et al, 2021). Retirement planning is the action identifying retirement income needed and the steps necessary to achieve the goals.…”

Section: Introductionmentioning

confidence: 99%

Generation Y’s Intention to Invest in Retirement Planning

Subramaniam¹,

Zameni²,

Yu³

et al. 2022

IJARAFMS

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Investing in retirement planning is vital to prepare for life after the retirement period when there is no active income. This is because relying solely on saving or pension fund is not enough to sustain future retirement period due to an increment of life expectancy, inflation, and living costs. This paper aims to help Generation Y and parties involved understand the behavioral trait and psychological biases taking a role in influencing their intention to invest for retirement in Malaysia. The study also helps Generation Y to recognize the importance of early retirement preparation. The paper is written according to the knowledge of financial planning, retirement planning, and investment planning. 500 survey questionnaires were distributed both physically and online, and only 240 responses collected. After data prescreening, 232 responses were valid to use for further analysis. Findings revealed that subjective norms, attitude, pension knowledge, and trust towards online financial service have a positive impact on the intention of Generation Y to actively invest for retirement. Subjective norm was the most important factor, whereas trust was the least important factor. Overall, an individual's behavioral traits play a huge role in positively influencing Generation Y's intention to invest in Malaysia's retirement fund. Generalizations of these findings are expectedly limited Gen Y in Klang Valley; it does limit the generalizability of the results for all people in Malaysia. Despite limitations, the results can provide some theoretically and practically implications whereby financial companies and the policymaker should focus on promoting the investment in retirement planning for all people in Malaysia but not limited to Gen Y.

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Total rewards preferences: A cross‐sectional study among two generations of nurses in rural and remote Thailand

Abhicharttibutra,

Wichaikum,

Nantsupawat

et al. 2023

International Nursing Review

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BackgroundNursing and health policy focus on retaining nurses in practice, especially because the world lacks more than 6 million nurses. Rewards are believed to be an effective strategy to attract, retain, and improve the performance of nurses in rural and remote areas where nursing shortages are more severe. However, Generations X and Y have been found to have different preferences for rewards in various settings, so a one‐size‐fits‐all approach may not work for rewarding work.ObjectiveTo examine the perceptions of satisfaction and the importance of rewards among two generations of Thai registered nurses.MethodsUsing the Total Reward Scale, a descriptive comparative study design was employed and the data was collected from 354 nurses in rural and remote Thai community hospitals. This study is reported using the STROBE checklist. Descriptive statistics and the Mann–Whitney U test were used to analyze data.ResultsGenerations X (born in 1965–1980) and Y (born in 1981–2000) were most satisfied with and rated base salary as the most important reward. However, these generations significantly differed in their perspective about importance of healthcare, leadership, long‐term incentives, time‐off leave, and variable pay.ConclusionDifferent types of rewards were satisfying and essential for Thai nurses in Generations X and Y.Implications for nursing and health policyNational reward policies and management should be designed on priorities regarding reasonable base salary, and retirement benefits to address nursing shortages in rural and remote areas. Policymakers in health and nursing must invest in developing funded policies that consider the needs of different generations of nurses if they want success in retaining them on the job.

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Factors Affecting the Intention of Generation Y in Malaysia to Invest for Retirement

Cited by 8 publications

References 5 publications

Predicting Retirement Preparation Based on Proactivity, Time Discounting and Theory of Planned Behaviour (TPB)

Predicting Retirement Preparation Based on Proactivity, Time Discounting and Theory of Planned Behaviour (TPB)

Generation Y’s Intention to Invest in Retirement Planning

Total rewards preferences: A cross‐sectional study among two generations of nurses in rural and remote Thailand

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