Financial Literacy Education And Retirement Planning In Malaysia

Visyalini, Selvadurai; Kenayathulla, Husaina Banu; Siraj, Saedah

doi:10.22452/mojem.vol6no2.3

Cited by 23 publications

(20 citation statements)

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“…This was because the employees are highly tied to their work role or career and think of retirement planning when nearing retirement age (Schmidt & Lee, 2008). Furthermore, according to studies done by Selvadurai et al (2018) employees can gain knowledge on retirement preparation by figuring out opinions and ideas through family discussion. Sharing knowledge and thoughts on saving up for retirement is important to gain more understanding on retirement planning.…”

Section: Discussionmentioning

confidence: 99%

Psychological Process, Social and Environmental Influence on Retirement Planning: Malaysian Energy Industry Perspective

Jais

Asokumar

2020

Management &Amp; Marketing. Challenges for the Knowledge Society

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AbstractMalaysia currently begins to follow the global trends of an ageing population and expected to be an aged nation by 2040. Due to the unprecedented demographic patterns, ageing population coupled with longer longevity has posed a challenge, as most of the working individuals are still unprepared and not ready to face retirement because of poor planning for their golden years. Similarly, there is a growing aging workforce in the Malaysian energy industry that begets attention for retirement planning. Lack of adequate planning can be an obstacle to achieve a desired retirement life. Therefore, this study examined the determinants (i.e. psychological process, social influence and environmental influence) of employees’ retirement planning in the Malaysian energy industry. This study used a life-course, ecological theory to illustrate the relations between the constructs and retirement planning. This study relied on quantitative approach. A total of 171 questionnaires were collected from employees of the energy industry and were analysed using Partial Least Square Structural Equation Modelling (PLS-SEM) to test the proposed hypotheses. The results indicated that the psychological process, social influence and environmental influence have a positive association towards employees’ retirement planning in Malaysian energy industry. This study will also highlight some suggestions for improvement to encourage the employees to start saving early to achieve a sustainable quality retired life.

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Section: Discussionmentioning

confidence: 99%

Psychological Process, Social and Environmental Influence on Retirement Planning: Malaysian Energy Industry Perspective

Jais

Asokumar

2020

Management &Amp; Marketing. Challenges for the Knowledge Society

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“…Someone who has good financial literacy will have a greater tendency in retirement planning. This was also stated by (Selvadurai, Kenayathulla, & Siraj, 2018) that the higher the financial literacy education one has, the higher one's participation in retirement planning.…”

Section: Introductionmentioning

confidence: 90%

“…This study uses the SEM-PLS data analysis technique with the results showing that there is a positive influence on future orientation, financial literacy, and saving attitudes on retirement planning and there is a positive effect on saving attitudes in mediating future orientation and financial literacy on retirement planning. Research conducted by (Selvadurai et al, 2018), entitled "Financial Literacy education and Retirement Planning". This study aims to examine the influence of financial literacy education factors on retirement planning.…”

Section: Study Imentioning

confidence: 99%

The Effect of Future Orientation and Financial Literacy on Family Retirement Planning Mediated by Saving Attitude

Hajam

2020

JSH

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“…Plan the financial properly is the important things to everyone especially to pre-retires will achieve their retirement life nearest time. According to (Selvadurai, 2018), financial planning can be defined as allocate some money from salary and ensure the allocation put in good use way that reflects desires and values. The financial planning must be made in smoothen way should reflect towards the decisions made regarding the financial matters.…”

Section: Financial Planningmentioning

confidence: 99%

“…So, it can be concluded that the more increase the financial education, will reflect the increase of financial literacy. Retirement planning should follow by sufficient financial knowledge (Selvadurai, 2018…”

Section: Financial Literacymentioning

confidence: 99%

Factors Influencing Financial Planning Retirement amongst Employees in The Private Sector in East Coast Malaysia: Literature Review and Research Agenda

Haron

Razali

Mohamad

2019

KSS

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Gerontology is the main concern about the social, psychology, social, cognitive and biological aspects of aging. This paper focuses on the aging population in Malaysia as there is an increase in the number of 60 years old in the country. Malaysia will be labeled “old status country” in the year 2035 according to the Department of Statistics Report (2016). There is a lack of awareness to save for old age amongst Malaysians. Malaysians tend to procrastinate in this issue thinking that their retirement is still a long way off. This paper will identify the Malaysians behavior in making forecasting planning for their retirement. It comprises the predictors of retirement plans based on the attitude for savings, level of consumption, investing wisely, and financing consumption during the pre-retirement period. This study will conduct using the quantitative approach focusing on the employees in the private sector with at least ten years left of service before achieving the retirement age. The study will use regression analysis to analyses the data. It is hoped that this finding will confirm the relevance of planning constructs and enhance retirement savings behavior, following establishes a need to improve levels of financial knowledge in society.

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Financial Literacy Education And Retirement Planning In Malaysia

Cited by 23 publications

References 0 publications

Psychological Process, Social and Environmental Influence on Retirement Planning: Malaysian Energy Industry Perspective

Psychological Process, Social and Environmental Influence on Retirement Planning: Malaysian Energy Industry Perspective

The Effect of Future Orientation and Financial Literacy on Family Retirement Planning Mediated by Saving Attitude

Factors Influencing Financial Planning Retirement amongst Employees in The Private Sector in East Coast Malaysia: Literature Review and Research Agenda

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