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

Hajam, Muhammad Arfan

doi:10.12962/j24433527.v13i2.7810

Cited by 7 publications

(13 citation statements)

References 12 publications

(17 reference statements)

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“…Saving behaviour is a good context example when an individual is facing a situation in which there is a conflict between long-term "good" intentions and short-term "poor" behaviour (Bucciol & Zarri, 2019). Similarly, Hajam (2020) suggested that someone who has a personality and a high motivation to save, they have tended to set aside some of the income earned for savings. Furthermore, individuals with the highest monthly contributions are those who feel the best prepared for retirement and indicate they are more aggressively saving for retirement (Michelson & Schwartz, 2018).…”

Section: Saving Attitude -Mediatormentioning

confidence: 99%

“…Subsequently, numerous studies have highlighted the factors that contribute towards financial planning for retirement such as financial literacy (Baker et al, 2020;Hutabarat & Wijaya, 2020), retirement goals (Rasiah et al, 2020;Tomar et al, 2021), future time perspective (Kimiyagahlam et al, 2019;Alkhawaja & Albaity, 2020;Larisa et al, 2021) and social influence (Shariff & Ishak, 2021;Zandi et al, 2021). At the same time, there are also several studies that highlighted on the role of saving attitudes as a mediating factor towards financial planning for retirement (Kimiyagahlam et al, 2019;Hajam, 2020). In a nutshell, the objective of this study is to determine the influence of financial literacy, retirement goals, future time perspective and social influence on financial planning for retirement among gig workers in Malaysia.…”

Section: Introductionmentioning

confidence: 99%

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Financial Planning for Retirement: A Proposed Conceptual Framework

Anuar¹,

Ismail²,

Samad³

2023

IJARAFMS

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Retirement is a significant life event that will affect a person's finances, time management, social interactions, and physical and emotional well-being. Since most people place a high priority on retirement planning, building a portfolio that can ensure that person will not run out of resources during retirement is the major goal of retirement planning. People who plan for retirement will consciously decide to forgo some pleasure today by not spending all of their money now to have a better future. However, some unstable jobs, such as gig workers, face serious problems that affect their retirement. Employer misplacement of gig workers, a lack of employer-sponsored pension plans, uncertain income, and inadequate financial advice may make gig workers challenging and anxious to prepare their finances for retirement. Thus, it is crucial to investigate the determinants that influence the financial planning for retirement among gig workers in Malaysia. Since the literature examining the determinants of financial planning for retirement among gig workers in Malaysia is relatively scarce, therefore, this study aims to fill this gap. A systematic review of reviews was undertaken to answer the research question. Electronic databases were searched from January 2018 to December 2022 using advanced searching techniques such as the Boolean operator, phrase searching, truncation, wild card, and field code functions separately or by combining these searching techniques into a full searching string based on the main and enriched keywords: ("FINANC*" OR "RETIRE*") AND ( "PLAN*"). This framework is derived from the Interdisciplinary Financial Planning Model and the Theory of Planned Behaviour, as well as reviews of empirical studies. Findings of these activities reveal that various variables have been compiled as a component in the proposed framework, which are financial literacy, retirement goals, future time perspective, social influence, and saving attitude as a mediator.

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Section: Saving Attitude -Mediatormentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

Financial Planning for Retirement: A Proposed Conceptual Framework

Anuar¹,

Ismail²,

Samad³

2023

IJARAFMS

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“…This is evidenced by the β coefficient of 0.18 and a significant p-value of less than 0.05. This can be interpreted as the higher the orientation of a person's future, the higher the planned retirement, or we can mention as saving intention (Hajam, 2020).…”

Section: Future Orientationmentioning

confidence: 99%

Investigating the Effect of Future Orientation on Saving Intention of Generation Z’s University Students in Vietnam’s Northern Region

Do,

Vu,

Nguyen

et al. 2023

ijbesd

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Young people are often thought to have a lifestyle focusing on enjoyment, which is why issues related to saving among the youth, especially saving money, receive significant attention from society. This issue has been analyzed in some previous studies; however, there is a new factor that has not been explored in the context of Vietnam, which is future orientation. The purpose of this study is to find out the relationship between future orientation, attitude towards saving and saving intention of generation Z university students in Northern Vietnam. The research method used was the combination of qualitative and quantitative methods. The primary data was collected from 531 respondents who are currently studying at universities in Northern Vietnam and the data was analyzed by using SPSS and AMOS software. The structural equation modeling (SEM) method was used, and the results indicate that both future orientation and attitude towards saving have a positive impact on savings intention. Furthermore, the mediating role of attitude in the relationship between future orientation and saving intention was confirmed. Therefore, the results should be applied by governmental agencies, financial organizations and individuals, especially young people, to encourage saving intention, and furthermore, saving behavior.

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“…Whereas in Indonesia, Hajam (2020) analyses the impact of financial literacy and future orientation on family retirement planning amongst families in Surabaya. From the study, it is concluded that financial literacy and future orientation show a positive influence on family retirement planning.…”

Section: Saving and Retirementmentioning

confidence: 99%

“…Kuala Lumpur (Mahdzan et al, 2017) A higher financial literacy level encourages tendencies to hold risky assets in retirement portfolio compositions. Surabaya (Hajam, 2020) Congo (Safari et al, 2021) Shows positive influence on personal and family retirement planning.…”

Section: Spainmentioning

confidence: 99%

Impact of Financial Literacy on Finance and Economy: A Literature Review

Bunyamin

Wahab

2022

LBIBF

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Financial literacy encourages individuals and society to improve their financial well-being. Hence, increase their capabilities to take part in economic life. This paper aims to investigate the impact of financial literacy on finance and economy. An extensive review of financial literacy literature is carried out, with a specific attention on its correlation with financial and economic aspects. This study unveils that financial literacy gives impacts on personal financial decisions, behaviour, saving and retirement, investment, financial risk tolerance, business, and national economy. This paper will be useful to economists and technologist about the importance of financial literacy with the suggestions on the role of financial technology (FinTech) in enhancing financial literacy, thus financial well-being as well as overall well-being towards industrial revolution 4.0 (IR 4.0).

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

Cited by 7 publications

References 12 publications

Financial Planning for Retirement: A Proposed Conceptual Framework

Financial Planning for Retirement: A Proposed Conceptual Framework

Investigating the Effect of Future Orientation on Saving Intention of Generation Z’s University Students in Vietnam’s Northern Region

Impact of Financial Literacy on Finance and Economy: A Literature Review

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