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Factors Affecting Retirement Planning Behaviour among Working Adults in the Private Sector: The Case of Pulau Pinang, Kuala Lumpur, and Johor

In: Proceedings of the 11th International Conference on Business, Accounting, Finance and Economics (BAFE 2023)

Author

Listed:
  • Heng Xu Chong

    (Universiti Tunku Abdul Rahman, Faculty of Business and Finance)

  • Whye Shing Chow

    (Universiti Tunku Abdul Rahman, Faculty of Business and Finance)

  • Divya Sri K. Vasu

    (Universiti Tunku Abdul Rahman, Faculty of Business and Finance)

Abstract

Nowadays, the topic of private sector workers’ retirement has drawn a lot of attention on a global scale. This study will examine the relationship between retirement planning behaviour and variables including family education, financial literacy, and goal clarity in the context of working adults in the private sector. The results of this study can be used by policymakers and retirement planning service providers to enhance awareness and encourage better retirement planning among citizens. A total of 411 surveys had been gathered from Kuala Lumpur, Pulau Pinang, and Johor states. Data analysis was conducted using the Statistical Package for the Social Sciences (SPSS) version 27.0, employing multiple linear regression analysis. The results revealed that financial literacy and goal clarity had significant in fluences on retirement planning behaviour. However, family education is reported to be insignificantly related to retirement planning behaviour. Therefore, this study provides practical implications that relevant institutions can utilize to promote awareness and education among individuals, thereby enhancing their retirement planning behaviour.

Suggested Citation

  • Heng Xu Chong & Whye Shing Chow & Divya Sri K. Vasu, 2023. "Factors Affecting Retirement Planning Behaviour among Working Adults in the Private Sector: The Case of Pulau Pinang, Kuala Lumpur, and Johor," Advances in Economics, Business and Management Research, in: Yuen Onn Choong & Fanyu Chen & Keng Soon William Choo & Voon Hsien Lee & Chooi Yi Wei (ed.), Proceedings of the 11th International Conference on Business, Accounting, Finance and Economics (BAFE 2023), pages 147-168, Springer.
    • Handle: RePEc:spr:advbcp:978-94-6463-342-9_12
    DOI: 10.2991/978-94-6463-342-9_12
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