An exploratory model on retirement savings behaviour: A Malaysian study
Malaysia is expected to experience the ageing population problem by 2050, which is a cause for concern as Malaysians generally do not practice retirement savings behaviour. If Malaysians fail to address retirement planning early, then the burden of care may fall on their children and taxpayers in...
| Main Author: | |
|---|---|
| Format: | Article |
| Language: | English |
| Published: |
Universiti Malaysia Sarawak
2018
|
| Subjects: | |
| Online Access: | http://eprints.sunway.edu.my/1921/ http://eprints.sunway.edu.my/1921/1/Joyce%20An%20Exploratory%20Model%20on%20Retirement%20Savings%20Behaviour-A%20Malaysian%20Study.pdf |
| Summary: | Malaysia is expected to experience the ageing population problem by 2050, which is a cause for concern as
Malaysians generally do not practice retirement savings behaviour. If Malaysians fail to address retirement
planning early, then the burden of care may fall on their children and taxpayers in general. This study examines
the retirement savings behaviour of 160 Malaysians through a multidisciplinary approach by concurrently
investigating financial knowledge, quality of financial advisers, perception of health, and social influence as
drivers of the behaviour. A conceptual framework is developed for these constructs, underpinned by various
theories such as Theory of Planned Behaviour, Continuity Theory, and Social Identity Theory. All constructs,
except quality of financial advisers, are found to have an influence on retirement savings behaviour. Financial
knowledge is found to mediate the relationship between quality of financial advisers and retirement savings
behaviour. Numerous implications from the study are discussed, such as the need for effective professional
financial advisers and earlier intervention in financial education, long-term aged care, and other social security
policy revisions. |
|---|