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

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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

Authors
Heng Xu Chong1, *, Whye Shing Chow2, Divya Sri K. Vasu3
1Faculty of Business and Finance, Universiti Tunku Abdul Rahman, Jalan Universiti, Bandar Barat, Kampar, 31900, Perak, Malaysia
2Faculty of Business and Finance, Universiti Tunku Abdul Rahman, Jalan Universiti, Bandar Barat, Kampar, 31900, Perak, Malaysia
3Faculty of Business and Finance, Universiti Tunku Abdul Rahman, Jalan Universiti, Bandar Barat, Kampar, 31900, Perak, Malaysia
*Corresponding author. Email: chonghengxu@1utar.my
Corresponding Author
Heng Xu Chong
Available Online 31 December 2023.
DOI
10.2991/978-94-6463-342-9_12How to use a DOI?
Keywords
Retirement Planning Behaviour; Family Education; Financial Literacy; Goal Clarity
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.

Copyright
© 2023 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

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Volume Title
Proceedings of the 11th International Conference on Business, Accounting, Finance and Economics (BAFE 2023)
Series
Advances in Economics, Business and Management Research
Publication Date
31 December 2023
ISBN
10.2991/978-94-6463-342-9_12
ISSN
2352-5428
DOI
10.2991/978-94-6463-342-9_12How to use a DOI?
Copyright
© 2023 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

Cite this article

risenwbib
TY  - CONF
AU  - Heng Xu Chong
AU  - Whye Shing Chow
AU  - Divya Sri K. Vasu
PY  - 2023
DA  - 2023/12/31
TI  - Factors Affecting Retirement Planning Behaviour among Working Adults in the Private Sector: The Case of Pulau Pinang, Kuala Lumpur, and Johor
BT  - Proceedings of the 11th International Conference on Business, Accounting, Finance and Economics (BAFE 2023)
PB  - Atlantis Press
SP  - 147
EP  - 168
SN  - 2352-5428
UR  - https://doi.org/10.2991/978-94-6463-342-9_12
DO  - 10.2991/978-94-6463-342-9_12
ID  - Chong2023
ER  -