Open AccessAn empirical study on the determinants of retirement savings attitude in Malaysia!
Author(s) -
Nurul Sima Mohamad Shariff,
N. A. M. Isah
Publication year - 2019
Publication title -
journal of physics. conference series
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.21
H-Index - 85
eISSN - 1742-6596
pISSN - 1742-6588
DOI - 10.1088/1742-6596/1366/1/012110
Subject(s) - variance (accounting) , test (biology) , psychology , retirement planning , regression analysis , inflation (cosmology) , actuarial science , population , demographic economics , economics , medicine , environmental health , paleontology , physics , accounting , machine learning , theoretical physics , computer science , biology
The awareness among working individuals in Malaysia to do extra savings for older life is still minimal. This situation involved the younger generation. They think that retirement planning is a burden for them because it involves long-term planning. Nevertheless, the uncertainty and unaware about future risks (inflation, critical illness, etc) may lead to this behavior. Due to such problems, this study aims in discussing the behavior among working individuals on retirement savings at different age of group, education levels, income levels, factors affecting this behavior a and the relationship of these factors towards retirement savings attitude. This study will use survey strategy through questionnaire to collect the primary data (qualitative study). More than 200 individuals participate in this study and each of them is asked to response the questionnaire form to represent population in Malaysia. As such, this study employs several statistical procedures such as factor analysis, t-test, analysis of variance and regression models. The findings of this study reveal that income levels, attitudes towards retirement and future expectation provide significant impact on the retirement savings behavior among adults in Malaysia.