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Parents' Influence on Retirement Planning in Malaysia
Author(s) -
Kimiyaghalam Fatemeh,
Mansori Shaheen,
Safari Meysam,
Yap Stanley
Publication year - 2017
Publication title -
family and consumer sciences research journal
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.372
H-Index - 31
eISSN - 1552-3934
pISSN - 1077-727X
DOI - 10.1111/fcsr.12203
Subject(s) - socialization , theory of planned behavior , psychology , sample (material) , developmental psychology , regression analysis , retirement planning , financial plan , social psychology , demographic economics , finance , business , economics , management , chemistry , control (management) , chromatography , machine learning , computer science
Many studies have indicated that the development of children's behavior is strongly influenced by their parents’ behavior during childhood. This paper applied the theory of planned behavior as a basis for the analysis of data from a sample of 520 Malaysians aged 18 and over. Regression analysis was used to assess the relationship between parents’ financial behavior and their children's retirement planning. Results showed that: (a) parents play a significant role as agents of financial socialization for their children's retirement planning behavior, and (b) saving attitude mediates this relationship. Suggestions for policymakers and future research are presented.