1st International Conference of Cross-Disciplinary Academic Research 2021 (ICAR21) - 2021 : Factors Influence The Retirement Planning Among Private Sector Workers.

Assoc Prof Dr Farha, Abdol Ghapar (2021) 1st International Conference of Cross-Disciplinary Academic Research 2021 (ICAR21) - 2021 : Factors Influence The Retirement Planning Among Private Sector Workers. 1st International Conference of Cross-Disciplinary Academic Research 2021 (ICAR21), NA (NA). p. 57. ISSN 978-967-26577-0-5

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Abstract

According to the Department of Statistics Malaysia, the percentage of the population aged 65 and over (old age) increased from 7.0 per cent for 2020 to 7.4 per cent for 2021. The statistic keeps increasing every year indicates Malaysia is leading to an ageing nation. By 2030, the number will double to 15 percent. At the same time, lifespan is expected to increase from 72.6 years for men and 77.5 years for women to 74.2 years and 79.1 years, respectively. The Government has introduced the Employees' Provident Fund (EPF) under the purview of the Ministry of Finance to manage the compulsory savings plan and retirement planning for private sector workers in Malaysia. According to findings from Khazanah Research Institute, more than 80% of EPF contributors do not meet the minimum savings target of around RM240,000 by retirement age, and the bottom 20% of contributors average less than RM7,000 in savings. Lack of education in financial literacy, the inadequate private sector workers’ EPF savings and lack of goal clarity would lead to fallacious retirement planning decisions among private sector workers. Therefore, this study aims to examine the influence of financial literacy and personal attitudes on retirement planning among workers in the Malaysian private sector. The research method used is a quantitative method whereby data collection will be based on questionnaire conducted on approximately 110 private sector workers in Klang Valley, Malaysia to study the relationship under investigation. It is expected in the result of this study that financial literacy and personal attitudes will have significant impact towards retirement planning among workers.

Item Type:	Article
Uncontrolled Keywords:	Retirement Planning, Financial Literacy, Saving Behaviour, Goal Clarity and Job Satisfaction.
Subjects:	H Social Sciences > HD Industries. Land use. Labor
Divisions:	Institute of Graduate Studies (IGS)
Depositing User:	LIBRARY1 UPTM
Date Deposited:	10 Jun 2025 03:16
Last Modified:	10 Jun 2025 03:16
URI:	http://eprints.kuptm.edu.my/id/eprint/4292

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