A Comparative Study of Female Retirement Awareness and Readiness in Malaysia and China

Jing  Yuan; Kim Mee Chong; Ivy Siaw Hung  Hii; Hao Lun  Li

doi:10.21834/ebpj.v8i24.4639

Authors

Jing Yuan SEGi University, Graduate School of Business (GSB), Kota Damansara, Malaysia
Kim Mee Chong SEGi University Kota Damansara, Graduate School of Business, Malaysia.
Ivy Siaw Hung Hii Curtin University, Faculty of Business, Sarawak, Malaysia
Hao Lun Li Bureau of Industry and Information Technology, Lian Chi District, Bao Ding, China

DOI:

https://doi.org/10.21834/ebpj.v8i24.4639

Keywords:

Female Retirement Planning, Comparing Malaysia and China, Gender Equality, Quality of Life

Abstract

A phenomenon has emerged whereby the life expectancy of women is 74.2 years, and men's is 69.8 years. Hence, it is crucial to encourage early retirement planning among women. This study explores the factors influencing retirement planning awareness and readiness among women in Malaysia and China. 100 Malaysians and 200 Chinese completed a self-administered online questionnaire. Using IBM SPSS and SmartPLS, the determinants examined the moderating effect of self-efficacy toward retirement readiness. This study will provide valuable insights for policymakers to adopt better strategies to address women's issues and improve their quality of life.

References

Actuaries., S. o. (2012a). 2011 Risks and process of retirement survey report on key findings and issues: Working in retirement. https://www.soa.org/files/research/projects/research-key-finding-working-retire.pdf

Actuaries., S. o. (2012b). 2011 Risks and process of retirement survey report on key findings and issues: Working in retirement. https://www.soa.org/files/research/projects/research-key-finding-working-retire.pdf

Ajzen, I. (1991). The theory of planned behaviour. Organizational behaviour and human decision processes, 50(2), 179-211. DOI: https://doi.org/10.1016/0749-5978(91)90020-T

Ajzen, I. (2020). The theory of planned behaviour: Frequently asked questions. Human Behavior and Emerging Technologies, 2(4), 314-324. DOI: https://doi.org/10.1002/hbe2.195

Akben-Selcuk, E., & Aydin, A. E. (2021). Ready or not, here it comes A model of perceived financial preparedness for retirement. Journal of Adult Development, 28(4), 346-357. DOI: https://doi.org/10.1007/s10804-021-09387-z

Alkhawaja, S. O., & Albaity, M. (2022). Retirement saving behaviour: evidence from UAE. Journal of Islamic Marketing, 13(2), 265-286. https://doi.org/10.1108/JIMA-03-2020-0072 DOI: https://doi.org/10.1108/JIMA-03-2020-0072

Asandimitra, N., & Kautsar, A. (2019). The influence of financial information, financial self-efficacy, and emotional intelligence on the financial management behaviour of female lecturers. Humanities & Social Sciences Reviews, 7(6), 1112-1124. DOI: https://doi.org/10.18510/hssr.2019.76160

Asebedo, S. D., Seay, M. C., Archuleta, K., & Brase, G. (2019). The psychological predictors of older preretirement financial self-efficacy. Journal of Behavioral Finance, 20(2), 127-138. DOI: https://doi.org/10.1080/15427560.2018.1492580

Auni, Z., & Salina, K. (2021). Retirement Awareness Among The Working Population Below 40 In Malaysia. Journal of Islamic Finance, 10, 101 – 110. https://journals.iium.edu.my/iiibf-journal/index.php/jif/article/view/532

Bapat, D. (2020). Antecedents to responsible financial management behaviour among young adults: the moderating role of financial risk tolerance. International Journal of Bank Marketing, 38(5), 1177-1194. DOI: https://doi.org/10.1108/IJBM-10-2019-0356

Bowlby, R. (2007). Babies and toddlers in non-parental daycare can avoid stress and anxiety if they develop a lasting secondary attachment bond with one carer who is consistently accessible to them. Attachment & Human Development, 9(4), 307-319. DOI: https://doi.org/10.1080/14616730701711516

Chen, B., & Chen, Z. (2023). Financial literacy confidence and retirement planning: Evidence from China. Risks, 11(2), 46. DOI: https://doi.org/10.3390/risks11020046

Chin, W. W. (1998). The partial least squares approach to structural equation modelling. Modern methods for business research, 295(2), 295-336.

Ferry, K. (2016). Building Diversity in Asia Pacific Boardrooms.

Gamst-Klaussen, T., Steel, P., & Svartdal, F. (2019). Procrastination and personal finances: Exploring the roles of planning and financial self-efficacy. Frontiers in Psychology, 10, 775. DOI: https://doi.org/10.3389/fpsyg.2019.00775

Harahap, S., Thoyib, A., Sumiati, S., & Djazuli, A. (2022). The Impact of Financial Literacy on Retirement Planning with Serial Mediation of Financial Risk Tolerance and Saving Behavior: Evidence of Medium Entrepreneurs in Indonesia. International Journal of Financial Studies, 10(3), 66. DOI: https://doi.org/10.3390/ijfs10030066

Hermansson, C., & Jonsson, S. (2021). The impact of financial literacy and financial interest on risk tolerance. Journal of Behavioral and Experimental Finance, 29, 100450. https://doi.org/https://doi.org/10.1016/j.jbef.2020.100450 DOI: https://doi.org/10.1016/j.jbef.2020.100450

Hershey, D. A., Henkens, K., & Van Dalen, H. P. (2010). Ageing and financial planning for retirement: Interdisciplinary influences viewed through a cross-cultural lens. The International Journal of Aging and Human Development, 70(1), 1-38. DOI: https://doi.org/10.2190/AG.70.1.a

Husna, F. M., Adrianto, F., & Rahim, R. (2023). Pengaruh Financial Literacy dan Karakteristik Individu terhadap Retirement Budget Melalui Financial Risk Tolerance. Jurnal Informatika Ekonomi Bisnis. DOI: https://doi.org/10.37034/infeb.v5i1.216

Ketkaew, C., Sukitprapanon, C., & Naruetharadhol, P. (2020). Association between retirement behaviour and financial goals: A comparison between urban and rural citizens in China. Cogent Business & Management, 7(1), 1739495. DOI: https://doi.org/10.1080/23311975.2020.1739495

Kumar, S., Tomar, S., & Verma, D. (2019). Women’s financial planning for retirement: Systematic literature review and future research agenda. International journal of bank marketing, 37(1), 120-141. DOI: https://doi.org/10.1108/IJBM-08-2017-0165

Kusairi, S., Sanusi, N. A., Muhamad, S., Shukri, M., & Zamri, N. (2019). FINANCIAL HOUSEHOLDS'EFFICACY, RISK PREFERENCE, AND SAVING BEHAVIOUR:

LESSONS FROM LOWER-INCOME HOUSEHOLDS IN MALAYSIA. Economics & Sociology, 12(2), 301-318.

Larisa, L. E., Njo, A., & Wijaya, S. (2020). Female workers' readiness for retirement planning: an evidence from Indonesia. Review of Behavioral Finance, 13(5), 566-583. DOI: https://doi.org/10.1108/RBF-04-2020-0079

Leandro-França, C., Van Solinge, H., Henkens, K., & Murta, S. G. (2016). Effects of three types of retirement preparation program: A qualitative study of civil servants in Brazil. Educational Gerontology, 42(6), 388-400. DOI: https://doi.org/10.1080/03601277.2016.1139969

Lusardi, A., & Beeler, J. (2007). Saving between cohorts: The role of planning. Redefining retirement: How will boomers fare, 271-295. DOI: https://doi.org/10.1093/acprof:oso/9780199230778.003.0013

Lusardi, A., & Mitchell, O. S. (2011). Financial literacy and planning: Implications for retirement well-being. DOI: https://doi.org/10.3386/w17078

Philippas, N. D., & Avdoulas, C. (2020). Financial literacy and financial well-being among generation-Z university students: Evidence from Greece. The European Journal of Finance, 26(4-5), 360-381. https://doi.org/10.1080/1351847X.2019.1701512 DOI: https://doi.org/10.1080/1351847X.2019.1701512

Qamar, M. A. J., Khemta, M. A. N., & Jamil, H. (2016). How knowledge and financial self-efficacy moderate the relationship between money attitudes and personal financial management behaviour. European Online Journal of Natural and Social Sciences, 5(2), 296.

Rosuzeita Fauzi, M. N. Z. F. Z., Nurtashareena Nik Faudzy, Ainur Aisyah Zor. (2020). Financial Self-Efficacy, Behaviour, Wellness and its Effect on Academic Performance among Nursing Students. Environment-Behaviour Proceedings Journal. DOI: https://doi.org/10.21834/ebpj.v5i15.2456

Tan, S., & Singaravelloo, K. (2020). Financial literacy and retirement planning among government officers in Malaysia. International Journal of Public Administration, 43(6), 486-498. DOI: https://doi.org/10.1080/01900692.2019.1672078

Tripp, A., & Munson, B. (2022). Perceiving gender while perceiving language: Integrating psycholinguistics and gender theory. Wiley Interdisciplinary Reviews: Cognitive Science, 13(2), e1583. DOI: https://doi.org/10.1002/wcs.1583