Retirement Planning Awareness among Students in Uitm Negeri Sembilan

Abstract

Proper financial planning enables individuals to enjoy their retirement by implementing good planning behavior that facilitates them to live the lifestyle they desire as retirees. This study is important to reveal that having proper retirement planning in order to gain after-retirement benefits such as financial health and maintaining a comfortable lifestyle regardless of future economics and global issues. Everyone needs to be aware of retirement planning to properly plan for their retirement especially the young generation. However, university students are unaware of the significance of early retirement planning and future savings planning. Therefore, the purpose of this study is to investigate the relationship between financial literacy, attitude, and retirement planning awareness among students at UiTM Negeri Sembilan campus. This study employed a quantitative method to collect primary data through an online questionnaire survey. A total of 171 students from UiTM Negeri Sembilan at three campuses: Kuala Pilah, Seremban and Rembau have participated as the respondents. Data was further analyzed using descriptive analysis and correlations using SPSS. The findings show that, as a young generation, students are aware of the importance of proper retirement planning and early preparation to ensure a comfortable retirement. This study provides students with valuable insights into the importance of financial literacy and positive attitudes towards money management. However, it is limited to UiTM Negeri Sembilan students, it’s finding cannot be generalized. For further research proposed, it is recommended that larger sample size and gaining more information on retirement planning among them. For implication, this study can be referred by financial educators and policymakers to guide them towards attitude most likely to save for retirement and encourage the young generation to plan for their future.