Abstract
Retirement savings decision is related to the individual judgment on savings planning, and preparation for the retirement. Several factors may affect this decision towards retirement savings. Some of them are demographic factors and other determinants, such as financial knowledge and management, future expectation, social influences and risk tolerance. Due to this interest, this study aims to impact of such factors on retirement savings decision. Furthermore, this study will also discuss the retirement savings decision among Malaysians at different age groups. The data were collected through a survey strategy by using a set of questionnaires. The questions were divided into several sections on the demographic profile, Likert-scale questions on the factors, and the retirement savings decisions. The technique sampling used in this study is a random sampling with 385 respondents. As such, several statistical procedures will be utilized such as the reliability test, Kruskal-Wallis H test, and the ordered probit model. The results of this study found that age, financial knowledge and management, future expectation, and social influences were the significant determinants towards retirement savings decision in Malaysia.
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