Factors Affecting Retirement Planning Of Gen-Y Workers In Klang Valley Private Sectors, Malaysia
Volume 1 - Issue 4, October 2017 Edition
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Author(s)
Muhammad Amirul Masran, Hafinaz Hasniyanti Hassan
Keywords
retirement, retirement planning, gen-Y, private sector
Abstract
Retirement planning is a strategic approach that must be considered very well by every working people in this world. It is because in this challenging world nowadays, it is hard for individual to step back and predict what will happen to their life in 10, 20 and 30 years down the road. Early retirement planning is important to individual because it take many years to accumulate required funds when they no longer getting a salary in their life. Therefore, this study aims to assess the retirement planning of Gen-Y working adults who also known as millennial workers in Klang Valley private sector, Malaysia. Survey by using questionnaires was use as the main method to collect primary data for this study. The data was collected using the Drop-off and Pick-up (DOPU) survey method and online survey method such as by using google docs and social media. The survey was distributed to the Gen-Y workers in private sector in Klang Valley area. Pearson correlation and multiple regression analysis were used to assess the relationship between retirement planning of Gen-Y workers in private sector in Klang Valley, Malaysia and four determinants, namely, personal saving behavior; financial education; inflation; and income tax. The findings revealed that financial education, and income tax also significantly influence the retirement planning of Gen-Y workers in private sector in Klang Valley. On the the other hands, inflation does not significantly affecting the retirement planning of Gen-Y workers in private sector. Findings in this study also has led to the action that must be taken by Gen-Y to improve their retirement planning as they already know what factors that should be taken into consideration when planning for their future retirement.
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