Unlocking the Secrets to Retirement Readiness: Navigating the Dynamics of Retirement Planning Behaviour in Malaysia

HRMARS - Drawing on Life Course Theory, this research investigates the effects of social influence, saving attitude, government policy, and health perception on retirement goal clarity, and how goal clarity, in turn, predicts retirement planning behaviour. Data were obtained from an online survey using convenience and snowball sampling among Malaysian adults from Generations X, Y and Z (n = 169). These were analysed using Partial Least Squares Structural Equation Modelling (PLS-SEM). The results revealed significant positive relationships for four predictors of retirement planning; the four mentioned antecedents all positively impacted retirement goal clarity, and retirement goal clarity predicted retirement planning. The greatest predictor for retirement goal clarity of the four identified predictors was perceived government policy support. Moderation testing identified age as a moderator strengthening the effect of government policy on retirement goal clarity, confirming one moderation hypothesis but contradicting the other three, relating to expected patterns of age differences. The findings contribute to Life Course Theory by adding knowledge of a different reading of policy signals at different life stages in Malaysia. They also provide relevant implications for policymakers and practitioners seeking to bolster retirement planning behaviour among Malaysians: implement age-differentiated interventions (e.g. communication, incentives, guidance) to build retirement goal clarity and planning.