Comparison of Retirement Financial Preparation Based on Demographic Factors: A Study of Teachers

Abstract

The study aims to look at the level of difference between gender, age, and marital status with regard to the retirement financial preparation of teachers. Retirement financial preparation is essential in providing financial resources for a person's life after retirement, especially retirement savings, insurance adequacy, health, housing, and income. Every individual needs to plan their retirement finances well so that their savings will last for 20 years or more even in the current challenging economic conditions. Therefore, retirement financial planning should be related to one's retirement goals. The survey approach was implemented through self-administered questionnaires. The sample consists of 410 respondents, specifically high school teachers, who were selected using random sampling. Data were collected through online visits and surveys and analyzed using T-test and ANOVA tests through IBM SPSS Version 26 software. The findings for the level comparison test showed significant differences in gender, age, and marital status with teachers' retirement financial preparation. Retirement financial preparation is very important for teachers to plan from now on, especially by taking initiatives such as seeking financial expert advice, attending financial planning workshops, programs and learning how to manage their finances well. However, in this study, the researcher only focused on school teachers only. Therefore, future researchers need to choose a wider range of respondents and need to take demographic factors into account when planning their retirement financial preparation.