Factors Influencing Attitude Toward Retirement and Retirement Planning Among Midlife University Employees

Abstract

As retirement becomes an extended component of the normative life cycle, understanding factors influencing retirement preparation activities of midlife individuals is important. This study examined the influence of gender, age, marital status, occupational status, educational attainment, income, perceived health, number of children, age of children, and number of dependent children on retirement planning behaviors and attitude toward retirement among 40- to 65-year-old university employees (N = 2,760). The study used regression analysis to determine the demographic variables that differentiated between individuals on four planning scales (financial , home equity, employment, and locational) and in their attitudes toward retirement. The relation ship between financial planning and total family income was the most significant finding. The discussion concludes with policy implications related to assisting midlife individuals in preparation for retirement.

Influence of Investment Experience and Demographic Factors on Retirement Planning Intention

“…That is, respondents were given options between 1-point of strongly disagree to 5-point of strongly agree about their retirement planning intention in Section B. These factors were identified based on the previous researches like Lai andTan (2009), Lim (2003), and Turner et al (1994) that suit the Malaysian context. Besides, the four questions were reviewed and tested on validity by subject expert while they were reliable with Cronbach's alpha value more than 0.80.…”

Profiles, Knowledge, Skills, Abilities, and Other Characteristics A Case of Malaysian Government Retirees

“…In contrast, Turner, Bailey, and Scott (1994) highlighted that most retirees in the West have financial skills, even among those whom their previous jobs are not related to finance. Where verbal abilities are concerned, 57.7 percent and 50.2 percent of the retirees have oral expression and written expression respectively.…”

A Conceptual Framework for Wealth Maximization: Literacy and Planning Embedded Model

“…Reasons being, an individual"s obligation on basic demand for money is of priority, such as purchasing of car, house and children"s education. Plans for retirement take a backstage at this mid-age, whilst their concentration is more towards family and children (Turner et al, 1994). Obligation towards retirement planning also varies by marital status; marriage appears to possess monetary benefits in old years.…”

“…6;2014 age; most individuals are not too concerned about financial planning and wealth accumulation until they are much older (Anderson et al, 2000). In fact, studies by Statistics Canada (2001) and Turner, Bailey and Scott (1994) show that people from the higher age brackets are prospective financial planners. Reasons being, an individual"s obligation on basic demand for money is of priority, such as purchasing of car, house and children"s education.…”