Financial Behaviour and Retirement Planning in Kenya, Assessing the Role of Self-Control Bias

Waga, Cynthia Stella; Memba, Florence; Muriithi, Jane Gathigia

doi:10.19044/esj.2021.v17n23p348

Cited by 2 publications

(2 citation statements)

References 13 publications

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“…Lack of retirement planning leads to disappointment during retirement, so pre-planning is essential (Yusof & Sabri, 2017;Trivedi, 2020). Waga et al (2021) also discovered that retirees in Kenya live miserable lives after retirement due to a lack of forward planning for their retirement phase. This is due to the unfavourable financial behaviour displayed during the pre-retirement period.…”

Section: Retirement Behaviourmentioning

confidence: 99%

Predictors of Retirement Security among the Malaysian Civil Servants

Ishak¹,

Magli²,

Sabri³

2022

IJARBSS

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This research aims to determine the determinants of retirement security (RS) among Malaysian civil servants, identify the "inputs"-retirement literacy, retirement behaviour, and professional financial advice-and the "throughput"-attitudes toward retirement (ATR)-to reach the intended "outputs"-RS. Self-administered questionnaires were utilised to survey Malaysian civil servants regarding their RS. A multi-stage random sampling method was used to draw a representative sample of Malaysian civil servants and 361 completed selfadministered questionnaires were received from 25 government departments in 5 regions: North, South, East, West and East Malaysia (Sabah). Covariance-Based Structural Equation Modelling statistically analysed data. With a R square of 0.42, the RS model explains 42% of retirement security variances. ATR and retirement behaviour significantly influence Malaysian civil servants' RS. Partial mediation was depicted in the influence of retirement behaviour; on RS, and full mediation was shown in the influence of retirement literacy and professional financial advice; on RS. This study could help policy-makers, government, and nongovernment organisations identify Malaysian civil servants' vulnerability to unsecured retirement based on socio-economic attributes and practises. These agencies could design RS programmes for Malaysian civil servants based on retirement literacy, retirement behaviour, professional financial advice, and ATR levels.

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Section: Retirement Behaviourmentioning

confidence: 99%

Predictors of Retirement Security among the Malaysian Civil Servants

Ishak¹,

Magli²,

Sabri³

2022

IJARBSS

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“…They concluded that self-control was necessary to avoid falling into debt. Waga et al (2021) used data from pension scheme members in Kenya and a crosssectional study design. They looked at how self-control bias affects financial discipline and retirement planning.…”

Section: Introductionmentioning

confidence: 99%

The Effect of Self-Control on Loan Repayment Decisions of Women Market Vendors in Mbeya Municipality, Tanzania

Gomera

Ngollo

2023

J. Theor. Appl. Manage.

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Objective: This study aims to examine the effect of self-control on loan repayment decisions of women market vendors in Mbeya municipality, Tanzania. Design/Methods/Approach: This study employed a mixed research design. Primary data was collected via questionnaires and semi-structured interviews. A stratified random sampling technique was used to come up with a sample of 348 respondents selected from a population of 1741 women market vendors. Finally, descriptive statistics and regression analysis were utilized to process the collected data. Findings: The result of data analysis determined that self-control had a significant adverse effect on loan repayment decision Originality/Value: This study is unique since it studies self-control and loan repayment amongst women market vendors. The specificity of the set population allowed for a more in-depth and nuanced understanding of the experiences and challenges faced by this specific group of individuals hence deriving originality in this research. Practical/Policy implication: Findings are useful to policymakers and microcredit providers. Policymakers should promote activities and education that assist Tanzanians in attaining self-control. They should devise policies to make loans more affordable and easier to repay. Microcredit lenders should utilize subjective measures of self-control on loan applications as it is highly effective in enhancing repayment when coupled with high levels of financial literacy.

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Financial Behaviour and Retirement Planning in Kenya, Assessing the Role of Self-Control Bias

Cited by 2 publications

References 13 publications

Predictors of Retirement Security among the Malaysian Civil Servants

Predictors of Retirement Security among the Malaysian Civil Servants

The Effect of Self-Control on Loan Repayment Decisions of Women Market Vendors in Mbeya Municipality, Tanzania

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