Retirement Planning Among Primary School Teachers in Selangor

Nor Azilah Husin; Norasiah Abdullah; Mohamad Johari Abd Aziz; Rewathi Athinari; Ameera Syuhada Mohd Shukri

Nor Azilah Husin Faculty of Business and Accountancy, Universiti Selangor, Malaysia
Norasiah Abdullah Institut Pendidikan Guru Kampus Pendidikan Islam, Bangi, Selangor, Malaysia
Mohamad Johari Abd Aziz Faculty of Business and Accountancy, Universiti Selangor, Malaysia
Rewathi Athinari Faculty of Business and Accountancy, Universiti Selangor, Malaysia
Ameera Syuhada Mohd Shukri Faculty of Business and Accountancy, Universiti Selangor, Malaysia

Keywords: Retirement planning, Monetary goal setting, Financial literacy, Saving behaviour

Abstract

The current economy is very challenging, and people hardly save or plan for their retirement. Are teachers wise enough to keep for their retirement days? This study aims to investigate the factors influencing retirement planning among primary school teachers in Selangor. A total of 155 questionnaires were collected from four (4) selected schools: Sekolah Jenis Kebangsaan (Tamil) Ladang Midlands, Sekolah Kebangsaan Seksyen 7, Sekolah Jenis Kebangsaan (Cina) Pin Hwa and Hicom Primary School. The Statistical Package for the Social Sciences (SPSS) 20.0 is employed to identify the relationships of financing matters with retirement planning among primary school teachers. Data are primarily quantitative. The research questions were answered through descriptive statistics, correlation, and linear regression procedures. The research findings show that only two independent variables of monetary goal setting and financial literacy are significantly related to retirement planning. The most influential factor that influences retirement planning is financial literacy. This finding is a piece of empirical evidence that teachers need to be aware of the importance of managing their financial situation in determining a great and peaceful future during retirement.