Determinants of financial planning for retirement among GIG workers in Malaysia: saving attitude as a mediating factor

The rise of the gig economy has transformed traditional employment structures, presenting unique challenges for gig workers in planning for retirement. Unlike salaried employees, gig workers often lack access to employer-sponsored retirement plans, making individual financial preparedness crucial. However, existing literature on retirement financial planning has largely focused on traditional employees, leaving gaps in understanding the determinants influencing gig workers' retirement preparedness. This study aims to bridge this gap by developing a comprehensive model that examines the collective impact of financial literacy, retirement goal setting, future time perspective, and social influence on financial planning for retirement among gig workers in Malaysia. Additionally, saving attitude is introduced as a mediating factor to explore its role in shaping financial planning for retirement. The study is grounded in the Interdisciplinary Financial Planning Model and Theory of Planned Behaviour. Interdisciplinary Financial Planning Model offers a multidisciplinary approach that integrates economic, psychological, social, and cognitive factors, while Theory of Planned Behaviour provides a behavioral perspective by analyzing how attitudes, subjective norms, and perceived behavioral control influence retirement planning decisionsto explain financial behaviors. This research employs a quantitative approach, collecting data from 244 gig workers in Malaysia through web-based self-administered and face-to-face surveys. The sample consists of actively employed e-hailing drivers and riders within the Malaysian gig economy. A pilot survey was conducted to refine the measurement instrument, followed by an exploratory factor analysis (EFA) and preliminary tests before proceeding with the measurement model. Data were analyzed using partial least squares structural equation modeling (PLS-SEM) to examine relationships among the study variables. The findings reveal that future time perspective and social influence have a significant impact on financial planning for retirement, whereas financial literacy and retirement goals do not. Furthermore, saving attitude mediates the relationship between future time perspective and social influence with financial planning for retirement, but not for financial literacy and retirement goals. These insights contribute to the literature by integrating multiple determinants into a unified framework and highlighting the psychological and social factors that drive financial preparedness.