Psychological factor towards retirement planning behaviour on working individual in government and private sectors / Masniza Soed

Retirement planning is vital for an individual to ensure that they will have a comfort life in future. At the age of retirement, an individual should not worry about the financial condition if they concerned about the importance of retirement planning. Therefore, this study aims to identify the psychological factors (goal clarity, attitude towards retirement, financial literacy and potential conflict in retirement) that affect retirement planning behaviour on working individual in government and private sectors. This research is based on a quantitative method by using the data that collected through the questionnaires. The respondents were selected from individual that work in govemment and private sectors. 150 respondents at the age range of 20 years old to 58 years old will be selected to answer the questionnaire. The data had been analysed using Statistical Package for Social Science (SPSS) using the method Frequency Analysis, Descriptive Analysis, Multiple Linear Regression, Correlation Analysis, and Reliability Analysis (Cronbach's Alpha). This research found that only goal clarity and attitude towards retirement had significant relationship with retirement planning behaviour while financial literacy and potential conflict in retirement did not have significant relationship with retirement planning behaviour. The result from this study give an implication to ensure that the working individual make an early retirement planning to enable them to have strong financial base after retirement.