Employees’ awareness toward financial preparation for retirement / Nur Izzati Hanasil @ Nasir

In Malaysia people retire in younger age of 56 years old and their post retirement problem is more important than developed countries. Today's adults who have reached retirement age are staying in the paid workforce longer, retooling or retraining themselves for other employment, volunteering more of their time for the greater good or participating in other innovative activities to expand their life experiences in retirement.
By 2010, Malaysian men are expected to live up to 71 year of age while women will live up to 77.1 years. The longer life span is attributed to the improvements in accessibility to health and medical services. With increasing life expectancy, people have to seek continuing wealth throughout their extended old age. This is because living longer will increase the chances of experiencing poverty and outliving available income and assets. Changes in work, health status, independence to dependence, and all these changes cannot be carried out without money. Thus, finance is vital for this group of older persons.
The research objective of this study is to investigate the relationship between an individual’s attitudes and their financially preparation for retirement. More particularly, to investigate whether employees’ attitudes are influencing their awareness toward financial preparation for retirement and also to determine whether there is a significant positive relationship between awareness and their retirement preparation. A survey data was obtained from 100 workers in Kota Bharu by using a set of structured questionnaire