The Effects of Financial Attitudes, Financial Literacy and Health Literacy on Sustainable Financial Retirement Planning: The Moderating Role of the Financial Advisor

Financial planning for retirement is essential to ensure that people have enough money to live the lifestyle they desire when they retire. Self-employed business owners in developed countries widely do financial retirement planning. However, in Malaysia, the percentage of self-employed individuals c...

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Bibliographic Details
Published in:Sustainability 2023-02, Vol.15 (3), p.2677
Main Authors: Mustafa, Wan Mashumi Wan, Islam, Md. Aminul, Asyraf, Muhammad, Hassan, Md. Sharif, Royhan, Pradip, Rahman, Shafiqur
Format: Article
Language:English
Subjects:
Age
Analysis
Attitudes
Consultants
Consumption
Developed countries
Financial literacy
Financial planning
Financial research
Health education
Health literacy
Hypotheses
Lifestyles
Literature reviews
Low income groups
Multivariate statistical analysis
Older people
Personal finance
Retirees
Retirement
Retirement planning
Self employment
Sustainability
Sustainable development
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Summary:Financial planning for retirement is essential to ensure that people have enough money to live the lifestyle they desire when they retire. Self-employed business owners in developed countries widely do financial retirement planning. However, in Malaysia, the percentage of self-employed individuals concerned about financial retirement planning is lower than in other countries. This study aims to identify the relationship between the financial attitude, financial literacy and health literacy of self-employed individuals toward sustainable financial retirement planning in Malaysia and find out the moderating effect of the role of financial advisors. The study utilized structural equation modelling. Data were collected through a survey questionnaire and analyzed using SMART PLS 3.3. The total sample size was 416 self-employed individuals from the northern Malaysian region. The findings revealed that financial attitude and financial literacy significantly impact retirement planning. Moreover, the role of financial advisors moderates the relationship between financial attitude–financial retirement planning and financial literacy–financial retirement planning. The result of the study will fulfil the needs of self-employed individuals to plan their retirement by including the financial planning determinants needed for a well-planned retirement.
ISSN:2071-1050
2071-1050
DOI:10.3390/su15032677