Employees’ Retirement Saving Behaviour During The Covid-19 Pandemic in Malaysia

Appleby, D. (2020). Saving for retirement: The quest for success. Retrieved from https://www.investopedia.com/articles/retirement/05/061305.asp
Arano, K., & Parker, C. (2012). Faculty retirement in a period of economic expansion vs. economic contraction. The Journal of Applied Business and Economics, 13, pp. 62-72.
Bassett, W. F., Fleming, M. J., & Rodrigue, A. (1988). How workers use 401 (k) plans: The participation, contribution, and withdrawal decisions. National Tax Journal, 51, pp. 263-589.
Beckmann, E. (2013). Financial literacy and household savings in Romania. Numeracy, 6(2), pp. 1-19.
Bodie, Z. (2003). Thoughts on the future: Life-cycle investing in theory and practice. Financial Analysts Journal, 59(1), pp. 24-29.
Bovenberg, L., Koijen, R., Nijman,T., & Teulings, C. (2007). Saving and investing over the life cycle and the role of collective pension funds. De Economist, 155(4), pp. 347-415.
Brown, G., Knoll, C., & Kuhnen, C. (2020). Can I ever retire? The effects of COVID-19 on financial security. Retrieved from https://kenaninstitute.unc.edu/kenan-insight/can-i-ever-retire-the-effects-of-covid-19-on-financial-security-2/
Bucher-Koenen, T. (2011). Financial literacy, riester pensions, and other private old age provision in Germany. MEA Discussion Paper No. 250-11. Retrieved from http://dx.doi.org/10.2139/ssrn.2014170
Chaffin, C. R. (2013). The financial planning competency handbook. Canada: John Wiley& Sons, Inc.
Chan, A. (1997). An overview of the living arrangements and social support exchanges of older Singaporeans. Asia-Pacific Population Journal, 12(4), pp. 1-14.
Chia, Y. C. (1996). Primary care in the elderly. In First Symposium on Gerontology 1995: Issues and Challenges of Ageing Multidisciplinary Perspectives: Proceedings (1995), Gerontology Association of Malaysia, Kuala Lumpur.
Chin, C. (2015). Too poor to retire. The Star Online. Retrieved from http://www.thestar.com.my/news/nation/2015/04/19/too-poor-to-retire-concerned-that-analarmingly-high number-of-54yearold-malaysians-have-less-than-r/
Chua, S. (2017). Cover story: The pension time bomb. The Edge Weekly. Retrieved from http://www.theedgemarkets.com/article/cover-story-pension-time-bomb
Clark, R. L., d'Ambrosio, M. B., McDermed, A. A., & Sawant, K. (2003). Financial education and retirement savings. Sustainable Community Development: What Works, What Doesn't and Why, pp. 1-43.
Coronado, J. L., & Perozek, M. (2003). Wealth effects and the consumption of leisure: Retirement decisions during the stock market boom of the 1990s. Retrieved from https://papers.ssrn.com/sol3/papers.cfm?abstract_id=419721
Creswell, J. W. (2012). Educational research: Planning, conducting and evaluating quantitative and qualitative research (4th ed.). Boylston Street, Boston: Pearson.
Daim, N. (2016). Malaysia to become 'ageing nation' by 2035. New Straits Times. Retrieved from https://www.nst.com.my/news/2016/03/134562/malaysia-become-ageing-nation-2035
DeVaney, S. A., Su, Y., Kratzer, C., & Sharpe, D. L. (1997). Retirement savings of nonfarm self-employed workers: An exploratory study. Consumer Interests Annual, 43, pp. 58-63.
Dychtwald, K, & Morison, B. (2020). 68 million Americans are changing their retirement plans. Retrieved from https://theharrispoll.com/68-million-americans-are-changing-their-retirement-plans/
Economic impact of COVID-19 outbreak on ASEAN. (2020). ASEAN Policy Brief. Retrieved from https://asean.org/storage/2020/04/ASEAN-Policy-Brief-April-2020_FINAL.pdf
Elder, H. W., & Rudolph, P. M. (1999). Does retirement planning affect the level of retirement satisfaction? Financial Services Review, 8, pp. 117-127.
Ensign, R. L. (2011). For many seniors, there may be no retirement. The Wall Street Journal. Retrieved from https://www.wsj.com/articles/SB10001424053111903639404576520772216559438
Ervin, D. M., Faulk, G. K., & Smolira, J. C. (2009). The impact of asset allocation, savings and retirement horizons, savings rates, and social security income in retirement planning: A Monte Carlo Analysis. Belmont University. School of Business.
Field, S. (2020). Americans were already struggling to save for retirement. The pandemic is making it worse. Retrieved from https://www.marketplace.org/2020/07/15/americans-were-already-struggling-to-save-for-retirement-the-pandemic-is-making-it-worse/
Folk, J. Y., Beh, L. S., & Baranovich, D. L. (2012). Financial education: Determinant of retirement planning in Malaysia. Journal of Business Management and Economics, 3(2), pp. 69-78.
Gillion, C. (2002). The development and reform of Social Security Pensions: The approach of the International Labour Office. International Social Security Review, 53(1). https://doi.org/10.1111/1468-246X.00062
Gollwitzer, P. M. (1993). Goal achievement: The role of intentions. European Review of Social Psychology, 4, pp. 141-185.
Gough, O., & Niza, C. (2011). Retirement savings choices: Review of literature and policy implications. Journal of Population Ageing, 4(1/2), pp. 97–117.
Grable, J. E. (2001). Financial risk tolerance and additional factors that affect risk taking in everyday money matters. Journal of Business and Psychology, 14, pp. 625-630.
Grable, J. E., & Lytton, R. H., & Kratzer, C. Y. (1998). Determinants of defined contribution plan employee participation: A 403(b) perspective. Consumer Interests Annual, 44, pp. 109-114.
Gustman, A.L., Steinmeier, T.L., & Tabatabai, N. (2010). What the stock market decline means for the financial security and retirement choices of the near retirement population. Journal of Economic Perspectives, 24(1), pp. 161-182.
Habib, S. (2007). Counting on the nest egg. The Star Online. Retrieved from http://thestar.com.my/news/story.asp?file=/2007/5/27/nation/17754089
Hassan, K. H., Rahim, A. R., Ahmad, F., Zainuddin, T. N. A. T., Merican, R. R., & Bahari, S.K. (2016). Retirement planning behaviour of working individuals and legal proposition for new pension system in Malaysia. Jounral of Politics and Law, 9(4), pp. 44-45.
Hayslip, B., Bezerlein, M., & Nichols, S. (1997). Assessing anxiety about retirement: the case of academicians. International Journal of Aging and Human Development, 44, pp. 15–36.
Henderson, P. W., & Peterson, R. A. (1992). Mental accounting and categorization. Organizational Behavior and Human Decision Processes, 51(1), pp. 92-117.
Hershey, D. A. (2004). Psychological influences on the retirement investor. CSA: Certified Senior Advisor Journal, 22, pp. 31-39.
Hershey, D. A., Brown, C. A., Jacobs-Lawson, J. M., & Jackson, J. (2001). Retirees’ perceptions of important retirement decisions. The Southwestern Journal on Aging, 16, pp. 91–100.
Hershey, D. A., Mowen, J. C., & Jacobs-Lawson (2003). An experimental comparison of retirement intervention seminars. Educational Gerontology, 29, pp. 339-359.
Janetius, S. T. (2020). Case study: COVID-19 pandemic and the personal financial goals for retirement savings. Journal of Economic and Business Review, 8(8), pp. 44-47.
Johnson, R.B., & Onwuegbuzie, A.J. (2004). Mixed methods research: A research paradigm whose time has come. American Educational Research Association, 33(7), pp. 14-26.
Joo, S., & Grable, J. E. (2005). Employee education and the likelihood of having a retirement savings program. Journal of Financial Counseling and Planning, 16(1), 37–49.
Kast, F., Meier, S., & Pomeranz, D. (2012). Saving more in groups: Field experimental evidence from Chile. Journal of Development Economics, 133, pp. 275-294.
Kim, J., Kwon, J., & Anderson, E. A. (2005). Factors related to retirement confidence: Retirement preparation and workplace financial education. Financial Counseling and Planning, 16(2), pp. 77-89.
Lai, C. T., & Comeau, J. D. (2012). Perceived benefits and drawbacks of the retirement age policy in Malaysia: HR perspective. International Journal of Business and Management, 7(19), pp. 1-15.
Li, J., Montalto, C. P., & Geistfeld, L. V. (1996). Determinants of financial adequacy for retirement. Financial Counselling and Planning, 7, pp. 39-48.
Loewenstein, G., Prelec, D., & Weber, R. (1999). What we worry? A psychological perspective on the economic aspects of retirement. In H. J. Aaron (Ed.), Behavioral dimensions of retirement, (pp. 215–246). Washington, D.C.: Brookings Institution Press.
Longo, T. (2020). As stimulus impacts fade, Americans prepare to raid retirement accounts. Retrieved from https://www.fa-mag.com/news/as-stimulus-impacts-fade--americans-prepare-to-raid-retirement-accounts-56903.html?print
Lusardi, A. (2003). Planning and saving for retirement, Dartmouth College, Hanover.
Lusardi, A., & Mitchell, O. (2011). Financial literacy and planning: Implications for retirement wellbeing. National Bureau of Economic Research, pp. 17-39.
Mahalingam, E. (2017). Bank Negara working on financial literacy roadmap. The Star Online. Retrieved from https://www.thestar.com.my/business/businessnews/2017/10/04/bank-negara-working-on-financial-literacyroadmap/#iCK1gXhivjo7OxHy.99
Mansor, M. F., Hong, C. C., Abu, N. H., & Shaari, M. S. (2015). Demographic factors associated with retirement planning: A study of employees in Malaysian health sectors. Asian Social Science, 11(13), pp. 108-116.
Masran, M. A., & Hassan, H. H. (2017). Factors affecting retirement planning of Gen-Y workers In Klang Valley private sectors, Malaysia. International Journal of Advanced Research and Publications, 1(4), pp. 248-251.
Mayer, R., Zick, C., & Marsden, M. (2011). Does calculating retirement needs boost retirement savings? Journal of Consumer Affairs, 45(2), pp. 175- 200.
Meier, S., & Sprenger, C. D. (2013). Discounting financial literacy: Time preferences and participation in financial education programs. Journal of Economic Behavior and Organization, 95(2013), pp. 159-174.
Miller, S. (2020). COVID-19 upends retirement expectations across generations. Retrieved from https://www.shrm.org/resourcesandtools/hr-topics/benefits/pages/coronavirus-upends-retirement-expectations-generations.aspx
Mitchell, O. S., & Moore, J. F. (1998). Can Americans afford to retire? New evidence on retirement savings adequacy. The Journal of Risk Insurance, 65, pp. 371– 400.
Modigliani, F., & Ando, A. (1963). The "life cycle" hypothesis of saving: Aggregate implications and tests. The American Economic Review, 53(1), p. 55-84.
Neukam, K. A., & Hershey, D. A. (2003). Financial inhibition, financial activation, and saving for retirement. Financial Services Review, 12, pp. 19-37.
Noar, Z. M. (2018). A study on the reasons for retirement: A focus on age as a major factor. IIUM Medical Journal Malaysia, 17(2). https://doi.org/10.31436/imjm.v17i2.940
Ntalianis, M., & Wise, V. (2011). The role of financial education in retirement planning. Australasian Accounting, Business and Finance Journal, 5(2), pp. 23-37.
Nunnally, J. (1978). Psychometric theory. New York: McGraw-Hill.
Pankow, D. (2003). Financial values, attitudes and goals. NDSU Extension Service. 5(9), p. 2.
Reinicke, C. (2020). Thinking about tapping your 401(k) due to Covid? Here’s what you need to know. Retrieved from https://www.cnbc.com/2020/10/21/tapping-your-401k-due-to-covid-heres-what-you-need-to-know.html
Sabri, M. F., & Teo, T. J. (2014). The influence of financial literacy, saving behaviour, and financial management on retirement confidence among women working in the Malaysian public sector. Asian Social Science, 10(14), pp. 40-49.
Salas, L. M. (2014). Public vs. private mental accounts: Experimental evidence from savings groups in Colombia. Graduate Center, City University of New York.
Samad, S. A., & Mansor, N. (2013). Population ageing and social protection in Malaysia. Malaysian Journal of Economic Studies, 50(2), pp. 139-156.
Secure Retirement Institute. (2020). Retirement account leakage and emergency savings: Impact of COVID-19. Retrieved from https://www.limra.com/en/newsroom/industry-trends/2020/secure-retirement-institute-covid-19-related-job-loss-or-income-reductions-drive-americans-to-tap-their-retirement-savings/
Selvadurai, V. (2018). Financial literacy education and retirement planning of the urban elderly in Malaysia, PhD Thesis, University of Malaya, Kuala Lumpur.
Selvadurai, V., Kenayathulla, H. B., & Siraj, S. (2018). Financial literacy education and retirement planning in Malaysia. Malaysian Online Journal of Educational Management, 6(2), pp. 41-66.
Sevak, P. (2002). Wealth shocks and retirement timing: Evidence from the nineties. Michigan Retirement Research Center, Paper No. WP 2002-027.
Shariff, N. S. M., & Isah, N. A. M. (2019). An empirical study on the determinants of retirement savings attitude in Malaysia. Journal of Physics: Conference Series, 21(1), pp. 5-6.
Shefrin, H. M., & Thaler, R. H. (1988). The behavioral life-cycle hypothesis. Economic Inquiry, Vol. XXVI, October 1988, pp. 609-643.
Shukry, A., & Jamrisko, M. (2018). Malaysia's 1 trillion ringgit government debt explained. Retrieved from https://www.bloomberg.com/news/articles/2018-05-24/malaysia-s-1- trillion-ringgit-government-debt-explained
Slavov, S. N., Goda, G. S., & Shoven, J. B. (2010). Does stock market performance influence retirement intentions? Journal of Human Resources, 47(4). Retrieved from https://ssrn.com/abstract=2210453
Taha, H. M., & Mat, R. (2003). Socio-economic characteristics of the elderly in Malaysia. In 21st Population Census Conference, 19 – 21 November 2003, Kyoto, Japan.
Tan, H. K. (2015). Financial planning for post-retirement among urban Malaysians in Klang Valley, PhD Thesis, University of Malaya, Kuala Lumpur.
Thaler, R. H. (1999). Mental accounting matters. Journal of Behavioral Decision Making, 12, pp. 183-206.
Zabri, S. M., Ahmad, K., & Loy, A. A. H. L. (2016). The awareness of Private Retirement Scheme and the retirement planning practices among private sector employees in Malaysia. International Journal of Economics and Financial Issues, 6(S6), pp. 120-124.
Zazili, A. S. A., Ghazali, M. F., Abu Bakar, N. T., Ayob, M., & Abd Samad, I. H. (2016). Retirement planning: Young professionals in private sector. SHS Web of Conferences, 36, pp. 1-6.
Zhong, L. X. (1994). Factors associated with bond and stock holdings. Consumer Interests Annual, 40, pp. 359-360.

In-Text Citation: (Lim et al., 2021)
To Cite this Article: Lim, S. M., Tenk, T., Teoh, M., & Lee, T. H. (2021). Employees’ Retirement Saving Behaviour During The Covid-19 Pandemic in Malaysia. International Journal of Academic Research in Business and Social Sciences, 11(3), 1099-1116.

Copyright: © 2021 The Author(s)
Published by Human Resource Management Academic Research Society (www.hrmars.com)
This article is published under the Creative Commons Attribution (CC BY 4.0) license. Anyone may reproduce, distribute, translate and create derivative works of this article (for both commercial and non-commercial purposes), subject to full attribution to the original publication and authors. The full terms of this license may be seen at: http://creativecommons.org/licences/by/4.0/legalcode