Extended Interactive Theory of Planned Behavior (EITPB) and its Influence on Retirement Savings Patterns among Civil Servants in Malaysia

Retirement savings behavior (RSB) represents a crucial concern, given that many civil servants in Malaysia encounter challenges in maintaining sufficient savings for their retirement. The key aim of the investigation is to analyze the Extended Interactive Theory of Planned Behavior (EITPB), the determinants of Attitude Towards Retirement Savings (ATRS)— Financial Risk Tolerance (FRT) and Past Behaviors (PB)—and Subjective Norms (SN). These psychological components are juxtaposed with financial elements, such as Matching Contributions (MC), to grasp their effects on RSB. The examination looks into the moderating effects of Perceived Government Policy (PGP) and Perceived Behavioral Control (PBC), covering their predecessors, Financial Literacy (FL) and Self-Control (SC), on the association between these independent variables and RSB. Data were collected from the targeted sample of civil servants using a qualitative method through structured surveys. The findings revealed that personal financial attributes and structural supports, such as matching contributions and supportive policies, are significant in fostering positive retirement savings behaviors. Future research is suggested to investigate other variables, such as replacement rate and dividend on savings that could increase retirement savings behavior among civil servants in Malaysia. Future studies could also extend the scope of the current research by investigating diverse populations beyond Malaysian civil servants, such as private sector employees, self-employed individuals, or retirees. Exploring the role of emerging digital financial tools in enhancing financial literacy and self-control also represents a promising area for future investigation. The study concludes that perceived government policies and perceived behavioral control, supported by financial literacy and self-control, further modulate these associations, implying that targeted interventions could enrich retirement savings behaviors among public servants in Malaysia.