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The dynamics of financial retirement planning: financial attitude, health literacy, and the role of financial advisors with financial literacy as a moderator

Author

Listed:
  • Wan Mashumi Wan Mustafa

    (Universiti Malaysia Perlis)

  • Md Aminul Islam

    (Prince Mohammad Bin Fahd University)

  • Md. Sharif Hassan

    (Taylor’s University)

  • Muhammad Asyraf Mohd Kassim

    (Universiti Malaysia Perlis)

Abstract

Growing concern worldwide is evident regarding the insufficient retirement savings among individuals in both developed and developing nations. Many individuals struggle to make well-informed financial decisions regarding retirement planning. Therefore, this study aimed to explore the influence of financial attitudes, health literacy, and the involvement of financial advisors on the retirement planning of individual SME owners in Malaysia. Additionally, the study investigated the moderating role of financial literacy on these relationships. The theory of life cycle saving was applied to examine behavioral factors and potential policy measures that could improve financial retirement planning for these entrepreneurs. Participants included individual SME owners from the Northern region of Malaysia, specifically from Perlis, Kedah, and Penang. Structural equation modeling (SEM) was utilized to assess the interactions and moderating impacts of the variables in this research. The results indicated that financial attitude, health literacy, and engagement with financial advisors positively influence financial retirement planning. Moreover, financial literacy was found to moderate the effects of financial attitude, health literacy, and the role of financial advisors on retirement planning. These findings suggest that interventions targeting improvements in financial attitude, health literacy, financial literacy, and advisor engagement could significantly enhance policy initiatives aimed at boosting financial retirement savings.

Suggested Citation

  • Wan Mashumi Wan Mustafa & Md Aminul Islam & Md. Sharif Hassan & Muhammad Asyraf Mohd Kassim, 2025. "The dynamics of financial retirement planning: financial attitude, health literacy, and the role of financial advisors with financial literacy as a moderator," Journal of Financial Services Marketing, Palgrave Macmillan, vol. 30(1), pages 1-16, March.
    • Handle: RePEc:pal:jofsma:v:30:y:2025:i:1:d:10.1057_s41264-024-00296-2
    DOI: 10.1057/s41264-024-00296-2
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