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Attitudes of Singaporean Chinese towards Retirement Planning

Author

Listed:
  • Bruce Gurd

    (International Graduate School of Business, Centre for Asian Business, University of South Australia, GPO Box 2471, Adelaide 5000, Australia)

  • Francis Kum Hoong Or

    (University of South Australia, Australia)

Abstract

While there is a strong research tradition in exploring attitudes to and behavior in relation to retirement planning in Western countries, (e.g., Grable and Lytton, 1997; Jacobs-Lawson and Hershey, 2005) there is less research in Asian societies. Not only are we unaware of whether demographic factors, such as marital status, income level, level of education and gender, have a different impact in Asian countries, we also do not know the impact of Asian cultural values on retirement planning. Using a sample of 613 working Singaporean Chinese between the ages of 20 and 59 we establish that Chinese cultural heritage such as the belief in luck, destiny and the belief that children will support their elderly parents are not important. However,feng shuiis statistically significant in this study.

Suggested Citation

  • Bruce Gurd & Francis Kum Hoong Or, 2011. "Attitudes of Singaporean Chinese towards Retirement Planning," Review of Pacific Basin Financial Markets and Policies (RPBFMP), World Scientific Publishing Co. Pte. Ltd., vol. 14(04), pages 671-692.
    • Handle: RePEc:wsi:rpbfmp:v:14:y:2011:i:04:n:s0219091511002354
    DOI: 10.1142/S0219091511002354
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    References listed on IDEAS

    as
    1. Annamaria Lusardi & Olivia Mitchell, 2007. "Financial Literacy and Retirement Planning: New Evidence from the Rand American Life Panel," Working Papers wp157, University of Michigan, Michigan Retirement Research Center.
    2. Asher, Mukul G., 2002. "The Role of Global Economy in Financing Old Age: The Case of Singapore," Discussion Paper 79, Center for Intergenerational Studies, Institute of Economic Research, Hitotsubashi University.
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    More about this item

    Keywords

    Retirement planning; Chinese cultural values; marital status; gender; income;
    All these keywords.

    JEL classification:

    • G1 - Financial Economics - - General Financial Markets
    • G2 - Financial Economics - - Financial Institutions and Services
    • G3 - Financial Economics - - Corporate Finance and Governance

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