scholarly journals Female workers' readiness for retirement planning: an evidence from Indonesia

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Linda Evelina Larisa ◽  
Anastasia Njo ◽  
Serli Wijaya
Keyword(s):  
Financial Literacy ◽  
Time Perspective ◽  
Structural Model ◽  
Retirement Planning ◽  
Future Time Perspective ◽  
Risk Tolerance ◽  
Primary Data ◽  
Content Type ◽  
Female Workers ◽  
The Government

PurposeThe purpose of this study is to examine the effects of demographical factors (age, education and income); psychological factors which are future time perspective (FTP) and financial risk tolerance (FRT); along with financial literacy on retirement planning among female workers in Indonesia.Design/methodology/approachThis study applies a quantitative approach, where primary data was acquired through online surveys to 529 workers in various locations in Indonesia. After data cleaning, the final sample size was 304. The PLS-SEM technique was utilised to assess the structural model in the study.FindingsThe results of this study show that income affects an individual's perspective towards the future. Financial literacy is confirmed to have a direct effect on retirement planning activity. Furthermore, financial literacy appears to be a significant mediator between demographical factors and FTP in affecting retirement planning. An individual's acceptance towards risk is also affected by financial literacy.Practical implicationsThe general public, especially female workers group who have no retirement funds, need to be educated on financial literacy. The government might need to encourage other parties and work together to financially educate the public, specifically regarding investments for retirement planning.Originality/valueMost previous studies on retirement planning focused on demographical factors in general, and not specifically on a certain group. Filling the gap of existing studies, this study specifically discusses retirement planning done by female workers in Indonesia. Women's role as a workforce, with their psychological conditions and financial literacy, makes for an interesting topic to be studied further in terms of retirement planning.

Financial literacy and retirement planning in Ghana

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Emmanuel Sarpong-Kumankoma
Keyword(s):  
Low Income ◽  
Financial Literacy ◽  
Retirement Planning ◽  
Financial Behavior ◽  
Vulnerable Groups ◽  
Primary Data ◽  
Formal Sector ◽  
Content Type ◽  
The Impact ◽  
The Empirical Analysis

PurposeThis paper aims to investigate the impact of financial literacy on savings and retirement planning in Ghana.Design/methodology/approachThe study uses primary data collected from a sample of formal sector workers and probit models, to assess how financial literacy affects retirement planning.FindingsThe empirical analysis of this study shows that most individuals lack knowledge of basic concepts of finance. This study finds that only about 27% of respondents were able to correctly answer three simple questions on inflation, interest compounding and risk diversification. Generally, the young, the old, women, low-income earners and the less educated perform worst on financial literacy measures. Also, financial literacy has a positive significant impact on the probability of saving for retirement.Practical implicationsThe low level of financial literacy observed should be of concern to policymakers. Evidently, concrete measures are required to strengthen the knowledge of particularly those in the vulnerable groups such as the young, the old, women, low-income earners and the less educated, in order to enable them to prepare adequately for retirement.Originality/valueThe study contributes to the scant financial literacy and financial behavior literature in developing countries such as Ghana.

scholarly journals Perceptions of retirement adequacy in Lesotho: Behavioural and socio-economic influences

2018 ◽  
Vol 11 (1) ◽  
Author(s):  
Tokiso Nthebe ◽  
Michelle Reyers
Keyword(s):  
Financial Literacy ◽  
Financial Risk ◽  
Online Survey ◽  
Time Perspective ◽  
Financial Sector ◽  
Future Time Perspective ◽  
Risk Tolerance ◽  
Bivariate Analysis ◽  
Future Research ◽  
Multivariate Techniques

Orientation: Saving for retirement is complicated for employees because of the complexity of the financial decisions involved. Financial decision-making is believed to be associated with a number of behavioural and socio-economic factors, and these factors may in turn be related to whether employees perceive themselves to be adequately saving for retirement.Research purpose: This study assesses which factors predict whether individuals working in both the financial and non-financial sectors in Lesotho perceive themselves to be adequately preparing for retirement. The main focus is on financial literacy (FL), financial risk tolerance (FRT) and future time perspective (FTP). As a secondary focus, the study looks at the potential differences between two sectors of employees that may be attributed to differing levels of FL.Motivation for the study: This study focuses on Lesotho to provide an African context on retirement saving and hopefully lay the foundation for future research in the field of retirement saving.Research approach/design and method: Data were collected from 200 participants using an online survey at three companies in Lesotho and analysed using bivariate and multivariate techniques, with a linear regression model used in terms of the multivariate analysis.Main findings: This study finds that FL, FRT and FTP are all positively related to perceived retirement adequacy (RA) in the bivariate analysis. In the multivariate analysis, for those working outside the financial sector, objective FL, subjective FL and FTP were positively related to perceived RA, whereas for those in the financial sector, higher levels of FTP, higher household income and being older were all associated with higher levels of perceived RA.Practical/managerial implications: The participants in this study are not representative of the broader Lesotho population; therefore, further research would be required before this conclusion is generalised.Contribution/value-add: These findings provide insights to industry role players about the profile of individuals who are confident about retirement savings and how this contrasts with those who are not confident.

Retirement saving behavior: evidence from UAE

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Sara Osama Alkhawaja ◽  
Mohamed Albaity
Keyword(s):  
United Arab Emirates ◽  
Financial Planning ◽  
Future Time Perspective ◽  
Risk Tolerance ◽  
Primary Data ◽  
Equation Modeling ◽  
Future Research ◽  
Content Type ◽  
Retirement Saving ◽  
Saving Behavior

Purpose This study aims to examine the effect of future time perspective (FTP), financial risk tolerance (FRT) and knowledge of financial planning for retirement (KFPR) on retirement saving behavior (RSB). Design/methodology/approach Primary data were collected using a non-probability judgmental sampling technique. A questionnaire was distributed either manually (by hand) or through email where 370 United Arab Emirates (UAE) residents used in the higher education sector participated. The data analysis was obtained by using SPSS and Smart-PLS software. Structural equation modeling was used to evaluate the linear relationship between FTP, FRT, KFPR and RSB. Findings The findings from this study are consistent with previous research. FTP and KFPR had a significant positive effect, while FRT had an insignificant negative effect on RSB. Research limitations/implications This study examined the effect of a few psychological variables on RSB and was conducted on a sample of university employees in the UAE. Additional research should examine environmental influences, individual differences and other psychological process factors. Furthermore, future research could extend the current study into other industries and other the Middle East and North Africa countries. Practical implications A better understanding of the factors that influence RSB can help working individuals, financial advisors/financial planning professionals, financial institutions and government/policymakers strengthen their understanding and initiatives toward retirement planning. Originality/value To the best of the authors knowledge, none of the previous research papers studied RSB in the UAE. Additionally, it is important to note that the results of this study can be generalized to all Gulf Cooperation Council countries because of the similar economic, political, ethical, social and cultural factors.

Work-family enrichment and well-being: the role of occupational future time perspective

2018 ◽  
Vol 23 (6/7) ◽  
pp. 542-556 ◽  
Author(s):  
Hélène Henry ◽  
Donatienne Desmette
Keyword(s):  
Emotional Exhaustion ◽  
Work Engagement ◽  
Older Workers ◽  
Time Perspective ◽  
Well Being ◽  
Future Time Perspective ◽  
Content Type ◽  
Work Family ◽  
The Relationship

Purpose In the context of workforce aging, the purpose of this paper is to investigate the mediating role of occupational future time perspective (OFTP) in the relationship between work–family enrichment (WF-E) and two well-being outcomes (i.e. work engagement and emotional exhaustion). In addition, the moderating role of age on the relationship between WF-E and OFTP, and consequently, on the indirect effects of WF-E on work engagement and emotional exhaustion through OFTP, will be examined. Design/methodology/approach Cross-sectional survey research (n=263) was conducted in a public sector company in Belgium. Structural equation modeling and bootstrap analyses were performed to investigate the hypothesized relationships. Findings The dimension “remaining opportunities” of OFTP mediated the positive relationship between WFE and work engagement, and the negative relationship between WFE and emotional exhaustion. Chronological age moderated the positive relationship between WFE and the dimension “remaining time” of OFTP, with stronger effects among older workers. Research limitations/implications This research has confirmed that OFTP is influenced by WFE and that WFE matters, especially for older workers. Future research should continue to study the effects of the work–family interface on older workers. Practical implications Age management practices should take WFE into consideration when managing an aging workforce. In particular, older workers may benefit from WFE to increase their perception of remaining opportunities at work, which, in turn, increase well-being. Originality/value This study contributes evidence for the role of personal resources (i.e. remaining opportunities) in the relationship between WF-E and well-being at work.

scholarly journals Savings Behavior of Government Salaried People in Unakoti District of Tripura

2021 ◽  
Vol 9 (1) ◽  
pp. 26-37
Author(s):  
Sukharanjan Debnath
Keyword(s):  
Rural Areas ◽  
Financial Literacy ◽  
Secondary Data ◽  
Primary Data ◽  
Dependency Ratio ◽  
Government Employees ◽  
Savings Behavior ◽  
Daily Rate ◽  
Savings Rate ◽  
The Government

As per rules, the Savings practice of Government salaried people is mandatory up to a stipulated amount of monthly salary. According to GPF, EPF and NPS Rules, a predetermined amount is deducted by the employer at source for the future wellbeing of the concerned employee and invest to GPF, EPF, NPS, etc. In addition to these mandatory savings, employees can save their money to other savings instruments according to their capability and other conditions. As most of the government employees in Unakoti district of Tripura are working with small designations and salaries, they are not able to save more in addition to mandatory savings. Fixed Pay Employee (FPE), Contract Base Worker (CBW), Per Time Worker (PTW), Monthly Pay Worker (MPW), Daily Rate Worker (DRW) are the working conditions where employees get less amount of salary in comparison to regular employees. Under these conditions, their savings rate is also low in comparison to other employees. Other Sources of income, spouse job, dependency ratio, age, literacy level, educational qualification and availability of savings instruments nearby employees are an important aspect for better understanding of savings improvement in the District. The present study entitled “Savings behavior of Government Salaried People in Unakoti District of Tripura” is an empirical study based on primary data and secondary data. The study reveals that the savings rate of salaried people in Unakoti District of Tripura is growing slowly. Financial literacy, reduction of dependency ratio by employment generation programs, Massive awareness program and availability of savings instruments in the rural areas may make a vigorous savings environment in Unakoti District of Tripura.

Entrepreneurial mindset and the role of universities as strategic drivers of entrepreneurship

2017 ◽  
Vol 24 (1) ◽  
pp. 136-157 ◽  
Author(s):  
Fauzia Jabeen ◽  
Mohd. Nishat Faisal ◽  
Marios I. Katsioloudes
Keyword(s):  
United Arab Emirates ◽  
Structural Model ◽  
Economic Incentives ◽  
Entrepreneurial Success ◽  
Content Type ◽  
Employment Choice ◽  
Strategic Factors ◽  
Modelling Methodology ◽  
The Government

Purpose The purpose of this paper is to provide insight into the factors that influence the mindset of youth in the United Arab Emirates (UAE) in choosing entrepreneurship as their future employment. It also suggests the pathway to improve the role of the universities as strategic drivers in inducing an entrepreneurial mindset. Design/methodology/approach An exhaustive literature review of extant research followed by an exploratory study was conducted. Furthermore, to understand factors influencing the role of universities, interpretive structural modelling methodology is applied to evolve a hierarchy-based relationship among the strategic factors. Findings The results of empirical research suggest that young people in the UAE rank entrepreneurship as their first employment choice. However, most of them have not attended any formal entrepreneurship-related course in school or in college. The study also suggests that individual and environmental factors influence the entrepreneurial mindset of both males and females in the UAE. The structural model developed in the study indicates that to give an impetus to the entrepreneurial mindset, the government must create a supporting environment with UAE universities playing the role of a catalyst. Practical implications Professional entrepreneurship instruction is seen as a strategic tool to stimulate financial and societal growth. The results could provide insights for both entrepreneurship educators and policymakers and will boost their commitment to promote the entrepreneurial mindset within UAE society by enhancing and developing traits associated with entrepreneurial success. The results support recognition of the factors that induce educational programmes and economic incentives targeted at the development of sustainable entrepreneurial culture and ventures in the UAE. Originality/value The study is an effort to highlight the role of higher education in envisaging and cultivating entrepreneurs in a fast-growing developing country through a survey and a hierarchy-based model.

scholarly journals Modeling crowdfunders’ behavioral intention to adopt the crowdfunding-waqf model (CWM) in Malaysia

2018 ◽  
Vol 11 (2) ◽  
pp. 231-249 ◽  
Author(s):  
Mohamed Asmy Mohd Thas Thaker ◽  
Hassanudin Mohd Thas Thaker ◽  
Anwar Allah Pitchay
Keyword(s):  
Technology Acceptance ◽  
Behavioral Intention ◽  
Perceived Usefulness ◽  
Primary Data ◽  
Equation Modeling ◽  
Future Research ◽  
Content Type ◽  
Liquidity Constraint ◽  
Muslim Countries ◽  
The Government

PurposeWaqf institutions in many Muslim countries including in Malaysia are facing liquidity constraints in developing waqf land. This paper aims to offer a sustainable model of source of financing for waqf institutions to meet their liquidity constraint in developing waqf land, which is known as the crowdfunding–waqf model (CWM). Later, CWM validated its acceptance in the field among the crowdfunders by adopting the theory of technology acceptance model (TAM).Design/methodology/approachThe primary data are collected from the survey administered to donors or crowdfunders in Selangor, Penang, Johor and Pahang. The total number of respondents aren= 1,000. The analysis is conducted using structural equation modeling (SEM).FindingsBased on findings, both the perceived usefulness and perceived easy to use of CWM are found to have a positive impact on the behavioral intention of crowdfunders or donors in assisting waqf institutions to develop waqf land in Malaysia. Furthermore, perceived easy to use has a positive relationship and direct effect on perceived usefulness of crowdfunders to use the CWM.Research limitations/implicationsThere are some limitations of the current study. The sample size and area of study become the obvious limitations. Thus, there is a need for caution in the interpretation of the results, and the conclusion cannot be as generalized. Besides, the use of current factors might limit the ability to explore other potentially important determinants of the crowdfunders’ behavioral intention on using CWM. Thus, future research can be conducted by incorporating new factors and provide new insights for optimizing CWM. Other potential moderator variables should be included into the research model in order to obtain more robust results.Practical implicationsThe findings of this paper will provide a new avenue for waqf institutions to raise funds for developing waqf land, particularly in Malaysia. The present study also has implications for the government and policymakers. Through CWM, it enables to reduce the expenses of the government for the development of waqf land. Indeed, CWM could be applied in other Muslim countries that are facing liquidity constraint in developing waqf land.Originality/valueThis paper offers an additional literature on waqf and crowdfunding, especially in the Malaysian context. The paper proposes a viable alternative model for waqf institutions as a source of financing by using crowdfunding.

A qualitative phenomenological exploration of social mood and investors’ risk tolerance in an emerging economy

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Humaira Asad ◽  
Iqra Toqeer ◽  
Khalid Mahmood
Keyword(s):  
Theoretical Model ◽  
Thematic Analysis ◽  
Financial Literacy ◽  
Financial Risk ◽  
Theoretical Perspective ◽  
Emerging Economy ◽  
Risk Tolerance ◽  
Validity And Reliability ◽  
Content Type ◽  
Depth Analysis

Purpose The authors design a theoretical perspective that explores how different phases of social mood influence financial risk tolerance (FRT) among investors. Risk is involved in almost all financial decision-making. For a better understanding of risk tolerance behavior, the role played by social mood cannot be ignored. This study aims to explore the linkage between social mood and FRT of investors in Pakistan. Design/methodology/approach Using qualitative phenomenology as the guiding framework, 22 interviews were conducted to have a deeper understanding of the lived experiences of investors with at least 10 years of investment experience. Thematic analysis was done to analyze data. Audio-recording, bracketing, triangulation and member checking were done to ensure validity and reliability. Findings A theoretical model is developed using the six themes identified through thematic analysis. This model presents an in-depth analysis of the determinants of social mood, its multiple phases and its impact on risk tolerance behavior. Findings reveal that the level of financial literacy, experience and purpose of investment moderate the effect of social mood on FRT. Practical implications Investors can manage risk and increase their profits by controlling the effects of social mood. They can benefit from the market situation by taking more risk when the market is extremely low. The advisors can frame their advice in the light of the model. Originality/value According to the authors’ knowledge, this is the first study that explores investors’ risk tolerance in response to variations in social mood in the context of an emerging economy. The paper has contributed conceptually and methodologically. It uses phenomenology as the method and develops a theoretical model that describes how different types of investors adjust their risk tolerance in response to changes in their social mood.

Age-inclusive HR practices and the thriving of older workers: the mediating role of occupational future time perspective

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Eduardo Oliveira
Keyword(s):  
Surface Analysis ◽  
Older Workers ◽  
Time Perspective ◽  
Future Time Perspective ◽  
Future Time ◽  
Content Type ◽  
Hr Practices ◽  
The Relationship ◽  
Remaining Time

PurposeDrawing on social exchange theory and socio-emotional selectivity theory, this paper examines the role of occupational future time perspective (OFTP) in the relationship between age-inclusive HR practices (AIHRP) and the thriving of older workers.Design/methodology/approachA two-wave cross-sectional design was adopted with bootstrapped parallel multiple mediation analyses. In addition, polynomial regression with response surface analysis was used to examine the extent to which combinations of focus on opportunities and remaining time relate to thriving at work. Data were collected from 310 older workers working in 13 companies located in Portugal.FindingsAIHRP have direct effects on OFTP dimensions (i.e. focus on opportunities and remaining time), and indirect effects on the two thriving dimensions (i.e. learning and vitality) via focus on opportunities. The positive relationship between AIHRP and learning was mediated by remaining time, while no significant mediating effect on vitality through remaining time was found. Additionally, surface analysis showed that overall thriving and learning increase more sharply when focus on opportunities is higher than remaining time, rather than vice versa.Originality/valueThis paper contributes to the literature by showing the importance of personal resources like OFTP in the relationship between AIHRP and the thriving of older workers. It also provides further support for the distinctiveness of the two OFTP dimensions as remaining time was not linked to vitality, whereas focus on opportunities was linked to both thriving dimensions.

Factors influencing investor behavior: an empirical study of Saudi Stock Market

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Muhammad Junaid Khawaja ◽  
Zainab Nasser Alharbi
Keyword(s):  
Saudi Arabia ◽  
Stock Market ◽  
Individual Characteristics ◽  
Investor Behavior ◽  
Social Implications ◽  
Primary Data ◽  
Past Performance ◽  
Content Type ◽  
Factors Influencing ◽  
The Government

PurposeThe objective of the study is to determine the factors influencing the behavior of investor in Saudi Stock Market.Design/methodology/approachThe paper uses correlation analysis, factor analysis, reliability and multiple regression analysis on the primary data collected from 125 investors in Saudi Stock Market through a questionnaire distributed randomly.FindingsThe results indicate that the factors like past performance of the stocks, financial statements, firm status in industry, the reputation of the firm, and expected corporate earnings have significant influence on the behavior of investors. The factor of the image that a certain company has built for itself over the years on the basis of its financial practices is a large influencer of investor decisions as compared to advocate recommendation factors. The investment behavior is not significantly influenced by gender or age; however, it is significantly influenced by educational qualification, professional experience and investment volume.Research limitations/implicationsThis paper limits itself to study the factors that influence the behavior of investors. However, it does not address the issue of investor overconfidence and its implications for Saudi Stock Market.Practical implicationsThis research provides a road map for the investors interested in making their investment decisions by understanding the most influencing factors.Social implicationsThis research has social implications for government agencies to delineate the required legislation to regulate the investors and also to increase market efficiency. The results show that investors are strongly affected by signals from the government.Originality/valueThis research is an original contribution toward the behavioral finance field in Saudi Arabia and can be used as a reference material for investors, companies and government policymakers in Saudi Arabia. This study incorporates investors' individual characteristics and explores factors that influence investor behavior unlike some previous studies using Saudi data.

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