Factors that Influence the Financial Planning in Malaysia

Abstract

According to the Employee Provident Fund, Malaysians have
insufficient retirement fund to sustain their retirement life. This paper
studies financial literacy and wealth accumulation among Malaysians.
A sample of thirty individuals has been chosen as a focus group. The
focus group consists of six groups from 25 to 55 years old. This
discussion is about retirement planning and saving profile from the
perceptions of different levels of education. The results show
individual perception on financial literacy, attitude towards saving,
and awareness towards financial products. In addition, accessibility,
availability and affordability are the factors that affect the attitude
towards saving, financial literacy and awareness towards financial
products. The existing financial products offered in financial market
are important for retirees to plan their golden years. Therefore,
customers should obtain financial services and products from financial
providers to achieve financial independence.

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