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Title: Determinants of Financial Planning for Retirement: A Study on Working Women in Government of Pakistan
Authors: Rana Tanveer Hussain, Muhammad Aslam, Muhammad Asif
Journal: Journal of Asian Development Studies
Publisher: Centre for Research on Poverty and Attitude pvt ltd
Country: Pakistan
Year: 2024
Volume: 13
Issue: 3
Language: English
DOI: 10.62345/jads.2024.13.3.137
Keywords: Financial Preparation for RetirementRetirement Goal ClarityFinancial Risk ToleranceAttitude Towards Retirement
The purpose of this research is to observe the significance of retirement goal clarity, future time perception, financial risk tolerance and attitude towards retirement along with financial literacy as a mediating variable on financial planning for retirement among female employees in the government sector of Pakistan. This research applies a quantitative method, where primary data was attained from females working in public sector education departments through a questionnaire from district Narowal, Pakistan. The sample size was 364 female teachers. The results of this investigation back up the research model in which retirement goal clarity, financial risk tolerance and future time perspective are the significant predictors of retirement planning, while the attitude towards retirement planning shows an insignificant effect on financial planning for retirement. In addition, financial literacy seems to be a mediating variable among retirement goal clarity, financial risk tolerance, future time perspective, attitude towards retirement and financial planning for retirement. The outcome of this study does have consequences on individual workers to have some primary preparation for retirement, this allows them to have a robust economic ground after retirement. The government might need to encourage particularly female employees who don’t have any retirement resources. Recently research on retirement preparation engrossed on post-retirement planning, especially in Pakistan.
To examine the significance of retirement goal clarity, future time perception, financial risk tolerance, and attitude towards retirement, with financial literacy as a mediating variable, on financial planning for retirement among female employees in the government sector of Pakistan.
Quantitative method using primary data collected via a questionnaire from 364 female teachers in public sector education departments in Narowal district, Pakistan. A proportionate stratified random sampling technique and a 5-point Likert scale questionnaire were employed. The study used a deductive approach within a positivism paradigm. Regression analysis was used for mediation analysis.
graph TD
A["Define Research Objective"] --> B["Develop Hypotheses"];
B --> C["Design Questionnaire"];
C --> D["Data Collection from 364 Female Teachers"];
D --> E["Data Analysis - Descriptive Statistics, Correlation, Regression"];
E --> F["Interpret Results"];
F --> G["Draw Conclusions"];
G --> H["Provide Recommendations"];
The study supports the importance of clear retirement goals, the ability to tolerate financial risk, and a forward-looking perspective for effective retirement planning among working women in Pakistan's government sector. While attitude towards retirement was not a significant predictor, financial literacy plays a crucial mediating role, highlighting the need for improved financial education. The findings align with life cycle theory, suggesting that individuals save during their working years to fund their retirement.
Retirement goal clarity, financial risk tolerance, and future time perspective are significant predictors of retirement planning. Attitude towards retirement showed an insignificant effect on financial planning for retirement. Financial literacy significantly mediates the relationship between retirement goal clarity, financial risk tolerance, future time perspective, and financial planning for retirement.
Working women in Pakistan's government sector are influenced by retirement goal clarity, future time perspective, and financial risk tolerance in their financial planning for retirement. Financial literacy acts as a significant mediator. The study emphasizes the need for financial education and government support to enhance retirement planning for this demographic.
1. Sample Size: The study collected data from 364 female teachers.
2. Geographic Focus: The study was conducted in the district Narowal, Pakistan.
3. Mediating Variable: Financial literacy was used as a mediating variable in the study.
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