Retirement Preparedness among Malaysian Aged 35 and Above

This research focuses on the retirement preparedness among Malaysian aged 35 and above. It discusses the challenges faced by retirees and the government policies related to retirement planning in Malaysia. The study aims to identify the productive activities, assess the value of tasks, and analyze the facilitating environment and hurdles encountered by potential retirees. It also examines the level of retirement practices and the rules and practices of the government in Malaysia.

Running head: FINAL PROJECT REPORT
Final Project Report
Name of the student
Name of the university
Author Note:

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Table of Contents
Chapter 1...............................................................................................................................................3
1. Introduction.......................................................................................................................................3
1.1 Introduction.................................................................................................................................3
1.2 Problem Statement......................................................................................................................3
1.3 Research Gap..............................................................................................................................4
1.4 Research Rationale......................................................................................................................4
1.5 Significance of Study..................................................................................................................5
1.6 Research Objective......................................................................................................................5
1.7 Research Questions.....................................................................................................................5
Chapter 2...............................................................................................................................................6
2. Literature Review..............................................................................................................................6
2.1 Introduction.................................................................................................................................6
2.2 Retirement Confidence in Malaysia............................................................................................7
2.3 Reasons behind the Retirement Policies......................................................................................7
2.4 Socio-Demographic Factors........................................................................................................8
2.5 Attitude Towards retirement among Malaysians.........................................................................9
2.6 Clarity of the Retirement Policies and Financial Literacy...........................................................9
2.7 Socializing with the prowess of finance and insurance planning...............................................10
2.8 Behavioural intention to plan for a retirement process..............................................................11
2.9 Rules and Practices of the Government.....................................................................................11
2.10 Potential Conflict in Retirement Planning...............................................................................12
2.11 Subjective well-being affecting retirement preparedness........................................................13
2.12 Summary of Chapter 2.............................................................................................................13
References...........................................................................................................................................14
PDF Format and links..........................................................................................................................17

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Chapter 1
1. Introduction
1.1 Introduction
The following research has been prepared to study the “Retirement Preparedness among
Malaysian aged 35 and above”. The subject has been one of the most trending and important
element of the modern days as there have been an increase in the number of retires in Malaysia. The
changes in the demographic and social structural changes of the globe has been a major contributor to
the current situation. Reports and population estimates shows that almost 10% of the population of
Malaysia estimated to be around 3 million consists of the people in the age group of 60 years. There
has been a sudden increase in the percentage of population in the age group of 60 years. The gradual
increase in the population of these particular age group has started from the late 1980’s (Ibrahim and
Siri 2017). The estimated projections of the national population suggests that the country can be easily
termed as an aged country within the year 2035-2040 as most of the people amounting to close to
15% will be in the age group of 60 years or more. The increase in the life expectancy and the
reduction in fertility rate can be termed as two of the major factors behind such an estimate. The
increase in the overall age group and the decrease in the dependency ratio of the country has been the
other problems for the organization.
The increase in the aged ratio of the country has been a problem for the Government of Malaysia,
as because such an increase compels the government to provide different pension schemes and
pension attributes to these people as retirement benefits. However, Malaysia has some unique policies
that separates its policies from that of the other countries. Malaysia is a leading personnel agency
where different kinds of the aspects of the HR policies are managed. The public service department of
the Asian country differs in many aspects from the public service departments of other countries. The
public service department of Malaysia generally formulates the policies of appointment, recruitment,
promotion, discipline and determines the different requirements for manpower. The PSD also
monitors and administers different kinds of the legal and regulatory policies that can help the
management to ensure success for the organization. The research here has been conducted in order to
gain an idea on the steps that are taken by the potential retirees and the retirees in Malaysia and has
also discussed the different perspectives related to the government policies over the retirement
policies of Malaysia.
1.2 Problem Statement
The research here has identified the different problems related to the retirement preparedness of
the country and the perspectives of the retirement in the country. The research has highlighted the

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problems related to the aspects of the Human Resource policies and the different steps that are
undertaken by the Government to assure a solid retirement planning for the private and public sector
employees of Malaysia. Apart from this, the Research has also identified the problems that the
Government faces in providing these benefits. Lastly the research has also identified and highlighted
the different steps taken by the employees especially the persons aged 60 years and above, to plan the
retirement benefits in the most efficient manner.
The retirement of the Government employees are considered to be their privileges and not rights.
The retirement acts and the conditions that are used by the Government has also been discussed in a
strong and healthy manner. The discussion in this regards has been helpful for the research to identify
the different kinds of the problems regarding the same. The identification of these problems has
helped to construct the research in a flexible manner that has been able to address the different kinds
of problems.
1.3 Research Gap
The absence of the identification of the research results through the means of competitive
statistical analysis and the different kinds of the research perspectives has been the major gap in the
research. The gaps in the research has made it difficult for the research to identify the different kinds
of the issues related to the research. The gaps in the research to identify the primary research articles
has led to different kinds of problems which has led to different issues. The issues has led to the gaps
in the research.
1.4 Research Rationale
Different kinds of academic and professional studies have shown that the pre-retirees and the
current workers in Malaysia are mostly unprepared and least knowledgeable about the preparation of
a systematic plan that will help them to address their retirement planning. The address of the
retirement planning and the management of this total planning process is something that is
unfortunately unmanageable by the current set of the employees and the potential retirees. Reports
shows that just 1/3rd of the savings are managed by the employees among the total amount of their
savings. This clearly shows the absence of the strong security that can lead to different kinds of
problems in managing the retirement life of the individuals (Ibrahim and Siri 2017). The absence of
such a life is thus a serious problem which can only be managed through the proper and smart
planning.
In addition to these, there are issues that arises from the personal life of the employees in
Malaysia. There are a large percentage of the households in the country which are generally
unfamiliar with the different kinds of the economic concepts that are needed to answer the economic
and financial aspects of the retirement policies (Hassan et al. 2016). The absence of the financial

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literacy, intention to save in a scientific and systematic manner, non-understanding of the retirement
planning policies has led to further problems. This kinds of the problems are considered to be
problematic as such kinds of the problems generally disturbs the balance of the life and leads to the
problems after the retirement. The reports also suggests a shocking results where it is seen that the
younger generations of the people generally deter themselves from retirement planning as the new
generation Malaysians are of the fact that the retirement planning are a burden to them which will
compel them to waste time in long term planning that might not benefit in the future (Hassan et al.
2016). However, the demographic factors and the problems in the absence of the retirement planning
has been highlighted in the research which can certainly change the mind-set of the new generation
individuals of Malaysia.
1.5 Significance of Study
As mentioned earlier, the retirement of a government employee is not a right but a privilege in
Malaysia. The research forms an important significance in the study of the retirement options and
plans that are undertaken by the business organization in order to address the different issues related
to the same. The study is sure to benefit the Malaysian society in the form of a proper research based
on the planning habits and the plans of retirement. The importance of retirement and the importance
of proper planning has been important for the organization in the most elementary manner (Darmaraj
and Narayanan 2019). The time is considered to be an important factor in retirement process. The
retirement process in Malaysia and the different kinds of the secondary sources that has been cited in
this research has been helpful for the success of the research in a proper and efficient manner. The
suitable timing and the government and the policies has made the research more significant in nature.
1.6 Research Objective
The aim of the research is to identify the preparedness of the aged employees bound for
retirement in the Asian country of Malaysia. The aim of the research pushes the research towards a
significant findings as retirement forms a major element of the modern day employment researches.
The increase in the amount of the potential retire persons has been another major source of carrying
out the research.
The objectives of the research are as follows;
a. To determine the different kinds of the productive activities of the pre retirees and retirees
b. To assess the value of the different kinds of the productive based tasks for the pre-retires and
retirees
c. To identify the facilitating environment and the hurdles encountered by the potential retires
and the retired persons
d. To identify and discuss the level of practices of the different retires in Malaysia

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e. To identify the rules and practices of the Government in Malaysia regarding retirement
1.7 Research Questions
The research questions of the following research has been provided below;
 What are the ways to determine the different kinds of the productive activities of the pre
retirees and retirees?
 What are the ways to assess the value of the different kinds of the productive based tasks
for the pre-retires and retirees?
 What are the ways to identify the facilitating environment and the hurdles encountered by
the potential retires and the retired persons?
 How to identify and discuss the level of practices of the different retires in Malaysia?
 What are the rules and practices of the Government in Malaysia regarding retirement?
Chapter 2
2. Literature Review
2.1 Introduction
An individual generally prefers to live life in a convenient and suitable manner. Most of the
people generally pay little care the plan the retirement benefits which tends to haunt them in the future
as because, the absence of any kinds of the proper retirement planning can lead to severe crisis. As
because, retirement planning is an option and not anything that needs to be done in a compulsory
manner, most of the individuals prefer to not plan the retirement options. The absence of these
planning is thus something that leads to major problems. It is important for the employees to plan
their retirement policies and procedures from a very early time period as such a step can help to
ensure the presence of a successful retirement planning in the near future (Amin Aziz and Ab Hamid
2017). The presence of the successful retirement planning can thus be said to be an important
achievement for the individuals who work as the employees in different organizations.
It is important for the employees to focus on the different methods that helps to strategize the
financial savings, investment savings and other different kinds of the savings. As said earlier, each
and every individual is not totally equipped with the capability to address the challenges of the life in
a structured and systematic manner. This restricts them from facing their post retirement problems in
a confident manner. There are a number of different steps that are generally taken by the individuals
in order to address the post retirement challenges (Aziz Ahmad and Zainuddin 2017). The rapid
changes in the socio demographic structure in Malaysia has led to a number of serious changes that
tends to change the organizational environment. The demographic measurements of Malaysia has

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shown the gradual changes being happening in the country in terms of ageing and it is estimated that
the country will be consisting of the population group in between the age of above 60 years in huge
numbers as early as 2035 (Darmaraj and Narayanan 2019). The problems if persistent can really
challenge the retirement policies and benefits as appointed by Malaysia. The government of the
country in such a case needs to change the system and manage the organizational policies in a
different manner to provide the retirement benefits to the aged population.
2.2 Retirement Confidence in Malaysia
Confidence is one of the major factors among the retired as well as the pre-retire employees
of Malaysia. The presence of the necessary confidence and the capability to implement them at the
right place and at the right time is helpful for the employees to gather the maximum amount of the
confidence and address the most of the challenges that are faced by them in the future ( Ibrahim and
Siri 2017). The post life changes after the process of attaining the retirement is totally different in the
developed and the developing countries like that of Malaysia. In most of the developed countries the
post life retirement ensures a prolonged period of rest or involving in any kind of smaller activities.
However, the advent of globalization has affected the developing countries like Malaysia. The
employees who tends to retire here gets involved in new and efficient developmental activities that
helps them to address the different kinds of the organizational issues and post and pre-retirement
challenges (Amin Aziz and Ab Hamid 2017). The countries like Malaysia where most of the families
lives under the poverty line, There are different reports which clearly suggests and shows that at least
40% of the Malaysians are not properly within the poverty line and thus the need for a proper
retirement planning is highly needed for ensuring success.
According to, Aziz Ahmad and Zainuddin (2017) the low household income of a large
percentage of Malaysians have compelled the Malaysians to manage their savings in a systematic and
planned manner. The absence of the proper elements after the retirement and the absence of the
retirement savings has been the major determination for the management in the following case.
Different studies in these regards has found out that the provident funds and the other kinds of the
savings has made little effect to contribute to the savings habit of the individual employees. The
absence of the extended family situation at present has been another major reason for the current
pressure in the economic activity of the organization in the most proper and efficient manner. The
change in mentality of the elderly Malaysians above the age of 60 has been the major focus for the
research. The need for privacy are pushing the current generation and will push the future generation
towards a bleak future where they will not look after the elderly. Thus the elderly people in the
country needs to arrange for the different types of other options as they will not be looked after. This
increases the importance of the retirement planning in Malaysia that is helpful for the individuals to
ensure success.

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2.3 Reasons behind the Retirement Policies
The systems of the retirement process is generally categorized into a large and broader
category that can address the different elements of the social systems. This includes the likes of the
social security. The presence of a proper retirement planning for an employee can help them to
maintain a stable and secured life post retirement. The Malaysian Government has introduced new
schemes that helps the organization to ensure the safety of the people and the employees in the most
efficient manner. The reports and surveys conducted on the retirement process of the country has
revealed that Malaysia is very much poorly ranked in terms of retirement planning. The government
of the country has been in talks with a large number of different agencies that can help in the
formulation of a new and improved retirement planning policy (Aziz Ahmad and Zainuddin 2017).
Most of the people who are close to their retirement reveals that they are either not concerned about
their retirement planning or are not knowledgeable about the right steps regarding the same. Most of
the people in Malaysia have immense trust over their children and thus they do not rely on the
retirement planning. However, the absence of the retirement planning has led to a number of financial
woes among the individuals as most of them has failed to address these problems in a timely and
organized manner (Ibrahim and Siri 2017). The absence of the awareness of the planning and the
absence of the knowledge of the importance of retirement needs to be addressed in the most efficient
manner. The retirement benefits thus needs to be delivered in the most efficient manner to address all
the different areas of retirement benefits.
2.4 Socio-Demographic Factors
The socio Demographic factors constitute an important part of the research as the factors are
directly associated with the retirement preparation which leads to the increase in the retirement
confidence of the employees. There are different such factors that have a direct link to the retirement
studies. The retirement benefits and the presence of the necessary elements has been a matter of study
which is directly related to the retirement planning benefits and thus presents a great confidence to the
employees to assess the retirement confidence (Amin Aziz and Ab Hamid 2017). The working people
at different levels in Malaysia has have different levels of thinking. The absence of the proper
thinking is characterized among the people having a lower level of education. The presence of the
lower level of education amongst the Malaysians generally restricts them from having the proper
knowledge regarding the retirement benefits and retirement planning. On the other hand, the people
with the required amount of education has the required knowledge in them and knows the importance
of the retirement planning and the benefits that can be attained through the use of the organizational
elements. The management of the motivational factors has led to the use of the different kinds of the
professional services to address the different requirements in the same case.

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Income can be considered to be a major factor under the socio-demographic variable with the
perspective of having the efficient money as well as other kinds of the wealth that are required to
address the challenges of the organization in the most efficient manner (Aziz Ahmad and Zainuddin
2017). Income can thus be said to be a motivational factor that can address the different retirement
issues in the most efficient way possible. The income level of the employees in Malaysia thus tends to
act as a strong factor for the success of the retirement planning benefits. The expected retirement age
of the beneficiaries is also an important factor for the retirement planning. The government in order to
minimize the chances of new employment opportunities tends to increase the retirement age of the
individuals which is a major problem for the management. The employee who is employed at an early
age has the most chances to gain the necessary benefits that can help them to address the issues in the
most selective manner. On the other hand, the attitude towards the retirement of the individuals have
been a matter of serious consideration for the following research study.
2.5 Attitude Towards retirement among Malaysians
It is seen that attitude plays an important factor as the attitude of the employees can help in
the organizational support to the employees. It has been said earlier, that the employees in Malaysia
are least concerned about the future of their retirement. The absence of the clear purpose or the
absence of a proper aim has led to the different kinds of the problems in the country. Moreover, the
employees have not been using the perspective of the retirement benefits which can prepare them for
a better future. The absence of the proper elements and the absence of the proper knowledge and the
failure of the Government and the competent authority in Malaysia to make the people understand the
importance of the retirement planning and the benefits that it can provide to the individuals to ensure
its security and success in the life post retirement (Ibrahim and Siri 2017). The attitude of the
Malaysian individuals can thus be said to be negative towards the different kinds of the retirement
planning (Amin Aziz and Ab Hamid 2017). However, the presence of a better retirement benefits with
the chance of earning a high amount of financial benefits on the other hand can be said to be
important for the company to address the different issues in a strong manner.
The neglected retirement planning by the Malaysian individuals are mainly because the
employees have problems in adjusting to the different kinds of the individual elements of the
retirement planning. The results of the demographic individuals clearly suggests that there are
different kinds of the other factors that have an influence in the success of the retirement planning.
The planning benefits include the likes of psychosocial benefits, behavioural benefits, advantages in
selection and many more as such (Ibrahim and Siri 2017). The advantages of retirement planning and
presentation of healthy benefits can help to develop the individual and there have also been different
cases which has shown that the employees have given adequate importance to the retirement plans
and have even started their own retirement plans. The positive attitude of the individuals over the

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different kinds of the retirement benefits and plans can thus help in the professional development of
the individual and can ensure the success of the business in the most advantageous manner.
2.6 Clarity of the Retirement Policies and Financial Literacy
It is important for the individuals to have a good understanding of the goal clarity of the
different requirements of the retirement process and the system benefits. The goal clarity of the
requirements generally aims for a clear purpose and aim that helps to organize the behaviour in the
most organized manner. The presence of a clear goal for the retirement process can help the
government of Malaysia to address the issues in the retirement in a smooth manner. The
implementation of the policies in Malaysia by the government can help the government to engage all
the employees in a healthy savings habit that can be beneficial for the people. However, the
Malaysian people have the tendency to address the elements in their own manner to ensure the
success of the following elements.
Apart from this, another major consideration for the recruitment planning of the Malaysians
has been the use of the financial literacy that has a strong bond to address the different elements. The
financial literacy of the employees is a major determinant for the choice of taking over the new kinds
of the recruitment planning policies (Amin Aziz and Ab Hamid 2017). The better a person has the
financial knowledge in him, the better they will be able to address the different types of the policies in
a completed manner, the better they can address the issues in a proper and systematic manner. The
financial literacy thus plays a strong role in the success of the retirement policies within a country like
that of Malaysia. The other study on the financial practices by, Asokumar and Jais (2018) has
highlighted that the problems against the Malaysian elder population has displayed proper and
efficient financial practices in the absence of the financial knowledge of the business. It is important
for the literacy as because the presence of a better literacy can help in the success of the different
individuals.
2.7 Socializing with the prowess of finance and insurance planning
The process of socialization generally starts in childhood of an individual. It goes on
continuing across the life of the individual in different manners. The following process involves the
likes of the presence of the best knowledge and additional skills that can address the different issues
related to retirement planning and other problems. The presence of the required skills and the increase
in the learning process of the individuals can help the employees of Malaysia to concentrate on a
socialization spree. The presence of a proper form of socialization can help in the development of the
individual behaviour and can help in the development of the different kinds of the social and
individual aspects. The presence of the better control over the financial and management aspects can
be beneficial for the success of the elements in the most efficient manner.

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Another major planning for the new changes in the retirement planning is the inclusion of the
insurance planning. Insurance is a contract signed in between the company and the individual in
which the company provides a financial guarantee that can be helpful for the success of the
individuals in the most efficient manner. The report of the insurance planning has suggested that only
a meagre amount of individuals amounting to 14% of the total population (Ibrahim and Siri 2017).
The achievement of the financial security options and the presence of the retirement planning of an
individual helps the individual to opt for an insurance policy that will be essential for the success of
the same in a strong manner. Life insurance has turned out to be a major element in the retirement
policies as the income risk planning and the demand for the insurance policies depends on different
types of factors. These factors includes the likes of economy, tax, demography as well as special kinds
of the technological development in Malaysia.
2.8 Behavioural intention to plan for a retirement process
The behavioural intention of the employees can also be considered to be a major factor in the
determination of the retirement preparedness of the individuals. The presence of the different kinds of
the behavioural intention of the employees contributes a great lot of success for the implementation of
the business process (Asokumar and Jais 2018). The implementation of the process and the proper
planning after the retirement life is highly essential for the success of the individuals. The presence of
the best plan can ensure the success of the business in the most efficient manner (Ibrahim and Siri
2017). Thus both the dependent and independent variables provide the best process that addresses the
retirement planning mentality of the Malaysians. The presence of the proper balance in between the
two different variables helps the formation of the best retirement planning which is important for the
success.
2.9 Rules and Practices of the Government
The public service department of Malaysia has got some special functions that are needed to
be addressed by them in order to make the most of the different retirement procedures. Some of the
common functions are as follows;
a. Formation of different policies and procedures
b. Monitoring and implementing laws and procedures
c. Providence of the adequate manpower
d. Presentation of a joint public service
e. Educational service
f. Judicial as well as different kinds of the legal services
g. Administering and monitoring the defence and internal defence service like that of police and
other security groups

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There are different kinds of laws and regulations that are practiced by the PSD in Malaysia to
implement the retirement policies and benefits for the employees. The country follows the retirement
act 227 to implement the different kinds of the retirement policies. Apart from this the country also
follows a rule that highlights the retirement age of the employee starting from the age of 55 to 56 in
2001 to the fixed age of retirement to 60 years since 2012 (Asokumar and Jais 2018). This
transformation has all been possible due to the changes in the government procedures and elements of
retirements accordingly. The increase in the size of the government employees has also put additional
pressure to the government to provide them with additional retirement benefits which again has been
leaving the government treasury vulnerable. As the government is bound to provide the retirement
benefits it is therefore their responsibility to provide the necessary knowledge to the employees and
encourage them to invest in government sponsored investment schemes that can be helpful for their
success. The following of all the legal guidelines and frameworks can ensure the success of the
elements in a proper and efficient manner. The better the efficiency, the better will be the chances of
the roles and practices of the government.
2.10 Potential Conflict in Retirement Planning
Retirement planning refers to the system of providing financial support to the retiring
employees. The aim of retirement planning is to ensure financial independence of the retiring
employees. Hassan et al. (2016) mention that most of the retirees in Malaysia are dependent on their
retirement plans to support their lives post retirement. That is why the retirement planning decisions
hold extreme importance to the retirees in Malaysia. The employees in order to process the retirement
planning of their employees usually invest in retirement plans, which are financial products, open to
the market risks. Samad and Mansor (2017) point out that with increasing life expectancy among the
people, the retiring people are in need of more financial support to lead their lives after retirement.
The employers are ethically and legally bound to ensure that the employees are able to obtain
legitimate retirement plans in order to ensure financial sustainability of the employees. The employees
usually hire financial companies to provide retirement planning benefits to employees. Selvadurai,
Kenayathulla and Siraj (2018) opine in this respect that the financial companies, which handle the
retirement planning packages of employees heading towards retirement, often provide retirement
planning packages in order to serve their own product marketing targets. The products in most cases
are exposed to market risks and require the retiring employees to invest in them on continuous basis
in order to get retirement benefits. Zabri, Ahmad, and Lian (2016) strengthen the argument by
pointing out that retirees generally have limited knowledge about the attributes, terms and conditions
of these retirement plans. They due to their limited knowledge often end up selecting retirement plans,
which do not serve their needs. This leads to conflicts between the retirement planning provider
companies and the retiring employees. Yeon, Hussain and Ramli,(2016) point out that the financial
companies marketing the retirement plans before employees do not lack fiduciary relationship and act

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in their own interests. The financial companies providing retirement plans to retiring employees often
do not acquire skilled advisors with knowledge about retirement plans. Thus, the advisors of the
financial companies while marketing products to the retiring employees often misrepresent the
products. The retirees as a result, believing these advisors and incur losses or insufficient returns from
their chosen retirement plans. Thus, it can again be pointed out that this misrepresentation of benefits
of retirement planning packages by the advisors before the retiring employees lead to the latter filing
suit against the former. The third factor, which leads to conflicts between the retirement plan
providers and the retiring employees, is that there is not law in Malaysia dealing with retirement
planning in particularity. This lack of proper laws leave their retirement planning companies cheating
the retiring employees to serve their own business interests, thus creating opportunities for conflicts
between the two parties. Thus, it is clear that the potential conflict of interests in retirement planning
takes place due to two main reasons. The first reason is that retiring employees have limited financial
knowledge and invest in inappropriate retirement plans. Secondly, the advisors often misrepresent
facts regarding retirement plans before the retirees while the third reason of conflict is lacks of laws to
deal with retirement plans.
2.11 Subjective well-being affecting retirement preparedness
Both the happiness and satisfaction of life are important for economic research. Satisfaction
can be termed as the ultimate goal of the life as the studies in this very subject can help to gain a
significant knowledge of the changes in demographic factors like income, consumption and leisure
filled activities (netspar.nl 2019). The socio-economic model has been presented in the most
appropriate manner to ensure success. The retirement plans are seriously part of the subjective well-
being of the humans. It is important for the retirees to construct a plan much before the retirement in
order to gain a subjective wellbeing.
2.12 Summary of Chapter 2
The following chapter has been presented as a review to the study of the retirement planning
of the Malaysians aged 35 years and above. The review has used the different kinds of the secondary
sources to cite the following research. The review has presented the different perspectives related to
the retirement planning of the Malaysian individuals. The perspectives includes the different kinds of
the factors that have been considered for the following research. This includes the likes of the factors
like behaviour of the people, the issues of the people, the retirement planning, potential conflicts and
the different other retirement perspectives that are generally related to the same. The literary review
has thus been able to present a transparent picture of the different needed angles of the research. The
use of the secondary articles and the focus on the different such issues has been beneficial for the
success of the research.

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PDF Format and links
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2. https://www.dartmouth.edu/~alusardi/Papers/Financial_Literacy.pdf
3. https://www.researchgate.net/publication/
43225329_A_Study_on_Financial_Literacy_of_Malaysian_Degree_Students
4. https://www.ijrte.org/download/volume-7-issue-5s/
5. https://dergipark.org.tr/download/article-file/363762
6. http://www.iosrjournals.org/iosr-jef/papers/Vol8-Issue6/Version-2/A0806020111.pdf
7. https://www.researchgate.net/profile/N_Vaghefi/publication/
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links/5a052270458515eddb82ee7c/Poverty-and-Income-Replacement-Profile-Among-EPF-
Retiree-in-Malaysia.pdf
8. http://www.soc.usm.my/images/pdf/SSPIS-2017-Final.pdf#page=43
9. https://www.netspar.nl/assets/uploads/020_MSc_Marzieh_Abolhassani.pdf