Retirement Awareness Among The Working Population Below 40 In Malaysia


  • Auni Zulfaka IIUM Institute of Islamic Banking and Finance
  • Salina Kassim IIUM Institute of Islamic Banking and Finance



The paper aims to review and discuss retirement awareness among the working population below 40 years old in Malaysia. Retirement awareness is essential since by 2035, Malaysian will be an aging society with 30 per cent of its people will be in the category of 60 years and above. Consequently, retirement awareness helps ensure proper action or strategy regarding retirement preparation before reaching their retirement phase. This study applies a quantitative approach using survey questionnaires as the main instrument of data collection. A total of 287 working individuals the age below 40 years old have participated as the respondents to examine their retirement awareness towards retirement planning. Data collected were analyzed using descriptive analysis. The study provides an in-depth analysis of respondents' retirement confidence (RC), goal clarity (GC), attitude towards retirement (ATT), financial literacy and knowledge related to retirement planning (FL), and the sources of retirement information (SRI), all these are measured using a 5-point Likert scale. The findings indicate that the working adults do have some degree of awareness about retirement, and they do undertake early preparations for their retirement. Overall, this study provides information about the critical implications for the retiring population to survive during their retirement phase and help them to be more confident and well-prepared to face life's reality after retirement. Hence, it is recommended for employers to provide programs or courses that cover retirement areas as one of the initiatives to help their employees be more aware of their future retirement life, which will prevent a financial crisis in the later years.


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How to Cite

Auni Zulfaka, & Salina Kassim. (2021). Retirement Awareness Among The Working Population Below 40 In Malaysia . Journal of Islamic Finance, 10, 101 –.




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