The impact of financial factors on retirement planning among students university in ho chi minh city

Additionally, this study assesses the probable influence that income plays, which hasn't been confirms the importance of Financial Literacy and Attitudes as well as specific Financial Go

INTRODUCTION

The necessity of research

The General Statistics Office has reported that Vietnam's population reached 100.3 million in 2023, marking an increase of 834.8 thousand from 2022 This demographic shift highlights a growing proportion of elderly individuals and a declining young population, indicating that Vietnam is undergoing a demographic transition and experiencing population aging Similarly, UNDP research reveals a significant global rise in the elderly population, with numbers in less developed regions increasing by an average of 60% in 2015 and projected to reach 71% by 2030, largely due to rising life expectancy worldwide.

The issue of retirement in developing countries, particularly in Vietnam, has become increasingly significant, necessitating more attention and research It is crucial for workers to begin serious retirement planning Current projections indicate that by 2024, the monthly pension rate for males will be 45% after 20 years of social insurance contributions, with an additional 2% for each subsequent year, capped at 75% For females, the pension rate starts at 45% after 15 years of contributions, also increasing by 2% for each additional year, with the same maximum limit of 75%.

A recent Intuit report reveals that individuals born after 1997 have lower savings and personal investments compared to those born a decade earlier The post-COVID-19 pandemic landscape has shifted attitudes towards work and health, leading many to seek early retirement According to the "Readiness for Independent Living in Old Age" report by the Institute of Labor Science and Social Affairs and the Institute of Sociology, with support from Prudential Vietnam Life Insurance Company, over half of urban workers aged 30-44 plan to retire early, with about 38.93% aiming to retire before the legal retirement age Additionally, a significant portion of the workforce lacks essential financial management skills, resulting in lost savings due to ineffective financial tools Most Vietnamese citizens also recognize that their retirement savings are insufficient, highlighting that the desire for early retirement poses both personal and national challenges.

Research indicates that financial knowledge and the absence of retirement planning can negatively affect wealth and financial well-being in retirement (Van Rooij et al., 2012) Individuals with higher financial literacy are more inclined to participate in financial markets and build reserves (Morgan & Trinh, 2020) The intention to engage in financial behaviors reflects an individual's readiness to implement a financial plan, especially regarding retirement when adequate funds are available (Satsios & Hadjidakis, 2018; Zandi et al., 2021) Thus, it is evident that financial literacy and attitudes towards personal finance play a crucial role in shaping the intention to prepare for retirement.

According to Stawski el al (2007), having clear retirement goals is also another psychological factor associated with retirement planning and predicting savings trends

Establishing clear retirement goals enables individuals to pinpoint their desired outcomes, allowing for effective financial and lifestyle planning to meet those aspirations.

Sutherland emphasizes that your post-retirement desires and values significantly influence your financial planning based on your job earnings Unlike previous generations that depended solely on pensions, today's younger workforce is increasingly aware of the importance of managing their personal finances wisely in preparation for a different lifestyle after retirement.

Previously, there have been global studies on retirement planning, such as the

Research on retirement financial planning behavior, such as the 2021 study by Tomar et al and the 2019 work by Cucinelli and Bongini, highlights the importance of early financial preparation However, there is a notable lack of studies on personal financial preparation for retirement in Vietnam, making our research particularly novel This gap in existing literature includes a limited focus on students, which may lead to findings that do not accurately reflect the broader population's retirement planning behaviors.

This study focuses on "The Impact of Financial Factors on Retirement Planning Among University Students in Ho Chi Minh City," aiming to enhance understanding of personal financial preparedness for retirement among current and future professionals Our research team will analyze various factors that affect employees' retirement planning behaviors, providing valuable insights for individuals and organizations to assist in developing effective retirement strategies.

Research objectives

From the issues raised, the research team raised the following questions:

1 What factors influence students' personal financial preparation for retirement and suggested directions?

2 What factors influence students' intention to invest in funds?

3 Are financial preparation attitudes and intentions really influenced by those factors?

4 On that basis, provide scientific and management implications.

Corresponding to the research question, the article is carried out with the following three goals:

1 Build a research model, test a scale of factors affecting students' personal financial preparation for retirement and propose directions

2 Test and measure factors in the model that impact students' personal financial preparation and intention to invest in funds for retirement.

3 Suggest some recommendations to the administrators

Research scope

Personal financial management practices to prepare for the retirement of students in Ho Chi Minh City.

The authors focused exclusively on survey data collected from students in Ho Chi Minh City, as this is a crucial age for students to contemplate and formulate their investment strategies.

This study was conducted by the authors from October to December 2023

Research method

This study addresses a previously identified research gap by developing and investigating a new theoretical model through a quantitative research approach Data was collected online via convenience sampling using Google Forms The analysis was performed with SmartPLS software version 4, employing partial least squares structural equation modeling (PLS-SEM) techniques to evaluate both the measurement and structural models.

Structure research

The structure of the topic includes 5 chapters, with the following contents:

This chapter outlines the rationale behind selecting the research topic, detailing the research objectives and methods employed It also defines the objects and scope of the study, concluding with an overview of the research paper's structure.

Chapter 2: Overview of theoretical basis and proposed model

The study will present an overview of relevant theories and previous research, thereby proposing a suitable model for the study.

This chapter outlines the research procedures and introduces a measurement scale grounded in the theoretical foundations of prior studies, detailing the calculation methods for the variables relevant to the research.

In this chapter, the authors will perform tests to demonstrate the factors that affect the state of personal financial preparation for retirees.

In this chapter, the authors will summarize the research conclusions while highlighting its limitations Additionally, they will discuss management implications and propose future development directions to enhance the topic's understanding.

LITERATURE REVIEW

Definitions

The Beach Image Theory, proposed by Beach and Mitchell in 1987, suggests that individuals develop an ideal self-image that influences their future self-perception and motivates them to strive for that vision.

Research in retirement planning highlights the importance of having a clear objective, as it significantly boosts motivation to complete tasks Psychological studies consistently show that a specific, well-defined goal encourages individuals to engage in planning activities, ultimately enhancing their saving capabilities.

Retirement Goals, as highlighted by Chou, K.-L et al (2014), are a crucial psychological factor influencing savings propensity and planning practices Six key factors assess an individual's savings power: general self-efficacy, future outlook, activation of economic activity, clarity of retirement goals, self-assessment of financial knowledge, and financial risk tolerance The initial psychological scale introduced by Hogarth, J.M et al (2005) evaluates these factors to determine if workers have well-defined financial goals for retirement, significantly impacting their saving behavior.

Intention plays a crucial role in influencing behavior by reflecting the motivation behind an individual's willingness to engage in a specific action and the effort they are willing to invest (Ajzcn, 1991) It serves as a strong predictor of behavior, indicating a positive correlation between intention and effective actions Various studies have identified investment intention as a key dependent variable in the Theory of Planned Behavior (TPB), particularly in assessing intentions related to specific financial products (East, 1993; Sivaramakrishnan et al., 2017; Nosi et al., 2017).

Research has explored the disparities in savings intentions and behaviors (Canova, Rattazzi, & Webley, 2005) and the underlying reasons for saving (Nyhus & Webley, 2001), often without addressing intention-related issues in empirical studies predicting actual savings Future research should prioritize controlling the realization of plans and the strength of intentions (Webley and Rabinovich, 2007) Savings habits are typically linked to well-informed and thoughtful financial decisions, such as determining the appropriate amount to save for retirement (Madrian & Shea, 2001).

According to Canova et al (2005), the primary objective of savings is to ensure individual autonomy and independence, while also providing a decent standard of living during retirement Investing for retirement is essential for maintaining satisfaction in this life stage, as those who actively save often feel more confident and prepared for the future (Joo & Pauwels, 2002) Although the intention to save is present, it requires careful planning and self-discipline, as savings can involve complex tasks (Thaler & Shefrin, 1981).

Previous research has shown that attitudes significantly influence intentions related to financial behaviors, as outlined in the theory of planned behavior (TPB) Notable examples of this include studies on retirement savings conducted by Croy, Gerrans, and Speelman.

Research has shown that attitudes significantly impact behavioral intentions, particularly in the context of saving and financial behavior According to Croy et al (2010), the Theory of Planned Behavior (TPB) effectively predicts these intentions, highlighting its relevance in the retirement savings sector The findings indicate that the variables within the TPB framework notably influence key factors such as increased contributions and changes in investment strategies for retirement savings.

Our research emphasizes that the intention behind personal financial planning for retirement is crucial for individuals seeking a comfortable and leisurely life post-retirement This determination not only drives individuals to learn and implement effective financial planning strategies but also significantly aids in achieving their financial goals A clear intention fosters motivation, enabling individuals to act decisively and execute their plans successfully Consequently, it is essential for individuals to enhance their awareness and attitudes towards the importance of financial planning.

Behavior refers to an observable response to a situation aimed at achieving a specific goal, which can be assessed based on context and timing The Theory of Planned Behavior (TPB) posits that behavior is influenced by intention and perceived behavioral control, both evaluated within the same context and with precision (I Ajzen, 2006).

Retirement planning behavior as an idea focuses on a set of events, financial and health planning (W.K.M Lee et al., 2004)

Retirement planning behavior is considered a retirement planning process that requires a general assessment, setting goals and how to achieve them in the future.

Research by Moen et al (2005) indicates that an individual's retirement planning is closely linked to their perceived control over life circumstances Those who feel less in control are more likely to postpone their retirement planning and aim for a later retirement age Conversely, individuals who believe they possess sufficient financial resources and income are inclined to retire earlier.

Hershey, Jacobs-Lawson, and Austin (2013) developed a conceptual model to identify the key factors influencing effective retirement planning, which they categorize into three main components: opportunity, willingness, and ability "Ability" refers to the cognitive traits and knowledge that differentiate individuals, while "willingness" encompasses the psychological and emotional attributes that drive a person to initiate and maintain retirement planning This includes self-image factors such as attitude, clarity of financial goals, and personal virtues Lastly, "opportunity" encompasses external factors like employee pension availability, diverse investment options, and prevailing economic conditions, including fiscal policies and tax regulations.

This study defines Retirement Planning Behavior as the factors influencing attitudes toward retirement planning, intentions to plan for retirement, and the perceived control individuals have over their retirement planning process.

Our research identifies Retirement Planning Behavior as influenced by factors such as attitudes toward retirement planning, intentions to plan for retirement, perceived control over the planning process, and the current status of personal financial preparation for retirement.

Ajzen (1985) defined attitude as an individual's overall evaluation of a specific behavior, ranging from favorable to unfavorable The theory of planned behavior (TPB) suggests that a more positive attitude towards a behavior increases the likelihood of engaging in that behavior For a comprehensive understanding of the intricate relationship between attitude and behavior, refer to Ajzen and Fishbein (2005) Historically, research has often assumed a direct connection between social attitudes and human behavior (Thomas and Znaniecki, 1918; Watson, 1925).

Theoretical framework

2.2.1 Theory of planned behavior (TPB)

Financial decisions, especially those related to investments and retirement planning, are typically not impulsive (Bongini & Cucinelli, 2019) The Theory of Planned Behavior (TPB) provides a useful framework for understanding the motivations behind individuals' intentions to invest in financial products, such as pension funds This theory, which builds upon the Theory of Reasoned Action (Ajzen & Fishbein, 1980; Fishbein & Ajzen, 1975), addresses limitations in scenarios where individuals lack complete control over their behavior Ultimately, the TPB emphasizes the importance of an individual's intention to engage in specific behaviors.

Figure L The theory of planned behavior by Ajzen, I, (Ỉ99Ỉ)

The theory of planned behavior posits that three independent variables—attitudes toward behavior, subjective norms, and perceived behavioral control—can accurately predict behavioral intentions These intentions, along with perceived control, significantly influence actual behavior changes Key factors affecting a person's intention to engage in a behavior include their personal attitude, social pressure, and the perceived ease or difficulty of performing the behavior.

Ajzen (1991) identified three key predictors of behavioral intention: attitude, subjective norm, and perceived behavioral control Attitude reflects whether an individual views a behavior positively or negatively Subjective norm indicates the perceived social pressure to engage in or avoid the behavior Perceived behavioral control relates to the individual's assessment of how easy or difficult it will be to perform the action, influenced by past experiences and anticipated challenges A more positive attitude, greater social pressure, and higher perceived ease lead to a stronger intention to act, though the significance of these factors may differ based on the specific behavior and context.

In the early 1950s, economist Franco Modigliani and his student Richard Brumberg introduced the life-cycle theory, originally intended for economic forecasting but also applicable to personal finance This theory illustrates how individuals manage their spending and saving throughout their lives, aiming to balance consumption by saving during periods of high income and borrowing during low income By understanding this concept, employees can effectively prepare for retirement and adjust their financial strategies to meet their needs at different life stages Ultimately, the life-cycle theory serves as a vital framework for both economic analysis and personal financial planning.

Life-Cycle Consumption Theory visualized

Figure 2 Life-cycle consumption theory by Ann c Logue

Recent research on consumer behavior has increasingly examined retirement planning, highlighting the significance of individual choices in this process Traditionally, retirement savings were analyzed through economic incentives, such as life cycle models that suggest rational agents save or borrow to maintain consistent consumption However, the emergence of behavioral explanations for retirement savings aims to reconcile the gap between the savings predicted by these models and actual savings behaviors observed in individuals.

Post-retirement financial behavior hinges on two critical assumptions of life-cycle models: first, that individuals can effectively optimize their finances throughout their lives, and second, that they possess the self-control necessary to do so (Benartzi and Thaler, 2007) When these assumptions fail, significant negative consequences can arise Specifically, while individuals may recognize the importance of saving for retirement, they often struggle to sufficiently cut current consumption, adversely affecting their retirement income The primary focus of this study is the initial assumption of individuals' ability to optimize, as research has shown that humans typically lack the cognitive capacity for the optimization tasks proposed by life-cycle models (Simon, 1955) To address these cognitive limitations, individuals often employ coping strategies, which have been explored in various studies on judgment heuristics (Katsikopoulos, 2011).

This study highlights that low financial literacy may hinder individuals from effectively optimizing their financial decisions, leading them to depend on judgment heuristics Understanding financial literacy levels and decision-making heuristics can be valuable for legislators in the development of pension systems.

Overview and summary of prior research

2.3.1.1 Factors affecting the intention to achieve financial independence - Early retirement of Millennials in Vietnam (2022):

This study investigates the factors influencing Vietnamese Millennials' intention to achieve financial independence through early retirement, utilizing both qualitative and quantitative research methods Key findings reveal that attitudes, subjective norms, perceived behavioral control, and time discounting significantly impact the intention to pursue FIRE (Financial Independence, Retire Early), with time discounting being the most influential factor Notably, the research indicates no significant differences in FIRE intentions based on gender or income The author suggests policy implications aimed at promoting a frugal lifestyle, enhancing awareness of retirement planning, and encouraging financial independence among young people in Vietnam, ultimately alleviating pressure on the social security system.

Figure 3 Research model by The, A K., Phùng, T Q., & Thu, JI V (2022)

2.3.1.2 Financial literacy and personal retirement planning: a socioeconomic approach (2021)

This research aimed to investigate the impact of financial literacy on individual retirement planning in Bukavu, Democratic Republic of the Congo The study involved 361 public sector employees and utilized structural equation modeling for analysis, employing survey questionnaires to collect data analyzed with SMARTPLS and SPSS software Findings revealed that financial literacy significantly influences personal retirement planning, particularly through computation capability and financial knowledge However, attitudes toward financial products and financial education did not show a significant effect on personal retirement planning.

Figure 4 Research model by Safari^ K., Njoka, c., & Munkwa, M G (2021)

2.3.1.3 The Effects of Financial Attitudes, Financial Literacy and Health Literacy on Sustainable Financial Retirement Planning: The Moderating Role of the Financial Advisor (2023):

Effective retirement financial planning is crucial for individuals to maintain their desired lifestyle post-retirement This study explores the moderating role of financial advisors in the relationship between financial attitude, financial literacy, and health literacy among self-employed individuals in Malaysia, focusing on sustainable retirement planning Utilizing structural equation modeling, data was collected through a survey of 416 independent contractors in northern Malaysia, with analysis conducted using SMARTPLS 3.3 The findings reveal that financial awareness and attitude significantly influence retirement planning, while the presence of financial advisors enhances the relationship between financial literacy and retirement planning, as well as between financial attitude and retirement planning This research aims to meet the financial planning needs of independent contractors by highlighting essential factors for effective retirement strategies.

Figure 5, Research model by Mustafa, w M w., Islam, M A; Asyraf, M.,

2.3.1.4 University students and retirement planning: never too early (2019)

This article investigates the key factors influencing college students' intentions to contribute to a pension fund, emphasizing the importance of understanding young people's perspectives on retirement planning Utilizing the theory of planned behavior (TPB) by Ajzen (1985), the study analyzes data from university students in Italy Findings reveal that students' intentions to invest in a pension fund are positively impacted by TPB predictors, pension knowledge, effective money management, and high financial literacy Additionally, the survey indicates that many university students lack awareness of recent pension system reforms and mistakenly believe that their state pension will adequately support their desired standard of living in retirement.

Figure 6 Research model by Bongini, p., & Cucìneỉỉi, I) (2019)

2.3.1.5 Framing the Retirement Planning Behavior Model towards Sustainable Wellbeing among Youth: The Moderating Effect of Public Profiles (2020)

This study explores how financial literacy, saving attitudes, social influence, and goal clarity affect retirement planning, while also examining the moderating role of demographic factors Utilizing a modified measurement scale from previous research, data was collected through a questionnaire completed by 323 randomly selected participants The results, analyzed using structural equation modeling (SEM), reveal significant positive relationships between all examined factors and retirement planning, with demographic variables such as gender, age, status, income, and education influencing these correlations The findings suggest the need for the government to develop a comprehensive retirement planning model that considers demographic differences.

Figure 7 Research model by Afthanorhan, A., Mamun, A A., Zainol, N R.,

Hypothesis development and the proposed model

Attitude plays a crucial role in determining investment behavior, as it reflects how individuals evaluate their options A positive attitude towards mutual funds increases the likelihood of purchasing them, particularly in the context of retirement investments Research by Heenkenda (2016) indicates that attitudinal factors significantly influence the retirement investment intentions of professionals in Sri Lanka's real estate sector Additionally, Davis and Hustvedt (2012) found a strong positive correlation between behavioral attitudes and the willingness to save for retirement, underscoring the importance of fostering a positive mindset towards investment decisions.

A study conducted in 2017 revealed that young people's attitudes significantly influence their intention to invest in longevity annuities Additionally, earlier research by Gordon in 1994 established a positive link between individuals' perceptions of retirement and their retirement planning efforts Based on these findings, we propose the following hypothesis.

Hl: Financial Attitude has a positive impact on the intention of university students to invest in a pension fund.

Financial knowledge encompasses the understanding and application of essential concepts such as income, spending, debt, savings, investments, and risk management It involves developing skills in budgeting, tracking expenses, managing debt, planning for retirement, and making informed investment choices This vital skill set is necessary for individuals of all ages, income levels, and educational backgrounds, enabling them to make sound financial decisions, reduce risks, and successfully achieve their financial goals.

Financial literacy is a crucial factor influencing individuals' financial decisions, as highlighted by Lusardi and Mitchell (2014) Research by Bongini and Cucinelli (2019) indicates that increased financial literacy correlates with a greater likelihood of investing in pension funds and engaging in retirement planning Therefore, we hypothesize that enhancing financial literacy can significantly improve individuals' investment behaviors and retirement preparedness.

H2: Literacy has a positive influence on the intention to invest in the pension fund.

Asyraf Afthanorhan et al (2020) highlighted the importance of clear financial goals as a significant psychological factor influencing individuals' saving behaviors, alongside effective planning practices This research builds on previous studies that identified six psychological scales related to saving strength: self-efficacy, future orientation, financial motivation, clarity of retirement goals, self-assessment of financial knowledge, and risk tolerance Additionally, the study revealed a connection between financial goal clarity and retirement planning behavior, although the effect on investment intentions remains uncertain Therefore, we propose the following hypothesis.

H3: Financial goal clarity has a significant influence on intention to invest in the pension fund.

Financial literacy is defined as owning the essential records and capabilities to expectantly make monetary selections and manipulate monetary resources (Hung et al.,

Financial literacy encompasses the development of knowledge and skills related to financial concepts and products, which is influenced by an individual's education and personal experiences Understanding the relationship between these elements is essential for enhancing one's financial capabilities (Van Dijk et al., 2022).

Research indicates that many individuals fail to establish adequate retirement savings plans due to financial illiteracy, as highlighted by Lusardi et al (2007; 2011) This lack of understanding persists throughout their lives, leading to poor financial planning, especially in old age Lusardi and Mitchell (2014) emphasize that a lack of confidence can further exacerbate this issue, a finding supported by Wong and Earl (2009) and Kim et al (2005) Conversely, those with financial literacy are more likely to manage their expenses wisely, ensuring they do not exceed their monthly income, which ultimately helps them maintain sufficient savings for retirement (Lusardi et al., 2022).

Moure's research in Chile revealed a strong positive relationship between economic literacy and retirement planning Similarly, a study by Nguyen et al in Vietnam found that financial literacy significantly influences retirement planning among workers in the sector.

2017), so preparing a steady Financial Literacy right from the beginning will create a better foundation for future Retirement Planning Therefore, we propose the following hypothesis:

H4: Financial Literacy has a positive influence on Retirement Planning Behavior.

A person's financial attitudes, encompassing their values and perspectives on personal finance, significantly impact their retirement planning behavior (Chowa, 2022) Positive attitudes towards saving money can motivate individuals to invest time in acquiring financial knowledge and developing sustainable financial plans The formation of these attitudes is crucial in enhancing an individual's commitment to saving for the future (Cabler, J Celebrating Financial Freedom, 2022) Therefore, we propose the following hypothesis.

H5: Financial attitude has a positive impact on the intention of university students on retirement planning behavior

Retirement goals represent the financial aspirations individuals aim to achieve for their quality of life post-retirement (Stawski & Hershey, 2003; Stawski et al., 2007) The clarity of these goals is a crucial psychological factor that influences planning practices and predicts savings trends Research shows that clear retirement goals have a positive and significant impact on retirement planning behavior (Asyraf Afthanorhan et al., 2020) Therefore, it is hypothesized that well-defined retirement goals enhance effective retirement planning.

H6: Financial goal clarity has a positive significant effect on retirement planning behavior.

The Theory of Planned Behavior (TPB) emphasizes that "intention" significantly influences behavior, serving as a measure of an individual's willingness to engage in specific actions According to Ajzen (1991), intentions reflect the motivational factors driving behavior and indicate the effort individuals are prepared to invest in performing those actions In this study, intention is defined as an individual's readiness to engage in retirement planning behaviors, including saving, investing, and participating in retirement programs Consequently, this research proposes the following hypothesis.

H7: Intention has a positive significant effect on retirement planning behavior.

Previous research highlights the significance of financial attitudes in enhancing individuals' willingness to save and engage in sustainable financial planning It has been established that positive financial attitudes correlate with effective financial retirement planning (Hassan et al).

A person's financial attitude significantly influences their investment intentions, akin to how a country fosters investment ambitions A positive financial attitude acts as fertile soil for growth, while a negative attitude resembles barren land, hindering development Research supports this correlation, highlighting the importance of mindset in shaping investment behaviors.

Research by Loibl et al (2011) indicates that there is a positive correlation between attitudes and behavioral intentions This suggests that a stronger intention to engage in a specific behavior significantly increases the likelihood of actually performing that behavior Consequently, we propose the following hypothesis.

H8: The mediate role of intention to invest in the pension fund in relationship between financial attitude and retirement planning behavior.

Financial literacy is essential for informed decision-making in personal finance and retirement planning Individuals with a solid grasp of financial concepts are better equipped to handle retirement complexities, such as estimating future expenses and evaluating investment options However, financial literacy alone does not ensure effective retirement planning; the intention to invest in a pension fund is crucial for translating knowledge into action This intention signifies a proactive approach to securing financial futures through long-term investments aimed at retirement income Research indicates a strong correlation between financial literacy and the intention to invest in retirement plans, with studies showing that those with higher financial literacy are more likely to participate in employer-sponsored plans Additionally, longitudinal studies reveal that the intention to invest mediates the relationship between financial literacy and actual retirement savings behavior, highlighting that individuals with greater financial literacy not only intend to invest more but also persist in their retirement savings efforts.

H9: The mediate role of intention to invest in the pension fund in relationship between literacy and retirement planning behavior.

Existing research confirms that having financial goals plays a vital role in directing our retirement planning actions (Tomar et al, 2021; Afthanorhan el al, 2020).

Propose a research model

Recent studies by Cucinelli and Bongini (2019) and Afthanorhan et al (2020) highlight "Financial Literacy" as a crucial factor in assessing personal financial readiness for retirement Additionally, research by Afthanorhan, Zainol, Foziah, and Awang (2020) establishes that "Financial Goals" significantly influence individuals' current financial preparation for retirement Furthermore, findings from Mustafa et al (2023) confirm that "Financial Attitude" also plays a vital role in shaping an individual's financial readiness for retirement.

Cucinelli and Bongini (2019) proposed that the "Intention to invest" significantly influences "Retirement planning behavior." Their study also highlighted that both "Financial literacy" and "Financial Altitude" positively affect investments in pension funds.

Recent studies, including one by Doriana Cucinelli and Paola Bongini, highlight limitations in research focused solely on the intention to invest in pension funds, neglecting other financial instruments Additionally, Mustafa et al (2023) underscore the critical role of financial literacy and retirement planning, specifically addressing the unique needs of self-employed individuals in their retirement planning efforts by identifying key determinants that influence their strategies.

The study's generalizability is restricted due to its primary focus on the Malay community, whose cultural context may affect their perspectives on retirement and financial planning Future research should explore the influence of psychological factors, including goal setting, exposure, and cognition, on individual saving and planning behaviors.

We aim to clarify the relationship between various factors and their impact on personal financial readiness for retirement To achieve this, we present the following research model.

Figure 8 The proposed research model

RESEARCH METHODOLOGY

Research process

This study encompasses multiple phases, beginning with the identification of a need for further research in retirement planning behavior, which establishes the framework for the research model and hypotheses The authors utilized established measuring scales to develop a questionnaire, which was translated into Vietnamese for ease of response A pretest was conducted, followed by qualitative interviews aimed at refining the questionnaire items and gaining in-depth insights into participants' financial perspectives and behaviors The interviews focused on identifying necessary adjustments to the questionnaire Reliability was assessed through pilot testing to determine if any modifications to the scale were required The research utilized convenience and judgmental sampling methods, targeting university students in Ho Chi Minh City Finally, the study examined the reliability, construct validity, and hypothesis testing of the scale using SmartPLS software.

4, the PLS-SEM technique was used to test the study model Ultimately, the study offers suggestions and ramifications.

Sample requirements

Young adults aged 19 to 25 in Ho Chi Minh City are increasingly recognizing the importance of financial preparation for retirement As they gain independence in managing their finances, it becomes essential for them to research and acquire knowledge about retirement planning, proving that it's never too early to start preparing for their financial future.

As of June 1, 2023, Ho Chi Minh City has a total population of 8,899,866, which includes around 4,881,971 young individuals, according to the Population and Family Planning Division of Ho Chi Minh City.

- Number of students in 2022: around 1.728.856 individuals.

- Number of Fresh-workers in 2022: around 214.250 individuals.

According to Hair et al., the sample size for a study can be determined by the number of variables included in the model By applying the 10-times rule, which suggests a sample size of ten times the number of variables, this study, which includes 31 variables, requires a minimum sample size of 310 participants.

To ensure the selected survey results arc representative and accurate, the team decides to choose a sample size of 310.

There arc various sampling methods, which arc broadly categorized into two main groups: Probability Sampling and Non-probability Sampling.

Probability sampling is essential for obtaining a sample that accurately reflects the population, leading to statistically valid survey outcomes Unfortunately, this approach cannot be utilized in this study because of insufficient secondary data.

Non-probability sampling involves selecting samples based on particular characteristics relevant to the population and research objectives This approach prioritizes individuals who are more likely to be representative of the population for the survey sample Consequently, this study will utilize both judgmental sampling and convenience sampling, which are both forms of non-probability sampling.

Convenience sampling is a non-probability sampling method commonly utilized in research studies, where samples are chosen based on their easy accessibility rather than random selection Researchers frequently prefer convenience sampling for its practicality and cost-effectiveness, especially when time and resources are constrained.

Convenience sampling offers benefits in terms of efficiency but has notable drawbacks, particularly the risk of sampling bias, which can lead to a lack of accurate representation of the broader population This limitation can hinder the generalizability of research findings, affecting their external validity However, convenience sampling can be a valuable method in specific research contexts, especially in exploratory studies or preliminary investigations aimed at gathering initial insights or generating hypotheses Researchers must carefully evaluate the suitability of convenience sampling for their objectives and actively address any potential biases associated with this method.

Judgmental sampling involves researchers leveraging their expertise to select participants or data points that are most relevant to their research objectives This method is particularly useful when specific insights are needed from individuals with certain characteristics or experiences It is widely utilized in qualitative research and exploratory studies to gain a deeper understanding of targeted samples However, researchers must remain cautious and transparent, clearly articulating the rationale for their sample selection and addressing any potential biases in the interpretation of their findings.

In summary, we opted for a hybrid approach that leverages the strengths and mitigates the weaknesses of both methods discussed In the following sections, we will provide a comprehensive overview of the survey process and the findings obtained.

An indirect online sampling approach will be utilized, employing a formal questionnaire created via Google Forms to achieve the targeted sample size of n%O The survey will follow a non-probability judgmental sampling method to select individuals who meet the criteria for the target population, and it will be conducted using two specific methods.

To gather data, the researcher utilizes a non-probability judgmental sampling technique known as snowball sampling, distributing the survey link through Facebook and Messenger Initially, key respondents are randomly chosen from class lists or personal networks Once they complete the online survey, these respondents are tasked with selecting additional participants from their own connections, thereby expanding the sample size.

To effectively gather data, researchers can share the survey link in Facebook groups tailored to their three target participant types By joining these groups, they can post requests for survey participation while offering small incentives, such as study materials, to encourage engagement.

The third method: Distribute the survey link via email based on the collected database, specifically class lists The selected email recipients also ensure alignment with the specified criteria.

Quantitative research

This study employed quantitative analysis to assess the reliability of the research model scales and to test their convergent and discriminant validity The proposed hypotheses were examined through both the measurement model and structural model, with evaluations based on the collected data.

Before creating and adjusting the scale set for the Vietnamese research context, the author conducted a preliminary investigation Utilizing a previously developed scale as a foundation, the author translated and formulated interview questions tailored for finance-savvy lecturers and students To ensure clarity and relevance, the author meticulously adapted the survey's language to align with the cultural and contextual nuances of the Vietnamese respondents.

The author conducted an official study utilizing a revised survey questionnaire, incorporating feedback related to the measurement scale Data collection employed both convenience and judgmental sampling methods The questionnaire featured closed-ended questions based on a 5-point Likert scale, with 1 representing "Strongly disagree" and 5 indicating "Strongly agree."

Management and marketing researchers prefer PLS-SEM for its capability to manage complex statistical models To ensure the quality of measurements in a PLS-SEM model, it is essential to focus on construct validity, indicator reliability, and consistency reliability Hair et al (2014) emphasize the importance of thoroughly assessing the performance of each indicator.

- Outer Loadings: Each indicator's loading on its respective construct should be greater than 0.7, indicating a strong relationship between the indicator and the underlying concept it measures.

- Cronbach’s Alpha: This measure of internal consistency should be at least 0.7, signifying that the indicators within a construct are collectively capturing the same underlying meaning.

- Extracted Average Variance (AVE): This value, ideally exceeding 0.5, demonstrates that the construct itself explains more variance in its indicators than does random error.

- Variance Inflation Factor (VIF): Values below 3 for all constructs suggest that multicollincarily, a potential issue when variables arc highly correlated, is not a major concern.

- Bootstrapping: The researchers employ a bootstrapping technique with 5,000 samples to assess the stability and accuracy of the PLS estimates, ensuring the findings are reliable and not due to chance.

FAI: I saved first before spending Afthanorhan, A., Mamun, A A.,

FA2: I spend my money according to the plan.

FA3: I plan my finances for retirement.

FA4: I invest in legal investment.

FA5: 1 record all my spending.

FL1: If I lost my main source of income, my savings could cover living expenses, without borrowing any money or moving house

Mustafa, w M w., Islam, M A., Asyraf, M., Hassan, M s., Royhan, p., & Rahman, s (2023).

FL2: An investment with a high return is likely to be high risk.

FL3: High inflation means that the cost of living is increasing rapidly.

FL4: It is usually possible to reduce the risk of investing in the stock market by buying a wide range of stocks and shares.

FL5:1 have a regular source of income coming into my household each month.

FL6: I manage my monthly expenditure well.

FG1: My financial goal is to get ready for an emergency.

FG2: My financial goal is to get a return from investment.

FG3: My financial goal is to have a comfortable living upon retirement.

FG4: My financial goal is to be prepared if I lose my job.

FG5: My financial goal is to enjoy a luxurious holiday.

INI: I will set financial goals for what I want to achieve with my money.

IN2: I will decide beforehand how my money will be used.

IN3: I will actively consider the steps I need to take to stick to a budget

IN4: I will consult my budget to see how much money I have left.

IN5: I will look to my budget in order to get a better view as to my spending in the future.

IN6: I will feel better to have my finances planned out.

RPBI: Calculations have been made to estimate how much 1 have to save to retire comfortably.

RPB2: I frequently read articles, books, brochures or surf the internet to learn about retirement.

RPB3: I have informed myself about the level of my future pension benefits.

RPB4: I have informed myself about financial preparation for retirement.

RPB5: 1 have made regular contributions to a voluntary retirement savings plan.

RPB6: I regularly contribute a fixed percentage of my income to my retirement savings account.

RPB7:1 make a conscious effort to save for retirement.

RPB8: Based on how I plan to live my life in retirement, I have saved accordingly.

RESEARCH FINDINGS

Sample descriptive statistics

After conducting the investigation, the total sample collected by the group was

360 Through the process of screening valid samples, there were 315 remaining, with the following characteristics:

In terms of gender, the number of females accounted for 60.96% of survey participants and was more than the number of males with 39.04%.

In the analysis of student courses, 3rd year students represent the largest group, comprising 33.33% (n = 105) of the total 4th year (n = 80) and 2nd year (n = 76) students have similar percentages at 25.40% and 24.13%, respectively, while 1st year students account for the smallest proportion at 15.24% (n = 48) The descriptive statistics indicate that 3rd year students, who are preparing for internships, show a greater concern for personal financial management and retirement planning compared to their peers in other years.

A significant 91.43% of university students in Ho Chi Minh City hold a university degree, while only 0.63% have an intermediate education level Additionally, 7.94% possess a college degree This data highlights that personal finance is a pressing concern for the majority of university students in the region.

The survey results indicate that the majority of participants, 39.36% (n = 124), reported an income between 1 to 5 million, followed by 32.38% (n = 102) in the 5 to 10 million range Those earning over 10 million comprised 27.94% (n = 88), while a mere 0.32% (n = 1) reported an income below 1 million The statistical analysis shows a strong correlation between age and income, revealing that most respondents are students, particularly in their 3rd and 4th years, who often have internships and part-time jobs, resulting in incomes typically ranging from 5 million.

Descriptive behavior

4.2.1 The appropriate age to retire:

Under 40 years old ô40 - 4 5 years old ■ 50 - 5 5 years old

Figure 10 The chart combines the appropriate age for retirement - student course (%)

The survey results indicate a consensus among respondents regarding retirement age, with a significant majority believing that individuals over 60 years old or those aged 55 to 60 are suitable for retirement Specifically, 54.17% of first-year students and 51.25% of fourth-year students selected the age group over 60, while nearly 50% of second-year students favored the 55 to 60 age range Additionally, third-year students showed an even distribution among three age groups: 50 to 55, 55 to 60, and over 60 Overall, there is a clear trend towards favoring retirement at older ages.

In Ho Chi Minh City, students typically retire at the appropriate age, generally between 55 and 60 years old This trend indicates that most individuals in the city are retiring on schedule Consequently, agencies, companies, and businesses that offer competitive benefits and salaries can enhance employee retention and boost overall productivity.

4.2.2 On average, how much money do you spend each month on savings?

Figure ĩ I The chart com bines monthly savings - student course (%)

Through the chart above, it can be seen that most students in Ho Chi Minh City have their own savings fund Specifically, 1st year students usually spend from 200,000

In the analysis of monthly savings among students, 38% save between 500,000 VND and 1,000,000 VND, while 35.53% of second-year students save 1 to 2 million VND Additionally, 21.9% of third-year students also save within this range Notably, 35% of fourth-year students prioritize saving 1 to 2 million VND, while 66.67% of the overall group tends to save between 500,000 VND and 1 million VND monthly.

Saving is essential at any age, making it crucial for students to enhance their financial literacy By understanding their monthly expenses better, students can ensure a consistent flow of savings, which is vital for managing emergencies effectively.

4.2.3 Why do you need to implement a personal financial plan when you retire?

Source: Survey results Figure 12 The chart shows the reasons for implementing a personal financial plan in retirement (%)

A recent survey reveals that individuals prioritize saving for various reasons, with 26.65% aiming to ensure a comfortable retirement, 24.21% focused on minimizing financial risks, and 19.93% striving to achieve personal goals The even distribution of these responses highlights the importance of financial planning for retirement among students, reinforcing the significance of preparing for future financial stability.

4.2.4 Where are you investing your savings? other

Figure 13 The chart shows where to invest savings (%)

Through the survey, we can see quite a clear difference in savings investment

According to the survey, nearly half of the respondents, 48.78%, opted to invest in banks, while newer and less reliable options like Momo wallets, stocks, and securities garnered significantly lower interest at 19.69%, 7.67%, and 12.89%, respectively Additionally, a small percentage, 1.39%, reported having no savings at all.

Saving and investing wisely requires knowledge and a long-term perspective Many students prefer to invest their savings in banks for safety, while newer investment methods remain underutilized This trend can be attributed to a lack of exposure to alternative savings strategies among students Consequently, understanding the importance of investing is crucial; thorough research and careful selection of secure methods are essential Additionally, a significant number of students are unaware of the importance of saving and the need for effective personal financial planning.

4.2.5 What do you think is the right age to start implementing a personal tlnancial plan for retirement?

18-25 years old ô25 - 30 years old "30 - 35 years old

■ 35 - 40 years old ■ 40 - 50 years old ■ Cher 50 years old

Figure 14 The chart combines the appropriate ages for financial planning - student course (%)

Through the chart above, it can be seen that students with an income of less than

A significant number of individuals, approximately 1 million, believe that the ideal age for initiating personal finance preparations for retirement is between 18 and 25 years old Conversely, those earning between 1 to 5 million tend to think that personal financial planning should start at ages 25 to 30 Similarly, within the income bracket of 5 to 10 million, 40.59% share the same view, advocating for planning during the ages of 25 to 30 Interestingly, among individuals earning over 10 million, opinions are more varied, with a notable distribution favoring ages 18 to 30 for financial investments, comprising 27.27% and 37.5% respectively.

Most individuals earning over 10 million have recognized the importance of early financial planning, as it serves as a vital source of capital to help achieve their goals and ensure financial security in retirement.

Therefore, creating personal finances for retirement planning is appropriate when starting early.

Descriptive statistics of observed variables

Table 3, Statistical table describing observed variables

Name Mean Median Scale min

The Observer Min column indicates that the minimum value for all 21 observed variables in the study is 1, while 10 of these variables have a minimum value of 2 Conversely, the Observer Max column reveals that all 23 observed variables have a maximum value of 5.

The Mean column presents the average values for the 31 observed variables in the study, which range from 3.625 to 4.273 The authors chose to analyze the gap based on these averages.

Distance value = (Maximum - Minimum)/5 = 0.8 From there, we have the following values:

Based on the Mean and the above values, it can be seen that the survey subjects agreed with 29 observed variables and completely agreed with 2 observed variables in the article.

The Standard Deviation column indicates the variability of each variable, with FL3 exhibiting the smallest standard deviation at 0.782, while FG5 shows the highest at 1.059 Overall, the standard deviations of the 31 observed variables are relatively low, suggesting that the responses from the surveyed subjects are quite similar.

CONCLUSIONS, IMPLICATIONS AND LIMITATIONS

Conclusions

According to the initial purpose that the authors wanted to aim for, which was to review the impact of financial factors on the retirement plans of university students in

Ho Chi Minh City, the authors conducted the above research, a large number of students in Ho Chi Minh City (315 students).

The authors developed a research paper grounded in prior empirical studies, focusing on a model that includes independent variables such as Financial Attitude, Financial Literacy, and Financial Goals, with the dependent variables being Intention to Invest and Retirement Planning Behavior The research team created a scale and designed a questionnaire, conducting a survey that initially sampled 350 participants After a thorough screening process, 315 valid samples were obtained for analysis.

The research team utilized Microsoft Excel for descriptive statistical analysis of collected data, confirming the reliability of the measurement scales with a Cronbach's Alpha coefficient exceeding 0.6 for five variables They assessed convergent validity, achieving an Average Variance Extracted (AVE) above 0.5 However, five observed variables (FAI, FA4, FA5, FL3, and FL5) were eliminated due to external loading coefficients below 0.7 Post-elimination, both AVE and Composite Reliability (CR) met the required standards The PLS-SEM structural model analysis showed all Variance Inflation Factor (VIF) values were below 3.0, indicating no multicollinearity The team also evaluated discriminant validity using HTMT and Fornell-Larcker criteria, along with R² and adjusted R² coefficients, and f² impact factors in SmartPLS 4.0 Ultimately, of the ten tested hypotheses, seven were accepted, guiding future research directions for the group.

The research article titled "The Impact of Financial Factors on Retirement Planning Among University Students in Ho Chi Minh City" has successfully met its objectives by developing a model that effectively measures the influence of financial factors on students' retirement planning The study accurately estimates the elements that affect students' financial preparedness and their intentions to invest in retirement funds Additionally, the research team provides recommendations based on scientific and managerial implications within their framework.

Implications

The study significantly enhances our understanding of the factors influencing retirement planning behavior among students in Ho Chi Minh City It provides empirical support for the Theory of Planned Behavior (TPB) and life-cycle theory, highlighting the relationship between psychological factors, intentions, and retirement planning behaviors Key findings reveal that retirement planning behavior is positively associated with financial attitudes, financial goals, and financial literacy Individuals with positive financial perspectives are more inclined to engage in retirement planning, while clear financial goals motivate actionable steps towards achieving retirement objectives Furthermore, higher financial literacy enables individuals to better evaluate their financial circumstances, set realistic retirement goals, and make informed saving and investment decisions These insights align with previous research, reinforcing the conceptual framework established in earlier studies.

2023), (Nguyen et al., 2017) Assuming that the general public is aware of retirement difficulties, these frameworks have a positive and considerable impact on retirement planning.

The study highlights the positive impact of investment intention on retirement planning behavior, confirming findings from previous research (Chauhan et al., 2019; Bitrián et al., 2021) and supporting the Theory of Planned Behavior (TPB).

This study demonstrates a significant correlation between financial attitude, financial literacy, and financial goal clarity with the intention to invest Consistent with previous research (Nosy et al., 2017; Bongini & Cucinelli, 2019), the findings reveal a positive relationship between financial attitude and literacy and the intention to invest Additionally, the research highlights that having clear, specific, and measurable retirement goals significantly influences individuals' motivation to invest in pension funds.

The study explored the mediating effects of intention but found no significant mediating role of investing intention in the relationship between financial attitude, financial goal, and financial literacy concerning retirement planning behavior These findings provide valuable insights for understanding the key factors influencing sustainable financial planning for retirement among students in Ho Chi Minh City.

5.2.2.1 For businesses and financial management apps:

Retirement is a crucial stage in life, and in today's economic climate, effective preparation for it is essential for personal financial management Research indicates that individuals who fail to save for retirement may encounter significant financial challenges, particularly when faced with unexpected expenses like high medical bills, which become more common as people age Therefore, developing comprehensive retirement financial plans is vital to navigate unforeseen circumstances Businesses and banks must implement strategies that educate and guide their customers in executing effective financial management plans, ensuring they are well-prepared for retirement.

Businesses and financial management apps have significant opportunities to enhance personal financial savings for retirement through educational initiatives that promote financial literacy Organizing workshops, seminars, and online resources focused on retirement planning, investment strategies, and long-term savings is essential for reaching individuals of various age groups and income levels By collaborating with certified financial planners and retirement advisors, these organizations can provide personalized consultations and tailored recommendations that align with individual financial situations and retirement goals This partnership approach also facilitates the creation of specialized retirement savings programs that cater to specific needs and preferences, ultimately empowering individuals on their journey toward a secure retirement.

Integrating innovative features into financial management apps can significantly boost user engagement and effectiveness Tools that help users set retirement goals, track savings progress, and simulate investment scenarios empower proactive steps towards financial security Additionally, providing real-time insights into retirement account performance, market trends, and potential risks equips users with essential knowledge for informed financial decisions Incentives such as rewards programs, employer matching contributions, and exclusive offers can motivate individuals to prioritize their long-term financial health Businesses can also partner with financial institutions to provide competitive interest rates, waived fees, and bonuses for opening or contributing to retirement savings accounts.

In summary, businesses and financial management apps can significantly enhance individuals' retirement savings by prioritizing knowledge sharing, fostering strategic partnerships, integrating innovative features, and encouraging savings habits As personal finance evolves, investing in initiatives that promote financial well-being and retirement preparedness is essential for achieving long-term prosperity and security, particularly for universities and college students.

To improve financial management awareness among university students, it is essential to implement several solutions, including making a financial planning course mandatory for graduation This course should address key topics like budgeting, saving, investing, and debt management, equipping students with vital practical financial skills.

The university can enhance student support by providing free financial consulting services On-campus professional financial advisors would offer personalized guidance, helping students effectively manage their finances while addressing their individual concerns and goals.

Organizing retirement planning workshops tailored for students is highly beneficial, as they educate young individuals on the importance of early retirement planning, explore various retirement savings options, and provide strategies for building a secure financial future.

Implementing these solutions will empower students with essential knowledge and skills for making informed financial decisions throughout their lives Additionally, promoting a culture of financial literacy and responsibility among students enhances their long-term financial well-being and equips them to confidently navigate the complexities of today’s financial landscape.

Implementing tax-free contributions to student retirement accounts can motivate young individuals to begin saving for retirement early This policy promotes a focus on long-term financial planning, allowing students to benefit from the tax advantages linked to retirement savings.

Offering targeted grants for students saving for retirement can significantly enhance their financial security These grants could act as matching contributions to student retirement accounts, boosting their savings and promoting a culture of retirement preparedness among young adults.

The government should launch a comprehensive public education campaign to emphasize the significance of retirement planning By utilizing diverse media channels and educational programs, students will gain insights into the advantages of early retirement planning, explore various savings options, and learn practical strategies to secure their financial future in retirement.

Limitations and further research

Research on personal finance intentions for retirement planning in Ho Chi Minh City is limited, making our study both novel and incomplete Consequently, this dissertation contains several unavoidable gaps and errors.

The research was conducted on the Facebook platform, limiting the opportunity for direct surveys and hindering an in-depth analysis of the factors influencing college students' retirement plans Additionally, some respondents showed indifference while participating in the survey.

The study employs a non-probability sampling method, which is effective due to time constraints and the limited number of primary data sources However, this approach restricts the generalizability of the findings, as the sample size is relatively small (n = 315) and predominantly consists of respondents aged 18 to 22 from Ho Chi Minh City Consequently, the survey results exhibit significant differences and hold practical value primarily within this urban context When applied to other locations or age groups, the research outcomes may yield inaccuracies.

Finally, the model that the research team has docs not have moderating variables

In addition, the research time was limited and the survey was conducted for convenience instead of stratified probability, so the results were not representative.

To address the identified limitations, the research team plans to implement a more comprehensive sampling design with larger and more diverse samples, encompassing various age groups and geographical locations By integrating both online and offline survey methods, future studies will explore the impact of including participants from different countries and cultural backgrounds on the findings This approach aims to ensure a sufficiently large sample size that accurately represents the entire population, thereby enhancing the reliability of the research and improving the accuracy of correlation tests between variables.

To enhance financial planning for retirement, businesses should consider surveying individuals who have not previously thought about this crucial aspect By doing so, they can identify the need for more applications and platforms that facilitate saving and investing idle funds, ultimately helping people achieve a comfortable and leisurely life after retirement.

To enhance the clarity of our model and better illustrate the variability in the collected data, it is essential to explore additional moderating variables This research aims to uncover new theories and incorporate fresh factors and observational variables into the research model and measurement scale, aligning with contemporary development trends.

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The statistical data on higher education for the academic year 2021-2022, published by the Ministry of Education, provides valuable insights into the current state of universities in Vietnam This comprehensive report highlights key metrics and trends, enabling stakeholders to assess the educational landscape effectively For detailed information, please refer to the official document available at the Ministry of Education's website.

This conceptual review explores how individuals' attitudes towards retirement influence their saving intentions and retirement planning behaviors It highlights the significance of positive retirement perceptions in fostering proactive financial planning and saving strategies, ultimately impacting long-term financial security The findings underscore the need for targeted interventions to enhance retirement readiness by addressing attitudes and beliefs surrounding retirement For further details, refer to the full article available on the SHS Web of Conferences website.

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Psychologic al determinan is of retirement financial planning behavior

Mo wen' S3 M Theory of Motivati on and Personal iôy.

PLS-3 with Multi Group Analy sis

Attitude Toward Retirem ent Risk Tolerant , Future Time Pcrspect ivc

Our results reveal a positive association of future time perspective, retirement goal clarity, and social group support with retirement planning behavior, which are moderated by financial literacy

Future time perspective and retirement goal clarity also play mediating roles Our study has implications for financial planning professionals, advisors, and consumers

Item Rcspons c Theory a short surve y> phân tích định lượng

Rcrcmc nt financial behavior , Fact based financial literacy

Financial investment literacy plays a crucial role in three key stages of retirement behavior: planning, saving, and investment management Enhancing financial literacy is essential across various phases of an individual's life cycle, as it significantly influences retirement readiness and decision-making.

Khúc The Anh, Phùng Thanh Quang,

Lý thuyết về dãn tri tài chinh (financia

1 literacy) và Lý thuyết hãnh vi

497), docu mente d in the servic c profit chain model

Thái độ, Chuẩn chú quan.

Nhận thức kiêm soát, Tính chu động.

Chief khấu thời gian, Dàn tri tải chính

Giới tinh Ý định thực hiện FIRE (FIRE = financial independen ce - retire early )

Một trong nhũng đóng góp cùa nghiên cứu là phát hiện ra nhân tố có ánh hương tới ý định thực hiện FIRE cua thề hệ

Thế hệ Millennials tại Việt Nam thể hiện những đặc điểm nổi bật về thái độ, chuẩn mực xã hội và nhận thức kiểm soát hành vi Đặc biệt, yếu tố tinh chiết khấu thời gian có ảnh hưởng mạnh mẽ đến cách họ quản lý cuộc sống và tài chính Nghiên cứu cho thấy rằng sự hiểu biết về tri thức tài chính cũng là một yếu tố quan trọng trong việc định hình hành vi tiêu dùng của nhóm này.

(the theory of planned behavior -TPB) trong V định thực hiện FIRE

Early retirement as a privilege for the rich? A comparativ e analysis of

Our results show that all three financial resources contribute to early retirement and that the direction of the effect is consistent in the two countries

A high labor income decreases the likelihood of early retirement, indicating a positive substitution effect Conversely, significant pension entitlements increase the chances of early retirement, reflecting an income effect.

MmteM applies to post-retirement income (and partly also to wealth).

Jamal, Caroline Gcctha, Lim Thien Sang and Mohd.

370 users the expect ation- confir matio n model (ECM ). infor matio n

The findings indicate a significant positive correlation between retirement planning and retirement planning behavior This outcome is expected, as effective retirement planning enhances both actual and anticipated satisfaction during retirement, ultimately contributing to a secure lifestyle in later years (Lai et al., 2009).

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