Financial Planning Literacy Among Retirees: Issues and Challenges

Abstract

Indeed, financial literacy is key in ensuring personal and family economic stability. In fact, financial literacy is a highly useful skill especially in making financial plans. Weakness in financial literacy commonly leads to an increase in bankruptcy cases as well as cases of money lending from parties not recognized by the government. Besides, financial planning failure also results in many retirees having insufficient funds in order to meet their financial needs during retirement. Therefore, the objective of this study is to identify issues and challenges surrounding financial planning literacy for retirement among retirees in Malaysia. This study uses a qualitative method with a focus group discussion (FGD) approach. Meanwhile, data for the study was obtained immediately using the Nominal Group Technique (NGT) research design where the findings were listed according to the hierarchical order of views received from the informants. Findings of this study offer fresh insights of the state of financial planning literacy for retirement among retirees in Malaysia.