The Applicability of the Theory of Reasoned Action in Predicting the Intention to Save for Retirement

  • Haneffa Muchlis GazaliEmail author
  • Syed Musa Syed Jaafar Alhabshi
  • Adewale Abideen Adeyemi


The unprecedented increase in life expectancy, as well as demographic changes over the last couple of decades, will intensify the need for adequate post-retirement saving. This paper aims to examine the factors that influence the intention to save for retirement. The theory of reasoned action (TRA) has been extended by including two additional variables––personal financial planning and religiosity to predict the intention to save for retirement. This cross-sectional study has collected and analysed data obtained from a self-administered questionnaire survey of 824 employees in Malaysia, while the SPSS package was used to analyse the data. The results suggest that TRA strongly predicts the intention to save for retirement. The study also found that personal financial planning is a significant predictor of retirement saving intention, while religiosity does not influence the intention for retirement planning saving and planning among employees in Malaysia. This study will contribute to the current literature by providing insights on retirement saving behaviour among Malaysian employees.


Retirement savings TRA Malaysia Personal financial planning Religiosity 


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Copyright information

© Springer Nature Singapore Pte Ltd. 2019

Authors and Affiliations

  • Haneffa Muchlis Gazali
    • 1
    Email author
  • Syed Musa Syed Jaafar Alhabshi
    • 2
  • Adewale Abideen Adeyemi
    • 2
  1. 1.Labuan Faculty of International FinanceUniversiti Malaysia Sabah Labuan International CampusLabuan FTMalaysia
  2. 2.IIUM Institute of Islamic Banking and FinanceIIUMKuala LumpurMalaysia

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