A conceptual framework of the retirement savings decisions among the B40 groups in Malaysia.

Individuals must begin saving money early to meet their future personal and household needs. It is important to focus on savings as soon as possible to achieve a healthy and stable economy after retirement. Retirement expectations can be unrealistic since many believe retirement is still a long way off. Insufficient money made it difficult for people, particularly B40 groups in Malaysia, to continue their monthly savings due to a restricted budget in the face of rising living costs. The majority of the B40 group in Malaysia are struggling with the issue of not having enough money to support the desired lifestyle after retirement, and this issue has deteriorated over time. This concept paper proposes financial literacy, future expectations, self-awareness, social influence, and financial management as predictive factors for the B40 group to plan for their retirement savings, applying the Theory of Planned Behavior (TPB) and supported by prior studies. Due to this interest, this paper proposes a conceptual framework for the factors affecting the retirement decisions of B40 groups in Malaysia. The suggested framework could benefit all, especially B40 groups, in term of how they prepare themselves for retirement life. Related organizations can use the proposed model to encourage early retirement savings among Malaysians, especially the B40 group. [ABSTRACT FROM AUTHOR]