The Role of Future Time Perspective, Attitude Towards Retirement, and Risk Tolerance Towards Financial Planning Behaviour Among Malaysians: A Quantitative Research Based in Malaysia

Amid global economic challenges, as individuals and families contend with sustaining their living standards, the significance of financial planning has surged. Hence, exploring the financial planning behaviours of Malaysians is a relevant research topic that merits investigation from various perspectives. The aim of this research is to examine how these three factors, namely future time perspective, attitude towards retirement, and risk tolerance are correlated with the financial planning behaviour of working adults in Malaysia. Employing a quantitative approach, a total of 189 respondents from the Klang Valley were selected. Data in this study were obtained by utilizing questionnaire-based surveys in a cross-sectional study, analysed using SmartPLS 4 software. This study discovered that there is a significant positive relationship between attitude towards retirement and financial planning behaviour among Malaysians, suggesting that Malaysians who have a positive attitude towards retirement tend to engage in financial planning endeavours. However, in this study, future time perspective and risk tolerance were not found to be significant predictors of financial planning behaviour. The implications, which resonate with Malaysian financial planners and policymakers, highlight the necessity of encouraging Malaysians to adopt positive retirement attitudes for increased financial planning engagement.