Managing money and retirement planning: Academics perspectives

• Published in: Pensions
• Main Author: Lai M.-M.; Lai M.-L.; Lau S.-H.
• Format: Article
• Language: English
• Published: 2009
• Online Access: https://www.scopus.com/inward/record.uri?eid=2-s2.0-70749095847&doi=10.1057%2fpm.2009.14&partnerID=40&md5=eddc090dd5d17c77ee78bf3cfada4120

This paper examines money attitudes and associated retirement issues of academics in higher education in Malaysia. Systematic random sampling was used in selecting the target respondents. A questionnaire was personally administered on 458 academics in 16 universities in Malaysia. The survey found that academics exhibited positive attitudes toward money, and income appears to be the prime motivator. Consistent with the findings of prior studies, position, age and educational levels were strong indicators of an academic's annual income. The survey found that female academics and those from public universities had more positive attitudes towards retirement. In retirement planning, the respondents considered the availability of other income after retirement the most important factor, while payment for children's education was the key potential conflict area. The findings provide important insights for the top management of higher education of the necessity of pre-retirement counseling and assistance to ease the passage to retirement for academics. © 2009 Palgrave Macmillan.