Abstract
M.Com. (Financial Management)
The purpose of this study is to add to the body of literature in the field of retirement
savings by examining different aspects that may influence an individual’s propensity
to save towards their retirement. This study provided a unique view of the factors
affecting retirement savings by comparing those factors associated with three
retirement savings groups, namely, (1) voluntary retirement savings, (2) compulsory
retirement savings and (3) no retirement savings. The factors that were investigated
in this study were financial knowledge, financial behaviour, financial attitude, gender,
ethnicity, age, marital status and education level. Four hypotheses were put forward
to explore the relationship between financial knowledge, financial behaviour, financial
attitude, demographics and retirement savings. With the exception of the association
of financial attitude, as compared between voluntary retirement savings and
compulsory retirement savings, the findings of this study agree with the conceptual
model that was proposed. The differences in the three retirement savings outcome
levels were an important outcome of this study.