Insurance-Risk Management-InsuranceNewsNet

2022 JUN 15 (NewsRx) — By a News Reporter Staff News Editor at Insurance Daily News — Investigators publish new report on risk management. According to news reporting originating from Kuala Lumpur, Malaysiaby NewsRx correspondents, research stated, “The life expectancy rate of worldwide individuals has risen, and Saudi Arabia is not excluded. Rising long-life expectancy may jeopardize employees’ pensions and reduce the chances of adequate earnings and a decent life after retirement.”

The news editors obtained a quote from the research from University of Malaya: “Moreover, the number of employees, who have paid into pension funds and are now retired, has increased, indicating that pension funds are expected to decrease. Apart from the above, the level of financial literacy in Saudi Arabia what substandard. Therefore, the ultimate objective of this research is to examine the measurable factors that could impact employees in their financial planning for retirement (FPR). These factors comprise the employee’s financial literacy (FL), financial risk tolerance (FRT), and cultural factors based on the CWO model. Moreover, this study aims to investigate the mediating roles of culture in their relationship with financial planning for retirement. Primary data was collected during the COVID-19 pandemic from mid-July 2020 until the end of Jan 2021 using a non-probability convenience sampling approach involving 525 participants. The Structural Equation Modeling (SEM) technique was used to analyze the data. To determine the type of study variables, either a formative or reflective model of Confirmatory Tetrad Analysis (CTA-PLS) was used. The results show the significant influence of basic FL, FRT, and culture on FPR.”

According to the news editors, the research concluded: “Moreover, it shows the critical role of culture among those with advanced FL and FRT. Previous studies have examined FL and FRT in FPR without considering the effect of culture as a mediator.”

For more information on this research see: Financial Planning for Retirement: The Mediating Role of Culture. risk, 2022,10(104):104. (Risks – The publisher for Risks is MDPI AG.

A free version of this journal article is available at

Our news journalists report that additional information may be obtained by contacting Ahmad Ghadwan, Department of FinanceFaculty of Business and Economics, University of Malaya in Kuala Lumpur, Kuala Lumpur 50603, Malaysia. Additional authors for this research include Wan Marhaini Wan Ahmad, Mohamed Hisham Hanifa.

(Our reports deliver fact-based news of research and discoveries from around the world.)

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