Does Financial Literacy Mediate, Future Perspective, and Risk Tolerance on Retirement Saving Behavior.

Henny Sulistianingsih(1*), Maivalinda Maivalinda(2), Rita Srihasnita(3), Rifaldo Zetri(4), Rachyta Rismanda(5),

(1) Universitas Dharma Andalas
(2) Universitas Dharma Andalas
(3) Universitas Dharma Andalas
(4) Universitas Dharma Andalas
(5) Universitas Dharma Andalas
(*) Corresponding Author

Abstract


The purpose of this study was to test the effect of financial literacy, future perspective, significant risk tolerance on retirement saving behavior. And to test the financial literacy variables mediating future perspective and risk tolerance on retirement saving behavior for the community. The type of quantitative descriptive research, causal design is useful for measuring the relationship between research variables or is useful for analyzing how one variable affects another variable. The population in this study were all people in Padang. The sampling technique was done by random sampling. The data used were primary data, measurements with a Likert scale. The data processing technique used the SEM method based on Partial Least Square (PLS.). The results of this study stated that financial literacy had a significant positive effect on retirement savings behavior. Future perspective had a significant positive effect on financial literacy and retirement savings behavior. The risk tolerance variable had a significant positive effect on financial literacy. Conversely, risk tolerance did not affect retirement savings behavior. Financial literacy as a mediating variable, future perspective and risk tolerance did not affect their retirement savings planning.


Keywords


Financial Literacy, Future Perspective, Risk Tolerance, Retirement Savings Behavior.

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DOI: http://dx.doi.org/10.33019/ijbe.v9i1.1093

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Integrated Journal of Business and Economics is licensed under a Creative Commons Attribution 4.0 International License.