The retirement confidence of individuals tend to be higher than others as they

calculate their retirement fund needs and thus had more savings than others ,
according to Kim, Kwon and Anderson (2004). The level of confidence increases
with higher household income provided their health being in good condition as
well. According to Power & Hira (2004), working individuals who received
workplace financial education have more confidence towards retirement
planning.
In order to adjust with the retirement plan, many retirees faced difficulties and
hence they neglected retirement planning, according to Earl and Wong (2009). In
the findings, the result suggests that only individuals: demographic and health,
and organizational: conditions of workforce exit influences predict a better
retirement planning. Psychosocial: work centrality influences have no significant
impact on retirement planning behaviour in an integrated model.
Planners accumulate more wealth than non-planners through savings,
investments, probability of selling house to finance retirement and others
according to the results shown by Lusardi and Mitchell (2007). According to Jo &
Powell (2002), younger people having higher level of education reported a higher
retirement confidence indicating that the younger generation have an early
retirement planning.
Academics exhibited positive attitude toward money and income considered to
be the prime motivator in a survey conducted by Lai Lai and Lou (2009) showing
there is a significant difference between teaching position, education and age
across the annual income levels from academics perspective.
Marital status, health status, level of education, whether the individual was
forced to retire, and pre-retirement occupation as well as the retirement planning
have an impact on the level of the retirement satisfaction. According to Elder &
Rudolph (1999) planning activities imply a higher likelihood of satisfaction even
for those whose retirement decisions were not made voluntarily.
When it comes to understanding individuals retirement saving practices (JacobsLawson & Hershey, 2005), future time perspective, financial knowledge, and
financial risk tolerance are important variables. Retirement goal clarity is a
significant predictor of planning practices, and planning, in turn to predict
savings tendencies as indicated by Stawski, Hershey and Jacobs-Lawson (2007).
Income and age were the important elements of the model with income
accounting for roughly half of the explained variance in savings contributions
were found in the above study.
Participants have a fairly good understanding of the basic mechanics of the plan
but possess lack of knowledge to differentiate among the numerous investment
options, was found in a study conducted by Dvorak and Hanley (2010). Finally,
we conclude that education is perhaps the most significant determinant of
financial literacy.