Date:

Dear Participant,

Survey on The Factors Influencing Retirement Planning among Millennial and Non-
Millennial Professionals

My name is ___________________ and I am an Accounting student at Universiti Tunku Abdul

Rahman. For my assignment (UKFB 3143 Personal Financial Planning and Management), I
am conducting a survey on the factors influencing retirement planning among millennial and
non-Millennial professionals in private sectors.

There are no risks in participating in this research beyond those experienced in everyday life.
You might learn more about your retirement planning needs in this study. This information
could help me to develop a retirement plan for you. It will take about 30 minutes to complete
the survey. Your participation in this research is strictly private and confidential. The data will
be stored and secured at the university. In the event of publication or presentation resulting
from the research, no personally or organization-specific identifiable information will be shared.
Your decision to be in this research is voluntary. You can stop at any time. You do not have
to answer questions which you do not want to answer. Refusal to take part in or withdrawing
from this study will involve no penalty or loss of benefits you would receive otherwise.
Completion and return of the questionnaire will indicate your willingness to participate in this
study. If you require additional information or have questions, please contact me at the number
listed below.

Thank you for taking the time to assist me in my study.

Sincerely,

_____________________________________
Student’s Name:
Student Phone Number and/or e-mail address:
Instructor’s Name: Tan Kok Eng, Jesslyn
Instructor’s e-mail: tanke@utar.edu.my
 Survey of Retirement Planning

Section A: Demographic

1. Gender: ▢ Male ▢ Female

2. Ethnic: ▢ Malay ▢ Chinese ▢ Indian ▢ Others
3. Age: ▢ < 24 ▢ 24-39 ▢ 40-60 ▢ >60
4. Marital status: ▢ Single ▢ Married ▢ Divorce ▢ Widowed
5. No. of children (skip if Marital status is single): ▢ 1 ▢2 ▢3 ▢4 ▢ >4
6. Education level: ▢ Undergraduate ▢ Postgraduate ▢ Professional ▢ Other:__________
7. Occupation:________________________
8. Expected retirement age: __________

Section B: Financial Status

1. Household income: ▢ <4000 ▢ 4000-5000 ▢ 5001-6000
▢ 6001-7000 ▢ 7001-8000 ▢ 8001-9000
▢ 9001-10000 ▢ 10001-11000 ▢ 11001-12000
▢ 12001-13000 ▢ 14001-15000 ▢ >15000
2. Household expenditure: ▢ <4000 ▢ 4001-5000 ▢ 5001-6000
▢ 6001-7000 ▢ 7001-8000 ▢ 8001-9000
▢ 9001-10000 ▢ >10001
3. Home ownership: ▢ Owned ▢ Belongs to family ▢ Renting ▢ Others:__________
4. Types of loan: ▢ Housing ▢ Vehicle ▢ Personal ▢ Business ▢ Education
▢ Credit card ▢ Investment ▢ Others:________________
6. Asset to debt ratio: ▢ Asset < Liability ▢ Asset = Liability ▢ Asset > Liability
5. Insurance Coverage: ▢ Life ▢ Health ▢ Investment link insurance ▢ Others:_______
6. Types of investment: ▢ Cash/bank Saving (FD) ▢ Mutual fund ▢ Bond
▢Shares/Equity ▢ Real Estate ▢ Others: ______________
7. Risk tolerance: ▢ Absolute security ▢ Minimal risk ▢ Low to moderate risk
▢ Balanced ▢ Speculative ▢ Aggressive
8. Types of Retirement Plan: ▢ EPF ▢ PRS ▢ Others: ____________________________
9. Percentage of Retirement Plan Investment on Total Income: ______________________
Section C: Retirement Needs
Estimate How Much You Will Need
1. Any payment for children higher education?
▢ No
▢ Yes (Please specify estimated amount): ________________________________________
2. Is anyone financial dependent on you?
▢ No
▢ Yes (Please specify estimated amount): ________________________________________
3. Capital or resources needed for a new career/ new business.
▢ No
▢ Yes (Please specify estimated amount): ________________________________________
4. The cost of financial loan obligations (loan settlement)
▢ No
▢ Yes (Please specify estimated amount): ________________________________________

Estimate Income at Retirement

1. Estimated income at retirement (Optional):
▢ EPF (Please specify estimated amount): _____________________________________
▢ Others Retirement Plan (Please specify estimated amount): ______________________
▢ Others income (Please specify estimated amount): _____________________________

2. What is your minimum expected monthly income required after retirement?

▢ <4000 ▢ 4001-5000 ▢ 5001-6000
▢ 6001-7000 ▢ 7001-8000 ▢ 8001-9000
▢ 9001-10000 ▢ >10000 (Please specify expected amount): ______________
Section D: Factors
Please indicate your level of agreement or disagreement of the following statements:
Goal Clarity
No. Statement Strongly Disagree Neutral Agree Strongly
disagree agree

1 I set specific goals for how 1 2 3 4 5

much will I need to save for
retirement

2 I think a great deal about 1 2 3 4 5

quality for life in retirement

3 I have a clear vision of how 1 2 3 4 5

life will be in retirement

4 I set clear goals for gaining 1 2 3 4 5

information about retirement

5 I discussed retirement plans 1 2 3 4 5

with spouse, friends or
significant other

Attitude toward retirement

No Statement Strongly Disagree Neutral Agree Strongly
disagree agree

1 Retirement enables me to 1 2 3 4 5
pursue my unfulfilled dreams

2 I look forward to retirement. 1 2 3 4 5

3 I am worried about my life 1 2 3 4 5

after retirement.

4 Retirement makes me feel 1 2 3 4 5

useless

Retirement Planning Literacy

No Statement Strongly Disagree Neutral Agree Strongly
disagree agree

1 I tried hard to get information 1 2 3 4 5

about retirement.

2 Financial planning information is

readily available.

(a) I am very knowledgeable about 1 2 3 4 5

financial planning for retirement.

(b) I am very confident in my ability 1 2 3 4 5

to do retirement planning.
 (c) When I have a need for financial 1 2 3 4 5
services, I know exactly where
to obtain information on what to
do.

(d) I am knowledgeable about how 1 2 3 4 5

EPF/ Social Security works.

(e) I am knowledgeable about how 1 2 3 4 5

private investment plans work.

3 I have been getting professional 1 2 3 4 5

advice in financial planning
during retirement

Financial Behaviour
No Statement Strongly Disagree Neutral Agree Strongly
disagree agree

1 I spend my money very 1 2 3 4 5

carefully.

2 I budget my money very 1 2 3 4 5

well.

3 I have savings & 1 2 3 4 5

investments adequate for
needs.

4 I never worries about debt. 1 2 3 4 5

5 I have a cash reserve in 1 2 3 4 5

case of an emergency.

Retirement Planning Behaviour

No Statement Strongly Disagree Neutral Agree Strongly
disagree agree

1 I am concerned about the state 1 2 3 4 5

of my financial preparation for
my retirement.

2 I am confident that I will have a 1 2 3 4 5

decent standard of living in my
retirement.

3 At present, I rate my financial 1 2 3 4 5

preparation for retirement is
good.

4 I expect my standard of living in 1 2 3 4 5

retirement will decrease.
 5 I am not confident that I could 1 2 3 4 5
work out what my expected
income and expenditure would
be in retirement.

Financial Strain
No Statement Strongly Disagree Neutral Agree Strongly
disagree agree

1 Giving a gift for a wedding, 1 2 3 4 5

birthday
or other occasion would put a
strain on my finances for the
month

2 I have money left over at the 1 2 3 4 5

end of the month

3 I am behind with my finances 1 2 3 4 5

4 My finances control my life 1 2 3 4 5

Financial Well-being
No Statement Strongly Disagree Neutral Agree Strongly
disagree agree

1 I could handle a major 1 2 3 4 5

unexpected expense

2 I am securing my financial 1 2 3 4 5
future

3 Because of my money 1 2 3 4 5
situation, I feel like I will never
have the things I want in life

4 I can enjoy life because of the 1 2 3 4 5

way I’m managing my money

5 I am just getting by financially 1 2 3 4 5

6 I am concerned the at the 1 2 3 4 5

money I have or will save won’t
last
Attitude to Risk
No Statement Strongly Disagree Neutral Agree Strongly
disagree agree

1 I regularly set money aside for 1 2 3 4 5

possible unexpected expenses.

2 I adequately insure my personal 1 2 3 4 5

property (such as home,
furnishings, or other personal
possessions).

3 Each year I review the 1 2 3 4 5

adequacy of the insurance
coverage I have.

4 I have trouble meeting monthly 1 2 3 4 5

health care expenses, including
premiums for health insurance.

Thank you for completing this survey.