Consumer Attitudes Towards Private Retirement Scheme in Malaysia: Preliminary Evidence

This study examines the preliminary evidence of consumer attitudes towards the products offered by Malaysia's Private Retirement Scheme (PRS), emphasizing the influence of social, marketing, and personal aspects by using demographic factors such as government support, age, and income. This study employed a survey questionnaire with the working Malaysians in Klang Valley and only 54 respondents were tested for preliminary analysis. The findings demonstrate that (1) social, marketing and personal aspects have mediating effects on consumer attitudes towards PRS products; (2) government support, age, and income have moderating effects on PRS products in Malaysia. The results showed that they have a mediating influence on consumer attitudes and the roles of moderating effects on PRS products in Malaysia for this study, expanding the structure of the theory of planned behavior. The study's originality is that the government is advised to promote alternative retirement funding via PRS, should offer additional incentives, and should raise public awareness of the significance of having enough money to pay for one's retirement years.