Mediating factors in retirement savings and well-being : a focused study on Sarawak

This study aims to examine the factors that influence societal savings habits and pre-retirement well-being. Triggered by the global trend of low personal interest rates, it seeks to illuminate how preparedness for retirement affects the overall quality of life and societal well-being. More specifically, the study pursues three (3) main objectives: 1) to identify the socio-demographic and behavioural elements that shape societal savings habits; 2) to determine the factors that affect individuals' propensity to save; and 3) to assess the impact of savings behaviours on pre-retirement well-being, focusing on aspects such as happiness, prosperity, health, comfort, and security. We used the Partial Least Squares Structural Equation Model (PLS-SEM) with SMART-PLS to analyse these relationships. The results illustrate significant correlations among financial literacy, savings habits, financial risk tolerance, future time perspectives, retirement savings, and retirement well-being. These findings bolster the study's conclusions, which are further supported by active survey participation. The research presented in this paper examines the critical intersection of retirement savings, individual well-being, and savings habits. In an era marked by economic uncertainty, understanding how savings habits impact long-term financial security and overall quality of life is of paramount importance. Our study delves into the complex dynamics that influence retirement saving decisions and their implications for individuals, families, and society as a whole. By exploring the relationship between savings habits and well-being indicators such as financial stress, mental health, and overall life satisfaction, we aim to provide insights that can inform policy interventions and financial literacy initiatives. The findings of this research have significant implications for public policy, financial institutions, employers, and individuals alike. By identifying barriers to effective retirement saving and highlighting strategies to promote greater financial resilience, we hope to contribute to the development of policies and programs that support retirement security for all segments of the population. Thank you for considering the public interest implications of our research and for your support in advancing our collective efforts to promote financial well-being and retirement