Journal of General Management Research Vol. 8, Issue 1, July 2021, pp.

12-23

JOURNAL OF
GENERAL MANAGEMENT RESEARCH

FINANCIAL BEHAVIOUR AND RETIREMENT

PLANNING: MODERATING ROLE OF FINANCIAL
KNOWLEDGE

Abstract
Financial literacy is an important determinant of
retirement planning. It deals with knowledge of
financial products, financial concepts including the
ability to apply mathematical skills for financial
Dr. Chandan Kumar Tiwari* decision-making. In the past, studies are majorly
conducted in the area of financial literacy and
Dr. Prashant Dev Yadav**
retirement planning, however, limited studies have
Mr. Chintan Vadgama***
been conducted empirically analyzing the role of
financial knowledge, financial attitude, behavior
taken together, and their impact on retirement
*Department of Business Studies, University of planning. In this paper, we have investigated the
Technology and Applied Sciences, Muscat, relationship between financial attitude, behaviour,
Oman and retirement planning in the context of an
**Symbiosis Centre for Management Studies, emerging economy like India. Further, we study the
NOIDA, Symbiosis International (Deemed mediation effect of financial behaviour and the
University), Pune, India moderation effect of financial knowledge on
***Emirates Institute for Banking and Financial financial attitude and retirement planning. With the
Studies, Abu Dhabi, UAE help of Structural Equation Modelling, we analysed
and found that financial behaviour and retirement
planning are significantly and positively related.

Key Words: Financial Knowledge, Financial

Literacy, Financial Behaviour, Financial Attitude,
Retirement Planning

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INTRODUCTION planning leads to better and healthy life post-

A
retirement. Those who save for retirement maintain a
ll of us should save for future needs. This higher standard of living and are satisfied with life
becomes more significant in the absence of (Noone et al., 2013). The literature further explains
post-retirement benefits in developing that some psychological activities and economic
economies like India. Retirement planning is important theories affect planning for retirement (Taylor &
for wealth creation. This necessitates planning and Doverspike, 2003; Noone et al., 2010). As an
saving early (Bongini & Cucinelli, 2019). Financial example, as per life cycle theory, planning finances
knowledge, several behavioural and socio-economic leads to a higher standard of living which in turn
traits affect the retirement planning of individuals. results in better psychological and physical health.
Poor planning for retirement is the result of poor (Rosenkoetter & Garris, 2001; Stephens et al., 2011).
financial understanding. To support this statement Thus, financial planning is an important aspect to live
prior studies, suggest that individuals are illiterate and a quality life post-retirement, and key determinants of
unskilled to take a responsible financial decision financial literacy namely financial behavior, attitude
(Bernheim & Garrett 2003; Lusardi, 2005, 2010 & and knowledge affect retirement planning.
2011).
The structure of the paper is as follows. Section 1
Financial literacy is an important determinant of outlines the brief introduction to the topic and the
retirement planning (Lusardi & Mitchell,2011; Kumar variables covered namely financial knowledge,
et al., 2019,). Financial Literacy deals with knowledge financial attitude, financial behavior, and retirement
of financial products; financial concepts including the planning. Section 2 deals with review of literature,
ability to apply mathematical skills for financial identification of research, and hypothesis development
decision-making (Hastings et al., 2013). Financial Section 3 presents the research design including data
knowledge, financial attitude, and financial behavior collection method, section 4 covers applying
are important dimensions of financial literacy measurement model, analyzing data, and hypothesis
(Atkinson & Messy 2012; OECD 2013). It can thus be testing, section 5 deals with the discussion and
stated that financial knowledge is a significant practical implications of the study followed by
determinant of financial literacy. Financial knowledge concluding remarks.
is the ability to apply knowledge for one’s own
financial welfare (Mudzingiri et al., 2018). Financial LITERATURE REVIEW AND
attitude deals with the perception about money and an HYPOTHESIS DEVELOPMENT
individual’s attitude describing one’s behavior in
financial matters (Taneja, 2012). Behavioural Around the world, several studies have supported the
economists believe that financial knowledge is related positive relationship between financial literacy and
to the financial attitude which can further impact retirement planning. Prior studies proved that higher
financial behaviour (Koropp, Kellermanns, Grichnik, financial literacy facilitates sound financial decision-
& Stanley, 2014, Pal et al., 2021). An individual with making. Further, individuals with sound financial
sound financial knowledge and attitude can develop knowledge show higher retirement confidence
well-being and better financial planning for his family. (Lusardi & Mitchell, 2007), have higher participation
in the share market (Yoong, 2010), and tend to have
Financial planning often involves planning for better asset accumulation (Stango & Zinman, 2009;
retirement. Existing literature suggests that retirement
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Hilgert et al., 2003). Besides financial knowledge, an India. Further, we study the mediation effect of
individual’s psychology and behaviour have an impact financial behaviour and the moderation effect of
on financial decision making. Financial distress is financial knowledge on the relationship between
caused among individuals based on their attitude financial attitude and retirement planning.
towards money and debt (Lea et al., 1995). This
Hypothesis Development
necessitates understanding the role of financial attitude
while planning for retirement. The financial behaviour of an individual refers to the
ability to budget, plan and control the requirements of
The financial attitude of an individual may determine
funds for regular and future needs. Pankow (2012)
his or her financial behaviour. Attitudes also determine
defines financial attitude as a state of mind, opinion,
the decision-making process of a consumer (Zhang &
and judgment of a person about finances. There have
Kim, 2013). Attitude towards money management is
been some studies conducted on financial behaviour
dependent on childhood experience including socio-
and financial attitude. Previous literature suggests that
economic factors (Taneja, 2012). A financial attitude
financial attitude partially affects financial behaviour
is one’s perception of money. The attitude further
(Amanah et al., 2016). Further, there exists positive
delineates an individual’s behaviour in financial
relationship between financial attitude and financial
matters. So, the demographic characteristics of an
behaviour (Herdjiono & Darmanik, 2016; Mien &
individual affect the financial attitude and thus
Thao, 2015).
financial planning. Literature suggests that financial
knowledge and behaviour are positively related On the contrary, there are some researches that show
(Hilgert et al., 2003). Some evidence, however no relationship between these variables. One such
indicates that improved financial knowledge does not study carried by Novita & Maharani (2016) argues that
automatically result in improved behaviour financial attitude and financial behavior are not
(Braunstein & Welch, 2002). Also, financial decisions related. Based on the literature review we found gaps
of parents significantly influence the financial literacy and therefore the following hypothesis is developed.
levels. Also, those with higher financial knowledge
H1: Financial Attitude (FA) has a significant positive
possess a positive attitude and behaviour towards
impact on Financial Behaviour (FB)
money management (Jorgenson, 2007). The study
further supported that financial literacy is determined The financial knowledge for retirement planning is to
by the attitude and behaviour of individuals towards cope up with the increasing cost of living and making
financial matters. prudent financial decisions to manage income once an
individual retires. Financial knowledge along with
Research Gap
attitude shapes the financial behavior of individuals.
Although most of the studies are conducted in the area Reading articles, attending seminars and workshops,
of financial literacy and retirement planning, however, and using available digital resources can lead to
limited studies have been conducted empirically change in retirement planning behaviour (Gough &
analyzing the role of important variables of financial Niza, 2011; Tiwari et al., 2020). Parents at home,
literacy called financial knowledge, financial attitude, friends and colleagues influence the financial planning
behaviour, and their impact on retirement planning. behavior of an individual.
We have filled this gap by understanding the link
H2: Financial Behaviour (FB) has a significant
between financial attitude, behaviour, and retirement
positive impact on Retirement Planning (RP).
planning in the context of an emerging economy like
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The need for retirement income is different for Financial knowledge is the knowledge of personal
different people. There are various demographic finance which leads to behaviour on finance-related
factors including age, gender, occupation, education, matters (Garman & Forgue, 2006). Financial attitudes
income which affect the retirement planning of have positive relations with financial behaviours
individuals (Folk et al., 2012; Ng et al., 2011; (Parrotta & Johnson, 1998). Similarly, individuals with
Denaeghel et al., 2011) along with certain positive financial attitudes do well with money-related
psychological factors (Hershey et al., 2007). matters (Joo & Grable, 2004). Therefore, the
relationship between financial knowledge and its effect
Hanna & Lindamood (2010) stated that some financial
on attitude and retirement planning is proposed.
advice and counseling from financial advisors can lead
people to plan, minimize losses in financial decision H5: Financial Knowledge (FK) moderates the
making and create wealth. Financial attitude is related relationship between Financial Attitude (FA) and
to financial decision-making in terms of retirement Retirement Planning (RP).
planning. People are very careful when selecting a
possible decision where they can have some profit, but RESEARCH METHODS
when it comes to a situation of a loss, irrespective of Research Design
their education they may take a risky decision (Zeng,
2013). This was a survey-based study where respondents
were selected from the National Capital Territory
H3: Financial Attitude (FA) has a significant positive (NCT) of Delhi based on convenience sampling. A
impact on Retirement Planning (RP). self-administered questionnaire was used for the
Mediating Effect collection of responses. The questionnaire was created
in English. This questionnaire was distributed to those
Financial behaviour is a major determinant of financial respondents who were of at least 18 years of age. It
literacy which leads to better financial attitude was distributed among 1200 respondents out of which
(Fernandes et al., 2014). One study suggests financial 510 questionnaires were received. Finally, 475
attitude and behaviour of credit card holders are responses were remained for the analysis after
positively correlated (Chien & Devaney, 2001). removing incomplete responses and outliers.
Another study conducted by Batty (2015) found a
positive change in financial attitude and further change Sample Profile
in financial behaviour a year later as a result of The sample comprises 59.1 percent male and 40.9
financial education. Financial attitude, behavior and percent females. The respondent’s average age was
knowledge are the key dimensions of financial 38.9 years with 9.7 years of standard deviation. The
literacy. Attitude is a perception whereas behavior educational background of the respondents indicated
leads to action. Positive attitude may shape positive that 11.3 percent of the respondents didn’t attend any
behavior towards money which may in turn affects school, 4.6 percent studied till high-school (X
financial planning in the long run. Therefore, the standard), 7.7 percent studied till intermediate level
following hypothesis is developed. (XII standard), 37 percent were educated till
H4: Financial Behaviour (FB) mediates the graduation level, 30.4 percent were educated till post-
relationship between Financial Attitude (FA) and graduation level and 9 percent were Ph.D. The annual
Retirement Planning (RP). income of the majority i.e., 58.9 percent respondents
was less than Rs. 1,00,000, 23.3 percent having annual
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income between Rs.1,00,000 and 10,00,000, and 17.8 will have sufficient income to ensure the standard of
percent respondents having more than Rs. 10,00,000 of living I need during retirement”. The responses were
annual income. collected using anchor points as 1 strongly disagree
and 5 strongly agree of Likert-type question format.
The existing scales have been considered to adapt the
The adapted scales were examined for content and face
constructs for the study from the behavioural finance
validity in the context of the present study for all the
literature. To measure financial attitude 7 items were
constructs. The panel of respondents for examining the
used that were adapted Potrich et al., (2015). The
face and content validity comprises 10 participants, 4
sample items include “It is important to set financial
professors of behavioral finance, 3 common citizens,
goals for the future” and “I believe the way I manage
and 3 management students.
my money will affect my future”. The 7 items were
used to measure financial behaviour that were adapted ANALYSIS AND RESULTS
from Potrich et al., (2015). The adapted items are “I
save money for future” and “I pay my bills on time”. 6 Normality
items were used to measure retirement planning which For the univariate and multivariate normality,
were adapted from Kimiyaghalam et al., (2017), skewness-kurtosis approach was used (Hair et al.,
sample items being “I invest some money in 2010) and the statistical values were found under the
pension/provident fund” and “By the time I retire, I cut-off point of 3, and below 8 respectively.

Table 1: Assessment of Normality

Mean Std. Deviation Skewness Kurtosis
FB1 2.36 1.336 0.453 -1.063
FB2 2.32 1.238 0.750 -0.368
FB3 2.15 1.417 0.662 -1.220
FB4 2.18 1.357 0.549 -1.358
FB5 2.64 1.255 0.728 -0.572
FA1 2.56 1.538 1.061 -0.105
FA2 2.11 1.300 0.816 -0.579
FA3 2.37 1.220 0.659 -0.372
FA4 2.32 1.226 0.621 -0.585
RP1 2.65 1.155 0.893 -0.107
RP2 2.36 1.296 0.735 -0.449
RP3 2.22 1.381 0.795 -0.722
RP4 2.35 1.317 0.610 -0.709
RP5 2.49 1.293 0.583 -0.651
Note: Three items of FB, two items of FA and one item of RP has been removed based on
standard deviation and kurtosis value.

Source: Author’s Calculations

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Structural Equation Modeling deviation, kurtosis, and item reliability (Bagozzi & Yi,
1988; Dawes, 2008). The 14-items scale that
The statistical inference has been drawn by using two-
demonstrated good item reliability were retained for
stage Structural Equation Modeling (SEM). It divides
further processing of the data. The model fit was found
into two parts; in the first part, reliability and validity
to be good for the scale as indicated by the following
of the instrument have been established with
values: x2/df (1.878), CFI (0.975), SRMR (0.034),
measurement model and in the second part,
RMSEA (0.043) (Gaskin, J. & Lim, J., 2016).
relationship was estimated between the variables with
a structural model (Schumacker & Lomax, 2010). Reliability and validity
SEM was preferred for analysis due to its capacity to
The reliability and validity of the model were
deal with reflective scales, it allows the researcher to
measured based on AVE (average variance extracted),
use many items to measure latent construct (Lowry &
CR (composite reliability), Cronbach’s alpha. Further
Gaskin, 2014).
convergent and discriminant validity was established.
Measurement Model Table 1 demonstrates that all three constructs have
exceeded the threshold limits of 0.60, 0.70 and 0.50
Reliability, discriminant validity, and convergent (Hair et al., 1998) for composite reliability,
validity were established by running confirmatory Cronbach’s and AVE values respectively; it exhibited
factor analysis using AMOS, and model fitness was reliability and convergent validity. Discriminant
assessed (Arbuckle, 2009). An initial measurement validity was established based on the squared
model consisting of 20 items under 3 latent constructs correlation of the paired constructs and the AVE of
was tested using survey data. Some of the items (2 each construct. If the AVE is greater than the squared
items of FA; 3 items of FB and 1 item of RP) were correlation, the construct exhibit discriminant validity
removed from the model based on their standard (Hair et al., 1998).

Table 2: Reliability and validity of the model

Construct α CR AVE MSV MaxR(H) FB FA RP
FB 0.839 0.840 0.514 0.245 0.844 0.717
FA 0.822 0.830 0.551 0.332 0.836 0.477*** 0.742
RP 0.833 0.834 0.502 0.332 0.835 0.495*** 0.576*** 0.709
Note: α, Cronbach’s alpha, CR, composite reliability coefficients; AVE, average variance extracted; MSV,
maximum-shared variance; Significance of Correlations: *** p < 0.001
Source: Author’s calculations

Hypothesis testing: Structural Equation Modeling outcomes of the path coefficients are shown in Table
2. It is clearly visible that FA has positive impact on
The results of the measurement model exhibited good
FB (β = 0.549, p<0.001); FB is significantly related to
model fit, convergent and discriminant validity. The
RP (β = 0.296, p<0.001), and FA has significant
relationship has been tested with the help of path
positive impact on RP (β = 0.497, p<0.001), hence
analysis that explains the direct, mediating and
supporting H1, H2 and H3. Moreover, the R2 value
moderating relationships among the proposed
indicates that FB and RP together explain 49.5 percent
variables. All proposed paths were found to be
variance in RP. The R2 value of FB indicates a 30.1
significant in coefficient analysis (Figure 1). The
percent variance in FB due to FA.
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Mediation analysis Figure 1: Structural Model

To test the mediating effect of FB in the relationship
between FA and RP, we employed bootstrapping
procedures to calculate an effect size. Further,
mediation analysis has been employed. Table 4
illustrates the direct, indirect, and total effects of each
construct in the model.

Source: Authors’ Compilation

Table 3: Path coefficients

Path Unstandardized path Standardized path Critical ratio
coefficients coefficients
FB¬ FA 0.482 0.549 14.296***
RP¬ FB 0.269 0.297 7.574***
RP¬ FA 0.397 0.497 12.727***
Notes: *p<0.05; **p<0.01; ***p<0.001
Source: Author’s calculations

Table 4: Path coefficients with direct, indirect and total effect

Relationship Direct Effect Indirect Effect Total Effect
FB¬ FA 0.549 (p = 0.001) - 0.549
RP¬ FB 0.296 (p = 0.001) - 0.497
RP¬ FA 0.497 (p = 0.001) 0.162 (p = 0.001) 0.659
Source: Author’s calculations

The direct effect is significant, which confirms that the Moderation analysis: A multi-group analysis
interaction between FA (b=0.549, p<0.001) and FB,
Multi-group analysis was performed to test the
reflects a statistically significant relationship. On a
moderating effects of FK on the relationship between
similar line FB shows (b=0.296, p<0.001) a significant
FA and RP. Two groups were created by splitting data
relationship with RP. It also demonstrates a significant
into high and low financial knowledge, based on the
indirect relationship (b=0.162, p<0.001) between FA median values of FK (Byrne, 2010). The high and low
and RP through FB. Hence, FB acts as a partial financial knowledge group consisted of 182 and 293
mediator in the relation between FA and RP. This respondents respectively. The model was tested for
supports H4. each group separately as suggested by Hair et al.

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(2010), and found the fit indices to be acceptable. moderated causal effect of FK on FB and RP. Further,
Byrne (2010), suggests testing group invariance, hence the outcomes relating to standardized parameter
we tested this and compared the results of the estimates (Table 4) indicated that the effect of FA on
unconstrained model with a constrained model. FB was more pronounced in high FK (β = 0.596, p<
Results indicate a statistical significant difference in 0.01) and the effect of FB on RP in case of high FK
the case of high FK and low FK and demonstrate was found significant (β = 0.736, p< 0.01).

Table 5: Moderation test using multi-group analysis

Path High FK Low FK Standardized Standardized
β coefficient p-value β coefficient p-value
FB¬ FA 0.596 0.000 0.278 0.013
RP¬ FB 0.736 0.000 0.240 0.010
Source: Author’s calculations

Whereas, the effect of FA on FB in case of low FK systematic financial behaviour among individuals.
was insignificant (β = 0.278, p> 0.01) and FB on RP in Second, financial behaviour and retirement planning
low FK was also significant (β = 0.240, p> 0.01). are significantly and positively related. Thus, the
Hence, it can be said that FK fully moderate the financial attitude plays a significant role in financial
relationship between FA and RP. behaviour which leads to fruitful retirement planning.
The behaviour of an individual is always the outcome
DISCUSSION AND PRACTICAL of his attitude. Therefore, retirement planning is a
IMPLICATIONS healthier outcome of having proper financial behaviour
resulting from a financial attitude.
Through this paper, we investigated the impact of
financial attitude on financial behaviour and retirement This study can be used for future studies and might be
planning and found it to have a significant impact. key points for future educational initiatives for
Prior researches have played major emphasis on creating training programs and financial courses.
financial literacy for better investment decisions.
Financial literacy is defined not only in terms of RESEARCH LIMITATIONS AND
financial knowledge but it also includes financial FUTURE DIRECTION
attitude and behaviour. Although knowledge about
The study based on primary data collection has its own
economic and personal finance is helpful but more
limitation and is not free from biases. The sampling
often sound retirement planning is a result of sound
frame is based on a selected region and the findings
financial attitude and behavior of individuals.
could not be generalized to the entire population of the
In our study, support for the hypothesis indicates the country. The study did not consider the impact of
financial attitude and financial behaviour play an various stakeholders in driving the financial
important role in explaining retirement planning. It knowledge, attitude, and financial behavior of the
has been found that financial attitude had a significant individuals. Stakeholders like parents, family, and
and positive impact on financial behaviour. A positive friends, colleagues affect the financial decision-
financial attitude inculcates saving habits among making ability of an individual. Further studies with
individuals and prevents them from taking unnecessary larger population sizes and universes can be conducted
debt. Further, this attitude emphasizes creating to analyse the social influence on the key dimensions
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Measuring financial literacy: Results of the
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