PRE-RETIREMENT PLANNING OF EXPATRIATE INSTRUCTORS: APPLICATION OF THEORY OF PLANNED BEHAVIOR TO THE CASE OF THE SULTANATE OF OMAN
Main Article Content
Abstract
With aging population of many countries, problems related to retirement become more and more important. At the same time, globalization resulted in emergence of new cultural groups that didn’t exist just several decades ago. Focus of the present study was to determine predictors of pre-retirement behavior of expatriate instructors. This was done through application of the Theory of Planned Behavior. The study was based on a sample of 76 academicians employed in the Sultanate of Oman. The proposed model demonstrated good explanatory ability. Attitude and perceived behavioral control constructs proved to be good predictors of retirement behavior, while the impact of subjective norms was not confirmed. Further research can be conducted in different geographical locations and different occupational groups.
Article Details
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.
References
Agarwal, S., Amromin, G., Ben-David, I., Chomsisengphet, S., & Evanoff, D. D. (2015). Financial literacy and financial planning: Evidence from India. Journal of Housing Economics, 27. https://doi.org/10.1016/j.jhe.2015.02.003
Ajzen, I. (1991). The theory of planned behavior. Organizational Behavior and Human Decision Processes,. In University of Massachusetts (Vol. 50, Issue 2).
Ajzen, I. (2011). The theory of planned behaviour: Reactions and reflections. In Psychology and Health (Vol. 26, Issue 9). https://doi.org/10.1080/08870446.2011.613995
Ajzen, I. (2020). The theory of planned behavior: Frequently asked questions. Human Behavior and Emerging Technologies, 2(4). https://doi.org/10.1002/hbe2.195
Amani, J., Luvanga, B., Kihaga, H., Ndeskoi, T., & Gabriel, L. (2023). Why do academics fail to plan for retirement? Employers’ and employees’ views. Journal of Aging Studies, 64. https://doi.org/10.1016/j.jaging.2023.101103
Anderson, J. C., & Gerbing, D. W. (1988). Structural Equation Modeling in Practice: A Review and Recommended Two-Step Approach. Psychological Bulletin, 103(3). https://doi.org/10.1037/0033-2909.103.3.411
Asiedu, V. A., Assoah, S. K., & Wilson, K. N. (2018). Managing Pre-Retirement Anxiety Among Teachers In Asunafo South District of the Brong Ahafo Region of Ghana. International Journal of Sociology and Anthropology Research, 4(2).
Bamberg, S., & Möser, G. (2007). Twenty years after Hines, Hungerford, and Tomera: A new meta-analysis of psycho-social determinants of pro-environmental behaviour. Journal of Environmental Psychology, 27(1). https://doi.org/10.1016/j.jenvp.2006.12.002
Bosnjak, M., Ajzen, I., & Schmidt, P. (2020). The theory of planned behavior: Selected recent advances and applications. In Europe’s Journal of Psychology (Vol. 16, Issue 3). https://doi.org/10.5964/ejop.v16i3.3107
Burkert, C., & Hochfellner, D. (2017). Employment Trajectories Beyond Retirement. Journal of Aging and Social Policy, 29(2). https://doi.org/10.1080/08959420.2016.1213092
Castillo, M. P., Mamaclay, A. G., Guevara, M. A., & Ayro, E. C. (2022). Retirement Planning: A Pre-Retirement Framework for Employees of Wesleyan University-Philippines. Studies in Social Science Research, 3(2). https://doi.org/10.22158/sssr.v3n2p32
Chen, B., & Chen, Z. (2023). Financial Literacy Confidence and Retirement Planning: Evidence from China. Risks, 11(2). https://doi.org/10.3390/risks11020046
Chen, Z., & Zurlo, K. (2019). THE ROLE OF SECURED AND UNSECURED DEBT IN RETIREMENT PLANNING AMONG PRE-RETIREES. Innovation in Aging, 3(Supplement_1). https://doi.org/10.1093/geroni/igz038.1404
Cortina, J. M. (1993). What Is Coefficient Alpha? An Examination of Theory and Applications. Journal of Applied Psychology, 78(1). https://doi.org/10.1037/0021-9010.78.1.98
Cupák, A., Kolev, G. I., & Brokešová, Z. (2019). Financial literacy and voluntary savings for retirement: novel causal evidence. European Journal of Finance, 25(16). https://doi.org/10.1080/1351847X.2019.1641123
Davis, K., & Hustvedt, G. (2012). It’s a Matter of Control: Saving for Retirement. International Review of Social Sciences and Humanities, 3(2).
De los Santos, J. A. A., Labrague, L. J., & Milla, N. E. (2020). Happiness and Retirement Readiness among Pre-Retiring Employees: a Cross-Sectional Study. Ageing International, 45(1). https://doi.org/10.1007/s12126-019-09351-z
Fapohunda, T. M. (2013). The pension system and retirement planning in Nigeria. In Mediterranean Journal of Social Sciences (Vol. 4, Issue 2). https://doi.org/10.5901/mjss.2013.v4n2p25
Gathiira, T. G., Muathe, S. M. A., & Kilika, J. M. (2019). Psychosocial Programmes and Employees Retirement Preparedness: Empirical Evidence From the Educational Sector in Kenya. International Journal of Business Administration, 10(2). https://doi.org/10.5430/ijba.v10n2p82
Harahap, S., Thoyib, A., Sumiati, S., & Djazuli, A. (2022). The Impact of Financial Literacy on Retirement Planning with Serial Mediation of Financial Risk Tolerance and Saving Behavior: Evidence of Medium Entrepreneurs in Indonesia. International Journal of Financial Studies, 10(3). https://doi.org/10.3390/ijfs10030066
Harlow, W. V., Brown, K. C., & Jenks, S. E. (2020). The use and value of financial advice for retirement planning. Journal of Retirement, 7(3). https://doi.org/10.3905/jor.2019.1.060
Heenkenda, S. (2016). Readiness to retirement planning of estate sector employees in Sri Lanka Readiness to Retirement Planning of Estate Sector Employees in Sri Lanka. MPRA Munich Personal RePEc Archive, 72744. https://doi.org/10.1227/01.NEU.0000349921.14519.2A
Hospido, L., & Zamarro, G. (2021). Retirement Patterns of Couples in Europe. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.2396381
Hyde, K. F. (2000). Recognising deductive processes in qualitative research. Qualitative Market Research: An International Journal, 3(2). https://doi.org/10.1108/13522750010322089
Kadir, J. M. A., Zainon, S., Ismail, R. F., Aziz, S. N. A., & Amran, A. A. I. (2020). Retirement Planning and its Impact on Working Individuals. European Journal of Molecular and Clinical Medicine, 7(6).
Kalmi, P., & Ruuskanen, O. P. (2019). Financial literacy and retirement planning in Finland. Journal of Pension Economics and Finance, 17(3). https://doi.org/10.1017/S1474747217000270
Kauppi, M., Virtanen, M., Pentti, J., Aalto, V., Kivimäki, M., Vahtera, J., & Stenholm, S. (2021). Social network ties before and after retirement: a cohort study. European Journal of Ageing, 18(4). https://doi.org/10.1007/s10433-021-00604-y
Kerdvimaluang, N., & Banjongprasert, J. (2022). AN INVESTIGATION OF FINANCIAL ATTITUDES AND SUBJECTIVE NORMS INFLUENCING RETIREMENT PLANNING. The EUrASEANs: Journal on Global Socio-Economic Dynamics, 1(32). https://doi.org/10.35678/2539-5645.1(32).2022.67-76
Ketkaew, C., Van Wouwe, M., Jorissen, A., Cassimon, D., Vichitthamaros, P., & Wongsaichia, S. (2022). Towards Sustainable Retirement Planning of Wageworkers in Thailand: A Qualitative Approach in Behavioral Segmentation and Financial Pain Point Identification. Risks, 10(1). https://doi.org/10.3390/risks10010008
Kumaraguru, L., & Geetha, C. (2021). The Influence of Attitude, Subjective Norms and Perceived Behavioral Control on Retirement Preparation: A Case of Gen Y in Selangor, Malaysia. In International Journal of Advanced Research in Economics and Finance (Vol. 3, Issue 3).
Lamarche, V. M., & Rolison, J. J. (2021). Hand-in-hand in the golden years: Cognitive interdependence, partner involvement in retirement planning, and the transition into retirement. PLoS ONE, 16(12 December). https://doi.org/10.1371/journal.pone.0261251
Lusardi, A., & Mitchell, O. S. (2017). How Ordinary Consumers Make Complex Economic Decisions: Financial Literacy and Retirement Readiness. Quarterly Journal of Finance, 7(3). https://doi.org/10.1142/S2010139217500082
Mustafa, W. M. W., Islam, M. A., Asyraf, M., Hassan, M. S., Royhan, P., & Rahman, S. (2023). The Effects of Financial Attitudes, Financial Literacy and Health Literacy on Sustainable Financial Retirement Planning: The Moderating Role of the Financial Advisor. Sustainability (Switzerland), 15(3). https://doi.org/10.3390/su15032677
Nilsson, K., Hydbom, A. R., & Rylander, L. (2011). Factors influencing the decision to extend working life or retire. Scandinavian Journal of Work, Environment and Health, 37(6). https://doi.org/10.5271/sjweh.3181
Ni, S., Podgursky, M., & Wang, X. (2022). Teacher Pension Plan Incentives, Retirement Decisions, and Workforce Quality (inline image). Journal of Human Resources, 57(1). https://doi.org/10.3368/jhr.57.1.1218-9912R2
Norman, P., Conner, M., & Bell, R. (1999). The theory of planned behavior and smoking cessation. Health Psychology, 18(1). https://doi.org/10.1037/0278-6133.18.1.89
Peter Kofi Vordzorgbe, Samuel Kofi Assoah, Yayra Dzakadzie, & Rev. Kwesi Nkum Wilson. (2018). Managing Pre-Retirement Anxiety Among Teachers in the Yilo-Krobo Municipality in the Eastern Region of Ghana. US-China Education Review B, 8(3). https://doi.org/10.17265/2161-6248/2018.03.001
Prattley, J., & Chandola, T. (2021). The Influence of Household Pension Wealth, Partner’s Health and Spousal Employment Status on Heterogeneous Early Retirement Transitions among Women in England. Work, Employment and Society, 35(1). https://doi.org/10.1177/0950017020906358
Ricci, O., & Caratelli, M. (2017). Financial literacy, trust and retirement planning. Journal of Pension Economics and Finance, 16(1). https://doi.org/10.1017/S1474747215000177
Romano, J. L., & Netland, J. D. (2008). The application of the theory of reasoned action and planned behavior to prevention science in counseling psychology. In Counseling Psychologist (Vol. 36, Issue 5). https://doi.org/10.1177/0011000007301670
Sage Dictionary of Statistics: A Practical Resource for Students in the Social Sciences. (2005). Reference Reviews, 19(2). https://doi.org/10.1108/09504120510580208
Salkind, N. (2015). Shapiro-Wilk Test for Normality. In Encyclopedia of Measurement and Statistics. https://doi.org/10.4135/9781412952644.n404
Sarpong-Kumankoma, E. (2023). Financial literacy and retirement planning in Ghana. Review of Behavioral Finance, 15(1). https://doi.org/10.1108/RBF-05-2020-0110
Sekita, S. (2011). Financial literacy and retirement planning in Japan. Journal of Pension Economics and Finance, 10(4). https://doi.org/10.1017/S1474747211000527
Shen, Z., & Yang, J. (2021). A Simulation Study of the Effect of Delayed Retirement on Welfare of the Elderly: Evidence from China. SAGE Open, 11(2). https://doi.org/10.1177/21582440211016901
Shlomo, H., & Oplatka, I. (2023). “I am still a teacher”: The place of the teaching career in the process of retirement adjustment. Educational Studies, 49(2). https://doi.org/10.1080/03055698.2020.1837614
Silver, M. P., & Williams, S. A. (2018). Reluctance to Retire: A Qualitative Study on Work Identity, Intergenerational Conflict, and Retirement in Academic Medicine. Gerontologist, 58(2). https://doi.org/10.1093/geront/gnw142
Szinovacz, M. E., DeViney, S., & Davey, A. (2001). Influences of family obligations and relationships on retirement: Variations by gender, race, and marital status. Journals of Gerontology - Series B Psychological Sciences and Social Sciences, 56(1). https://doi.org/10.1093/geronb/56.1.S20
Tang, F. (2016). Retirement Patterns and Their Relationship to Volunteering. Nonprofit and Voluntary Sector Quarterly, 45(5). https://doi.org/10.1177/0899764015602128
Tarkar, P., & Dhamija, S. (2022). Intentions towards work post-retirement: a mediator-moderator analysis through job satisfaction and age. International Journal of Human Resources Development and Management, 22(3–4). https://doi.org/10.1504/ijhrdm.2022.124874
Turaga, R. M. R., Howarth, R. B., & Borsuk, M. E. (2010). Pro-environmental behavior: Rational choice meets moral motivation. In Annals of the New York Academy of Sciences (Vol. 1185). https://doi.org/10.1111/j.1749-6632.2009.05163.x
Van Droogenbroeck, F., & Spruyt, B. (2014). To Stop or Not to Stop: An Empirical Assessment of the Determinants of Early Retirement Among Active and Retired Senior Teachers. Research on Aging, 36(6). https://doi.org/10.1177/0164027513519449
Wang, M., & Bartholomae, S. (2020). Retirement Preparedness: How Important Is Being Financially Literate? Innovation in Aging, 4(Supplement_1). https://doi.org/10.1093/geroni/igaa057.1440
Whitaker, E. A., & Bokemeier, J. L. (2018). Spousal, Family and Gender Effects on Expected Retirement Age for Married Pre-retirees. Journal of Family and Economic Issues, 39(3). https://doi.org/10.1007/s10834-018-9564-9
Zulaikha, Basuki Hadiprajitno, P. T., & Amal, M. I. (2019). Social constructs in predicting corruptive attitudes and behavior from theory of planned behavior perspective. International Journal of Economics and Business Administration, 7(3). https://doi.org/10.35808/ijeba/316