Wan Mashumi Wan Mustafa
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Preferred name
Wan Mashumi Wan Mustafa
Official Name
Wan Mashumi, Wan Mustafa
Alternative Name
Bin Wan Mustafa
Wan Mashumi
Mustafa, Wan Mashumi Wan
Main Affiliation
Scopus Author ID
57223336737
Researcher ID
DHJ-9274-2022

Research Output
Now showing 1 - 3 of 3
  • Publication
    The dynamics of financial retirement planning: financial attitude, health literacy, and the role of financial advisors with financial literacy as a moderator
    (Palgrave Macmillan, 2024-03)
    Wan Mashumi Wan Mustafa
    ;
    Md. Aminul Islam
    ;
    Md. Sharif Hassan
    ;
    Muhammad Asyraf Mohd Kassim
    Growing concern worldwide is evident regarding the insufficient retirement savings among individuals in both developed and developing nations. Many individuals struggle to make well-informed financial decisions regarding retirement planning. Therefore, this study aimed to explore the influence of financial attitudes, health literacy, and the involvement of financial advisors on the retirement planning of individual SME owners in Malaysia. Additionally, the study investigated the moderating role of financial literacy on these relationships. The theory of life cycle saving was applied to examine behavioral factors and potential policy measures that could improve financial retirement planning for these entrepreneurs. Participants included individual SME owners from the Northern region of Malaysia, specifically from Perlis, Kedah, and Penang. Structural equation modeling (SEM) was utilized to assess the interactions and moderating impacts of the variables in this research. The results indicated that financial attitude, health literacy, and engagement with financial advisors positively influence financial retirement planning. Moreover, financial literacy was found to moderate the effects of financial attitude, health literacy, and the role of financial advisors on retirement planning. These findings suggest that interventions targeting improvements in financial attitude, health literacy, financial literacy, and advisor engagement could significantly enhance policy initiatives aimed at boosting financial retirement savings.
  • Publication
    The Effects of Financial Attitudes, Financial Literacy and Health Literacy on Sustainable Financial Retirement Planning: The Moderating Role of the Financial Advisor
    ( 2023-02-01)
    Wan Mashumi Wan Mustafa
    ;
    Md. Aminul Islam
    ;
    Muhammad Asyraf Mohd Kassim
    ;
    Hassan M.S.
    ;
    Royhan P.
    ;
    Rahman S.
    Financial planning for retirement is essential to ensure that people have enough money to live the lifestyle they desire when they retire. Self-employed business owners in developed countries widely do financial retirement planning. However, in Malaysia, the percentage of self-employed individuals concerned about financial retirement planning is lower than in other countries. This study aims to identify the relationship between the financial attitude, financial literacy and health literacy of self-employed individuals toward sustainable financial retirement planning in Malaysia and find out the moderating effect of the role of financial advisors. The study utilized structural equation modelling. Data were collected through a survey questionnaire and analyzed using SMART PLS 3.3. The total sample size was 416 self-employed individuals from the northern Malaysian region. The findings revealed that financial attitude and financial literacy significantly impact retirement planning. Moreover, the role of financial advisors moderates the relationship between financial attitude–financial retirement planning and financial literacy–financial retirement planning. The result of the study will fulfil the needs of self-employed individuals to plan their retirement by including the financial planning determinants needed for a well-planned retirement.
      1
  • Publication
    Financial retirement planning among self employed workers in Malaysia: A conceptual investigation
    ( 2021-05-03)
    Wan Mashumi Wan Mustafa
    ;
    Md. Aminul Islam
    Financial retirement planning is essential and critical for every worker especially for the self-employed workers to face their retirement. The purpose of this paper is to identify factors relating to self-employed individuals' financial retirement planning for their future retirement, and shed light on future research directions for future researchers. This paper revisits existing literatures on retirement policies in Malaysia and some countries in the world, and also on financial retirement planning. Financial retirement planning literatures suffers a gapping problem in term of the scarcity of literatures on self-employed workers' planning for their retirement. Many researches in the past put more focus on retirement planning behavior of salaried workers. By conducting a conceptual study on this gap, hopefully it will offer policy makers and practitioners new insights to search for new constraints, objectives, and sources of information regarding retirement issues involving self-employed individuals in this country. This paper provides backgrounds and insights on self-employed workers' retirement preparation for future researchers to study. As a conceptual study, this work derived from secondary sources. Hopefully, this study provides researchers and practitioners some understanding of each factor proposed towards understanding financial retirement planning among the self-employed workers.
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