Toward Financial Preparedness: Understanding Voluntary Plan Participation
DOI:
https://doi.org/10.69569/jip.2026.237Keywords:
Behavioral finance, Retirement planning behavior, Retirement preparedness, Technology-Organization-Environment framework, Voluntary retirement plansAbstract
Despite the growing concerns about retirement preparedness among Filipino private sector employees, very few studies explore voluntary retirement plan participation using the Technology-Organization-Environment (TOE) framework. This study used the Technology-Organization-Environment (TOE) framework in assessing factors driving retirement planning intention and voluntary retirement participation. A quantitative correlational research design was employed. This method involved 393 employees in the private sector in General Santos City, Philippines, and used a validated, pilot-tested survey questionnaire. Pearson and Spearman's rho correlation and multiple regression were utilized in the data analysis. The role of technological accessibility, organizational assistance, and work environment conditions in retirement planning intention and voluntary retirement participation was found to be significant. Moreover, this study concludes that the TOE framework is an appropriate model to illustrate private sector employees' retirement planning behavior in the Philippines. The findings suggest that digital financial tools, employer financial advice/training, retirement plans, and dependable financial service providers might boost one's retirement preparedness and long-term financial security.
Downloads
References
Adhikari, B., & Prakash, D.A.R. (2024). A systematic literature review on retirement planning behavior of employees. https://doi.org/10.52783/eel.v14i1.1141
Aguilar, A.C., Santos, R.M., & Reyes, J.P. (2023). Cultural and social influences on financial planning behavior among Filipino workers. Philippine Journal of Social Sciences, 8(2), 145–168.
Aguilar, R., Santos, M., & Cruz, J. (2023). Digital financial literacy and retirement planning behavior among employees in developing economies. Journal of Behavioral and Experimental Finance, 39, 100845.
Ajzen, I. (1991). The theory of planned behavior. Organizational Behavior and Human Decision Processes, 50(2), 179–211. https://doi.org/10.1016/0749-5978(91)90020-T
Alharthi, M., & Dhar, R.L. (2023). Organizational support and financial literacy: Drivers of retirement planning among private sector employees. International Journal of Bank Marketing, 41(3), 567–589.
Allianz Global Investors. (2022). Global pension report: Retirement readiness and pension sustainability. Allianz Global Investors.
Amirludin, R., Hassan, R., & Ibrahim, K. (2024). Determinants of retirement planning behavior among private sector employees in developing economies: A systematic review. Journal of Financial Planning and Analysis, 38(2), 145–168.
Daminato, C., Ferraro, O., & Rossi, M. (2024). Digital financial inclusion and retirement planning behavior in emerging economies. Technological Forecasting and Social Change, 199, 123145. https://doi.org/10.1016/j.techfore.2023.123145
Daminato, C., Filippini, M., & Haufler, F. (2024). Digitalization and retirement contribution behavior: Evidence from administrative data. Review of Financial Studies, 37(6), 1847–1888. https://doi.org/10.1093/rfs/hhae015
Demirgüç-Kunt, A., Klapper, L., Singer, D., Ansar, S., & Hess, J. (2022). The Global Findex Database 2021: Financial inclusion, digital payments, and resilience in the age of COVID-19. World Bank.
Deshpande, A. (2024). Quantitative research methods in social sciences: Design and analysis. Research Methodology Review, 8(1), 12–34.
Golden, T., & Cordie, M. (2022). Digital accessibility and retirement planning engagement. International Journal of Consumer Studies, 46(5), 1782–1796.
Hair, J.F., Black, W.C., Babin, B.J., & Anderson, R.E. (2019). Multivariate data analysis (8th ed.). Cengage Learning.
Han, S., & Lim, H. (2024). Organizational support and employee retirement preparedness in emerging economies. Employee Relations, 46(3), 521–540.
Haupt, M. (2023). The effects of pension communication on knowledge, attitudes, and behaviour: An integrative review of evidence and directions for future research. Journal of Population Ageing. https://doi.org/10.1007/s12062-023-09420-x
Jais, M., & Asokumar, A. (2020). Environmental influences on retirement savings behavior. Asian Economic and Financial Review, 10(8), 923–937.
Kasper, H., Mathur, A., Ong, F.S., Shannon, R., & Yingwattanakul, P. (2019). Contextual influences on financial preparedness of middle-aged workers: A four-country comparative look. Journal of Consumer Marketing, 36(1), 91–104.
Long, T.P., Nguyen, H.T., & Tran, M.D. (2024). Financial technology adoption and retirement preparedness among employees in Southeast Asia. Journal of Asian Finance, Economics and Business, 11(3), 211–223.
Lugay, C.I., Cristobal, D., Monteagudo, A.Y., Naval, A., & Vinluan, B.G. (2024). Analyzing factors affecting retirement planning among private institutions employees in the National Capital Region: A structural equation modeling approach. In: 4th Indian International Conference on Industrial Engineering and Operations Management. https://doi.org/10.46254/IN04.20240051
Lusardi, A. (2023). Financial literacy and retirement planning: New evidence from the global financial literacy survey. Journal of Pension Economics & Finance, 22(1), 1–17.
Lusardi, A., Hasler, A., & Yakoboski, P.J. (2021). Building financial literacy and resilience in the digital age. Journal of Pension Economics & Finance, 20(4), 589–603.
Magwegwe, K., & Lim, H. (2021). Organizational and environmental factors influencing voluntary retirement savings: Evidence from Southeast Asia. Asia Pacific Journal of Human Resources, 59(4), 612–638. https://doi.org/10.1111/1744-7941.12289
Marfo, E., Chen, Y., & Xuhua, H. (2021). Digital literacy and retirement planning behavior among employees. Journal of Financial Counseling and Planning, 32(2), 201–217.
Marfo, K., Mensah, A., & Owusu, P. (2021). Retirement planning behavior in emerging markets: The role of financial literacy and institutional trust. Emerging Markets Finance and Trade, 57(8), 2234–2256.
Mitchell, O.S., & Lusardi, A. (2022). Financial literacy and retirement preparedness in the digital economy. Journal of Economic Perspectives, 36(2), 145–166.
Nguyen, L.T.M., & Nguyen, T.H. (2022). Platform usability and technology acceptance in digital financial services: Evidence from Vietnam. Electronic Commerce Research, 22(3), 789–812.
Nguyen, T.A.N., & Rozsa, Z. (2019). Financial literacy and financial advice seeking for retirement investment choice. Journal of Competitiveness, 11(1), 70–83.
Nomura Research Institute. (2022). Retirement preparedness and aging populations in Asia. NRI Research Publications.
Tornatzky, L.G., & Fleischer, M. (1990). The processes of technological innovation. Lexington Books.
Wang, Y., Zhang, D., & Zhao, X. (2020). Information accessibility and digital tools in retirement planning: Evidence from Chinese private sector employees. Chinese Management Studies, 14(2), 347–368.
World Bank. (2024). Philippines economic update: Strengthening financial resilience and retirement security. World Bank Publications.
Yadav, M., Banerji, P., & Garg, A. (2025). Digital financial literacy and retirement planning with mediating effect of saving behaviour. American Journal of Business, 40(3), 127–143.
DOI: 10.1108/AJB-12-2023-0221
Yang, C. (2025). The impact of digital financial literacy on older households’ pension financial asset allocation: Evidence from China. Risk and Financial Management, 6(1), 89–104. https://doi.org/10.30560/rfm.v6n1p89
Yanikkaya, H., Yusof, Z., & Guo, L. (2023). Regulatory environments and retirement participation behavior. Economic Modelling, 124, 106340.
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2026 Journal of Interdisciplinary Perspectives
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
JIP is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License. Under the Open Access Policy, appropriate attribution can be provided by simply citing the original article.
