Savings and Retirement: Evidence from Saudi Arabia

Abstract

The study aims to find empirical support to retirement saving decisions in the context of Saudi Arabia. We tested the impact of some demographic, financial and attitudinal variables on the propensity to plan. The results show that male, with high education level, and who is working for government sector is less likely to save for retirement.When demographic factors are controlled, risk takers exhibiting high confidence level arefound to be less prone to have a saving plan, while those exhibiting strong focus on investments appear to be more relied on savings accounts.In the workplace, pull factors are associated with greater involvement in retirement planning.