The Predicting Role of Financial Literacy, Social Support, and Government Retirement Policy Awareness on Retirement Readiness

Abstract

Retirement represents a major life transition that significantly influences financial stability, psychological well-being, and social relationships. As life expectancy continues to rise and economic uncertainty intensifies, the need for intentional and comprehensive retirement planning has become increasingly vital. This concern is not only for individuals preparing for their future but also for governments that are responsible for ensuring the long-term welfare of their employees and citizens. Government personnel face unique challenges that stem from limited savings opportunities, continued reliance on pension programs, and the lack of strong institutional systems that support both financial and psychosocial readiness for retirement (Lhaopadchan, Gerrans, and Treepongkaruna, 2025).
Across the world, retirement preparedness has become an important issue as aging populations create greater pressure on public pension systems. Policymakers now recognize that retirement planning should not be treated only as a personal obligation but also as a matter of public policy that calls for coordinated efforts in financial education, social protection, and institutional support (OECD, 2023). Being prepared for retirement involves more than the accumulation of financial assets. It also requires psychological adjustment, social connectedness, and the ability to live a meaningful and fulfilling life beyond one’s years of employment (Lhaopadchan et al., 2025).