The Role of Locus of Control in Examination of Private Sector Employee Retirement Plan Model in Surabaya

This study investigates factors that influence retirement planning by examining the relationship between financial literacy, locus of control, materialism, future orientation and saving orientation. This was studied using a questionnaire on 128 private sector employees in Surabaya using PLS as a data analysis technique. The results of the study indicated that locus of control, future orientation and saving orientation have an effect on retirement planning. Another result is financial literacy having an insignificant positive effect on retirement planning and external locus of control mediating the effect of financial literacy on pension planning behavior. Materialism has no effect on retirement planning. Future orientation has a positive effect on retirement planning and saving orientation is able to mediate the effect of future orientation on retirement planning. The implication of the research results is that if an individual has a better future orientation and saving orientation, the better the retirement plan will be. Another implication is that an individual who has high financial literacy must be accompanied by good self-control in order to be able to plan his retirement wisely. The results can be a useful reference for organizations to develop retirement planning in the context of a developed city such as Surabaya Keywords: Financial Literacy, Locus Of Control, Materialism, Future Orientation, Saving Orientation And Retirement Plannin