Retirement Savings Behaviour An Empirical Study

Abstract

newlineIn an ever-changing world shaped by demographic shifts and economic fluctuations, newlinethe landscape of retirement planning has evolved significantly. Once reliant on newlinerobust pension systems and generous social security schemes, nations across the newlineglobe now face the task of reassessing and scaling back these safety nets, placing the newlineresponsibility for a financially secure retirement squarely on individuals. Individuals newlinewho lack proper retirement savings may face financial difficulties during their newlineretirement years, ultimately affecting their quality of life. Understanding retirement newlineespecially in India where demographic changes and economic growth are reshaping newlinefamily structures and support systems. newlineIndividuals generally aim to maintain consistent consumption levels over their newlinelifetime, necessitating saving during their working years for retirement. Despite newlineeconomic theories assuming rational decision-making, real-life financial behaviours newlineare influenced by various psychological factors, challenging traditional thinking in newlinethe field. At the same time, understanding the complexities of retirement savings newlinebehaviour requires financial expertise, allowing for informed investment decisions newlineand long-term planning. While psychological factors can sway retirement savings newlinebehaviour, financial knowledge serves as a guiding force, keeping savings behaviour newlineon the right track by ensuring alignment with long-term financial goals. newlineBy integrating psychology with financial knowledge, a deeper understanding of newlineretirement savings behaviour can emerge, shedding light on the mechanisms guiding newlineit. For this purpose, the current study involved surveying 632 employees from newlinevarious public and private organizations in Jammu and Kashmir. At the outset, the newlinestudy addresses the notable deficiency within the existing research concerning newlineretirement savings behaviour, acknowledging its limited examination, emphasizing newlinethe need for comprehensive comparative analysis to study the intersection of newlinedemographic factors with retirement savings