Retirement financial planning behaviour of working women of Ludhiana city
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Date
2024
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Punjab Agricultural University
Abstract
The present study was conducted on “Retirement financial planning behaviour of working women of Ludhiana city” with objectives; to study the financial planning behaviour of working women during retirement period; to study the factors influencing financial planning decisions taken by respondents during retirement and to develop and suggest retirement planning guide to achieve financial well-being after retirement. Survey was conducted on working women of Ludhiana city. A total number of 200 working women were randomly selected from four zones of Ludhiana city. A pre-structured interview schedule was used to study the financial planning behaviour of respondents, various factors influencing financial planning and decisions taken by respondents by using different modified scales namely Retirement Financial Planning Scale (Parrotta and Johnson 1998); Financial Risk-Tolerance Scale by Grable and Joo 2001 (on three-point basis) and Financial Decision-Making Style Instrument by Retting and Schuttz 1991. The major findings revealed that maximum number of respondents had 15-20 years in service and 6-10 years were left for their retirement. It was observed that majority of respondents had started planning between the age of 55-58 due to additional liabilities and a lack of financial knowledge. It was found that ‘saving’ aspect of financial planning behaviour got the highest mean score followed by ‘investment’, ‘spending’ and ‘borrowing’ aspect. Maximum number of respondents were in the view that good understanding of money is always required to lead a comfortable life after retirement. Majority of respondents gave more importance to safety in investment rather than returns. Regarding financial literacy, majority of respondents were aware of different financial terms like ‘mobile banking’, ‘on-line banking’, ‘functions of credit card’ and ‘Equated Monthly Instalments’ (EMI)’. It was further observed that maximum number of respondents were investing money in ‘banks and post office’ due to more safety. The confidence mean score of respondents was found confident while performing financial activities manually and digitally. Majority of respondents followed pragmatist type of decision-making style. The influence of personal and economic factors was more on retirement financial planning as compared to psychological and social factors. Statistical analysis showed that age and education were found as the most related independent variables with different dependent variables. A retirement planning guide was formulated which will be helpful for respondents to achieve financial well-being after their retirement.
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Supriya, Ediga (2024). Retirement financial planning behaviour of working women of Ludhiana city (Unpublished M.Sc. thesis). Punjab Agricultural University, Ludhiana, Punjab, India.