Role of Financial Literacy in Retirement Planning Among Urban Millennials

Author(s): Meghana P Kulkarni and Dr. Parul Tandan

Abstract:

This study explores the role of financial literacy in retirement planning among urban millennials. With increasing life expectancy, shifting economic conditions, and the transition from defined benefit to defined contribution retirement plans, the responsibility for securing financial stability in retirement has largely shifted to individuals. The study aims to assess the level of financial literacy among urban millennials and its impact on retirement planning behavior. It also evaluates the relationship between financial literacy and the choice of retirement savings instruments, such as PPF, NPS, and mutual funds, while identifying key factors influencing retirement decisions, including income, education, and risk perception. A structured questionnaire was used to collect primary data from urban millennials, and statistical tools such as correlation and regression analysis were employed to analyze the data. The findings highlight the significant influence of financial literacy on retirement preparedness and the barriers millennials face in accessing and understanding retirement planning options. The study concludes with recommendations to improve financial literacy through targeted education programs and advisory services to enhance retirement outcomes among millennials.

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Pages: 78-83     |    2 View     |    0 Download