Exploring the Role of Saving Attitude and Financial Knowledge in Financial Planning for Retirement – A PLS SEM Assessment
Main Article Content
Abstract
Purpose –The purpose of the study is to explore the relationship of Saving Attitude and Financial Knowledge with Retirement Financial Planning of salaried working individuals in Mumbai city.
Methodology – The study has applied Structural Equation Modeling technique to test the research framework. The primary data was gathered through well-structured questionnaire administered on 400 working individuals employed in different sectors from Mumbai city. Data was analysed using IBS SPSS 29 and Smart PLS 4.1.1.1
Findings – The study revealed that Saving Attitude and Financial Knowledge have significant positive impact on Retirement Financial Planning. Financial Knowledge is found to be most important predictor of Financial Planning for Retirement with larger effect on Retirement Financial Planning.
Practical Implications –The results of the study have significant and practical implications for working individuals, regulators, financial institutions, and employers/organisations to design outcome based workshops/seminars to enrich the financial knowledge of working individuals to increase their involvement in retirement planning practices.