Impact of Economic Variables on Retirement Planning of Salaried Employees

Abstract

Despite the inclusion of economic variables in retirement studies, limited studies look at the impact on the retirement planning of salaried employees. It is important to understand the economic variables before planning for retirement considering how they affect retirement planning. Therefore, the Current study tries to assess the impact of the economic variables on the retirement planning behavior of salaried employees. For this purpose, the study has collected the primary data using a structured questionnaire from 312 salaried employees working in five Institutions in Haryana state. The study employed the One-way ANOVA and Independent T-test for data analysis. The result of the study indicates that economic variables have a direct and substantial impact on the retirement planning behavior of salaried employees. The result also indicates the importance of awareness programs for retirement planning. Real estate as compared to other investment options, has become a most important asset for retirement planning. Purposive sampling was used because there was no population frame, hence findings cannot be generalised to the population. Despite all efforts to be objective, there is still a chance of subjectivity in some situations. The paper's findings may be helpful to policymakers as they evaluate how to improve the quality of investment advice and give valuable information for investing decisions.