Financial literacy and retirement planning in Pakistan

Zeb, Shumaila; Bilal, Atif

Abstract

In this paper, we analyze the financial literacy level of individuals using sociodemographic variables, namely age, sex, education level, working in the financial sector, experience level, and income level. Next, we investigate the impact of financial literacy on retirement planning. The empirical results are based on a survey of 472 individuals from Pakistan. The results reveal that an individual's financial literacy has a positive and significant relationship with retirement planning. The findings further reveal that males are more financially literate than females. The results also show that as age increases, people become more careful in spending and concerned about their retirement life, hence start savings as a part of their retirement planning. The findings emphasize the necessity of creating more awareness to enhance the financial literacy levels to help the individuals to plan for their retirements.

• Journal Article Type: Article
• Acceptance Date: Jul 8, 2021
• Online Publication Date: Aug 23, 2021
• Publication Date: Aug 23, 2021
• Deposit Date: Nov 17, 2023
• Journal: Global Management Journal for Academic & Corporate Studies
• Print ISSN: 2219-6145
• Electronic ISSN: 2305-0756
• Peer Reviewed: Peer Reviewed
• Volume: 11
• Issue: 1
• Article Number: 20
• Public URL: https://uwe-repository.worktribe.com/output/11390867
• Publisher URL: https://gmjacs.bahria.edu.pk/index.php/ojs/article/view/159