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Retirement Planning as a Pillar of Financial Inclusion: Securing the Golden Years in Viksit Bharat

In: Financial Inclusion for Viksit Bharat

Author

Listed:
  • Adil Kamal

    (Integral Business School, Integral University, Department of Business Management)

  • Syed Afzal Ahmad

    (Integral Business School, Integral University, Department of Business Management)

  • Vikas Dixit

    (Jadavpur University, Department of Economics)

Abstract

This chapter examines the pivotal role of retirement planning in advancing financial inclusion in India, aligned with the national vision of Viksit Bharat 2047. Based on a comprehensive review of theoretical and empirical literature from India and abroad as well as on a critical assessment of key government and private retirement schemes, the present chapter attempts to analyse two dimensions of retirement planning: the age of initiating investment and the proportion of savings allocated toward retirement using primary survey data from employees of higher education institutions in Uttar Pradesh. Ordered logistic regression results reveal that financial literacy, retirement-related attitudes, and support from formal intermediaries significantly influence planning behaviour. The findings highlight gaps in awareness and participation in formal retirement products, particularly among younger and less financially literate individuals. The chapter concludes by recommending targeted financial education, inclusive pension scheme design, and greater integration of retirement planning within the broader financial inclusion framework. These steps are essential to ensure that every citizen in Viksit Bharat can retire with dignity, security, and independence.

Suggested Citation

  • Adil Kamal & Syed Afzal Ahmad & Vikas Dixit, 2026. "Retirement Planning as a Pillar of Financial Inclusion: Securing the Golden Years in Viksit Bharat," Springer Books, in: Vikas Dixit & Rilina Basu Banerjee & Nisar Ahmad Khan (ed.), Financial Inclusion for Viksit Bharat, chapter 5, pages 151-187, Springer.
    • Handle: RePEc:spr:sprchp:978-981-92-0807-4_5
    DOI: 10.1007/978-981-92-0807-4_5
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