A Study on Factors Affecting Retirement Planning Among Faculty Members Working in Professional Courses of AICTE Approved Institute with GTU

Abstract

Retirement Planning is very essential in 21st century and its importance has been arising due to change in market, increase in longevity, uncertainty in employment, etc. This study focuses on retirement planning of faculty members working in Gujarat’s largest university that is GTU and its affiliated colleges. It investigates variables like Financial Literacy, Future Time Perspective, Financial Risk Tolerance, Saving Attitude on retirement planning. A quantitative approach was adopted and data were collected through questionnaires from a sample of 250 faculty members working in GTU affiliated colleges after scrutinizing only 235 were taken into study. The data collected was analysed using SPSS and it was analysed through reliability test, correlation, multiple regression, Structural Equation Modelling (SEM) and Factor Analysis to test the hypothesized relationship. It wants to check whether which factor has a direct or indirect relationship with retirement planning. The study provides insights to the growing literature and will be helpful to educational institutions, policymaker’s and financial advisor to take necessary changes in Indian context among the retirement planning of faculty members.