Gender Bias in Financial Planning for Retirement


  • Assistant Professor, Presidency College, Bengaluru - 560024, Karnataka
  • Professor, Tumkur University, Tumakuru – 572103, Karnataka
  • Research Scholar, Tumkur University, Tumakuru – 572103, Karnataka



Attitude towards Savings, Clarity of Goals, Financial Goals, Financial Planning

JEL Classification

, D14, D19, E21


Socio-economic factor, family structure has impact on the various facets of economy as well as individual’s life, specifically after retirement. In the past, primarily India had joint family structure or a compound family structure, which was a great source of support after retirement. Today India’s population is growing but average family size is reducing. This phenomenon translates into more retired people per working individual. If pretired individuals are financially secure, their hardships of old age can be reduced to a large extent. Per capita income today, is far greater as compared to past with many more investment avenues to suit ones requirement. Financial plan is required to satisfy financial needs at various stages of life. Income after retirement is consequence of the investments made during work life, which is the result of the financial plan for retirement. The census data indicates life expectancy for women is higher than men. Hence, it is important that women make financial planning for their financial needs after retirement. Financial literacy, savings and clarity of objectives are positively related to financial planning by the individuals. The data for the study is collected using Google Forms from the individuals employed in ITES sector in the city of Bengaluru. Logistic regression model is used to evaluate variance in the financial planning for retirement due to explanatory factors, ‘clarity of financial goal’, ‘attitude towards savings’ and ‘financial literacy’ on ‘financial planning for retirement. Independent t test is used to evaluate difference between men and women. The study revealed that explanatory variables had influence on the financial planning for retirement and t test revealed that men and women do not differ in their behavior.


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How to Cite

Hiremath, K., Afza, N., & Kumar, D. (2022). Gender Bias in Financial Planning for Retirement. SDMIMD Journal of Management, 13, 73–80.



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