Paper Title
Financial Planning and Retirement Security for the Ageing Population in Dakshina Kannada
Article Identifiers
Authors
Raghavendra , Akshith Kumar K , Arun Francis Sequeira
Keywords
Financial Literacy Gaps, Social Security Adequacy, Skill-Focused Intervention, Multifaceted Approach, Ageing Population Empowerment
Abstract
Our study explores the financial complexities faced by Dakshina Kannada's ageing population, employing a multifaceted approach to reveal a tapestry woven with knowledge, skills, and social realities. While a consistent level of financial awareness exists across generations (confirmed by One-Way ANOVAs), specific skill gaps and potential variations in social security adequacy across socioeconomic groups, hinted at by independent samples t-tests and one-way ANOVAs, necessitate targeted interventions. A moderate, statistically significant correlation (r = 0.334, p < .001) between specific financial literacy skills (identified through correlation matrix analysis) and planning behaviours, highlighting the potential impact of skill-focused interventions using tools like budgeting and debt management. However, while providing some support, social security systems may not adequately address the diverse needs of different socioeconomic groups (as suggested by ordinal logistic regression), urging further investigation and potential policy adjustments. Cultural beliefs, though important, cannot be the sole explanation for variations in financial planning (as demonstrated by the poor fit of the ordinal logistic regression model). By acknowledging the intricate financial realities of Dakshina Kannada's ageing population (based on data collected from 100 respondents through surveys) and implementing targeted solutions informed by our findings, we can empower individuals to confidently navigate their financial journey. This approach, encompassing skill-specific interventions, policy adjustments, and community-based support, holds the potential to build a more secure and prosperous future for Dakshina Kannada's ageing population
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How To Cite (APA)
Raghavendra, Akshith Kumar K, & Arun Francis Sequeira (December-2023). Financial Planning and Retirement Security for the Ageing Population in Dakshina Kannada. INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT, 8(12), c260-c271. https://ijnrd.org/papers/IJNRD2312228.pdf
Issue
Volume 8 Issue 12, December-2023
Pages : c260-c271
Other Publication Details
Paper Reg. ID: IJNRD_211101
Published Paper Id: IJNRD2312228
Downloads: 000121990
Research Area: Commerce
Country: Mangaluru, Karnataka, India
Published Paper PDF: https://ijnrd.org/papers/IJNRD2312228.pdf
Published Paper URL: https://ijnrd.org/viewpaperforall?paper=IJNRD2312228
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Journal Name: INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT(IJNRD)
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This work is licensed under a Creative Commons Attribution 4.0 International License and The Open Definition
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