Abstract
Rising life expectancy and an aging population across nations are leading to an increased need for long-term financial savings and a focus on the financial well-being of retired individuals amidst changing policy framework. This study is a systematic review based on a scientific way of producing high-quality evidence based on 191 articles from the Scopus and Web of Science databases. It adopts the Theory, Context, Characteristics, and Method (TCCM) framework to analyze literature. This study provides collective insights into financial decision-making for retirement savings and identifies constructs for operationalizing and measuring financial behavior for retirement planning. Further, it indicates the need for an interdisciplinary approach. Though cognitive areas were studied extensively, the non-cognitive areas received little attention. Qualitative research design is gaining prominence in research over other methods, with the sparse application of mixed methods design. The study’s TCCM framework explicates several areas for further research. Furthermore, it guides the practice and policy by integrating empirical evidence and concomitant findings. Coherent synthesis of the extant literature reconciles the highly fragmented field of retirement planning. No research reports prospective areas for further analysis based on the TCCM framework on retirement planning, which highlights the uniqueness of the study.
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Data Availability
The research data will be made available on request.
Acknowledgment.
Notes
Elderly population is defined as a population aged 65 years and over.
Defined benefit plan guarantees benefits to the employee, while defined contribution plan requires employees to decide on their own investment and bear the financial risks identified with it.
“The old-age dependency ratio is defined as the number of individuals aged 65 and over per 100 people of working age defined as those at ages 20 to 64”(OECD 2023).
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Ingale, K.K., Paluri, R.A. Retirement planning – a systematic review of literature and future research directions. Manag Rev Q (2023). https://doi.org/10.1007/s11301-023-00377-x
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DOI: https://doi.org/10.1007/s11301-023-00377-x
Keywords
- Retirement planning
- Systematic literature review
- Financial behavior
- Household finance
- Long-term savings
- Pension plan
- Financial literacy
- TCCM framework