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Standard economic theory based on the rationality assumption predicts optimal provisions for retirement by individuals. However, empirical data shows substantial under-saving for retired life by citizens of both developed and developing countries. This article attempts to test the role of selected heuristics as well as the influence of framing of choices in financial decision-making for retirement through a structured questionnaire. Responses were obtained from a sample of 87 employees from the Information Technology industry in Pune, Maharashtra, showed that a relatively high proportion of the sample reported failure to meet their own savings targets. The authors also observed a relatively small percent of the sample was seeking advice from financial experts Results of chi-square tests further confirmed the existence of the selected heuristics and framing effects in the context of the sample. The suggested ubiquitousness of selected behavioral tendencies widens the scope of policy formulation and intervention by regulatory authorities for optimal retirement planning.

Behavioral Challenges for Retirement Planning: A Study of Employees of the Information Technology Industry in Pune, Maharashtra