Aging & Social Change: Eleventh Interdisciplinary Conference

Abstract

This study focuses on understanding the financial behaviour of unorganized workers about the various available old age retirement schemes/pension schemes provided by the Government of India, and their willingness to participate in voluntary contribution for old age. The present work would help to assess the overall awareness level (financial literacy) of unorganized sector workers regarding old age savings financial products (e.g., NPS) and the factors that influence the individual behaviour regarding everyday financial decisions. Financial literacy is pivotal for awareness of the availability of such schemes for old age security. The study further examines the relative significance of these factors on voluntary participation in the defined contribution schemes. We have employed conducted a field survey for one and half years and interpreted the primary data to understand the factors that influence the financial behaviour of unorganised sector workers towards their retirement planning in India.