Retirement Planning and Financial Security: Assessing Awareness and Preparedness Among Individuals in Chennai

Abstract: Retirement planning is a critical aspect of financial security, particularly in a rapidly changing economic landscape. With increasing life expectancy, rising healthcare costs, inflation, and limited pension coverage in the private sector, individuals must take proactive steps to secure their financial future. This study, titled "Retirement Planning and Financial Security: Assessing Awareness and Preparedness among Individuals in Chennai", aims to assess the level of financial awareness, preparedness, and investment behavior related to retirement among the general population in Chennai. Using a structured survey methodology, the study evaluates how demographic factors such as age, income, education, and occupation influence retirement planning. The research highlights key financial challenges faced by individuals, including insufficient savings, lack of awareness, inflationary pressures, and dependence on family support. Findings reveal that a significant portion of younger individuals in their 20s exhibit low levels of preparedness, while financial readiness tends to improve with age, particularly in the 40s and 50s. The study also explores the importance of financial literacy in shaping investment decisions and long-term financial behaviour. The insights derived from this study offer valuable inputs for policymakers, financial institutions, and individuals to encourage early planning, improve financial decision-making, and ensure a secure and independent retirement.

Keywords: Retirement Planning, Financial Security, Financial Literacy, Investment Behaviour, Demographics, Awareness, Chennai, Economic Preparedness.