FACTORS INFLUENCING POST RETIREMENT FINANCIAL PLANNING: A STUDY OF WORKING EMPLOYEES IN DELHI NCR
The term "basic financial planning" refers to having a fundamental understanding of a variety of financial topics, including but not limited to: budgeting; interest rates; the time value of money; inflation; debit-credit; money management; investment; banking products; risk-return; and so on. A lack of fundamental financial knowledge can lead to inefficient decision making, which can then result in losses. The demographic factor, socio-economic factors, educational level, workplace activity, and other factors all have an impact on the fundamental level of financial planning. In some instances, one or more of these factors might be the most important, while in others, they might not be relevant at all. For effective policy making, it is essential to have a solid understanding of the impact that such factors have on the basic financial awareness level of the general population. As a result, the purpose of this study is to investigate the level of basic financial planning practised by people living in Delhi and the National Capital Region. A non-parametric test of independent samples known as the Kruskal-Wallis test and a Mann-Whitney U test were used to conduct the analysis on the data that was collected. According to the findings of the study, there is a discernible gap in the level of fundamental financial knowledge between the various age groups. On the other hand, the study discovered that the fundamental financial planning level did not vary significantly according to gender, employment status, or educational level.
Financial planning, interest rates, debit-credit