Future orientation as the mediator of life satisfaction and recruitment saving attitudes and retirement savings perception

Pages: 471-474
Amogh Talan and Pragyendu (Sri Aurobindo College (Evening), University of Delhi, New Delhi)
Amirul Hasan Ansari (Center for Management Studies, Jamia Millia Islamia, New Delhi)

The purpose of this study is to analyze the relation between well-being and future orientation of individuals from middle class in India, and their retirement saving attitudes and retirement savings perception. With the life expectancies of individuals in India expected to rise steeply in next 20 years along with their standards of living, it becomes imperative to analyze whether their present well-being and orientation for the future are allowing them to save adequately to ensure a comfortable living after the retirement. Future orientation is the extent to which individuals involve themselves planning for their future after retirement. Well-being measures how much the individual is satisfied with the conditions of his life. Retirement saving attitudes shows the vigor with which an individual practices to save for his retirement. Retirement savings perception reflects how individuals perceive to finance their living after the retirement. Using multiple regression analysis we found a significantly positive relation between the individual’s well being and their retirement saving attitudes. Results for retirement savings perception reinforced the belief that middle class people from India are highly conservative when it comes to saving (in contrast of being risk takers).