Does Young Indian Save for Retirement?

As soon as the individual starts earning he should start saving for retirement as it is never too early to start saving for retirement. Retirement savings or creating retirement corpus is not a short term process, but a time consuming long term process. Age of an employee will determine the number of years left to get retired formally by laws. This will help in judging the number as well as the amount of monthly salary to be drawn by the employee from which they can save for retirement. Wise should start saving as early as possible. Many banks and financial institution offer various retirement products and motivates the employees to save for the same but still the initiatives taken by most of the people to activate in this area is negligible. In order to understand about their failure to save for retirement and the reason behind it, the present study tries to find out age as one of the differential factor that influence retirement planning and saving behavior of the employees in Gujarat. The objective of this study was to find out the relationship between age and the retirement saving behavior of private sector employees in Gujarat region. The researcher has used Descriptive and non-experimental type of research design by surveying the sample of private sector employees with the age group from 25 to 60 years from the four different regions of Gujarat like Surat, Navsari, Ahemdabad, Gandhinagar, Rajkot, Jamnagar, Mehsana, Palanpur etc. through Questionnaire method. The researcher found that Young baby boomers are well aware about the pre-requisite need to start early for retirement. Efforts should be made to target those age group who are not aware about the importance of retirement saving.This study would be helpful to the financial advisor who can make personalized assessments and take a step further by studying the one- to-one interventions and can attempt to develop "age-appropriate" degree of risk tolerance among investors.