Exploring Financial Well-being's Impact on Retirement Planning: The Mediating Role of Financial Attitude

This study seeks to examine the impact of financial attitude, financial well-being and selected socio-economic factors on retirement planning. Employing a survey-based approach, primary data was gathered from 506 respondents using structured questionnaires through convenience sampling. The research hypotheses were examined using the application of structural equation modelling, with a special emphasis on assessing the mediating influence of financial attitude on the association between financial well-being and retirement planning. This study also examines the potential moderating influences of factors, including age, gender, education and income, on the association between financial attitude, financial well-being and retirement planning. The findings illustrate a significant correlation between an individual's financial perspective, financial welfare and inclination to participate in retirement preparation. Moreover, it was discovered that certain variables exerted significant moderating effects on these relationships. The research acknowledges certain limitations, such as the omission of variables like financial knowledge and external influences such as parental and societal factors. These research implications can guide policymakers and institutions in the creation of effective financial literacy programs and investor awareness seminars.