The Role of Indian Cultural and Religious Beliefs in Shaping Retirement Planning Decisions

Authors

Ms. Sakshi Singhal, Prof. Harsh Purohit

Abstract

Retirement planning is a critical financial and social decision influenced by various cultural and religious factors in India. This study explores how Indian cultural values, traditions, and religious beliefs shape individuals' approaches to retirement savings, investment preferences, and post-retirement lifestyle choices. The study highlights the role of familial responsibilities, the concept of joint families, and religious doctrines that encourage financial security, charity, and spiritual pursuits in old age. It examines how Hindu, Islamic, Christian, and Sikh perspectives influence attitudes toward wealth accumulation and retirement preparedness. Additionally, it addresses the impact of rituals like vanaprastha (the renounced life) and beliefs in karma and dharma on financial planning. Through qualitative and quantitative analysis, the research provides insights into how traditional values coexist with modern financial planning strategies. The findings offer implications for policymakers and financial advisors in designing culturally relevant retirement planning solutions for Indian society.

Keywords

The Role of Indian Cultural and Religious Beliefs in Shaping Retirement Planning Decisions. Ms. Sakshi Singhal, Prof. Harsh Purohit. 2025. IJIRCT, Volume 11, Issue 2. Pages 1-5. https://www.ijirct.org/viewPaper.php?paperId=2504073