Impact of Financial Behaviours on Perceived Retirement‎Adequacy and Satisfaction: The Mediating Role of Retirement Planning among Working Professionals

  • Authors

    • Daniel Frank Manipal School of Commerce and Economics, Manipal Academy of Higher Education, Manipal, India
    • Rupesh Roshan Singh Mittal School of Business, Lovely Professional University, Phagwara, India
    • Ramona Birau University of Craiova, Doctoral School of Economic Sciences, Craiova, Romania
    • Virgil Popescu University of Craiova, Faculty of Economics and Business Administration, Craiova, Romania
    • Stefan Margaritescu University of Craiova, "Eugeniu Carada" Doctoral School of Economic Sciences, Craiova, Romania
    • Gabriela Ana Maria Lupu (Filip) University of Craiova, Doctoral School of Economic Sciences” Eugeniu Carada”, Craiova, Romania
    • Sudhir Prabhu K‎ DTS Associates, Mumbai, India
    https://doi.org/10.14419/qfsayk57

    Received date: November 18, 2025

    Accepted date: December 20, 2025

    Published date: December 30, 2025

  • Financial Literacy; Retirement; Retirement Adequacy; Retirement Planning; Retirement Satisfaction

  • Abstract

    We examine the mediating function of retirement planning in association between core financial behaviours specifically, investment allocation, borrowing pattern, and spending practice with the dependent variables retirement adequacy and retirement satisfaction among professionals in the information technology (IT) and information technology-enabled services (ITES) sectors. A survey was administered to 385 professionals employed in India's IT and ITES sectors, and partial least squares structural equation modelling (PLS-SEM) was employed to test hypotheses grounded in Behavioural Learning Theory. The analysis evaluates whether retirement planning effectively channels these financial behaviours into improved retirement outcomes. The findings indicate that retirement planning significantly mediates the influence of borrowing pattern on retirement adequacy and the influence of spending practice on retirement adequacy, consistent with established Variance Accounted For (VAF) thresholds for full mediation. While investment allocation demonstrates a positive direct relationship with retirement outcomes, its indirect effect through retirement planning is less pronounced compared to borrowing and spending behaviours. Overall, the study conceptualizes retirement planning as a proactive, intrinsic mechanism through which individual financial behaviours are translated into retirement readiness. By empirically validating the mediating role of retirement planning, the research extends Behavioural Learning Theory into the domain of retirement finance and offers actionable implications for policymakers, financial educators, and individuals seeking to enhance retirement adequacy through targeted behavioural and financial literacy interventions.

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    Frank, D. ., Singh , R. R. ., Birau, R., Popescu, V. ., Margaritescu, S. ., (Filip), G. A. M. L. ., & K‎ , S. P. . (2025). Impact of Financial Behaviours on Perceived Retirement‎Adequacy and Satisfaction: The Mediating Role of Retirement Planning among Working Professionals. International Journal of Accounting and Economics Studies, 12(8), 922-938. https://doi.org/10.14419/qfsayk57