Retirement Planning Behavior: Understanding the Psychological and Financial Factors

A recent report by Insular Life highlights an emerging concern among Filipinos: significant retirement gaps driven by rising healthcare costs, longer life expectancies, and insufficient savings. As the nation's population ages, the urgency for proactive retirement planning becomes more apparent. The report, "Retire Without Worries: Your Roadmap to Living Life to the Fullest," emphasizes the critical role of early financial preparation in avoiding financial insecurity during retirement. Yet, despite growing awareness, many Filipinos remain financially unprepared. While retirement dreams of financial independence are common, confidence in achieving these goals remains low, mainly due to limited financial literacy and an overreliance on often inadequate employer-sponsored plans. Strengthening financial education and fostering deliberate retirement planning behaviours are essential steps toward securing a stable and dignified future for all Filipinos.

Who Can Use These Topics

This research is ideal for students and professionals pursuing the following courses or strands:

College Programs:

• BSBA Major in Financial Management

• BS Economics

• BS Accountancy

• BSBA Major in Banking and Finance

• BA Social Sciences Major in Economics

• BSBA Major in Business Economics

• BS Community Development

Senior High School Strands:

• Accountancy, Business, and Management (ABM)

• Humanities and Social Sciences (HUMSS)

• General Academic Strand (GAS)

Why This Topic Needs Research

Retirement planning behaviour requires deeper exploration to address persistent gaps and barriers to financial security. Several critical research gaps have emerged:

• Institutional Early-Intervention Strategies: Past studies acknowledged the importance of financial behaviour in retirement planning but had limited focus on how institutional early-career interventions could foster financial readiness among younger employees (Frank et al., 2025).

• Behavioural Bias Reduction Across Demographics: While behavioural biases were recognized as barriers to sound retirement planning, targeted financial literacy programs that directly counter these biases across various education and income levels remain underexplored (Sai et al., 2025).

• Customized Financial Education for Workforce Segments: Although demographic impacts were identified, research has rarely designed financial education programs tailored to unique sectors like mining, leaving diverse workforce groups underserved (Khoza, 2025).

• Longitudinal Insights on Financial Literacy Impacts: Although a link between financial literacy and retirement planning intention was established, longitudinal studies tracking financial literacy’s long-term influence across different life stages are notably absent (Flores et al., 2025).

• Impact of Evolving Economic Conditions: Rising living costs and shifting global economic dynamics have yet to be sufficiently incorporated into retirement planning studies, potentially overlooking major behavioural shifts (Othman et al., 2024).

• Promotion of Professional Financial Advisories: Although professional advice improves retirement outcomes, little research has focused on effective ways to promote advisor use across public and private employment sectors (Baguio & Nemino, 2025).

• Targeted Enhancement of Investment Literacy: Existing research confirmed the relevance of investment literacy but lacked deeper exploration into strategies that specifically improve investment behaviour to boost retirement readiness (Abad et al., 2025).

Feasibility & Challenges by Target Group

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References

Abad, L. K. L., Angelito, L. A. L., Arceno, M. D., & Sumicad Jr, E. H. (2025). Financial Status and Literacy, and Retirement Preparedness of Generation X Government Employees. AKTIVA: Journal of Accountancy and Management, 3(1), 13-23.

Baguio, R. B., & Nemino, R. C. (2025). Retirement Readiness: A Dual Perspective on Financial Planning for Private and Public.

Flores, R. R. B., De Leon, J. C. B., De Guzman, G. R., Culaton, A. V. B., & Joe-el, M. (2025). Financial Literacy and Retirement Planning Intention in the Philippines.

Frank, D., Harrison, A., Bai, V., Popescu, V., Birau, R., & Prabhu, K. S. (2025). Mediating role of retirement planning to achieve retirement adequacy & retirement satisfaction: A structural equation model evaluation. Multidisciplinary Science Journal, 7(5), 2025195-2025195

Khoza, F. (2025). Mineworkers’ Perspectives Towards Participating in Retirement Planning in South Africa. Journal of Risk and Financial Management, 18(1), 28.

Othman, M. N. A., binti Abd Maura, Z., & Seman, S. A. (2024). Factors Influencing the Retirement Planning Among Private Sector Workers in Malaysia. Journal of Ecohumanism, 3(7), 1141-1153.

Sai, K. M., Preetham, Y., Jayesh, M., & Babu, D. R. (2025). Behavioural Factors Influence Investors Towards Retirement Planning And Saving Scheme Preferences In The Tirupati District.