Personality and Retirement Planning Behavior: Future Orientation and Risk Tolerance as Mediators.

Recent demographic shifts, an aging population, and longer life expectancies have raised concerns about retirement financial stability. The privatization of pension systems has shifted the responsibility of wealth accumulation to individuals. Yet many workers approaching retirement remain inadequately prepared. In light of these challenges, the present study examines how the Big Five personality traits, future orientation, and financial risk tolerance are associated with retirement financial planning behavior. Data were collected via a structured questionnaire survey from a sample of 443 working individuals in India. Analyses were then conducted using the partial least squares structural equation modeling technique. The results reveal that among the Big Five personality traits, conscientiousness and agreeableness are positively associated with retirement planning behavior. The results also support the mediating effect of future orientation on the relationship between personality traits and retirement planning behavior. Neuroticism is positively associated with risk tolerance. The findings of this study offer valuable insights for policymakers, financial advisors, and counselors. [ABSTRACT FROM AUTHOR]