Abstract
Purpose – This research aims to assess the financial retirement planning strategies
of employed individuals in the Kathmandu Valley of Nepal by examining the
relationships between financial risk tolerance (FRT), financial self-efficacy (FSE),
financial literacy (FL), retirement goal clarity (RGC), and culture on financial
planning for retirement (FPR).
Design/methodology/approach – Quantitative research approach with
explanatory research design was employed to a cross-sectional data,
supplemented by correlational analysis to measure the strength of relationships
between the variables. The study explores the mediating role of culture in the
relationship between RGC and FPR.
Results – Findings revealed that FRT, FSE, FL, and RGC significantly and positively
influence FPR, with RGC exerting the strongest impact. This underscores the
critical role of clear retirement goals in effective financial planning.
Conclusion – The study concluded that employed individuals predominantly
rely on retirement goal clarity when formulating retirement planning strategies.
Implications – Theoretically, this research provides a foundation for further
exploration of the financial, cognitive, and behavioral factors influencing
retirement planning within the Nepali context. Economically, it highlights the
necessity for individuals to prioritize retirement goal clarity in their financial
strategies.
Originality/value – This paper is significant in the Nepali research landscape, as
it is among the few studies to investigate financial retirement planning, focusing
on the roles of FRT, FSE, FL, RGC, and culture in shaping individuals' financial
planning behaviors.
Keywords – Financial literacy, Financial planning for retirement, Financial risk
tolerance, Financial self-efficacy, Retirement goal clarity

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