Saving Habit for Retirement and Well-Being: A Qualitative Analysis

Abstract

Emergency savings are widely acknowledged for helping people develop financial resilience against unforeseen circumstances and financial hardship. This study revealed insightsinto the saving habit of individuals that might improve society's ability to endure financial shocks in the future. Face-to-face interviews were conducted, and open-ended questions were raised for the participants. Quirkos software was selected to analyze the information acquired through the survey interview for this research. Thematic analysis revealed financial security as the most prominent component, followed by financial literacy, which comes second for an individual’s retirement savings and well-being. The findings provide practical implications for allowing relevant policymakers and regulatory bodies to design and develop models for financial freedom, prepare for retirement and improve well-being.