Understanding Socio-Cultural Barriers to Women's Retirement Preparedness in India: An Integrated Conceptual Framework

Abstract

Labor force participation, the changing family and the increasing life expectancy have created an important socio-economic issue on women's retirement preparedness. Nonetheless, women face socio-cultural challenges to adequately prepare for retirement, especially in the developing world like India. However, previous studies have largely concentrated on financial and demographic factors and the combined effect of socio-cultural factors has not been sufficiently investigated. This paper fills this gap by creating an integrated conceptual framework that throws light on how the socio-cultural barriers affect women's retirement preparedness in the Indian context. The framework is based upon the Gender Role Theory and the Life-Cycle Hypothesis, which help to identify the main barriers such as traditional gender roles, responsibilities as a caregiver, gender differences in employment and earnings, gender financial illiteracy, and institutional constraints. The paper presents research propositions that will help future empirical research and brings together the scattered evidence into a whole conceptual framework, thereby advancing the literature. The proposed framework also provides practical guidance for policy makers, financial institutions, employers, and financial educators in developing gender-sensitive solutions to enhance women's retirement readiness and long-term financial security.