Impact of Family Structures on Retirement Planning: A Study of Joint vs. Nuclear Families in India

Author(s)	Ms. Sakshi Singhal, Prof. Harsh Purohit
Country	India
Abstract	Family structure plays a crucial role in shaping retirement planning decisions in India. Traditionally, the joint family system has provided financial and emotional security to elderly members, reducing the need for independent retirement savings. However, with the rise of nuclear families due to urbanization, economic shifts, and changing social norms, individuals are increasingly required to plan for their financial security in old age. This study examines how the transition from joint to nuclear family structures impacts retirement planning strategies, including savings behavior, investment preferences, and reliance on pension schemes. The research highlights the advantages and challenges of both systems, emphasizing the role of family support, financial literacy, and government policies in ensuring a secure post-retirement life. The findings suggest that while nuclear families encourage financial independence, they also create vulnerabilities for the elderly, necessitating a re-evaluation of traditional support systems and the adoption of modern retirement planning approaches.
Published In	Volume 6, Issue 4, April 2025
Published On	2025-04-28
Cite This	Impact of Family Structures on Retirement Planning: A Study of Joint vs. Nuclear Families in India - Ms. Sakshi Singhal, Prof. Harsh Purohit - IJLRP Volume 6, Issue 4, April 2025.

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