A GENERATIONAL STUDY ON THE INFLUENCE OF FINANCIAL LITERACY ON RETIERMENT PLANNING INTENTIONS AMONG MILLENNIALS AND GEN Z WITH SPECIAL REFERENCE TO KERALA STATE

Today's rapidly evolving financial landscape highlights the importance of early and informed retirement planning, particularly for younger generations such as Millennials and Generation Z.As traditional pension systems withdraw and as individuals assume more responsibility for their own financial futures, understanding the relationship between financial literacy and retirement planning is imperative.This research study focuses on the influence of financial literacy on retirement planning intentions, specifically for Millennials and Generation Z in Kerala.This study examines the generational differences in financial literacy, perceived barriers to planning, and willingness to utilize digital financial tools.Using a quantitative cross-sectional survey design, data was collected from 400 respondents in the two generational cohorts.The results identified significant differences in levels of financial literacy with implications for retirement planning behaviours.The study also identified socio-economic status, access to education, and the availability of digital financial tools as barriers to retirement planning intentions.This study contributes to the growing literature around financial preparedness in youth in addition to providing insights for policymakers, educators, and financial institutions in regard to retirement preparedness in young adults.The study advocates for generation-appropriate strategies and accessible digital tools that improve the financial capability of youth and decrease the financial literacy and retirement planning behaviours gap.