Retirement Planning Attitude in a Financial Behavior Perscpective. Case of Albania

Nowadays, an issue that is becoming more and more prominent and is receiving attention from everyone is retirement planning. Retirement planning behavior is defined as the behavior of individuals toward the design of planning schemes, which has emerged in recent years from research in behavioral economics (financial behavior).Studies carried out time ago have shown that the realization of a planning has brought impacts both on saving behavior and on portfolio selection. Also, it is emphasized by the researchers in this field that there are some very relevant factors, which help the retirement planning behaviour. The main purpose of this paper is to get acquainted with the behavioral theory, then research and determine the factors that influence planning behavior and readiness for retirement, seeing and analyzing this whole “phenomenon” in basis of division of different age groups for individuals employed in our country. The factors highlighted by the research are financial literacy, saving attitude, future orientation. Methodological research approach of data generation is the combination of quantitative and qualitative methods, which was realized by developing a structured questionnaire. The questionnaire is divided into two sections respectively and is completed by 164 respondents with a variety of professional backgrounds. From the empirical data collected and the analysis carried out, it is concluded that the middle age group (36-50 years old) shows a greater approach in the planning behavior of savings for retirement readiness. As well as from the review of the literature, it is concluded that there is a positive correlation between the planning behavior of individuals and the aforementioned factors.