Financial Planning Awareness among Young Professionals in Jalgaon City: An Empirical Analysis of Savings, Investment, and Retirement Preparedness

This research paper presents a comprehensive empirical analysis of financial planning awareness among young professionals in Jalgaon City, Maharashtra. Amidst India’s evolving economic landscape, this study investigates the savings habits, investment preferences, and retirement preparedness of 100 professionals aged 22-40. Utilizing a descriptive research design, primary data was collected to assess financial literacy levels and behavioural tendencies. The findings reveal a significant dichotomy: while 85% of respondents are aware of tax planning instruments, actual investment behaviour remains deeply conservative, with 80% favouring Fixed Deposits and 45% investing in Gold. A notable "retirement planning paradox" exists, where 70% claim preparedness yet rely heavily on mandatory state-sponsored schemes rather than voluntary wealth accumulation. The study identifies limited income and lack of advanced financial knowledge as primary barriers. It concludes that despite high educational attainment, "financial intelligence" lags, necessitating targeted, localized literacy interventions to transition this demographic from savers to investors.