Financial Freedom of Young, Middle Aged and Senior Age Class Employees

12 Pages Posted: 2 Sep 2013

See all articles by Khyati Vyas

Khyati Vyas

Rofel Arts and Commerce College

Vishvesh H. Raval

Vinimay Securities

Date Written: September 1, 2013


An individual goes through two major dependency periods in life in youth and in old age. This paper focuses on financial freedom in the active period of economic life. This objective is important for many reasons. One feels a sense of freedom when basic needs get incrementally satisfied with passage of time. Financial freedom has profound impact on one’s well being. Therefore, knowing when the person feels financially independent and free, can give insight into important time points in life of different age class persons.

This paper examines financial freedom with respect to differences in age class. This provides research opportunities to examine the financial freedom across age classes over the work life cycle and to implications. A sample of 90 was selected comprising of cross section of companies. All employees were at least 18 years of age. Employees belonged to different layers of management and were full time employees. None of the employees worked less than a year in present company. Employees belonged to Vapi, Navsari, Vadodara and Ahmedabad. It was observed that employees do not show significant relationship in financial freedom intra-age class. Scores are gender independent and there is no significant difference in financial freedom experienced in the three age classes.

Keywords: behavioral finance, psychology

JEL Classification: D30, D70, D80, E20, H30, I30, J20, J60, P36, R20

Suggested Citation

Vyas, Khyati and Raval, Vishvesh H., Financial Freedom of Young, Middle Aged and Senior Age Class Employees (September 1, 2013). Available at SSRN: or

Khyati Vyas

Rofel Arts and Commerce College ( email )

Vapi Namdha Road
Vapi, Gujarat 396191

Vishvesh H. Raval (Contact Author)

Vinimay Securities ( email )

404 Pushpakunj
Apollo Compound
Vadodara, Gujarat 390002

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