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@article{180756,
        author = {RANJAN PAUL and BHARTENDU SINGH},
        title = {Investor Behavior in Pension Choices: Evidence from Life Cycle Fund Preferences under India's National Pension System},
        journal = {International Journal of Innovative Research in Technology},
        year = {2025},
        volume = {12},
        number = {1},
        pages = {2647-2651},
        issn = {2349-6002},
        url = {https://ijirt.org/article?manuscript=180756},
        abstract = {The National Pension System (NPS), India’s flagship market-linked retirement scheme, offers age-adjusted life-cycle fund options—LC25 (Conservative), LC50 (Moderate), and LC75 (Aggressive)—that reflect varying risk appetites. This study analyzes sector-wise subscriber behavior from FY 2019–2020 to 2023–2024 using cross-sectional administrative data. Chi-Square Tests of Independence reveal statistically significant associations between employment sector and fund choice, indicating divergent risk preferences. LC50 remains the most preferred option across sectors, suggesting a widespread inclination toward balanced portfolios. Notably, LC75 subscriptions have surged in Corporate and All Citizen sectors, while LC25 has seen a sharp decline, particularly a 70% drop in the All-Citizen category in 2023–2024 alone. These trends suggest a behavioral shift toward higher-risk allocations, possibly influenced by financial literacy, default options, and sectoral dynamics. The findings emphasize the importance of sector-specific financial education and adaptive default mechanisms to improve retirement outcomes under the NPS.},
        keywords = {National Pension System, Life Cycle Funds, Risk Preference, Investment Behaviour},
        month = {June},
        }