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Since the 2008 global financial crisis, an increasing number of studies have sought to underscore the importance of financial knowledge in prudent and sound financial decision making and outcomes. Given the world’s aging population and concerns about the well-being of the elderly, this notion has also been extended to capture its impact on retirement planning practices. Similarly, this paper seeks to examine the link between financial knowledge and retirement preparedness in Barbados. Firstly, the study establishes the role savings play in retirement well-being through consumption theory. A regression analysis is then used on data from an online survey of 170 Barbadian respondents to test the link between financial knowledge and retirement planning. The results suggest that financial knowledge does have a positive impact on the level of retirement planning in Barbados.