IIARD International Institute of Academic Research and Development

INTERNATIONAL JOURNAL OF SOCIAL SCIENCES AND MANAGEMENT RESEARCH (IJSSMR )

E-ISSN 2545-5303
P-ISSN 2695-2203
VOL. 10 NO. 11 2024
DOI: 10.56201/ijssmr.v10.no11.2024.pg.133.144

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Factors Affecting Retirement Planning of Agricultural Extension Staff in Akwa Ibom State, Nigeria

Victor Edet Anawanakak, Beulah I. Ekerete and Unyime Robson Etuk

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Abstract

This study assessed retirement planning among agricultural extension staff in Akwa Ibom State, Nigeria, focusing on strategies employed, preparedness levels, and factors influencing planning decisions. Using a multi-stage sampling technique, data were collected from 194 respondents across the six administrative zones of the Akwa Ibom Agricultural Development Programme (AKADEP) through a structured questionnaire validated by expert reviews and statistical reliability tests. The findings revealed a preference for proactive financial strategies such as early retirement planning (mean score- = 3.05), portfolio diversification ( =3.00), and personal savings ( =3.00), while structured strategies like written plans ( =2.55) and international investments ( =2.55) were less utilized. Analysis of preparedness levels showed moderate engagement in practices like regular retirement contributions ( =2.70) and plan reviews ( =2.73) but significant gaps in emergency preparedness ( =1.45) and confidence in achieving retirement goals ( =1.73). Specifically, RRG indicated a low level of retirement planning with the mean of 2.01, MRG had a low level of retirement planning with the mean of 2.24 and NRG also had a low level of retirement planning with the mean of 2. 46. The general mean for the three groups is 2.24, indicating that all the three groups had a low level of retirement planning. Key factors influencing decisions included financial constraints, family responsibilities, and financial literacy, with an overall variance explained of 68.89%. The study concluded that the level of retirement planning of Agricultural Extension Staff low and Financial constraints, family and health responsibilities, knowledge and financial literacy were the key factors affecting level of retirement planning. It was recommended that targeted financial literacy programmes emphasizing diversified investments, structured planning, and professional advisory

keywords:

Retirement planning, agricultural extension staff, financial literacy, portfolio

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