Submit your papersSubmit Now
For Enquiries: [email protected]
IIARD LogoIIARD

Retirement Planning and Retirees’ Well-Being in Calabar Metropolis, Cross River State, Nigeria

Bisong Kenneth BISONG, Ambulifel Joseph Akwugiobe, Ishaya, Moses Azi

Abstract

Civil workers will eventually retire; the kind of life they venture into after retirement is conditioned on what was done in the course of their work life, thus the need for a well retirement plan. This study therefore examined the relationship between retirement planning and retirees’ well-being in Calabar metropolis, Cross River State, Nigeria. Specifically, the study examines financial literacy, entrepreneurial skills and retirees’ well-being in Calabar Metropolis, Cross River State. Related and relevant literature were reviewed. The theories that supported the study were role theory, life-cycle income theory, and Burgess’s activity theory. The research design is cross-sectional survey research design, while the research area is Calabar metropolis. The study adopted purposive sampling technique. Cochran’s formula was adopted to determine the sample size for retirees in Calabar Metropolis. Data were generated from 384 respondents. The research instrument used in generating data is the questionnaire. The study statistically tested the generated data at 0.05 level of significance, using linear regression statistics. The statistical results revealed that a positive relationship between financial literacy, entrepreneurial skills, and retirees’ well-being in Calabar metropolis, Cross River State. Based on these findings, recommendations were that government establishments should initiate and condition workers for a compulsory pre-retirement entrepreneur capacity development programmes. This will motivate both management and employees to determine suitable entrepreneurial skills and develop them to meet up with current economic trends.

Keywords

Retirement planningretirees’ well-beingfinancial literacyand entrepreneurial skills.

References

Abdullahi, A. A. (2002). The Social Forces in Later Life (2nd ed.). Belmont, California. Wards worth. Adenutsi, D.E., (2009). Retirement planning: Conceptualization, challenges and policy options. MPRA Paper No. 29572. Agiobu-Kemmer, L. (2003). Public administration in Africa main issues and selected country studies. Ibadan: Spectrum Books Ltd. Amadi-Njoku, R. (1981). SMEs Examining Financial Successes. Daily Sun. Amune, J.B., Aidenojie, E.O. &Obinyan, O.O. (2015). Management of life after retirement and its implication on retired academic librarians in Edo State, Nigeria. International Journal of Humanities and Social Science, 5(10), 233-241. Amune, J.B., Aidenojie, E.O. &Obinyan, O.O. (2015). Management of life after retirement and its implication on retired academic librarians in Edo State, Nigeria. International Journal of Humanities and Social Science, 5(10), 233-241 Ansong, A., & Gyensare, M.A. (2012). Determinants of university working-students' financial literacy at the University of Cape Coast, Ghana. International Journal of Business and Management, 7(9), 126-133. Asebedo, S.D. & Seay, M.C. (2014). Positive psychological attributes and retirement satisfaction. Journal of Financial Counseling and Planning, 25(2), 161-173. Atchley, R.C. & Barusch A.S. (2004). Social forces and Aging: An Introduction to Social Gerontology. Atchley, R.C. (1988), Social forces and aging (5th ed.). Belmond: Wadswith. Atia, C. (2012). Building a financially literate society for development: the CAMFED Campaign for Female Education model. Research Report Atkinson, A. & Messy, F. A. (2011). Assessing financial literacy in 12 countries: an OECD/INFE international pilot exercise AXIS (2016). Building a financially literate society for development: the CAMFED Campaign for Female Education model. Research Report Brown, M. & Graf, R. (2013). Financial literacy and retirement planning in Switzerland. Advancing Education in Quantitative Literacy, 6 (2) Brown, M. & Graf, R. (2013). Financial literacy and retirement planning in Switzerland. Advancing Education in Quantitative Literacy, 6 (2) Bucher-Koenen, T. & Lusardi, A. (2011). Financial literacy and retirement planning in Germany. Journal of Pension Economics and Finance, 10 (4), 1-27 Buckley, J. (2002). The retirement handbook: A complete planning guide to your future (4th ed.). United States: Harper Collins Publishers Inc. Carter, M.A. & Cook, A. (1995). Adaptation to retirement: Role changes & psychological resources. The Career Development Quarterly, 44(1), 67-82 Eboh, E.C. (2009). Social and Economic Research: Principles and Methods: Enugu: African Institute for Applied Economics. Ekerdt, D. J., Kosloski, K., &DeViney, S. (2000). The normative anticipation of retirement by older workers. Research on Aging, 22(1), 3-22 Ezeani, E.O. (2011). Planning and Managing Post-Retirement Socio-Economic Conditions: A Public Service Perspective. A paper presented at a four-day Training Workshop of Staff of Institute of Management and Technology. Enugu. Fisher, G.G., Chaffee, D.S., &Sonnega, A. (2016). Retirement timing: A review and recommendations for future research. Work, Aging and Retirement, 2(2), 230–261. Foruness, T., Mykletun, R. J., Solem, P. E., de Lange, A. H., Syse, A., Schaufeli, W. B., Gall, T. L., & Evans, D. R. (2000). Preretirement expectations and the quality of life of male retirees in later retirement. Canadian Journal of Behavioral Science, 32(3), 187-197. Gerry, C., Marques, C.S., &Nogueira, F. (2008). Tracking student entrepreneurial potential: Personal attributes and the propensity for business start-ups after graduation in a Portuguese university. Problems and Perspectives in Management, 6(4), 46-54 Ghosheh, N. (2008). Age discrimination and older workers: Theory and legislation in comparative context, ILO Conditions of Work and Employment Series No. 20 Githui, T. & Ngare, P. (2014). Financial literacy and retirement panning in the informal sector in Kenya. International Journalof Education and Research, 2 (1), 1-16. Google Maps Review (2013). Hung, A. A., Parker, A. M. &Yoong, J. K. (2009). Defining and measuring financial literacy. Working Paper Series Huston, S.J. (2010). Measuring financial literacy. Journal of Consumer Affairs, 44(2), 296-316. Ilmarinen, J. (2015). Late career decision making: A qualitative panel study. Work, Aging and Retirement, 1(3), 284-295. Joo, S.H., & Grable, J.E. (2004). An exploratory framework of the determinants of financial satisfaction. Journal of family and economic Issues, 25(1), 25-50. Kim, J. E., & Moen, P. (2002). Retirement transitions, gender and psychological wellbeing: A life–course ecological model. Journal of Gerontology: Psychological Science, 57B, 212- 222. Kim, J. E., Kwon, J., & Anderson, E. A. (2005). Factors related to retirement confidence: Retirement preparation and workplace financial education. Financial Counselling and Planning, 16(2), 77-89. Klapper, L. & Panos, G.A. (2011). Financial literacy and retirement planning: the Russian case. Journal of Pension Economics and Finance, 10 (4), 599-618. Klapper, L., Lusardi, A. & Oudheusden, P. (2015). Financial literacy around the world: Insights from the Standard& Poor’s ratings services global financial literacy survey. Knapp, J. P. (1991). The benefits of consumer education: A survey report [Brochure]. Michigan Consumer Education Centre Latulippe, D. (2004). Effective retirement age and duration of retirement in the industrial countries, between 1950 and 1990, Issues in Social in social protection discussion paper no.2, ILO Social Security Department. Littunen, H. (2000). Entrepreneurship and the characteristics of the entrepreneurial personality. International Journal of Entrepreneurial Behaviour & Research, 6(6), 295-310. Lusardi, A. & Mitchell, O.S. (2011). Financial literacy and retirement panning in the United States. The National Bureau of Economic Research Lusardi, A. & Mitchell, O.S. (2011). Financial literacy and retirement panning in the United States. The National Bureau of Economic Research Lusardi, A. (2015). Financial literacy skills for the 21st century: Evidence from PISA, Journal of Consumer Affairs, 49 (4), 639-659. Lusardi, A., & Mitchell, O.S. (2011). Financial literacy around the world: An overview, Journal of Pension Economics and Finance, 10 (04), 497-508 Matour, S., & Prout, M. F. (2007). Psychological Implication of Retirement in the 21stCentury. Journal of Financial Service Professionals. 61 (1), (pp. 57-63). Miller, H. (1977), Help for those facing retirement, Modern Maturity, XX August/September, 7 Mireku, K. (2015). Financial literacy among University students: evidence from Ghana (Doctoral dissertation, Department of Accounting and Finance, Kwame Nkrumah University of Science and Technology). National Population Commission (2006). Nigeria Demographic and Health Survey 2007). Abuja: NPC Federal Republic of Nigeria. Nierderfrank, E.J. (1980). Preparing for retirement. Corvallis: EvlonNiederfrank Publishing. Noone, J. H. (2010). Psychological and socio-economic factors influencing men and women’s planning for retirement (Unpublished Doctorial Thesis). Massey University. Turitea, New Sealand. O’Neill, B., Sorhaindo, B., Xiao, J. J., & Garman, E. T. (2005). Financially distressed consumers: Their financial practices, financial well-being, and health. Financial Counselling and Planning, 16(1), 73-87. Ode, T. A. (2005): Counselling for Retirement Adjustment: Conference Proceedings for the 28th Annual Conference of the Counselling Association of Nigeria, 3-11. Oisclair, D., Lusardi, A. & Michaud, P. (2015). Financial literacy and retirement planning in Canada. Journal of Pension Economics and Finance, 16 (3), 277-296 Onoyas, A. (2013). Financial planning strategies towards retirement as perceived by potential retirees in Universities in the Niger Delta, Nigeria, International Journal of Business and Social Science. 4(14): 2-8. Petters, J. & Asuquo, P. (2008), “Work-role attachment

More Articles from INTERNATIONAL JOURNAL OF SOCIAL SCIENCES AND MANAGEMENT RESEARCH

Building National Analytics Capacity: Advances and Future Pathways

Author: Uchechi Mary-Linda Unamma, Ifeanyichukwu Jeffrey Okwesa, Uzoamaka Iwuanyanwu

Root-Cause and Thematic Analysis for Major Incident Management: A Review

Author: Ifeanyichukwu Jeffrey Okwesa, Uchechi Mary-Linda Unamma, Uzoamaka Iwuanyanwu

Data-Quality and Single-Source-Of-Truth Frameworks for Inter- Agency Reporting: A Review

Author: Uchechi Mary-Linda Unamma, Ifeanyichukwu Jeffrey Okwesa, Uzoamaka Iwuanyanwu

Human-In-The-Loop Decision Systems: Advances and Future Directions

Author: Funmilayo Ashore-Onisemo, Uchechi Mary-Linda Unamma, Ifeanyichukwu Jeffrey, Okwesa,

Roles of Oil Subsidy Removal on Transportation Cost and Water Factory in Cross River South, Nigeria

Author: Onwuzurike Peter Tobechi, Owoh Akwa Owoh, Unoh Grace Inyang, Umaru Musa