Empirical Assessment of the Effect of Retirement Financial Planning on Post-Retirement Financial Wellbeing among Yobe State’s Public Service Sector Retirees: Lesson for Serving Workers
To secure post-retirement financial well-being, workers in many countries engage in personal retirement financial planning before retirement. However, it remains unclear whether different personal retirement planning actions including retirement financial planning leads to post-retirement financial wellbeing among retirees. Moreover, few studies were conducted on the topic in Nigeria. Also, there is scarcity of studies on the effect of retirement financial planning on financial well-being among public service sector retirees in Yobe State. Therefore, this study is conceived to examine the association between retirement financial planning and financial well-being among retirees. Additionally, the study aims to investigates the influence of challenge of retirement planning on financial well-being of the retirees. The study employed cross-sectional survey design to collect data. A sample of retirees were selected as participants among Yobe State’s public service sector retirees. Structured questionnaire was administered to the respondents. Both descriptive and inferential statistics were used for data analysis. Hypotheses of the study were tested using partial least squares structural equation modelling. Results showed that retirement financial planning has a positive impact on post-retirement financial well-being of retirees. Also, it was found that challenges of retirement financial planning have no significant influence on financial wellbeing. Therefore, it is recommended that interventions and policies aimed at enhancing financial well-being among retirees should place specific emphasis on promoting and supporting effective retirement financial planning. Similarly, it is recommended that policymakers should provide financial education and support programs that address the specific challenges of workers in retirement financial planning. Lastly, workers should participate in financial literacy and financial education programs to enable them acquire financial planning knowledge and skills.
Keywords: Financial, Planning, Public, Retirement, Retirees, Wellbeing, Yobe
