Abstract:
ABSTRACT
This study focused on financial literacy and retirement among teachers in
Tarkwa-Nsuaem Municipality. The study specifically sought to determine the
level of financial literacy among teachers, determine the extent of retirement
preparedness, and examine the influence of financial literacy on retirement
planning among teachers in Tarkwa-Nsuaem Municipality. Descriptive and
explanatory research design was used. Again, the study employed the
quantitative research approach and had 306 permanent public teachers as
respondents for the study. The study revealed that teachers of Tarkwa-Nsuaem
Municipality highly considered financial literates. In addition, the study found
that teachers of Tarkwa-Nsuaem Municipality highly prepared for retirement.
Further, the linear regression model specified revealed that financial literacy
significantly affected workers’ preparation towards retirement at a 5% alpha
level. The value (0.554) of the unstandardized coefficient (β) also showed a
positive effect of financial literacy on retirement planning. Thus, as teachers in
Tarkwa-Nsuaem Municipality financial literacy increases, their preparedness
towards retirement also increases. The study recommends that teachers should
periodically be advised by management of social welfare and other financial
experts and analysts during meetings on the importance associated with
financial knowledge since it impacts their preparation towards retirement and
planning. Owing to this, management of the Municipality should design
programmes and policies targeted at educating teachers about the benefits
associated with financial literacy. This can help teachers to be well abreast
with current trends
