Financial Literacy and Retirement Planning Among Teachers in Tarkwa-nsuaem Municipality

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