Transition from World of Work to Retirement: Contributions of Social Convoy and Financial Literacy to Teachers' Retirement Preparedness

Abstract

The study investigated the retirement preparedness, social convoy, and financial literacy of Nigerian primary school teachers. The sample was 492 primary school teachers in Osun State with five years or less more in civil service. The instrument used was a questionnaire on retirement preparedness, financial literacy, and social convoy. Data collected were analysed using percentages, Pearson Product Moment Correlation, and chi-square inferential statistical analysis. The results show that 16.3% of the teachers had high level of retirement preparedness. 58.5% of them had high level of social convoy, and 85.8% of them were highly financially literate. Furthermore, there existed positive low relationship (r = 0.155, p = 0.001) between financial literacy and retirement preparedness; however, teachers' social convoy significantly influenced their retirement preparedness (x2 = 26.507, p = 0.000). It was, therefore, concluded that social convoy influenced retirement preparedness.