Retirement Education and Financial Security among Senior Citizens in Tertiary Institutions in Nigeria

Abstract

The study focused on retirement education and financial security among
senior citizens in tertiary institutions in Nigeria. A descriptive survey design 
was used for the study. The population of the study comprises all senior 
citizens in tertiary institutions in Nigeria while the target populations were 
senior citizens aged 55years and above from which 100 respondents were 
randomly selected as samples for the study. The instrument was content 
validated by the experts. The overall reliability value of 0.76 was obtained 
using the Cronbach Alpha. Three research questions and one hypothesis 
were formulated to guide the study. The data collected were analyzed using 
mean and standard deviation to answer the research questions, while the 
one sampled t-test statistical technique was used to test the hypotheses. 
The findings of the study revealed that among senior citizens, retirement education is not well embraced which resulted in financial insecurity. The 
aged people’s financial security was in doubt after leaving active service due 
to unsuitable pension scheme and their welfare are not taken care of 
adequately. Based on the findings, the researcher recommended among 
others that there should be proper and adequate retirement education 
among senior citizens and that more awareness should be created to 
engender adequate financial security among senior citizens in tertiary 
institutions in Nigeria and beyond.