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

Abstract

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 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 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 hypothesis. 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 te 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 institution in Nigeria and beyond. Keywords: Education, retirement education, financial security, senior citizens.