Pre-retirement Education and Financial Security among Senior Citizens in Nigeria Tertiary Institutions

Abstract

The study focused on pre-retirement education and financial security 
among senior citizens in Nigerian tertiary institutions. 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 55 years and above from 
which 100 respondents were purposively selected and this constituted 
the sample for the study. The instrument for data collection was a 
structured questionnaire titled ‘Retirement Education and Financial 
Security of Senior Citizens’ (REFSSC). The instrument was content 
validated by the experts. The overall reliability estimate of 0.76 was 
obtained using the Cronbach Alpha. Two research questions and two hypotheses were formulated to guide the study. The data collected were 
analyzed using mean and standard deviation to answer the research 
questions, while the one sample t-test statistical technique was used to 
test the hypotheses. The findings of the study revealed that among the 
senior citizens, pre-retirement education is not well embraced which 
resulted to 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 adequately taken care of. Based on the 
findings, the researcher recommended among others that there should 
be proper and adequate pre-retirement education among senior citizens 
and that more awareness should be created to engender adequate 
financial security among senior citizens in Nigeria tertiary institutions 
and beyond.