Financial well-being of Retirees Community in Nigeria
Journal of Enterprising Communities: People and Places in the Global Economy
ISSN: 1750-6204
Article publication date: 27 January 2021
Issue publication date: 3 March 2022
Abstract
Purpose
The purpose of this paper is to investigate the financial well-being of often-neglected group in the society. The authors examined the role of risk management and social capital in the financial well-being of the retirees in Nigeria.
Design/methodology/approach
A quantitative method of research is used with a six-point Likert scale questionnaire. A survey was conducted to 376 retirees from public organizations to determine the perception of their financial well-being in post-retirement era. The sample population is selected using the simple random sampling technique. An exploratory factor analysis, confirmatory factor analysis and structural equation modeling are used to analyze the data.
Findings
The results indicate that both risk management and social capital are significant predictors of retirees’ financial well-being in the Nigeria context. All respondents have a good education background.
Research limitations/implications
This study focused on retirees who have worked in public organizations in Nigeria. Thus, it is likely that the results may not be generalized to other settings. The results show that to promote financial well-being among retirees, the focus should be put mainly on individual risk management and maintaining good social capital.
Originality/value
The present study is first of its kind that focuses on contributory role of risk management and social capital in influencing the financial well-being of retirees in Nigeria. Findings make a novel contribution to retirees’ financial well-being literature by clarifying the significant role played by risk management and social capital in promoting the financial well-being of retirees in a developing country, specifically in Nigeria.
Keywords
Acknowledgements
The authors acknowledge with gratitude the University of Jos, Nigeria for the PhD Programme sponsorship. This paper is part of my PhD work. The PhD was fully funded by University of Jos, Nigeria. The authors appreciate the Editor and also the anonymous reviewers for prompt response.
Citation
Soepding, B.A., Munene, J.C. and Dang, D.Y. (2022), "Financial well-being of Retirees Community in Nigeria", Journal of Enterprising Communities: People and Places in the Global Economy, Vol. 16 No. 2, pp. 341-358. https://doi.org/10.1108/JEC-09-2020-0170
Publisher
:Emerald Publishing Limited
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