The determinants of retirement planning behavior: a comparative study of public and private sector workers in Nigeria

• Main Author: Sani, Dauda
• Format: Thesis
• Language: English; English; English
• Published: 2019
• Subjects: HF5549-5549.5 Personnel Management. Employment
• Online Access: https://etd.uum.edu.my/8636/1/s900158_01.pdf; https://etd.uum.edu.my/8636/2/s900158_02.pdf; https://etd.uum.edu.my/8636/3/s900158_references.docx; https://etd.uum.edu.my/8636/

Recent development in behavioral studies coupled with an increase in life expectancy, ageing population and a shift of retirement responsibilities onto the workers by many governments necessitate the urgent need for this study. In accordance with the theory of planned behavior (TPB), the study investigates the determinants of retirement planning behavior (RPB) between the private and public sectors workers in Nigeria. A structured questionnaire was used to enable data collection from a sample of 307 Nigerian workers selected across the six geopolitical zones. PLS-SEM and Wilcoxon signed-rank test were employed to examine the determinants and differences of RPB among the workers. Empirical evidences support six of the tested hypotheses that suggested that attitude and norms have a significant positive impact on RPB of the workers. Personality has a significant positive impact on attitude and control while knowledge impacted positively on attitude and norms. In contrast, three of the tested hypotheses are not supported. They are control to RPB, personality to norms and knowledge to control. The results of the Wilcoxon signed-rank test support six hypotheses suggesting significant differences between the workers in the two sectors. These are attitude and control to RPB, personality to attitude and control, and knowledge to attitude and norms. However, three hypotheses are not supported signifying no differences between the workers in the different sectors. They are norms to RPB, personality to norms, and knowledge to control. Theoretically, the study shows the usefulness of extended TPB by providing a more robust correlation between the variables leading to the prediction of RPB. Practically, the study highlights the use of TPB variables in influencing individual decision and could serve as a guide to pension managers in understanding the programs needed to motivate RPB. Finally, the study recommends for the design of intervention plans that are capable of encouraging RPB among the workers.