Assessing the determinants of retirement planning among public sector workers in Ghana

The challenges of life in old age have become a global discussing because of the changes in the world’s population demographics. These challenges are placed on individual households as well as governments globally. Life in old age is often associated with several challenges. Individual income at this stage of life usually reduces due to retirement from active work, retirees are seen to be isolated, while their expenditure surges owing to declining health conditions which require more financial commitment to manage. This study sought to assess the determinants of retirement planning among public sector workers in Ghana. The Planned Behaviour Theory guided this study. The target population for this study includes teachers teaching in the Kassena-Nankana West District. Cross-sectional study design was employed in the study. Quota and simple random sampling methods was applied in this study and a total of 212 teachers were selected from the various circuits of the district. Data was collected by the researchers and five field assistants. Structured questionnaire was administered to respondents face to face across the various circuits of the district. The research employs a quantitative methodology involving descriptive statistics and logit regression to analyse the data collected. Frequencies, percentages, and regression analysis were deployed to present the results. The study found that teachers with different socio demographic characteristics such as age, income level and launching of children influence their retirement planning. The study concludes that income has positive effect on retirement planning as individuals’ income increases; they tend to save a higher proportion of their earnings for retirement. The study recommended that the District branch of the teachers union (GNAT) in collaboration with financial institutions in the District should educate teachers on the need to prepare adequately for their retirement.