Retirement Readiness: A Dual Perspective on Financial Planning for Private and Public Institution

The study undertook a comprehensive and dual perspective study on retirement readiness, which was an existing study undertaken to study the level of preparedness, variations that are significant, and the predictors for retirement preparedness amongst personnel in public and private HEIs. A quantitative research method specifically descriptive correlational design is utilized in the conduct of this study. In addition, Multiple Linear Regression was employed to calculate the impact of financial planning and preparations, as well as financial knowledge and behavior, on retirement readiness among HEI public and private employees co-occur with the utilization of mean to assess the significance of financial knowledge and behavior, financial planning and preparations, and retirement preparedness among HEI's private and public employees. Based on the outcome generated in this study, the private group reported a moderate level of preparedness, with the mean score 3.31, while the public group viewed themselves at a higher scale, with a mean score of 3.44. The composite grand mean value of 3.38 indicates, therefore, a moderate level of retirement preparedness across the board. Furthermore, the findings depict that employees still face significant shortcomings in financial management even though they make a concerted effort to save for retirement by investing compensation proceeds, developing a positive outlook on retirement, and reducing potential financial hardships. The study indicated moderate progress in financial planning and preparations, with slightly more preparedness by the public sector than that by their private sector counterpart