Get 20M+ Full-Text Papers For Less Than $1.50/day. Start a 14-Day Trial for You or Your Team.

Learn More →

Financial planning for retirement of self-employed workers in the Ghanaian economy

Financial planning for retirement of self-employed workers in the Ghanaian economy The purpose of this study was to ascertain the types of financial plan Ghanaian self-employed workers have towards their retirement, and the main forces that motivate these workers to financially plan for their pension.Design/methodology/approachThe study focused on self-employed workers aged from 15 to 60 years. Questionnaires were administered in gathering data for the study. The researcher used probit model in analysing the driving forces behind self-employed workers' financial planning for retirement.FindingsThe study revealed that bank/credit union/savings and loans savings, building of apartments for renting, investment in SSNIT pension, investment in treasury bills/fixed deposits, investment in ownership of business and private insurance pension are the types of financial plan that exist for self-employed workers towards their retirement. The study found that age, marital status, level of education, household size, number of children, renting a house, life style of the future retiree, income, risk level of job and types of retirement plan are the driving forces behind the retirement plans of self-employed workers.Practical implicationsUsing the identified types of financial plan and driving forces in this study, governments in the developing countries can develop and implement self-employed pension schemes, educate and encourage more self-employed workers to plan for their retirement.Originality/valueAnalysing the driving forces behind retirement plans of self-employed people in developing economies. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png International Journal of Social Economics Emerald Publishing

Financial planning for retirement of self-employed workers in the Ghanaian economy

Ofori, Edmond
International Journal of Social Economics , Volume 48 (6): 15 – May 31, 2021
Download PDF
15 pages

Loading next page...
 
/lp/emerald-publishing/financial-planning-for-retirement-of-self-employed-workers-in-the-YswLNuDagI

References (29)

Publisher
Emerald Publishing
Copyright
© Emerald Publishing Limited
ISSN
0306-8293
DOI
10.1108/ijse-04-2020-0189
Publisher site
See Article on Publisher Site

Abstract

The purpose of this study was to ascertain the types of financial plan Ghanaian self-employed workers have towards their retirement, and the main forces that motivate these workers to financially plan for their pension.Design/methodology/approachThe study focused on self-employed workers aged from 15 to 60 years. Questionnaires were administered in gathering data for the study. The researcher used probit model in analysing the driving forces behind self-employed workers' financial planning for retirement.FindingsThe study revealed that bank/credit union/savings and loans savings, building of apartments for renting, investment in SSNIT pension, investment in treasury bills/fixed deposits, investment in ownership of business and private insurance pension are the types of financial plan that exist for self-employed workers towards their retirement. The study found that age, marital status, level of education, household size, number of children, renting a house, life style of the future retiree, income, risk level of job and types of retirement plan are the driving forces behind the retirement plans of self-employed workers.Practical implicationsUsing the identified types of financial plan and driving forces in this study, governments in the developing countries can develop and implement self-employed pension schemes, educate and encourage more self-employed workers to plan for their retirement.Originality/valueAnalysing the driving forces behind retirement plans of self-employed people in developing economies.

Journal

International Journal of Social Economics – Emerald Publishing

Published: May 31, 2021

Keywords: Driving forces; Financial planning; Retirement; Self-employed; Ghana

There are no references for this article.