Workers’ Knowledge of Prospects and Challenges Awaiting Retirees at Retirement in Nigeria

This study examined knowledge of workers from Osun and Oyo States on prospects and challenges awaiting retirees in retirement in Southwestern Nigeria. Using the descriptive survey method, a sample of 258 respondents was randomly selected from the two states. A validated instrument titled ‘’Questionnaire on Workers’ Knowledge of Prospects and Challenges in Retirement’’ was used to obtain data from the respondents. The reliability coefficient of the instrument was 0.67, using Pearson Product Moment Correlation. The data collected were analysed using descriptive statistics to analyse the research questions, and t-test and ANOVA test of difference were used to analyse the research hypotheses. The results revealed that workers had average knowledge and good knowledge respectively about prospects and challenges awaiting retirees in retirement. The study further revealed that respondents’ sex, and nature of service did not significantly influence their knowledge of both phenomena of retirement. The study equally revealed the mass media as the major sources of information for the respondents. Based on these findings, it is recommended that appropriate fora – both in the workplace and the mass media should be employed to create requisite awareness about prospects in retirement for employees and the general public.

Keywords: Workers’ knowledge; Retirement prospects; Retirement challenges; Nigeria