Financial Literacy And Retirement Planning Of Administrative Staff Of University Of Cape Coast

Abstract

The study examined the financial literacy and retirement planning of administrative staff of the University of Cape Coast. The study was guided by explanatory research design and quantitative in nature. Data was collected from 357 administrative staff of UCC through simple random sampling and was analysed by employing partial least square estimation technique. The main finding of the study was that the level of financial literacy among the administrative staff of UCC is demonstrated by staff adequate knowledge in financial investments, insurance packages, budgeting, saving, debt management, and good personal financial decisions among others. Also, the study found that staff who develop a retirement budget, retirement plan, have enough idea of retirement income and saving could enhance their retirement planning. It was discovered by the study that people who make good financial decisions and good control over financial issues have advantage of planning for their retirement. Hence, it was recommended that the administrative staff of UCC should continue to implement their financial literacy ideas for their retirement. Again, the administrative staff of UCC should seek financial advice from experts on how they engage in credible investment, business and save money towards their retirement. Finally, the administrative staff of UCC should engage in concrete measures such as workplace financial education required to further strengthen their financial knowledge, behaviour, attitudes and skills in order to prepare sufficiently for their retirement.