Financial Literacy and Retirement Planning of Health Sector Workers in the Abura-Asebu Kwamankese District Hospital

Abstract

This study investigates the relationship between financial literacy and retirement planning of health sector workers in the Abura-Asebu Kwamankese District Hospital. The research employed a quantitative research design and utilized the Statistical Package for the Social Sciences (SPSS) 22 for data analysis. The study had five key objectives: (1) to examine the financial literacy levels of health sector workers, (2) analyze gender differences in financial literacy, (3) determine the retirement planning behavior, (4) analyze educational differences in retirement planning, and (5) ascertain the relationship between financial literacy and retirement planning. The findings revealed that the health sector workers exhibited a moderately high level of financial literacy, with male workers scoring higher than their female counterparts. However, the study also found a relatively low level of retirement planning behavior among the participants, with disparities based on educational attainment. Individuals with higher levels of education demonstrated more proactive retirement planning practices, such as contributing to formal savings plans and developing written retirement strategies. The regression analysis indicated a moderate, yet statistically significant, relationship between financial literacy and retirement planning. While financial literacy was a significant factor, the study also highlighted the presence of other influential variables not accounted for in the model. The study's conclusions suggest the need for targeted interventions and educational programs to address the gender and educational gaps in financial literacy and retirement planning within the healthcare sector.