The Influence of Financial Literacy on Resourceful Preparedness for Retirement among Employees of West Kenya Union Conference Organizations and Institutions
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Date
2021-09
Journal Title
Journal ISSN
Volume Title
Publisher
Journal of African Interdisciplinary Studies (JAIS)
Abstract
Enhancing financial literacy is the greatest need linked to employee resourceful preparedness
for retirement. This is because, as the individuals become financially literate, they develop the
skills and competence required to make informed choices. On the other hand, the lack of
understanding of financial matters cripples economic progress. The study therefore sought to
assess the influence of financial literacy on resourceful preparedness for retirement among
employees of West Kenya Union Conference organizations and institutions. The study
capitalized on descriptive and inferential research design in order to come up with the
findings. Stratified random sampling was used to identify the respondents from seven
organizations and four institutions found within the territory of West Kenya Union
Conference. Questionnaire was administered online and data was obtained from two hundred
and forty-one respondents. The first part covered the demographic factors of the respondents,
the second section focused on the level of financial literacy, the third segment centered on
assessing the level of resourceful preparedness for retirement. Finally, a correlation analysis
was carried out in order to determine if there is any relationship between the variables of the
study. The results showed that there was a statistically significant positive influence of
financial literacy on resourceful preparedness for retirement. The findings further indicated
that on the aspects of financial literacy, the respondents were ‘to a great extent’ literate. On
the aspects of resourceful prepared for retirement, the respondents are ‘to a great extent’
prepared for retirement. The researcher therefore recommends that all
organizations/institutions should formulate policies and develop programs on education and
training on financial literacy to progressively equip employees to be resourcefully prepared
for retirement.
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Citation
Katam, R. K; Ong’eta, J. O & Beriso, S. B. (2021). The Influence of Financial Literacy on Resourceful Preparedness for Retirement among Employees of West Kenya Union Conference Organizations and Institutions. Journal of African Interdisciplinary Studies. 5(9), 82 – 95.