Financial planning for retirement of self-employed workers in the Ghanaian economy
Bibliographic Data
| ID | 21516045 |
|---|---|
| Authors | Edmond Ofori (0000-0003-3114-9265, corresponding author) |
| Year | 2021 |
| Volume | 48 |
| Issue | 6 |
| Pages | 811-825 |
| Publication date | 2021-05-31 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | International Journal of Social Economics (JOURNAL) |
| Journal identifiers | ISSN: 0306-8293 • E-ISSN: 1758-6712 |
| Publisher | Emerald (PUBLISHER) |
| DOI | 10.1108/ijse-04-2020-0189 |
| OpenAlex | W3138433312 |
| Language | EN |
| Citations received | 1 |
| References cited | 11 |
Purpose 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/approach The 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. Findings The 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 implications Using 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/value Analysing the driving forces behind retirement plans of self-employed people in developing economies
Business · Economics · Financial plan · Labour economics · Marital status · Originality · Pension · Population · Qualitative research · Renting · Retirement planning · Financial Literacy, Pension, Retirement Analysis · Retirement, Disability, and Employment · Finance
| Unique citing works | 1 |
|---|---|
| Citations per year | 1 |
| Citation span | 2025 - 2025 (1) |
| Citation velocity | recent |
| Highly cited | No |
| Citation types | Neutral: 1 |