A Comprehensive Study on Pre-Retirement Planning amongst Botswana Public Officers

Authors

  • Prof. Tshukudu T. Theo Associate Professor Department of Management Faculty of Business, University of Botswana, Gaborone, Botswana
  • Prof. Ravinder Rena Professor of Economics, Faculty of Management Sciences, Durban University of Technology, ML Sultan Campus, Republic of South Africa, Visiting Professor, Department of World Economy, Saint Petersburg State University, Russia

Keywords:

Botswana Public officers, pre-retirement planning, retirement investment, financial education

Abstract

Purpose: The main purpose of this paper was to comprehensively assess the level of knowledge of pre-retirement planning for public officers in the Central District Council of Botswana. Specifically, the paper assessed the pre-retirement planning awareness of public officers by looking at the variables of financial education and retirement investment. In addition, the paper gauged the retirement preparedness of employees nearing retirement by assessing the psychosocial aspects of attitude towards retirement and retirement counselling preparedness. Methodology: the paper adopted a descriptive research design. Using a random sampling method which targeted 100 respondents, a population paper on 62 respondents was conducted, translating to a 62% response rate. The Questionnaires were used for data collection and the results were analysed using description statistics which included frequency tables, pie charts and graphs. Findings revealed that most public officers are aware of retirement planning and those employees falling within retirement age brackets of 45 years old and above, tend to have positive attitudes towards retirement planning. Implications: the paper concluded by observing that majority of public servants does not plan well for their retirement. Therefore, the concept of retirement planning should be introduced in the initial part of public officers’ work life. Originality this paper strategically provides and impetus for the retirement planning and investment among pubic officers in Botswana. The paper assessed pre-retirement planning in the concept of financial retirement planning, as well as the psycho-social aspect of retirement planning.

Downloads

Download data is not yet available.

References

Atchley, R. (1988). Social forces and aging. Wadsworth: Belmond C.A.

Bank of Botswana. (2009). Annual Report. Gaborone: Bank of Botswana.

Botha M, Brian. G. (2011). South African Financial Planning Hand Book. Durban: Lexis Nexis.

Bowlby, G. (2007). Defining retirement Sevent session of the paris group aging and labour market. canada: perspectives statistics.

BPOPF. (2015-16). Botswana Public Officers Pension Reforms annual report. Gaborone: BPOPF.

Burtless, G. (2004). Social Norms, Rules of Thumb and Retirement: Evidence for Rationality in Retirement Planning. working paper no 37, 20-26.

Carson, N. (2014). Phases of retirement(online). retrieved from http://budgeting.thenest.com/phases-retirement-28102.html, 1-2.

Chongo R, Chabalala. W. (2018, November). Nature of pre retirement education in teaching fraternity. Journal of advanced research 6(11), 284-299.

Deaton, A. (2005, February 17-18). Franco Modiglini and the Life Cycle Theory of Consumption. Research Program in development tudies and Centre for Health and Wellbeing, pp. 4-10.

Dzimiri M, Letsholo. K. (2016). Exploration of retirement planning: A looming problem. Journal of research in Business and Management vol 4, 23-31.

Fatemeh K, Maysan. S, Shaheen M (2019). Influential Behavioural Factors on Retirement Planning Behaviour: The case of Malasia. Journal of Financial Counseling and Planning, Volume 30, Number 2, 247-260.

Han J, KO. D, Choe H (2019, May 17). Classifying Retirement Preparation Planners and Doers: A Multi-Country Paper. Sustainability 2019, 11, 2815; retrieved from doi:10.3390/su11102815, pp. 3-15.

Hearn M, Bortsorff. P,Thomas J.C (2005). Preparing for retirement: The roleS of how Soon and How Much. journal of applied management and entrepeunership vol 10 no 1, 96.

Ibrahim D.K.A, Whahat. N.A (2015). A new pathway towards retirement preparation:: intergration of holistic life planning. European journal of social science vol 2, 154-159.

Ingram, J. G. (2006).Rretirement planning among baby boomers: do role clarity andinternal locus of control make a difference? Dessertation submitted in partial fulfillment of Doctor of Philosophy degree in Social Work, 10-12.

Juu J, Grable S. (2005). Employee Education and Likelihood of having a retirement savings programme. Association for financial Counselling and planning Education, 66-80.

Kefela, G. and Rena, R (2008). Human Capital Investment in North East African States - A Re assessment African Journal of Public Administration and Management,19(1):41-58.

Kelobang, K. (2007). Civil Service pension reform in Botswana. Gaborone: Ministry of Finance& Development Planning.

Keown, A. J. (2013). Turning Money into wealth 6th edition. Upper Saddle River: N.J Pearson.

Lim, V. (2003). An Empirical paper of old workers attitudes towards the retirement experience. Journal of Emplooyees relations vol 4 issue 25 retrieved from https://dx.doi.org/10.1108/014254503104.

Lusardi A, Mitchell. O. (2007). Baby Boomer retirement security: The roles of planning, financial literacy and housing wealth. Journal of Monetary Economics, vol. 54, no. 1, 204-220.

Mensoh A, D. (2016). Pre-retirement planning and satisfaction ofprospective retirees in the hotel industry. Romanian Economic and Business ReviewVol. 11, number 3, 17-32.

Mo Wang, Junqi. S. (2013, June 7). Psychology Research on Retirement. Anual Review of Psychology, pp. 209-233.

Nansubunga, F. (2017). The Role of Self-Efficacy in Explaining Psychologicaland Financial Preparation for Retirement: A Behavioural Paper. 298-310.

OECD (2005). Financial Education and Saving For Retirement. OECD.

Onijigin, E. (2020). The influence of retirement planning among civil servants in Ekita State. Journal of Euro Afro studies issue 2 vol 1, 1-105.

Petters, Janet & Asuquo, P.. (2008). Work-Role Attachment and Retirement Intentions of Public School Teachers in Calabar, Nigeria. Studies on Home and Community Science. 2. 10.1080/09737189.2008.11885248.

Rena, R. (2006). Financial Institutions in Eritrea, Dar Es Salaam: New Africa Press.

Shafee N.B, Mohamed. Z, Suhaimi S (2018). Future Retirement Planning Among Malacca Youth. Global Business and Management Research: An International Journal Vol. 10, No. 3 (2018, Special Issue), 373-377.

Sogunro A, Adelele. I. (2019). An assessment of adequacy of pre-retirement savings for sustainable retirement income under the Nigerian2014 pension scheme. Journal of Economics and Management Vol. 35 (1) • 2019, 151-169.

Statistics Botswana. (March 2018). Formal sector employment survey. Gaborone: Statistics Botswana.

Stones M.J, Kozima. A. (1993). The components of happiness: Implication for retirement counselling. 93-105.

Tuan H, Tay W. (2011). Influence of Investment experience and demographic factors on retirement planning intention. Internal journal of Business and Management 6(2), 1-115.

Turner, M. J. (1989, December). Factors influencing attitude towads retirement and retirement planning among midlife university employees. 117-130.

United Nations. (2005). Pre retirement Programme. New York: United Nations Office.

Uzuingwe, C. (1997). Retirement Mangement Without Tears: cerating more retirement awareness. retireved from https;//qoler-jp.firebaseapp.com/07-emeryogreenholt/9781427629265, 25-50.

Wata L, Kamau C. Bett B. (2015). Determinants of employee attitudes towards Retirement in the Energy sector in Kenya: Acase of Kenya Pipeline Company. International Journal of scientific and researchpublications, vol 5, issue 10, 2-6.

Wilson N.K, Aggrey. E. (2012). retirement planning and counselling: Issues and Challengesfor Teachers in Public Schools in the Sekondi Circuit. US-China Education Review, ISSN 1548-6613, 758.

Wood A, Roberson M,Wintergill D (2010). A Comparative review of international approaches to mandatory retirement. Report no 64 retrieved from hhttps://www.semanticsscholar.org, 75-100.

Zeka B, Hove M. (2016). Determining retirement intensions paper of a working individuals in Eastern Cape:South Africa. 430-455.

Downloads

Published

20-10-2023

How to Cite

Prof. Tshukudu T. Theo, & Prof. Ravinder Rena. (2023). A Comprehensive Study on Pre-Retirement Planning amongst Botswana Public Officers. Researchers World - International Refereed Social Sciences Journal, 14(1), 10–21. Retrieved from https://researchersworld.com/index.php/rworld/article/view/2290

Issue

Section

Articles