Preparing for the Uncertainty: Perspectives of Academic Staff in Ghanaian Public Universities on Retirement

Abstract

Retirement remains inevitable in the occupational life of every academic staff in Ghanaian public University. The study adopted the explanatory sequential mixed method design where 500 academics were sampled to respond to the quantitative phase of the study. Subsequently, 20 participants were sampled purposively for the qualitative phase of the study. The quantitative data were analysed using descriptive (Means and Standard Deviation) and Inferential (Stepwise Regression) Statistics, while the qualitative data were analysed thematically. The study found that almost all academic staff in public Universities in Ghana have invested in Treasury Bills, Bonds, Savings and Housing Projects to support them when they retire. Nothwithstanding their investments, a good number of them believe that their Superannuation and SSNIT contributions would be enough to care for their needs when they retire. The study further established that gender, age, academic and marital status prior to retirement affect their preparation towards retirement. Nonetheless, the study concluded that majority of the academic staff do not prepare adequately for their retirement because they lack skills in financial management and investment. Hence, their living conditions become deplorable some years after retirement. It is recommended that public tertiary institutions need to institute gainful pre-retirement schemes whiles equipping their academic staff members with financial management and investment skills.