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<p>Existing pension studies in Ghana overlook how individual retirement account holders’ social and financial perceptions shape their readiness for retirement under the Pensions Act, 2008 (Act 766). The study investigates the differences in retirement account readiness among employees in a developing country, focusing on social perception, financial perceptions, and retirement planning. The research, based on the Life Cycle Hypothesis (LCH) theory, involved 835 formal workers and used convenience sampling. Findings reveal that while age groups and occupational classifications show no significant differences in social perceptions and retirement planning, notable variations exist in financial perceptions. The novelty of the study lies in its integration of social and financial retirement perceptions within the LCH framework, offering a more holistic understanding of retirement planning than previous studies. Theoretically, it extends the applicability of LCH to developing country contexts where institutional and financial uncertainties persist. Practically, the insights inform policymakers, pension fund managers, and employers on how to design targeted financial literacy and pension education programs that address specific perceptual gaps, thereby strengthening retirement readiness in Ghana and similar emerging economies.</p>

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Retirement planning uncertainty in Ghana: demographics examination of formal sector workers’ perspectives

  • 期刊论文

  • 发表日期：

    2025年10月20日

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  • Rebecca Attah,
  • Emmanuel Appah,
  • Alexander Preko

摘要

Existing pension studies in Ghana overlook how individual retirement account holders’ social and financial perceptions shape their readiness for retirement under the Pensions Act, 2008 (Act 766). The study investigates the differences in retirement account readiness among employees in a developing country, focusing on social perception, financial perceptions, and retirement planning. The research, based on the Life Cycle Hypothesis (LCH) theory, involved 835 formal workers and used convenience sampling. Findings reveal that while age groups and occupational classifications show no significant differences in social perceptions and retirement planning, notable variations exist in financial perceptions. The novelty of the study lies in its integration of social and financial retirement perceptions within the LCH framework, offering a more holistic understanding of retirement planning than previous studies. Theoretically, it extends the applicability of LCH to developing country contexts where institutional and financial uncertainties persist. Practically, the insights inform policymakers, pension fund managers, and employers on how to design targeted financial literacy and pension education programs that address specific perceptual gaps, thereby strengthening retirement readiness in Ghana and similar emerging economies.