THE INFLUENCE OF FINANCIAL LITERACY ON RESOURCEFUL PREPAREDNESS FOR RETIREMENT AMONG EMPLOYEES OF WEST KENYA UNION CONFERENCE ORGANIZATIONS AND INSTITUTIONS
Ong’eta, Jackson Oyaro
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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.
- School of Business