THE INFLUENCE OF FINANCIAL LITERACY ON RESOURCEFUL PREPAREDNESS FOR RETIREMENT AMONG EMPLOYEES OF WEST KENYA UNION CONFERENCE ORGANIZATIONS AND INSTITUTIONS
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The study assessed the influence of financial literacy on resourceful preparedness for retirement among employees of West Kenya Union Conference organizations and institutions. The main objective was to determine how financial literacy influences the ability of employee’s to prepare resourcefully for retirement. 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. Two hundred and sixty questionnaires were distributed. 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