FINANCIAL SECURITY AND HAPPINESS AMONG RETIRED NIGERIAN ACADEMICS

EUCHARIA ONYEMA EJECHI
Department of Sociology
Delta State University
P. M. B. 1 Abraka, Nigeria

E-mail: euchariaejechi@yahoo.co.uk
Phone: +2348035838947

Summary

The happiness trend among retired Nigerian academics and their financial security measures for retirement were studied using structured questionnaires and discussion. A general trend of happiness was indicated (Mode/Median=21/21.5 vs. 28 maximum points). The happiness score was highest with those in private business (Mode/Median=23/23.5) and least for those not-engaged (Mode/Median=18/19.5). There were no significant differences (Mann-Whitney U test) within the variables (gender, living with/without spouse, contract lecturing/private business/not engaged) tested, except between those in private business and those unengaged (P<0.05). The retirees relied more on contract lecturing (Mode/Median= 4/5 vs. 7) than the other income sources tested (pension, savings, consultancy, running private school, purchasing shares, printing press and other business: Mode/Median= 1/1.5-3/2.5 vs. 7). There was positive correlation between happiness and contract lecturing (P<0.05) or business/investment (P<0.05). The findings support the activity theory and the need for pre-retirement counselling.

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Posted in VOLUME 14 N0. (1) APRIL 2012.

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