Sociodemographic Factors and Life Satisfaction as Predictors of Retirement Anxiety among Staff in Nigerian Universities
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Date
2023
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North American Journal of Psychologyh
Abstract
Retirement anxiety is a major phenomenon among employees who have negative expectations about their future retirement; however, information on the impact of psychosocial factors on retirement anxiety is scarce. This study investigated the effect of demographic characteristics and life satisfaction on three factors of retirement anxiety among Nigerian university employees. Retirement anxiety was conceptualised in three dimensions, namely, personal obligation, financial planning, and social detachment concerns. Using a cross-sectional survey method, 306 non teaching staff were purposively selected from four universities in South west Nigeria. Participants completed the Redeemer’s University Retirement Anxiety Scale (RURAS), Satisfaction with Life Scale (SwLS) and a socio-demographic information form. Data were analysed using hierarchical multiple regression. High retirement anxiety in all the domains was observed among males, junior staff, older workers, those with fewer educational qualifications, and those with a large family size. A higher number of years on the job predicted personal obligation concerns, but did not predict financial planning and social detachment concerns. Job status predicted social detachment and financial planning concerns, but did not predict personal obligation. Lower life satisfaction was significantly associated with higher retirement anxiety across the three domains.
Results showed that particular demographic and occupational attributes, and poor satisfaction with life, contributed to retirement anxiety. Psychological interventions and revision of retirement benefits laws are recommended to address retirement anxiety.