Government ~ Private Pension Scheme and Future Sustainability of Potential Retirees among Nigerian Academics in Selected Tertiary Educational Institutions

Abstract

Sustainability of life after retirement is worthy of adequate planning by both employees and entrepreneurs. However, government pension scheme is expected to support majority of the senior citizen, which has failed overtime hence the need for additional source of revenue to keep the future benign. Most research on retirees were generalized on workers but not potential retirees that are lecturers in Nigeria. The study was done to establish the impact of government or private pension scheme on the retirement investment goals of steady income stream of potential retirees in Nigeria academia. The study used survey research design. The population of the study was 5,805 lecturers for both public and private tertiary institutions that were Universities and Polytechnics. A sample of 487 which was determined using Taro Yamane formula was used. Validated questionnaire was used in collecting primary data with Cronbach’s alpha reliability coefficients ranged from 0.70 to 0.75. The study recorded retrieval rate of 83.4%. The study adopted descriptive and inferential statistics for data analysis. The study showed that government or private pension scheme had significant effect on future sustainability of potential retirees that are lecturers because the result showed existence of  significant relationship between government or private pension scheme  and retirement investment goals (β₁ = 0.550, R² = 32.10%, p< 0.05). The study concluded that government or private pension scheme lead to future sustainability of potential retirees that are lecturers and equally recommended that government should encourage every individual to map out means to invest in financial asset in addition to the pension scheme to aid sustainability of every employee.