THE RELATIONSHIP BETWEEN SELF-DETERMINATION AND FINANCIAL WELL-BEING OF RETIREES IN NORTH CENTRAL-NIGERIA

Abstract

This study examined the relationship between components of self-determination and financial well-being of retirees in North-central Nigeria. A cross-sectional survey approach was employed to test the association between self-determination and financial well-being. A structured questionnaire was administered to a sample of 224 retirees were randomly selected from members of Nigeria Pensioners Association for the purpose of the study.The data were analyzed using regression analysis with the aid of structural equation model specifically using SPSS. The result indicated that there is a positive and significant relationship between self-determination and financial well-being of retirees. This underscores the significance of self-determination in enhancing retirees' chances to attain financial well-being in their older age. It was therefore suggested that, programs aimed at boosting the morale of would be retirees to belief in themselves be instituted by all stakeholders (government and other employers of labour) as well as retiree's unions since such will help them to be financially autonomous when their retirement benefits is being delayed. Thus, the study contributes to the extant literature on self- determination and provides evidence on the effect of self- determination on the financial well-being of retirees in a developing country.