Retirement saving knowledge and attitude amongst the youth.
MetadataShow full item record
The main aim of the study is to examine the extent to which attitude, knowledge and other factors contribute to the low retirement savings among the youth at Makerere University. Thereupon, it aims to find out whether age, religious affiliation, gender, college, knowledge cand attitude has a significant relationship on whether using a deferred annuity plan is a secure mode of saving for retirement. This quantitative cross-sectional study involved distribution of 171 sets of questionnaires to respondents at Makerere University. The data collected was analyzed was using a statistical package called “STATA” and the analysis was at three levels i.e., univariate level, bivariate level and multivariate level. The results of the study revealed that, the majority of the youth had received information about saving for retirement (79.75%), minority of the youth (43.56%) did not find the information on retirement saving influential and majority of the youth (55.83%) fond it worth saving for retirement. In the bivariate level analysis, it was found out that the significant factors whether using a deferred annuity plan as a secure mode of saving for retirement were thought about saving for retirement, saving for retirement is complicated, act with competence whose p- values were less than 0.1. In the multivariate level analysis, it was found out that Youth that agree that insurance companies and retirement saving benefit institutions Act with Competence were two times more likely to start saving for retirement (OR=2.14) and often do think about saving for retirement was one time more likely to saving for retirement (OR=1.60). The researcher therefore concluded that one’s knowledge on saving for retirement was most likely to influence their ability and willingness to save for retirement. The demographic factors hardly have an effect on saving for retirement, whereas one’s attitude totally has no effect on their ability to save for retirement. Therefore, the need for sensitization and education of the youth on various secure modes of saving for retirement, and this will equip the youth with prior knowledge on saving before their old age so as to they know the importance of saving for old age, in addition there is need for sensitization on various aspects within the retirement benefits sector, and this knowledge will instill some confidence within the youth so that they can save for their retirement in the available schemes and financial institutions.