Factors influencing saving for retirement among fisher folks: a case of Ggaba Fish Landing Site

Abstract

In Uganda, there is very low pension coverage in the informal sector with less than 1% informal workers covered. This study aimed at investigating the factors affecting saving for retirement among informal workers taking a case study of fisher folks around Ggaba fish landing site. A sample size of 150 fishermen were used, descriptive analysis, association between variables and a binary logistic regression was done during data analysis. The study findings show that 93.3% of the fisher folks have a positive attitude towards saving for retirement, none (0%) of the 150 respondents knew about Mazima Retirement Scheme, there was a significant relationship between the highest level of education attained and saving for retirement (p=0.0189), fisher folks earning between 50000 and 100000 Ugandan shillings were 0.19 times less likely to save for retirement compared to respondents earning less than 50000 Uganda shillings, those aged between 19 and 35 were 3.4 times more likely to save for retirement compared to respondents aged 18 years and below while those aged between 36 to 50 years of age were 1.08 times likely to save for retirement compared to those aged 18 years and below. Fisher folks who attained primary education were 1.2 times likely to save for retirement compared to those who attained no education, and those who attained tertiary education were 1.06 times likely to save for retirement compared to those who attained no education at all. The study concludes that policies should focus on sensitizing fisher folks on how, why, when to save for retirement in order to reduce the large information gap about pension schemes and products in Uganda. Government should improve access to finance services to accelerate economic growth and improve standard of living among fisher folks such that they are encouraged to save for their retirement