Financial security of tutors in Ghanaian colleges of education; a pre-retirement and post-retirement analysis

Abstract

Our study sought to explore the pre-retirement and post-retirement housing and healthcare plans made by some tutors of colleges of education in Ghana by employing a qualitative descriptive design to delve into the pre-retirement and post-retirement housing and healthcare plans made by tutors. Six (6) out of the 54 college tutors were purposefully recruited for an interview, and 54 college tutors from two (2) institutions of education were chosen for the survey using stratified and simple random sampling procedures. Frequency counts, percentages, and inferential statistics (independent samples test) were used to analyze the data obtained from the self-developed questionnaire (Cronbach’s alpha = 0.78), and themes were identified from the respondents’ responses using thematic analysis. The results from the research revealed that almost half (43%) of the sampled population had some sort of accommodation they were going to retire with, while a majority who did not own any housing property yet said they were making plans to acquire one before they go on retirement or shortly after they go on retirement. The study also found that all participants had some form of healthcare insurance coverage, with the majority subscribing to the public healthcare scheme – the National Health Insurance Scheme (NHIS). The study suggested that to implement financial investment plans for tutors in addition to public pension schemes for a better-secured post-retirement life, teacher unions, employers, and other stakeholders in Ghana should hire the services of professional financial services advisors and investment institutions.

Keywords:

• Employers
• financial planning
• financial security
• pension schemes
• retirement
• teacher unions

Reviewing Editor:

• Samuel Adu-Gyamfi, Kwame Nkrumah University of Science and Technology College of Arts and Social Science, Kumasi, Ghana

Subjects:

• Development Studies
• Sustainable Development
• Urban Development
• Economics and Development
• Adult Education and Lifelong Learning
• Sociology of Education
• Sustainability Education
• Training & Leadership
• Continuing Professional Development
• Education Policy & Politics
• Educational Psychology

Authors contribution

Bernice Oteng (BO) conception and design, and wrote the first draft. Ronald Osei Mensah (ROM) wrote the analysis and the interpretation of data and reviewed the entire manuscript. Agyemang Frimpong (AF) worked on the drafting of the paper, revising it critically for intellectual content and the final approval of the version to be published. All the authors agree to be accountable for all aspects of the work.

Disclosure statement

No potential conflict of interest was reported by the author(s).

Data availability statement

Data generated in support of the study results is referenced on the paper but will be made available when requested for by corresponding Author.

Additional information

Funding

The authors received no direct funding for this research.

Notes on contributors

Bernice Oteng

Bernice Oteng is the Head of the Department of Social Science at Accra College of Education. She holds a PhD in Education (Curriculum Studies and Assessment – University of South Africa – UNISA). Her research interests are in Social Studies Education, Social Studies Methodology, Teacher Education, Curriculum and Assessment, Sociology of Education and Retirement Planning.

Ronald Osei Mensah

Ronald Osei Mensah, is a Lecturer with the Social Development Section, Takoradi Technical University, Takoradi, Ghana and a Ph.D. Candidate with the Department of Sociology and Anthropology, University of Cape Coast, Cape Coast, Ghana. He has cross-cutting research experience in the area of Sociology of Education, Sociology of Law and Criminal Justice, Media Studies and African History. He has over fifty (50) publications in both local and international journals to his credit.

Agyemang Frimpong

Agyemang Frimpong (PhD) is a Commissioner with the Public Services Commission of Ghana. He earned his PhD in Public Administration & Urban Policy at The University of Akron-Ohio, USA. Between stints in academia, Frimpong designed and carried out a number of consulting projects for Ghana’s Metropolitan, Municipal, and District Assemblies in the fields of training, performance management, technical writing, and monitoring & evaluation.