Survey of Social Security Needs and Preparation for Their Attainment Among Aged-Academics in Owerri Metropolis, Nigeria

Abstract

The research found out the Social Security needs, preparation for, commitment to and awareness of retirement facilities among aged lecturers in Owerri metropolis, Nigeria. Form the population of the lecturers, cluster sampling technique was used to sample 364 respondents across three randomly selected tertiary institutions in the metropolis. Data were collected using a validated r = 0.73 researcher-made questionnaire titled Social Security Needs Questionnaire (SSNQ). The data were analyzed using percentages and chi-square statistics. Findings revealed that 84.89% of the respondents believed they would be having post-retirement needs, 10.16% did not and 4.94% would not know until retirement. Also, substantial percentages of the lecturers identified Medicare (90.10%); finance (75.82%) and housing (33.24%) as what would be their major SS needs at retirement. Only 10.16% and 17.30% identified feeding and maintenance of children as theirs, respectively. To achieve these needs 100% depended on pension scheme. Though 75.27% of them were aware of self- saving banking facilities only 15.93% engaged in it. Also, while 79.94% knew of buying of shares, only 3.84% had bought. Further still, while 51.92% knew of Life Health Insurance Scheme, only 3.02% had the scheme. Their low engagements may be as a result of the fact that only 28.02% of the aged lecturers said they always thought of retirement. Another 23.35% hardly do, and 48.62% said they never do. Thus, counseling on issues relating to retirement plans was recommended for the aged academics in the metropolis and government advised to diversify available retirement plan facilities to meet the employees’ needs.

Keyword:Phrase: Social Security, needs, awareness, commitment, aged and civil service, retirement