Drivers for Retirement Planning and Saving of Women in Selected Private Secondary and Primary Schools in Nyeri County, Kenya

Salome Wamuyu Githua, Francis Ofunya Afande, Matthew Theuri


Failure to save for retirement can result in hardships not only for the individual but for society as well. While teachers in public school have a pension scheme under the Teachers Service Commission their counterparts in private schools do not enjoy such a benefit and have to plan for their own retirement. The purpose of this study was to examine the factors influencing planning and savings for retirement amongst women from selected private schools in Nyeri County. Specifically, the study aimed to assess the extent to which marital status affects retirement planning and saving of women; to analyze the extent to which age affects retirement planning and saving for women; to evaluate the extent to which one’s income influences planning and saving for retirement for women and to examine the extent to which level of education influences planning and savings for retirement among women in selected private schools within Nyeri County. The research adopted a descriptive research design and targeted 482 teachers in privates’ schools in Nyeri County. Stratified sampling was used to sample 241 teachers. The researcher used primary data for this research study which was obtained through self-administered questionnaire with closed and open ended questions. Descriptive statistics (frequencies and percentages) and a regression model were used to describe the findings.  Age (p=0.027) and Income (p=0.038) were found to be statistically significant at a 95% confidence level. In addition, age had the greatest effect on financial performance with a unit change in the age of female teachers resulting to a 39.7% increase in retirement saving. The study concluded that age and income are strong predictors of retirement saving among women. With increase in age, women have more experience which qualifies them for better jobs. With higher pay, the women have more disposable income which enables them save for retirement. The study recommended that the government should create a policy which makes it mandatory for married couples to save for retirement. The study also recommended public education should be implemented to encourage women to save for retirement even at a young age.

Keywords: Retirement Planning and Saving,

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