Financial Literacy, Retirement Planning, and Demand for Life Insurance: Evidence from Lagos State-owned Tertiary Institutions
Financial literacy is a protective tool for ensuring quality retirement life through annuity life insurance policy. The study assessed how financial literacy measures and retirement planning impact the demand for life insurance among university instructors at tertiary institutions owned by Lagos St...
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| Format: | Article |
| Language: | English |
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UiTM Press
2024-11-01
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| Series: | Journal of International Business, Economics and Entrepreneurship |
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| Online Access: | https://journal.uitm.edu.my/ojs/index.php/JIBE/article/view/1508 |
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| author | Sunday Stephen Ajemunigbohun Rasheed Olawale Azeez |
| author_facet | Sunday Stephen Ajemunigbohun Rasheed Olawale Azeez |
| author_sort | Sunday Stephen Ajemunigbohun |
| collection | DOAJ |
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Financial literacy is a protective tool for ensuring quality retirement life through annuity life insurance policy. The study assessed how financial literacy measures and retirement planning impact the demand for life insurance among university instructors at tertiary institutions owned by Lagos State. The research study used a cross-sectional survey research design, incorporating multiphase sampling approaches. Completed structured questionnaire from two hundred and seventy-three respondents were gathered from university lecturers in Lagos State-Owned tertiary institutions, and data were analysed using simple frequency percentages and multiple regression technique. Although there is a positive correlation between financial attitude, financial knowledge, and financial behaviour with the demand for life insurance, the variable of financial confidence shows an inverse correlation. The demand for life insurance is positively and significantly influenced by retirement planning. Therefore, it is recommended that ongoing endeavours be made to educate the general population on the significance of life insurance for improved financial planning. This, in turn, helps insurers to understand and serve suitable insurance plan that fits their clients’ financial plan.
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| format | Article |
| id | doaj-art-825c93888b904666a7d88a965e4c6e22 |
| institution | Kabale University |
| issn | 2550-1429 |
| language | English |
| publishDate | 2024-11-01 |
| publisher | UiTM Press |
| record_format | Article |
| series | Journal of International Business, Economics and Entrepreneurship |
| spelling | doaj-art-825c93888b904666a7d88a965e4c6e222024-11-22T07:19:35ZengUiTM PressJournal of International Business, Economics and Entrepreneurship2550-14292024-11-0192Financial Literacy, Retirement Planning, and Demand for Life Insurance: Evidence from Lagos State-owned Tertiary InstitutionsSunday Stephen Ajemunigbohun0Rasheed Olawale Azeez1Department of Insurance, Lagos State University, Ojo, Lagos State, NigeriaDepartment of Industrial Relations and Human Resource Management, Faculty of Management Sciences, Lagos State University, Ojo, Lagos State, Nigeria Financial literacy is a protective tool for ensuring quality retirement life through annuity life insurance policy. The study assessed how financial literacy measures and retirement planning impact the demand for life insurance among university instructors at tertiary institutions owned by Lagos State. The research study used a cross-sectional survey research design, incorporating multiphase sampling approaches. Completed structured questionnaire from two hundred and seventy-three respondents were gathered from university lecturers in Lagos State-Owned tertiary institutions, and data were analysed using simple frequency percentages and multiple regression technique. Although there is a positive correlation between financial attitude, financial knowledge, and financial behaviour with the demand for life insurance, the variable of financial confidence shows an inverse correlation. The demand for life insurance is positively and significantly influenced by retirement planning. Therefore, it is recommended that ongoing endeavours be made to educate the general population on the significance of life insurance for improved financial planning. This, in turn, helps insurers to understand and serve suitable insurance plan that fits their clients’ financial plan. https://journal.uitm.edu.my/ojs/index.php/JIBE/article/view/1508Financial Attitude, Financial Knowledge, Retirement Planning. Demand for Life Insurance |
| spellingShingle | Sunday Stephen Ajemunigbohun Rasheed Olawale Azeez Financial Literacy, Retirement Planning, and Demand for Life Insurance: Evidence from Lagos State-owned Tertiary Institutions Journal of International Business, Economics and Entrepreneurship Financial Attitude, Financial Knowledge, Retirement Planning. Demand for Life Insurance |
| title | Financial Literacy, Retirement Planning, and Demand for Life Insurance: Evidence from Lagos State-owned Tertiary Institutions |
| title_full | Financial Literacy, Retirement Planning, and Demand for Life Insurance: Evidence from Lagos State-owned Tertiary Institutions |
| title_fullStr | Financial Literacy, Retirement Planning, and Demand for Life Insurance: Evidence from Lagos State-owned Tertiary Institutions |
| title_full_unstemmed | Financial Literacy, Retirement Planning, and Demand for Life Insurance: Evidence from Lagos State-owned Tertiary Institutions |
| title_short | Financial Literacy, Retirement Planning, and Demand for Life Insurance: Evidence from Lagos State-owned Tertiary Institutions |
| title_sort | financial literacy retirement planning and demand for life insurance evidence from lagos state owned tertiary institutions |
| topic | Financial Attitude, Financial Knowledge, Retirement Planning. Demand for Life Insurance |
| url | https://journal.uitm.edu.my/ojs/index.php/JIBE/article/view/1508 |
| work_keys_str_mv | AT sundaystephenajemunigbohun financialliteracyretirementplanninganddemandforlifeinsuranceevidencefromlagosstateownedtertiaryinstitutions AT rasheedolawaleazeez financialliteracyretirementplanninganddemandforlifeinsuranceevidencefromlagosstateownedtertiaryinstitutions |