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

1. Introduction

The Education 2030 Framework for Action and SDG4 are both supported by this assessment frame-work (Oteng et al., 2023). Quality education depends on well-educated and competent teachers who can deliver appropriate content to learners (Siraj et al., 2019 as cited in Oteng, Mensah, & Osei, 2023). Quality education is most likely achievable when the teacher has a sound mind before retirement or pre-retirement. Retirement is the action or fact of leaving one’s job and ceasing to work. Retirement refers to the time of life when one chooses to permanently leave the workforce behind. The traditional retirement age is 60 in Ghana, which has a national pension or benefits system in place to supplement retirees. In Ghana, for example, the Social Security and National Insurance Trust (SSNIT) has been offering retirees monthly Social Security income benefits to support workers retirement (Kwegyiriba et al., 2021). Retirement, is now more widely recognized as a phenomenon that is influenced by pre-retirement opportunities and constraints. Hence, there is the need for individuals to pay critical attention to retirement in order to increase its opportunities and minimize the constraints (Ewusi et al., 2021). Retirement, as an event and stage in the life of a working individual, has been viewed differently in every epoch of time. It marks the notable conclusion of a period of work, likely to occur in the lives of every worker. Once a person sets out on the journey of active employment, it is destined to reach a stage where a natural situation and employment regulations will require a break in active service. In the public sector of the economy, retirement is frequently defined as leaving a job at a certain time after working a predetermined number of productive years or after reaching a predetermined age of 60 (Petters & Asuquo, 2008). In conclusion, retirement may be defined as the institutionalized termination of a person’s employment with a right to a continued income based on preceding years of service (Ahun et al., 2021).

Although retirement is fraught with uncertainties, impasses, and challenges, it is possible to enjoy this period in life meant to free individuals from job roles to give them time to engage in personal pursuits. Thus, Okai (2009) asserts that the transition from the world of work to post-retirement life opens new chapters with empty pages that could be filled with exciting and satisfying stories if one prepares for such a future with diligence and wisdom well in advance. Ekerdt et al. (2000) echo the notion of retirement as an event requiring preparation and planning prior to the transition. They perceive pre-retirement planning as an orientation toward the future and a belief in one’s ability to adapt to changes associated with a positive retirement experience. Today’s world of business has called for complex strategies not just to improve the product of the organization to the client, but also to ensure that there is proper ethical conduct and satisfaction among the employees for better service delivery for organizational performance (Yeboah et al., 2022). In Ghana, financial appropriateness and management has seen enormous growth over the last decade and has provided the platform for increasing financial inclusion within the country (Adjei et al., 2023).

According to Okai (2009), pre-retirement programs are less beneficial to older workers because they come too late in their working lives. These programs, when provided early in the working life of employees, have the likelihood of stimulating anticipatory and proactive behaviors among individuals to plan ahead for their post-retirement needs (Aspinwall & Taylor, 1997). Though pre-retirement educational programs are beneficial to pre-retirees, the responsibility to plan for one’s retirement should be viewed as an individual responsibility (Okai, 2009) that should manifest in concrete actions made to ease the uncertainty associated with retirement.

Even though people often invest a lot of time and effort in their jobs, many enter retirement without making any preparations (Kerr, 2002). The majority of people who prepare for retirement tend to forgo social and leisure preparation in favor of building up their financial resources for their post-retirement. Even those who make financial preparations for retirement often save too little, too late, putting themselves and society at risk of facing difficulties (Hassan & Lawrence, 2007).

2. Statement of problem

Life expectancy in Ghana has increased in recent times (Ewusi et al., 2021). Retirement brings about a general sense of insecurity, worry, and anger among a majority of workers worldwide (Lovell et al., 2008; Yen, 2018). Health care and housing are fundamental to the well-being of every individual, especially those advancing in age and soon to be out of active work duty (Adams, 2003; Engelhardt & Greenhalgh-Stanley, 2010; MacDonald et al., 1994). As people age, their healthcare needs often increase—these individuals typically fall within the retirement age bracket. Proper financial planning for retirement, specifically to address post-retirement health and housing needs, is crucial (Yambor et al., 2021). However, many tutors at colleges of education, at least in Ghana, exhibit poor attitudes and behaviors towards planning for their retirement. This often stems from limited knowledge about retirement consequences and a fear of insufficient resources—mostly income (Lucey & Norton, 2011; Oteng et al., 2020).

For example, reports indicate that public and civil servants, including teachers at colleges of education, who receive public housing upon retirement, fail to vacate several years after their service, suggesting a lack of alternative accommodation options (Obiri-Yeboah, 2014). Given these circumstances, the prospect of retirement for most college teachers in Ghana may seem threatening, with uncertainties about how to spend their time and lives once they leave active duty. The media has increasingly focused on the lack of planning among Ghanaian seniors, particularly in light of Okai’s (2009) observations on the poverty and suffering of pensioners. Limited studies have been conducted that provide insight into how teachers in colleges of education in Ghana prepare for their housing and healthcare needs both before and after retirement. This study aims to investigate the level of retirement planning undertaken by college instructors and the difficulties they encounter in the process.

3. Objectives of the study

Specifically, the objectives of this study were to:

1. Explore the pre-retirement and post-retirement housing and accommodation plans made by the tutors.

2. Examine the pre-retirement and post-retirement healthcare plans made by the tutors.

4. Literature review

4.1. Theoretical framework

A theoretical framework is a framework based on an existing theory in a field of inquiry that is related and/or reflects the hypothesis of a study. It is a blueprint that is often ‘borrowed’ by the researcher to build his/her own research inquiry (Mensah et al., 2020). There are many theories on retirement planning, but few can declare with certainty what actually works. Engaging someone in their 20s or 30s in a conversation about retirement planning may be challenging due to this uncertainty (Sriram, 2007). The first-generation gerontological theory of disengagement, proposed by Cumming and Henry in 1961, incorporates retirement planning ideas, including traditional and realistic retirement planning, as well as theories of aging, development, and retirement. This paper references these theories to provide a comprehensive overview.

4.1.1. Gerontological or disengagement theory

The aging experience, as perceived by disengagement theorists, views aging not as a separate entity from the social system. Cumming and Henry (1961) asserted that each society has ways to transfer power from an older generation to a newer one through institutionalized mechanisms. This perspective characterizes aging and retirement as the withdrawal of the individual from society and society from the individual in a mutual fashion. The departure of the older worker paves the way for the younger worker to bring new ideas to the workplace, while the older worker is rewarded with rest from decades of active work. Society also benefits by preparing for the expertise that will be lost due to death. The older generation disengages, seeks more passive roles, interacts with others less frequently, and begins to reflect more on the inner self (Burbank, 1986). This view espouses disengagement as a positive adaptive strategy, suggesting that a person does not have to be ‘busy’ and engaged to be well-adjusted during retirement (Suhie, 2006).

The Trans-Theoretical Model (TTM) is an amalgamation of twelve different theories (Prochaska & Velicer, 1997a). This comprehensive model combines the strengths of twelve first, second, and third-generation social gerontological theories. TTM has been applied to address various issues among older adults, ranging from health concerns or behaviors, including general health promotion (Burbank et al., 2000), choosing health plans (Levesque et al., 2001), to promoting fruit and vegetable consumption (Long et al., 2003; Padula et al., 2003).

The merit inherent in the TTM is that individuals may use both observable and non-observable processes and activities from different theories to change behavior. The model has been empirically tested concerning health behavior change and changes in financial behavior (Xiao et al., 2001). Madsen (2003) found that TTM is a credible model of behavioral change.

Figures 1 and 2 serve as the basis for analyzing how respondents have planned for retirement in terms of their financial and physical needs.

Figure 1. Conceptual Framework for steps towards retirement planning. Steps Toward Pre-Retirement Planning.

Source: Authors’ own construct (2022).

Figure 2. Diagrammatic representation of a worker’s life cycle and phases of retirement planning. Life cycle of a formal sector worker and the phases of retirement planning.

Source: Adapted from Okai (2009).

A few months after birth, an individual’s formal education journey begins, lasting until they reach the age range of 21–25 years. By this period, the individual would undergo training through the socialization process in school or apprenticeship, acquiring the knowledge and skills needed for specific job functions in the world of work. The skills acquisition years cover elementary, secondary, or vocational training and tertiary education, averaging between 18 and 20 years of an individual’s life in Ghana. Between the ages of 21–25 years, the assumption is that an individual should have secured a job where their knowledge and skills would be needed (Okai, 2009).

An individual who secures employment in the formal sector can work between 30 and 40 years, all things being equal. They can rise up the organizational ladder depending on the length of service and/or further education pursued, resulting in a commensurate increase in income and fringe benefits. As soon as the individual secures a regular paying job, they should start preparing for their post-retirement life. It is at this stage in their working life where they need to prepare for the elements in Phase 1 of the model presented above. Okai (2009) opines that the elements in Phase 1 are crucial for experiencing post-retirement satisfaction, and without them, the individual is bound to experience stress and strain. The elements in Phase 1 require a substantial number of years of financial investments and planning to accumulate enough to sustain an individual in retirement. Phase II in the retirement preparation diagram contains elements that contribute greatly to post-retirement satisfaction and reduce loneliness or boredom. All in all, Phases 1 and 2 of retirement preparation are essential in granting retirees a comfortable and dignified retirement.

According to Okai (2009), the period stated in the diagram for the commencement of retirement planning is tentative because the age of entry into the labor force differs from one individual to another. He further stated that:

The transition from work to retirement requires planning for financial, physical, and psychosocial needs if one wants to adjust well to retirement and experience post-retirement satisfaction. It would be very difficult for an individual who retires without adequate preparation for elements in Phase 1 and Phase 2 to experience post-retirement satisfaction.

4.2. Retirement planning

Recently, reports shows that issues of security are gradually improving especially financial security among workers (Agyemang et al., 2022). The researcher seeks to discuss the concept of retirement planning, and the controversy that exists among scholars as to the period retirement preparation should begin, domains of retirement planning and the needs which pre-retirees should plan for before the anticipated retirement age, and the role of pre-retirement education in retirement planning. The effect of demography on retirement planning and the benefits of retirement planning for both the individual planner and the society will also be discussed.

Retirement is the term used to describe leaving one’s job, company, or office (American Heritage Dictionary of English Language, 2000). Setting goals, creating strategies, and laying out tasks and timelines are all parts of the planning process (Albukhitan, 2020). Planning is a decision-making process that includes problem identification, prioritization of needs, resource mobilization, allocation, and use to address those needs (Blankson, 1999). No matter the level, planning, according to Kendie (1999), entails taking into account the current situation about the desired state, which is in the future, and making decisions regarding resource allocation and project types. It also entails implementing, monitoring, and evaluating the investment program to make sure that planned objectives are met. Formal financial services in most developing economies serve only a minority, often not more than 20–30% of the population (Frimpong & Mensah, 2020 as cited in Mensah, 2023).

There are three aspects to retirement: young workers are eager to achieve retirement age; the elderly is fearful of retiring; and retirees wish they had never left (Addison, 2001). As a result, the conventional view of retirement is frequently unappealing. Traditional retirement is a dismal retirement model, according to a think tank analysis funded by the American National Endowment for Financial Education (ANEFE, 2004). The traditional perspective views retirement as a single event that occurs at a target age, often about 65 (in the case of the Ghanaian teachers, it is age 60), where one rapidly transitions from full employment to full non-employment. So, retirement in this context refers to a period of inactivity and deteriorating health during which the retiree is either too ill to work or not well enough to die (ANEFE, 2004).

4.3. Financial planning

The key concern for individuals contemplating retirement is whether they will have sufficient financial resources amidst market volatility causing doubts about whether retirement savings will be enough (Phua & McNally, 2008). For most people, retirement brings lower income, and current financial practices may not ensure security or meet their retirement goals (Okai, 2009). Financial retirement planning encompasses formal preparation and informal ideas and behaviors.

Surveys show that women invest less in retirement plans and savings (Clare, 2004; Glass & Kilpatrick, 1998). Oteng et al. (2024) found a significant gender gap in retirement readiness among Ghanaian college teachers. Traditionally, pension plans, personal savings, and social insurance have been primary sources of economic security for the majority of individuals retiring (Phua & McNally, 2008). The need for establishing a strong foundation for these components requires a lifelong commitment which seems to be absent for most teachers of colleges of education in Ghana.

Global expectations regarding retirement living standards often do not align with actual wealth accumulation (Atalay & Barrett, 2022). It is important to note that not all individuals with pension plans fully understand the benefits or the implications of their decision for that matter (Barrett et al., 2013; Ekerdt & Hackney, 2002; Gustman & Steinmeier, 2001). Effective financial planning necessitates both objective and subjective financial knowledge as studies confirm that this lack of knowledge is attributed to the complexity of pension systems, misinformation, and inattention to available information (Barrett et al., 2013; Ekerdt & Hackney, 2002). Confidence in financial knowledge correlates with retirement readiness (Hershey & Mowen, 2000). This is particularly evident in the Ghanaian context as most retirees have low financial knowledge, especially about the benefits and the implications for financial planning toward retirement (Sarpong-Kumankoma, 2023)

4.4. The unique case of Ghana

Although there has been little inquiry done into the preparedness of teachers of colleges of education in Ghana, inferences drawn from available literature concerning the preparedness of teachers across the educational spectrum in Ghana have revealed a mixed picture. In a study conducted by Yambor et al. (2021), it was brought to bear that senior high school teachers in Takoradi had above-average financial literacy and retirement planning, with financial attitude, literacy, and well-being positively influencing their planning. This implies that those with a favourable financial attitude are more likely to engage in effective retirement planning, which is a desirable trait that would guarantee the well-being of these teachers after retirement.

However, there is a challenge of poor attitude toward savings, lack of investment knowledge, and improper preparedness to cater to retirement needs among other teachers, as concluded in the study conducted by Wilson and Aggrey (2012). Other research has shown a high degree of inadequate financial literacy among teachers, which is consistent with our findings and highlights the potential negative impact this may have on their retirement (Matey et al., 2021). Although most of these studies were conducted on lower levels of education, the likelihood of similar results among teachers in higher institutions is close to absolute since most studies have found that traits among these groups run through (Hosler & Schmid, 1985).

There is a plethora of benefits to having personal housing and healthcare especially when you find yourself in the older age group. Research consistently shows that personal housing and healthcare are crucial for the wellbeing of older individuals (Evans et al., 2017; Hosler & Schmid, 1985; Howden-Chapman et al., 1999; Vega & Wallace, 2016). Retirement housing can improve the health, safety, and well-being of older people, reduce the probability of falls, and increase social interaction. In Ghana, housing and healthcare are crucial not only for college teachers but for retirees generally across the whole population. Access to satisfactory housing is vital to health, happiness, and civilized living, but there are challenges in securing housing that meets required standards, proximity to services, and security of tenure (Amoateng & Duah, 2021). Housing needs are basic necessities of life and are intricately tied to health outcomes and by extension, life expectancy as demonstrated by results from prior studies conducted (Habitat, 2010). Substandard housing has been linked to various health conditions, posing concerns not only for an average individual but especially for retirees who experience declining health in addition to being outside the realm of active employment and consistent salary (Udofia et al., 2014).

Obiri-Yeboah (2014) in his study sought to address the issue about the housing of Ghanaian retirees by asking critical questions bothering around the effectiveness of current and ongoing pension schemes rolled out by private and public institutions (mandatory government pension schemes like the Social Security and National Insurance Trust fund – SSNIT) to help alleviate the plight of retirees who suffer ‘homelessness’ at the end of their working years. According to a commission set to look into and report on pension schemes, it was reported that retirees had higher needs after retirement due to the traditions and cultural norms of the social structure in the country which demands even more from these retirees whereas some basic amenities such as houses, vehicles, health insurance etc. which should have been ordinarily acquired before retirement are not in place (Bediako Pension Reform Commission Report, 2006). Obiri-Yeboah (2014) concluded that pay-outs from pension schemes are just not enough to help cater to the housing and healthcare needs of retirees in Ghana after retirement.

The government of Ghana sees the need for the importance of housing and healthcare benefits for retired persons which is why it has put in policies and mechanisms to safeguard the comfort of these people. The passing of pension reforms by the Government of Ghana from 1950 through 2008 to establish a three-tier Pension Scheme was aimed at improving pension payments and, by extension, financial independence for retired workers, as well as capital mobilization for national development, so that individuals who retire can still make a living for themselves (Megbetor, 2021). There have long been provisions in some way for retirees in Ghana dating back to the Second World War (Kpessa, 2011; Obiri-Yeboah, 2014). This shows that seniors’ housing and healthcare requirements are critical, which emphasizes the significance of making personal arrangements before to retirement that will continue throughout retirement.

5. Methodology

5.1. Research design

This research constitutes a segment of a comprehensive research work, encompassing both qualitative and quantitative methods for the overall analysis. However, given that the specific objectives under consideration in this study solely pertain to qualitative aspects, the focus of this section was exclusively on the qualitative methodologies employed.

This study employs a qualitative descriptive design to explore in-depth the pre-retirement and post-retirement housing and healthcare plans made by tutors. Qualitative descriptive research is particularly suitable for gaining a rich understanding of participants’ experiences and perceptions without imposing theoretical frameworks (Sandelowski, 2000). Since the goal of the study is to dive thoroughly into the subjective experiences and viewpoints of tutors on retirement planning, the qualitative descriptive approach was used. The design of this study facilitates the examination of details, offering a thorough and contextual perspective on the housing and healthcare choices made by the participants.

5.2. Population, sample, sampling techniques and procedures

The target population comprised 96 tutors from selected Colleges of Education. Because retirement planning is at anticipatory behaviour that begins early in one’s working life, the inclusion criteria were deliberately wide, embracing teachers of all ages (Mangiaracina, 2020; Okai, 2009). 54 study participants were sampled across several stages using a quota, simple random, and stratified sampling strategy; this represents 56% of the study population. Krejcie and Morgan (1970) claim that at least 10% of a study population delivers a proportional representation is the foundation for the selection of 56% of the study participants. The stratified random selection method was utilized to choose tutors from a range of age and gender categories which in a way served to minimize the potential bias that may have arisen. The 54 tutors for the study were selected using a straightforward random sampling procedure. The simple random sampling lottery method was used to select the 54 tutors. These sampling methods ensured that the sample was representative and also eliminated bias in the selection process.

5.3. Instrumentation

Structured questionnaires and semi-structured interview guides were used to collect the data. The questionnaires and interview guides underwent rigorous pilot testing. Participant feedback during this phase facilitated refinements, ensuring clarity and relevance. Data triangulation, or the use of multiple data collection methods, fills in data collection gaps and allows for the detection of inaccurate or misleading information (Greeff, 2002). Measures were implemented to ensure the reliability and validity of instruments. This included a thorough development process, pre-testing, and referencing established instruments where applicable.

5.4. Data collection procedures

The tutors received the questionnaires directly from us. Similar to this, the researchers conducted in-person interviews with the chosen tutors. This was done to ensure high coverage, completion, and return rate. Open-ended questions were framed to elicit detailed responses and interviews, on average, lasted 30–45 min. To ensure participant understanding, clear explanations of study objectives and procedures were provided. A feedback mechanism was established to address any queries, ensuring a mutual understanding between researchers and participants. Participants received the required assurances of confidentiality. The principals of the chosen colleges of education were asked for permission before the questionnaire administration and in-person interviews were conducted.

5.5. Data analysis

Thematic analysis was employed to analyze the qualitative data. This approach involved identifying, analyzing, and reporting patterns or themes within the data, providing a systematic and flexible way to explore participants’ perspectives on retirement planning (Braun & Clarke, 2006). To enhance the rigor of the qualitative analysis, multiple coders independently analyzed a subset of the data, and inter-coder reliability checks were conducted. Reflexivity was maintained throughout the analysis to acknowledge and manage potential biases. By focusing solely on qualitative data, this design provided a deep and nuanced understanding of tutors’ housing and healthcare plans in the context of retirement, successfully addressing the need for a more detailed exploration within a qualitative paradigm. Nonetheless, SPSS version 21 software was used to generate frequency and percentage distributions of responses according to each research question raised, and this was presented in tables, figures and charts.

5.6. Informed consent and ethics

To ensure the rigor and trustworthiness of the study, several measures were taken. Member checking, where participants were provided with summaries of their interviews to validate accuracy, was conducted. Peer debriefing and consultation with experienced researchers were undertaken to gain external perspectives on data interpretation. Ethical principles were upheld throughout the study. Informed consent was obtained from all participants before the interviews. Confidentiality and anonymity were maintained by using pseudonyms and securely storing audio recordings and transcripts. The study adhered to ethical guidelines for research involving human participants. Before any data was collected, all participants’ informed consent was sought. All during the study, participants’ confidentiality, privacy, and anonymity was maintained. During analysis and reporting, all personally identifiable information was taken out of the data. To protect the ethical integrity of the study, ethical permission was sought verbally and agreed from respondents (Sagitova et al., 2024; Saunders, 2020). Respondents consented to the study before it was conducted. This consent was voluntary, specific and without coercion. As a result, researchers did not contact any institutional review board for a written clearance. The research weas adequately described to participants. Participants received the required assurances of confidentiality. The principals of the chosen colleges of education were asked for verbal permission before the questionnaire administration and in-person interviews were conducted. As a result, researchers did not contact any institutional review board for a written clearance.

6. Presentation and analysis of data

6.1. Pre-retirement and post-retirement housing and accommodation plans made by the tutors

This theme is derived from research question 1 which states that ‘What are the pre-retirement and post-retirement housing and accommodation plans of the tutors?’ The data for this research question was obtained from responses to the questionnaire and interview questions. The ensuing discussion therefore pertains to this research question.

In Figure 3, 23 (43%) tutors affirmed that they owned houses for personal and family accommodation. In contrast, 31 (57%) tutors gave a negative response. This result implies that the majority (57%) of the tutors did not possess or own a house that they would live in when they retire.

Figure 3. Do tutors owe houses for accommodation after retirement?. Response on whether tutors own houses for accommodation after retirement..

Source: Fieldwork data (2022)

For those who do not own a house that they will live in when they retire, the data in Table 1 above indicates how they intend to meet their post-retirement accommodation needs. Some of the tutors had the intention of building a house before retirement (1st). This is followed by those who intend to meet their accommodation needs by home finance through mortgage or outright purchase (2nd), staying in a family house (3rd), and renting a house (4th). This means that tutors who have no house intended to use other approaches to satisfy their post-retirement accommodation needs.

Table 1. Response on how tutors intend to meet their accommodation needs after retirement (n = 54).

	Multiple response		Rank
Approach	Freq	%
Build a house before retirement	31	40	1st
Home finance through mortgage or outright purchase	23	30	2nd
Stay in a family house	18	23	3rd
Rent	5	6	4th
Total	77	100

Source: Fieldwork data (2022).

Female tutor A: I know where to invest and how to go about it towards my pension. I have been made conscious on things to consider in planning for retirement. Attending and participating in pre-retirement programmes has really helped me to put up my own house, bought four plots of land, and above all setting up a music school.

Female tutor B: I have no idea whether I have made enough preparations or not. Due to extended family relationship, I have a lot of duties to perform.

Female tutor C: I am definitely satisfied with the preparation made so far just because I am not going to be dependent on my children and family. I would prefer living in my own world. Getting accommodation after retirement is just enough. I believe my preparation will make me independent and be self-sufficient.

Male tutor A: I have bought a land and thinking of how to develop it. I don’t know how practicable it would be. I have acquired my private residence both at my hometown and closer to my current place of work. I have also bought a plot of land yet to be developed.

Male tutor B: I want to further my studies to enable me lecture in a private university. That is why I stay in a family house because I contributed to its building.

Male tutor C: I have a few years to go on retirement and I need to build a house and establish a private school in future. Since lands never depreciate in value, I will also like to own about four plots and sell part in the future when I go on pension.

6.2. Pre-retirement and post-retirement healthcare plans made by the tutors

This theme and the ensuing discussion pertain to research question 2 which states ‘What are the pre-retirement and post-retirement healthcare plans of the tutors?’ This question sought to find out preparations towards post-retirement healthcare needs. The data for this research question were obtained from responses to the questionnaire and interview questions.

It came to light from the result of this study that all (100%) of the tutors have invested in healthcare insurance policies for post-retirement healthcare.

The data in Table 2 above provide multiple responses on types of healthcare insurance policies or schemes taken by tutors of the sampled Colleges of Education. National health insurance scheme was taken by all the tutors (1st). This was followed by a small number by those who invested in the Ghana life health insurance scheme (2nd) and healthcare extended to retirees under SSNIT (3rd).

Table 2. Types of healthcare insurance policies or schemes taken by tutors (n = 54).

Other health insurance policy or scheme	Multiple responses		Rank
	Freq (n)	%
National health insurance scheme	54	79	1^st
Ghana Life Health Insurance Scheme	11	16	2^nd
Healthcare extended to retirees under SSNIT	3	4	3^rd
Total	68	100

Source: Fieldwork data (2022).

As seen from Figure 4 above, the majority (29), which represents 54% of the tutors, answered in the affirmative that investment in the various health insurance schemes can satisfactorily meet their post-retirement health care needs. Conversely, 25 (46%) tutors disclaimed this assertion. Although all (100%) of the respondents had a healthcare insurance policy, 54% of them perceived that the policies would satisfactorily cater for their post-retirement healthcare needs. This implies that 46% of the tutors were not satisfied with the kind of preparation and planning made towards post-retirement healthcare needs. The interview data yielded the following responses:

Figure 4. Can investment in the kind of healthcare insurance scheme satisfactorily meet post-retirement healthcare needs? (n = 54) Response on whether investment in the kind of healthcare insurance scheme can satisfactorily meet post-retirement healthcare needs.

Source: Fieldwork data (2022).

Female tutor: A I am a registered member of NHIS. So, I have insured my health. I am cautious and conscious about my diet. I always do physical exercise too.

Female tutor B: A lot has been put in place towards it. I am satisfied because with these preparations, I am secured. I would not want to be dependent on my family members in case of any eventuality. I did it because I cannot foresee what will happen along the way. I think there is more to think about. There may be some changes in ideas and plans for the future.

Female tutor C: I have more than 20 years before retirement. Once I prepare for it, there is nothing more to think about. I have a lot of duties to perform due to extended family relationship. I still think I can do better to get some private health insurance policies since I have a little longer time to reach retirement.

Male tutor A: The healthcare preparation that I have made could help me survive, but not live a comfortable life. I expect and I don’t believe I will be comfortable enough with what I have so far.

Male tutor B: It is an adequate healthcare provision I made. This will see me through an enjoyable pension with less stress. I am satisfied with the healthcare preparation made so far because I have taken private health insurance policies in addition to the national health insurance scheme.

Male tutor C: Anyway, I am young and have more years ahead. I am not ready for retirement. I have no idea whether I have made enough preparations or not.

7. Discussion of findings

7.1. Pre-retirement and post-retirement housing and accommodation plans made

Various deductions can be made from the responses provided by the respondents. While some respondents were highly confident in the amount of preparation they had made for their retirement, others were uncertain if it would be adequate to meet their needs after retirement. The notion of relying on family and friends is absurd to some people since it is a major source of insult in the local context. Some respondents made significant retirement preparations as a result of a combination of the issues revealed by the responses they provided, such as a lack of financial education, a fear of being mocked and insulted, or even the necessity of relying on friends, family, and other relatives.

Nonetheless, a sizable portion of the respondents—the slight majority of those without housing while still on active duty—are making or have made plans to obtain housing, including buying land that is awaiting development, setting aside money for a down payment, or currently building. According to their report, some of these tutors have plans to build before retirement, either through home financing options like mortgages or outright purchases, while others anticipate staying in their family houses.

Some of the respondents who stated that they did not own a home and had no intentions to buy one before retirement cited the necessity of using their meagre income for other urgent obligations. Probably, these tutors could not build because of limited income as they might have been caring for their children and older parents. This affirms the views of Robison and Moen (2000) who stated that circumstances such as fiscal resources, health status and the responsibility of caring for older parents and grandchildren are factors that affect the building of a house (Polvere et al., 2018). According to Merrill (2022), not building a house before retirement or renting or living in a family home might significantly drain pension funds and gratuities. These actions could also negatively impact the quality of life, adjustment, and contentment during retirement.

This then is indicative of the fact that almost half of the teaching staff of colleges of education according to our study have some sort of guarantee of housing preparedness pre-retirement even though some of this accommodation is a shared family housing facility. Even though some people would not mind living in a shared family home since they claimed to have contributed towards its construction, others have varying opinions, viewing shared family homes as either a benefit with the companionship and support of family members or a possible curse, particularly if the family is not inclined to have them around. The retired tutor will have to contend with insults, sarcasm, and innuendos from their relatives who also stay in the family house because after years of active service by the tutor, he/she has failed to build a personal house for habitation. This implies that there will be a loss of respect, dignity, and self-fulfilment. The perception will be that he/she has lived an ‘unaccomplished’ life. The decision to stay in a family house after retirement may sometimes warrant relocation.

A majority of the respondents also reported planning on staying in a rented building which wouldn’t be sustainable. These findings confirm the view of Okai (2009) who stated that tutors who intend to rent a house upon their retirement will have their meagre finances drained since they will have to spend a large amount of their pension entitlement on rent.

7.2. Pre- and post-retirement healthcare plans made by the tutors

Unlike preparations made towards housing, the responses given by respondents indicated that individuals were well prepared for healthcare well-being since as all the respondents in our study had one or another mode of insurance towards healthcare pre and post-retirement. Luckily, the Government of Ghana has a nationwide all-inclusive health insurance scheme that is heavily patronized by our respondents according to our study. This is consistent with the finding of Van Der Wielen et al. (2018), which indicated an increase in the utilisation of hospital facilities by older adults (with a higher number being retirees) in the NHIS program by 6% and 9% in, in-patient and out-patient services, respectively.

Although all the tutors were registered with the National Health Insurance Scheme (NHIS), a Ghanaian publicly funded initiative designed to provide equitable access and financial coverage for essential healthcare services to all citizens, 54% of them perceived that the NHIS would satisfactorily cater to their post-retirement healthcare needs. According to this outcome, which has been supported by a few related studies (Gyasi et al., 2020; Van Der Wielen et al., 2018), 54% of instructors are guaranteed access to basic healthcare at retirement. They are more likely to enjoy good health upon retirement. This confirms the views of Kerr (2002) who stated that policyholders of the NHIS are more likely to be restored to good health which will make it easier for them to remain independent, productive, self-actualizing retirees (Kerr, 2002).

However, there were participants who took extra measures to combat the need for serious healthcare services when they retired. In order to maintain their physical fitness, they said they exercised regularly and were extremely watchful of what they ate and drank.

According to the accounts of other participants, they couldn’t afford private health insurance but ended up getting public health insurance instead of private health insurance. They said that their inability to afford private health insurance plans was due to obligations they had to fulfil. Those without healthcare insurance policies will have their time wasted by ill health and will be denied the pleasure they could derive from retirement because their condition will not allow them to engage so much in leisure and social activities (Kerr, 2002). Planning and preparation towards post-retirement healthcare needs by these tutors attest to the fact that poor health is associated with old age during retirement. The findings of this study align with the assertion by the Employee Benefit Research Institute (EBRI, 2009) that poor health has become associated with old age because of the epidemiologic transition and retirees’ income.

8. Key findings

The findings of this study were the following:

• Housing Preparedness

A significant majority, comprising 57% of the surveyed tutors, currently do not own a house designated for personal accommodation post-retirement. Notably, despite not owing homes, a considerable portion expressed their intention to construct a house before retiring.

• Healthcare Preparedness and Perception

Every survey respondent took steps to insure themselves for healthcare services before and after retirement. The majority, either voluntarily or out of necessity, enrolled in the National Health Insurance Scheme (NHIS). Notably, 54% of the tutors expressed confidence that the NHIS sufficiently caters to their healthcare needs.

9. Implications of the study

This study provides several contributions to further discussions and research literature concerning the preparedness of teachers for retirement and the implications for their well-being in post-career life.

The upside highlights that teachers are commendably responsible and foresighted, with a large percentage actively planning for their retirement years’ housing and medical requirements. However, housing preparation is a significant difficulty for some instructors. This gap must be filled to provide a safe and pleasant retirement for all educators. The report highlights the benefits of the National Health Insurance Scheme (NHIS) in the field of healthcare. The fact that every teacher who responded to the poll obtained health insurance, and that most of them were NHIS participants, shows how well the government’s effort to make basic healthcare services accessible has worked. There may be room for improvement, nevertheless, given that just 54% of instructors feel the NHIS sufficiently meets their healthcare needs. It could be required to implement awareness efforts or make changes to improve trust in the plan.

The paper also explores the broader policy implications, emphasising how government initiatives such as the NHIS and pension reforms have improved the financial and medical requirements of retirees. Notwithstanding these encouraging developments, issues with home readiness and views of the NHIS’s insufficiency highlight the necessity for changes to policies or improvements to better assist educators in their retirement years.

10. Conclusions

The evidence gathered from this study, based on the purpose and research objectives, concludes that the tutors are aware that retirement is an inevitable event and a stage in life for which they need to plan. In the light of this knowledge, some of the tutors have made concrete plans towards their retirement. The concrete plans made by tutors towards their retirement are varied and multiple in nature. These concrete plans covered financial assets, housing, and healthcare. Though many tutors have made plans in anticipation of their retirement they were dissatisfied with the plans made because they considered them inadequate. The study also revealed that majority of the tutors lacked professional advice and counselling from a financial professional or experts since they depended on their personal judgment to make financial decisions concerning retirement planning. Tutors will need constant education on this area of retirement planning.

However, the difficulties faced by Ghanaian teachers pre and post-retirement, especially about their housing needs and financial readiness, show how urgently comprehensive support mechanisms are needed. Although some educators exhibit excellent retirement planning and financial literacy, widespread problems with insufficient saving attitudes and poor investing understanding still exist among their peers. Both college professors and pensioners across the country have serious concerns about the value of private housing and healthcare, particularly in the context of ageing. Even though the government has taken steps to address these issues through pension reforms and laws, research and commission reports have shown that there are still gaps that need to be filled in order to guarantee Ghanaian pensioners’ well-being.

11. Recommendations

The following suggestions are made in consideration of the study’s findings:

The researchers have drawn the following conclusions from the findings:

1. The Director-General of the Ghana Education Service in collaboration with the Ministry of Education should organise regular workshops on investment opportunities for their subordinates to ensure that they are well-informed on retirement preparation.

2. Again, the presidents of various teacher associations in collaboration with the Director-General of the Ghana Education Service and the Ministry of Education should organise pre-retirement educational programmes for their subordinates to ensure that they are well-informed on retirement preparation.

3. More so, the current study explored the pre-retirement and post-retirement housing and accommodation plans made by the tutors. It is recommended that the Ghana Education Service should liaise with companies that manufacture building materials such as cement, iron rods, paints, electric cables and many more to provide tutors of colleges of education with the aforementioned items on credit, which will be deducted from their salaries at source, to enable many who have purchased lands to start their building projects.

4. This study also examined the pre-retirement and post-retirement healthcare plans made by the tutors. It emerged that there is an over-reliance on the National Health Insurance Scheme (NHIS) as the sole means of providing for post-retirement healthcare needs. However, this will not suffice when retirees are plagued with certain medical conditions. Therefore, it is recommended that tutors procure private healthcare insurance policies to complement the healthcare provisions guaranteed under the NHIS.

12. Suggestions for further research

A longitudinal study will be required to look into the annual pre-retirement plans of tutors in other colleges of education since the study only gave a snapshot of the pre-retirement planning done by tutors of a few chosen schools of education. Investigating tutors’ contentment with pre-retirement planning also calls for further research. It would be interesting to research how young tutors view and approach retirement. To demonstrate conclusively that there are significant gender and age inequalities in retirement planning and preparation among formal and informal sector employees, including teachers, further study is required.

13. Limitations

Although the goal of our study was to extract valuable insights from the available data, the limited sample size of our research may restrict the applicability of our conclusions to a larger population. Because the study only included a limited number of individuals, care should be taken when extrapolating the findings to the general public. The small sample size may affect the external validity of our findings, and larger and more varied samples in future studies might be advantageous for gaining a more thorough comprehension of the phenomena being studied. It is critical to understand the possible limitations related to the sample size and to interpret the results in light of the particular sample characteristics.

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.