Anxiety and Stress as Correlates of Financial Adjustment among Pre-Retirement Age Public Primary School Teachers in North-East Geo-political Zone of Nigeria.

International Journal of Research and Innovation in Social Science (IJRISS) | Volume VI, Issue III, March 2022 | ISSN 2454–6186

Anxiety and Stress as Correlates of Financial Adjustment among Pre-Retirement Age Public Primary School Teachers in North-East Geo-political Zone of Nigeria.

Akafa, Ranyang Nyangwae¹, E.G. Egbe-Okpenge (Prof)², & A. O. Amali (Prof)^3
1National Open University of Nigeria, Jalingo Study Centre, Taraba State
^{2, 3}Department of Educational Foundations and General Studies, Joseph Sarwuan Tarkaa University, Makurdi

Abstract: The study investigated how anxiety and stress correlates with financial adjustment among pre-retirement age public primary school teachers in North-Eastern Nigeria. Three specific objectives with corresponding research questions guided the study and three hypotheses were formulated and tested at 0.05 level of significance. The study adopted a correlational research design. The population of the study made up of 53,142 public primary school teachers in 10, 173 schools in North Eastern, Nigeria. The sample size for the study was 397 public primary school teachers. The selection of sample size was done using proportionate stratified random sampling and convenience sampling techniques. The instrument used for data collection was a structured questionnaire titled “Anxiety, Stress and Financial Adjustment Questionnaire (ASFAQ)”. The questionnaire was validated by five experts and its reliability was established using Cronbach Alpha method. The reliability coefficients were 0.65 for the anxiety scale, 0.72 for stress scale and 0.61 for financial adjustment scale. Pearson Product Moment Correlation Coefficient (PPMC) and Multiple Regression Analysis were used for data analysis via Statistical Package for Social Sciences (SPSS). Findings of the study revealed that anxiety and stress correlated negatively with financial adjustment among pre-retirement age public primary school teachers. The test of hypotheses found that anxiety and stress significantly predict financial adjustment of pre-retirement age public primary school teachers in North–Eastern Nigeria. The study concluded that anxiety and stress play significant roles in determining the financial retirement adjustment of pre-retirement age public primary school teachers. Based on the findings, the researcher recommended that, counsellors should adopt interventions like the pre-retirement counselling therapy to help teachers with anxiety issues who are finding it difficult to make social decisions that can have impact on their lives during retirement.

Keywords: Anxiety, Stress, Financial Adjustment, Retirement Adjustment

I. INTRODUCTION

Multiple and diverse problems bedevils the management of pension scheme in Nigeria which have made it very difficult for most states to pay the severance benefits to retired civil servants years after retirement. Pensions and gratuities are not paid as when due. This scenario leaves many retired civil servants in abject poverty, frustration, depression, and ill-health that sometimes lead to death as they await their entitlements (Olatunde & Onyinye, 2013). These among others may tend to stir up anxiety and stress in workers at the pre-retirement age. The anxiety is the feelings of intense fear, discomfort and uncertainties which constantly interferes with their thought processes and preparations towards retirement (Ugwu, Enwereuzor, Mefoh, Ugwu & Onyishi (2019); while the stress is the feeling of constantly being pressured or hassled which interferes with work, thought processes and preparation towards retirement.
The poor management of the pension scheme led to the establishment of the 2004 contributory pension scheme. The Pension Reformed Act (PRA) of 2004 came into being with a view to reducing the difficulties encountered by retirees in Nigeria under the old pension scheme. However, the intention of this scheme is to give succour to those who have served the country and made their contributions to the civil service very happy, yet, there is still the fear of the unknown future in the minds of employees. The perceived anxiety witnessed among the current workers, the plights and challenges facing their predecessors who have retired from service (Adetunde, 2017).
The incidence of Adulrasheed Maina, a onetime acting chairman of the Presidential Task Force Team on Pension Reforms (PRTT) in Nigeria that occurred sometime in 2012 where about N2b out of civil servants pensions were defrauded and diverted into personal bank accounts, has since put fear and hopelessness in Nigerian workers (Egbas, 2017). Recently, it is also saddening that the Federal Government of Nigeria has borrowed some trillions of naira from the accrued pension fund in a bid to use it and fund infrastructure (Olowookere, 2017 & Ndimele, 2020). This may seem to have caused anxiety and stress on many of the Nigerian workers as observed by their reactions all over the social media. These two scenarios among numerous others present the situation as disappointing to the workers and is likely to cause anxiety and stress in them as they approach retirement. Other sources which may cause anxiety and stress of workers at the pre-retirement stage includes inability of the government to organize retirement seminars, and some other circumstances surrounding their work as they approach retirement.

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