Retirement Planning and Post Retirement Entrepreneurship in Nigeria: Investigating the Moderating Influence of Emotional Intelligence Development
- November 28, 2020
- Posted by: RSIS Team
- Categories: Business Administration, IJRSI
International Journal of Research and Scientific Innovation (IJRSI) | Volume VII, Issue XI, November 2020 | ISSN 2321–2705
Inemesit N. Ebito, Ph.D1, Victor A. Umoh, Ph.D2, Stella I. Ufot, Ph.D3
1 & 2 Department of Business Management, University of Uyo, Uyo, Nigeria
3 Department of Business Education, College of Education, Afaha Nsit, Nigeria
ABSTRACT:-Life after retirement for majority of retirees is not a rosy one owing to ineffective preparation and initiatives by employers to encourage retiring employees to embrace entrepreneurship has only achieved little. This study investigated the moderating influence of emotional intelligence development on the relationship between retirement planning and post retirement entrepreneurship in Nigeria. The study employed questionnaire in surveying the opinions of 118 retirees who willingly participated in the survey in Akwa Ibom State of Nigeria and recorded 53.5% response rate. Analysis of data was done with multiple regression analysis. The study established that there was significant relationship between retirement planning and post retirement entrepreneurship in Nigeria. The study also established a significant indirect effect of emotional intelligence development (0.621, p<0.05) on retirement planning and post retirement entrepreneurship relationship in Nigeria . It was recommended that emotional intelligence development be made an essential aspect of entrepreneurship development component of retirement planning programme; it was also recommended that retirement planning in future should be comprehensive enough to gauge the capabilities and interests of retiring employees before a more expansive training in their area(s) of interest.
Keywords: Emotional Intelligence, Entrepreneurship Development, Nigeria, Post retirement Entrepreneurship, Retirement Planning,
I INTRODUCTION
Every year, many employees move into retirement worldwide. Retirement can be explained as an event in an individual’s life which marks a withdrawal from active service, terminating an accustomed pattern of life and transiting to a new one. It is the stage in which employees have to leave the workforce on a permanent basis so as to prepare for their twilight years (Onoyase, 2013).Retirees have divergent experiences following cessation of their employment; many with a positive mindset about retirement, plan for the transition with great excitement; however, there are others who are very anxious with this phrase of life, hence are dreadful of its eventuality. As observed by Udofot(2012), following retirement of persons in increasing numbers coupled with its consequences, excitement has been generated in the retirement planning process.
