Advisers

Dr. Princess Pauline C. Sanchez

Discipline

Business And Education Industry

Abstract

This study aims to assess the impact of pre-retirement education on the financial well-being of public school retirees in the Philippines. It investigates the current levels of retirement education, evaluates financial well-being, and analyzes spending patterns among retirees, focusing on essentials and discretionary spending. Employing a descriptive quantitative research design, the study involved a survey distributed to 1,262 respondents using multi-stage random sampling A researcher-made survey instrument was validated by experts and demonstrated reliability with a Cronbach's Alpha of 0.81. Descriptive statistics was applied to scrutinize the data. The study unearthed concerning insights, with 60.4% of retirees having a low level of retirement education and 79.1% exhibiting a low extent of financial well-being. Essentials like utilities and groceries were given the highest priority in spending, signifying a necessity-driven expenditure pattern. Conversely, categories such as travel and charity work displayed higher variability, reflecting diverse personal preferences and financial conditions among the retirees. This research fills a crucial gap in understanding the specific pre-retirement educational needs of Filipino public school educators and their impact on post-retirement financial stability. It underscores the necessity of targeted educational strategies to enhance financial literacy and preparedness among upcoming retirees. The findings indicate a significant deficiency in retirement education among public school retirees resulting to poor financial well-being. These retirees prioritize essential expenses but show variable patterns in non-essential spending, highlighting diverse financial circumstances and the potential for improved financial management through better pre-retirement education. Future research should adopt longitudinal studies to trace changes in retirement education and financial well-being over time. There is a pronounced need for targeted educational interventions to enhance financial literacy among seniors. Additionally, incorporating qualitative methods could deepen understanding of the complex factors influencing financial decisions in retirement. Implementing these recommendations could significantly improve the effectiveness of retirement preparation programs, ensuring better financial outcomes for future retirees.

Keywords

pre-retirement education, retirement plan, financial well-being, spending patterns