Behavioural Attributes and Financial Wellbeing of Would-Be Retirees in Nigeria

Abstract

Financial wellbeing in later life has become increasingly dependent on individual behavioural capacity in developing economies where institutional retirement protections remain fragile. Despite Nigeria’s Contributory Pension Scheme, retirement outcomes remain uncertain, shifting responsibility for preparedness toward employees. This study 
examines the behavioural determinants of financial wellbeing among prospective retirees at the Nigerian Shippers’ Council, focusing on employees within five years of statutory retirement. Grounded in behavioural finance and the Theory of Planned Behaviour, the study integrates financial attitude, self-efficacy, subjective norms, resource availability, and financial planning within a structural equation modelling framework. Using a cross sectional survey design and validated multi-item scales, data were analysed with AMOS to test direct and mediating relationships. Reliability and validity thresholds were satisfied, and model fit indices supported the structural specification. Results reveal that self-efficacy and financial planning exert strong, positive, and statistically significant effects on financial wellbeing, while resource availability demonstrates a modest but significant influence. Financial attitude shows a significant negative relationship, indicating that 
unfavourable money orientations undermine retirement security. Subjective norms, however, are not significant predictors. Mediation analysis confirms that financial planning partially transmits the effect of resource availability on financial wellbeing, underscoring the centrality of deliberate planning behaviour. The findings demonstrate that financial 
wellbeing near retirement is primarily behavioural rather than purely knowledge-driven. In volatile macroeconomic contexts, psychological agency and disciplined planning outweigh social pressures in shaping perceived security. The study contributes to African retirement literature and highlights the necessity of behaviourally informed organisational and policy interventions that strengthen self-regulation and planning execution alongside pension reforms. 

Keywords: financial wellbeing, would-be retirees, behavioural attributes, Nigeria