RETIREMENT READINESS UNVEILED: EXPLORING THE LIVED EXPERIENCES AND CHALLENGES OF FINANCIAL CONFIDENCE AMONG COLLEGE INSTRUCTORS IN CEBU’S STATE UNIVERSITY
Main Article Content
The education sector is a linchpin of national development, and the financial well-being of educators is a vital component. As college instructors approach the end of their careers, feeling financially secure becomes a critical part of their long-term planning. Their stories and experiences are of profound importance; they have dedicated their lives to teaching and shaping future generations. Understanding what helps or hinders their financial confidence can help create better support systems, ensuring they enjoy a comfortable and secure retirement. College instructors, who dedicate their careers to shaping the minds of future generations, often face unique financial challenges. This study aims to explore the factors contributing to the financial retirement confidence of college instructors at a state university in Cebu, Philippines. Using a qualitative phenomenology approach, interviews were conducted with college instructors aged 57 to 65. The findings revealed that higher pension amounts and fewer dependents significantly boost retirement confidence, while financial obligations pose barriers. Themes like financial management, investments, professional development, and health investment were identified as crucial components for retirement security. The study concludes that comprehensive financial planning, including increased pension benefits and financial literacy programs, can enhance retirement confidence. It recommends that institutions support instructors through resources and programs for effective retirement planning. These findings contribute to understanding the multifaceted nature of retirement confidence and provide a foundation for further research across different educational settings.
Adams, G. A., & Rau, B. L. (2011). Putting off tomorrow to do what you want today: planning for retirement. American Psychologist, 66(3), 180.
Amka, A. (2020). A structural equation modeling study of the determinants of retirement preparedness. A Structural Equation Modelling Study of the Determinants of Retirement Preparedness.
Bond, T., & Doonan, D. (2020). The growing burden of retirement. National Institute on Retirement Security. Available online: https://www. nirsonline. org/reports/growingburden/(accessed on 30 July 2021).
Cabrera, M., & Basa, R. (2021). Financial literacy and retirement planning among Filipino educators: Implications for policy and practice. Philippine Journal of Education, 89(2), 45-60. https://www.researchgate.net/publication/355680249_Financial_Literacy_of_Filipino_Public_School_Teachers_and_Employees_Basis_for_Intervention_Program
Clark, R. L., Morrill, M. S., & Allen, S. G. (2017). Retirement plans and financial literacy: Do college faculty have much to learn? American Economic Review, 107(5), 536–540. https://doi.org/10.1257/aer.p20171034
Cruz, T. P., Del Rosario, M. D., & Santiago, A. S. (2020). Retirement readiness among Filipino workers: Assessing financial security and well-being. Journal of Southeast Asian Studies, 18(3), 211-229. https://www.optp.com/ilm
De los Santos, J. A. A., Labrague, L. J., & Milla, N. E. (2019). Happiness and Retirement Readiness among Pre-Retiring Employees: a Cross-Sectional Study. Ageing International. doi:10.1007/s12126-019-09351-z
Fadila, D. E. S., & Alam, R. R. (2016). Factors affecting adjustment to retirement among retirees’ elderly persons. Journal of Nursing Education and Practice, 6(8), 112-122.
Fernandez, M. T., & Tan, R. A. (2018). Challenges in retirement preparation among Filipino educators. Philippine Journal of Labor and Employment, 35(1), 102-119. https://www.researchgate.net/profile/Mc-Ronald-I-Banderlipe-2/publication/364292190_Teachers_as_Builders_Professional_Development_and_Community_Participation_of_Public_School_Teachers_in_Metro_Manila_Philippines_Dissertation/links/6343b88b2752e45ef6a79322/Teachers-as-Builders-Professional-Development-and-Community-Participation-of-Public-School-Teachers-in-Metro-Manila-Philippines-Dissertation.pdf
Ghadwan, A. S., Ahmad, W. M., & Hanifa, M. H. (2022). Financial Planning for Retirement Models: An Integrative Systematic Review. Pertanika Journal of Social Sciences & Humanities, 30(2).
Glamser, F. D. (2005). Determinants of a positive attitude toward retirement. Journal of Gerontology. 31(1), 104-107.
Gustman, A. L., & Steinmeier, T. L. (2005). Retirement and wealth. In S. Ogura, T. Tachibanaki, & D. A. Wise (Eds.), Aging issues in the United States and Japan (pp. 159-184). University of Chicago Press. https://press.uchicago.edu/ucp/books/book/chicago/A/bo3616402.html
Hilgert, M. A., Hogarth, J. M., & Beverly, S. G. (2003). Household financial management: The connection between knowledge and behavior. Federal Reserve Bulletin, 89, 309–322
Jackson, R. & Peter, T. (2015). From challenges to opportunity the future of retirement in the Philippines. Global Aging Institute.
Joo, S.-H., & Grable, J. E. (2005). Employee education and the likelihood of having a retirement savings program. Financial Counseling and Planning, 16, 37–49.
Juen, T. T., & Sabri, M. F. (2012). Factors affecting retirement confidence among women in peninsular Malaysia government sectors. Malaysian Journal of Consumer and Family Economics, 19, 53-68.
Kim, J., & Moen, P. (2019). Retirement transitions, gender, and psychological well-being: A life-course perspective. The Gerontologist, 59(2), 175-185. https://doi.org/10.1093/geront/gnx184
Liu, C., Bai, X. & Knapp, M. Multidimensional Retirement Planning Behaviors, Retirement Confidence, and Post-Retirement Health and Well-Being Among Chinese Older Adults in Hong Kong. Applied Research Quality Life 17, 833–849 (2022). https://doi.org/10.1007/s11482-020-09901-7
Lusardi, A., & Mitchell, O. S. (2017). How ordinary consumers make complex economic decisions: Financial literacy and retirement readiness. Quarterly Journal of Economics, 132(2), 537-580. https://doi.org/10.1093/qje/qjx013
Lusardi, A., Mitchell, O. S., & Oggero, N. (2020). Debt and financial vulnerability on the verge of retirement. Journal of Money, Credit and Banking, 52(5), 1005-1034.
Cahill, M., Pettigrew J., R. K., Galvin R. (2019). The Transition to Retirement Experiences of Academics in “Higher Education”: A Meta-Ethnography, The Gerontologist, Volume 59, Issue 3, June 2019, Pages e177–e195, https://doi.org/10.1093/geront/gnx206
Modigliani, F., & Brumberg, R. H. (1954). Utility analysis and the consumption function: An interpretation of cross-section data. In K. K. Kurihara (Ed.), Post-Keynesian economics (pp. 388-436). Rutgers University Press. https://direct.mit.edu/books/editedvolume/chapterpdf/2320011/9780262280051_caa.pdf
Nur Illiya Shaira Ramli, & Nurul Sima Mohamad Shariff. (2023). A Study on Retirement Preparedness and Confidence among Private Sector Employees in Malaysia. Malaysian Journal of Science Health & Technology, 9(2), 153–163. https://doi.org/10.33102/mjosht.v9i2.328
Nyangarika, A., & Bundala, F. S. (2020). Influence of retirement benefits and its impact on socio-economic development of retirees in Tanzania. International Journal of Advance Research and Innovative Ideas in Education, 6(2), 1245-1258.
Noone, J. H., Stephens, C., & Alpass, F. M. (2009). Preretirement planning and well-being in later life: A prospective study. Research on Aging, 31(3), 295–317. https://doi.org/10.1177/0164027508330718.
Onoyase, A. "Financial Planning Strategies towards Retirement as Perceived by Potential Retirees in Universities in the Niger Delta, Nigeria." International Journal of Business and Social Science4, no. 14 (2013): 256–263
Parrotta, J. L., & Johnson, P. J. (1998). The impact of financial attitudes and knowledge on financial management and satisfaction of recently married individuals. Journal of Financial Counseling and Planning, 9(2), 59–74.
Polinar, M. A. N., Cabatingan, A. Y., & Delantar, A. F. A. (2022). Personal Financial Management and Entrepreneurial Competencies among Selected Public School Teachers in Cebu City Division. (2022). JPAIR Institutional Research, 18(1), 1-35. https://doi.org/10.7719/irj.v18i1.825
Poudyal, S.K. (2018). Factors Affecting Retirement Confidence Among Workers’ Working in Nepalese Private Sector. SOMTU Journal of Business and Management Research 1 Vol. : 1, Issue: 1, 1-20, 2018 School of Management Tribhuvan University, Kathmandu, Nepal
Vettese, F. (2024). Retirement Income for Life: Getting More Without Saving More. ECW Press.
Wang M. Health and fiscal and psychological well-being in retirement. In: The Oxford Handbook of Work and Aging. New York, NY, US: Oxford University Press; 2012:570-584.
Yakoboski, P. J., & Franzel, J. M. (2016). 2016 Retirement Confidence Survey of the State
And Local Government Workforce. TIAA Institute.