Disaggregation of Gendered Differences in Retirement Planning in Urban Ghana

The paper investigates gendered retirement planning, using quantitative and qualitative datasets obtained from formal and informal sector workers [n=442]. The analyses show that the majority of workers (45.4%) opined that women’s retirement preparations are tied to men’s, particularly housewives and married ones, reasoning that men are heads of their households. This includes women’s desire to be and/or live closer to their partners. Whilst women’s preparations may be tied to men’s, men often plan for retirement with the support of their spouses. An extent of independence between men and women regarding retirement planning and different levels of societal responsibilities pertains. These are two independent people with different responsibilities, preferences, needs and reasons. However, women are less likely than men to actively plan for retirement. This is inhibited by women’s low income flows compared to their male counterparts. Yet, women need to institute more plans than men because women most often do not have social security and live relatively longer. Significantly, what prompts women to plan differs from what motivates men. This provides a reinforcement of the importance of considering gender when seeking to understand the variables that predict retirement planning tendencies, and might contribute to successfully attaining financial security.

Women’s financial planning for retirement

PurposeThe purpose of this paper is to examine the status of the research on women’s financial planning for retirement. This paper provides a brief review of the work carried out so far along with a conceptual framework of factors influencing women’s retirement financial planning. In addition, it lists significant gaps and recommends avenues for future research.Design/methodology/approachThe review is based on 151 articles appearing in various peer-reviewed journals published during 1980–2017. The study establishes its prominence by studying the publication activities based on the year of publication and region, citation analysis, research designs, data analysis techniques and findings from the selected articles.FindingsMost of the literature on women’s financial planning for retirement indicates a lack of financial management amongst women and their susceptibility to poverty in postretirement years. The majority of the research works in this field have taken place in developed economies. Empirical research with regression-based models for analysis is the most popular research design. This review also highlights the significant determinants of women’s retirement financial planning as identified through literature. These include socio-demographic factors, psychological constructs, financial literacy, economic and circumstantial forces.Originality/valueThis paper covers the research works done in this area in the past 38 years. To the best of authors’ knowledge, this is the first attempt to provide a systematic and comprehensive compilation of the knowledge in this subject. It further synthesizes the findings of various studies on factors influencing women’s retirement financial planning and gives recommendations for future studies.