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Financial literacy, retirement planning, and demand for life insurance: evidence from Lagos state-owned tertiary institutions / Sunday Stephen Ajemunigbohun and Rasheed Olawale Azeez

Financial literacy is a protective tool for ensuring quality retirement life through annuity life insurance policy. The study assessed how financial literacy measures and retirement planning impact the demand for life insurance among university instructors at tertiary institutions owned by Lagos Sta...

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Main Authors: Ajemunigbohun, Sunday Stephen, Azeez, Rasheed Olawale
Format: Article
Language:English
Published: Faculty of Business and Management ; UiTM Press 2024
Subjects:
Retirement. Retirement industry. Retirees
Online Access:https://ir.uitm.edu.my/id/eprint/107861/1/107861.pdf
https://ir.uitm.edu.my/id/eprint/107861/
https://journal.uitm.edu.my/ojs/index.php/JIBE/index
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spelling my.uitm.ir.1078612024-12-17T17:33:13Z https://ir.uitm.edu.my/id/eprint/107861/ Financial literacy, retirement planning, and demand for life insurance: evidence from Lagos state-owned tertiary institutions / Sunday Stephen Ajemunigbohun and Rasheed Olawale Azeez jibe Ajemunigbohun, Sunday Stephen Azeez, Rasheed Olawale Retirement. Retirement industry. Retirees Financial literacy is a protective tool for ensuring quality retirement life through annuity life insurance policy. The study assessed how financial literacy measures and retirement planning impact the demand for life insurance among university instructors at tertiary institutions owned by Lagos State. The research study used a crosssectional survey research design, incorporating multiphase sampling approaches. Completed structured questionnaire from two hundred and seventy-three respondents were gathered from university lecturers in Lagos State-Owned tertiary institutions, and data were analysed using simple frequency percentages and multiple regression technique. Although there is a positive correlation between financial attitude, financial knowledge, and financial behaviour with the demand for life insurance, the variable of financial confidence shows an inverse correlation. The demand for life insurance is positively and significantly influenced by retirement planning. Therefore, it is recommended that ongoing endeavours be made to educate the general population on the significance of life insurance for improved financial planning. This, in turn, helps insurers to understand and serve suitable insurance plan that fits their clients’ financial plan. Faculty of Business and Management ; UiTM Press 2024-11 Article PeerReviewed text en https://ir.uitm.edu.my/id/eprint/107861/1/107861.pdf Financial literacy, retirement planning, and demand for life insurance: evidence from Lagos state-owned tertiary institutions / Sunday Stephen Ajemunigbohun and Rasheed Olawale Azeez. (2024) Journal of International Business, Economics and Entrepreneurship (JIBE) <https://ir.uitm.edu.my/view/publication/Journal_of_International_Business,_Economics_and_Entrepreneurship_=28JIBE=29/>, 9 (2). pp. 1-18. ISSN 0128-7494 https://journal.uitm.edu.my/ojs/index.php/JIBE/index
institution Universiti Teknologi Mara
building Tun Abdul Razak Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider Universiti Teknologi Mara
content_source UiTM Institutional Repository
url_provider http://ir.uitm.edu.my/
language English
topic Retirement. Retirement industry. Retirees
spellingShingle Retirement. Retirement industry. Retirees
Ajemunigbohun, Sunday Stephen
Azeez, Rasheed Olawale
Financial literacy, retirement planning, and demand for life insurance: evidence from Lagos state-owned tertiary institutions / Sunday Stephen Ajemunigbohun and Rasheed Olawale Azeez
description Financial literacy is a protective tool for ensuring quality retirement life through annuity life insurance policy. The study assessed how financial literacy measures and retirement planning impact the demand for life insurance among university instructors at tertiary institutions owned by Lagos State. The research study used a crosssectional survey research design, incorporating multiphase sampling approaches. Completed structured questionnaire from two hundred and seventy-three respondents were gathered from university lecturers in Lagos State-Owned tertiary institutions, and data were analysed using simple frequency percentages and multiple regression technique. Although there is a positive correlation between financial attitude, financial knowledge, and financial behaviour with the demand for life insurance, the variable of financial confidence shows an inverse correlation. The demand for life insurance is positively and significantly influenced by retirement planning. Therefore, it is recommended that ongoing endeavours be made to educate the general population on the significance of life insurance for improved financial planning. This, in turn, helps insurers to understand and serve suitable insurance plan that fits their clients’ financial plan.
format Article
author Ajemunigbohun, Sunday Stephen
Azeez, Rasheed Olawale
author_facet Ajemunigbohun, Sunday Stephen
Azeez, Rasheed Olawale
author_sort Ajemunigbohun, Sunday Stephen
title Financial literacy, retirement planning, and demand for life insurance: evidence from Lagos state-owned tertiary institutions / Sunday Stephen Ajemunigbohun and Rasheed Olawale Azeez
title_short Financial literacy, retirement planning, and demand for life insurance: evidence from Lagos state-owned tertiary institutions / Sunday Stephen Ajemunigbohun and Rasheed Olawale Azeez
title_full Financial literacy, retirement planning, and demand for life insurance: evidence from Lagos state-owned tertiary institutions / Sunday Stephen Ajemunigbohun and Rasheed Olawale Azeez
title_fullStr Financial literacy, retirement planning, and demand for life insurance: evidence from Lagos state-owned tertiary institutions / Sunday Stephen Ajemunigbohun and Rasheed Olawale Azeez
title_full_unstemmed Financial literacy, retirement planning, and demand for life insurance: evidence from Lagos state-owned tertiary institutions / Sunday Stephen Ajemunigbohun and Rasheed Olawale Azeez
title_sort financial literacy, retirement planning, and demand for life insurance: evidence from lagos state-owned tertiary institutions / sunday stephen ajemunigbohun and rasheed olawale azeez
publisher Faculty of Business and Management ; UiTM Press
publishDate 2024
url https://ir.uitm.edu.my/id/eprint/107861/1/107861.pdf
https://ir.uitm.edu.my/id/eprint/107861/
https://journal.uitm.edu.my/ojs/index.php/JIBE/index
_version_ 1818838400374931456
score 13.222552

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