Assessment of retirement planning awareness of the self-employed individuals in the informal sector: a case of SME’s owners in Dar es Salaam

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Date
2012
Journal Title
Journal ISSN
Volume Title
Publisher
University of Dar es Salaam
Abstract
This study assessed the retirement planning awareness of the self-employed individuals in the informal sector. Cross sectional approach and descriptive research design were applied with an interpretative view of 100 SME’s owners from different parts of Dar es Salaam. These were interviewed using a structured questionnaire; data was analyzed using SPSS and interpretation was obtained from tables, cross tabulation and frequencies. Further Pearson Chi-square test was conducted to test the relationship of retirement planning awareness on six demographic factors namely Age, Gender, Education level, Marital status, Social class and Family financial practices. About 70% of the SME’s owners were found to be aware of the retirement planning despite the challenges they encounter in the plan implementations. Such challenges include lack of general knowledge on pensions, policies and membership criteria to the schemes on the self employed individuals. Gender, Social class, Education level and Family financial practices were found to be influential factors which show significant relationship with retirement planning awareness. However, Age and Marital status were not found to be influential factors to retirement planning awareness. Social Security Schemes in Tanzania need to put more effort to improve retirement planning awareness of both employed and self employed individuals. Emphasize should focus on financial planning knowledge to individuals at all sectors of economy by encouraging individual self effort to attain financial knowledge (Education).
Description
Available in print form
Keywords
Self-employed, Retirement, Small business, Informal sector (economics), Dar es Salaam, Tanzania
Citation
Busagara, T (2012) Assessment of retirement planning awareness of the self-employed individuals in the informal sector: a case of SME’s owners in Dar es Salaam, Master dissertation, University of Dar es Salaam. (Available at http://41.86.178.3/internetserver3.1.2/detail.aspx)