Disaggregation of Gendered Differences in Retirement Planning in Urban Ghana

Abstract

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.