The role of financial literacy on retirees : a case study of retirees under the public service pensions fund in Zambia.

This study explored the significance of financial literacy among retirees, focusing on those affiliated with the Public Service Pensions Fund (PSPF) in Zambia. Retirement planning and financial management were critical aspects affecting retirees' quality of life and financial security post-employment. However, the level of financial literacy among retirees often determined their ability to effectively navigate financial challenges during retirement. Through a comprehensive investigation, this research delved into the effects of financial literacy on retirees' financial well-being, retirement planning, investment decisions, and overall satisfaction during their retirement years. The study employed quantitative methodology to gather data of which probability sampling was used. And in Probability sampling, simple random technique was applied to select sample from which data was collected via structured questionnaires. Descriptive statistics and some inferential statistics such as regression analysis were used in data analysis. Findings suggested a correlation between financial literacy and retirees' financial preparedness, with those possessing higher levels of financial literacy
demonstrating better retirement planning, investment diversification, and financial decisionmaking. Additionally, the research highlighted the existing gaps in financial knowledge among retirees and identifies areas for improvement in financial literacy programs targeting this demographic. This study contributed to the understanding of the role of financial literacy in enhancing retirees' financial security and offers insights into strategies to improve financial education and planning for retirees within the PSPF and similar pension schemes. Further research and evaluation are needed to better understand the complex relationship between financial literacy, retirement outcomes, and overall satisfaction among retirees in Zambia. Longitudinal studies could provide insights into the effectiveness of financial education programs and policy interventions over time, helping to inform future initiatives.