FINANCIAL LITERACY, RETIREMENT PLANNING, AND DEMAND FOR LIFE INSURANCE: EVIDENCE FROM LECTURERS IN LAGOS STATE-OWNED TERTIARY INSTITUTIONS

Abstract

Financial literacy is a protective tool for ensuring quality retirement life through annuity life insurance policy. The study evaluated the effects of financial literacy metrics and retirement planning on the demand for life insurance among University lecturers in Lagos State-Owned tertiary institutions. The study employed a cross-sectional survey research design cum multiphase sampling techniques. Thus, a structured questionnaire was adopted; which produced two hundred and seventy-three participants. The statistical techniques adopted were simple frequency percentages and multiple regression technique among the sampling units. While financial attitude, financial knowledge, and financial behaviour showed a positive relationship with the demand for life insurance, financial confidence an inverse relationship. Retirement planning has positive and significant effect of the demand for life insurance. On recommendations, the insurers should take concrete steps to enlightening the lecturers on the benefits of life insurance to ensuring protective future on their retirement. Government, on the other hand, should make effort to organizing workshops, seminar, and conferences that can help literate University lecturers further on financial matters in terms of knowledge, confidence, attitudes, and behaviour for better retirement age.