The contribution effect of learning experience on financial well-being of government retirees in North-Central Nigeria

Abstract

Purpose This study aims to determine the contribution effect of learning experience on the financial well-being of government retirees in North-Central Nigeria. Special emphasis was placed on the contribution effect of the elements of the learning experience. Design/methodology/approach This study used correlational and cross-sectional research designs based on a questionnaire survey of 376 retirees drawn from North-Central Nigeria. A confirmatory factor analysis was used to identify the factors of learning experience using the Analysis of Moments of Structures (AMOS) software, version 23. The contributory effect of the confirmed sub-domains of learning experience on the financial well-being of retirees was established using hierarchical regression. Findings Confirmatory factor analysis results confirmed that financial knowledge, financial planning and financial self-efficacy are factors of learning experience. Although the sub-domains of the learning experience are significant predictors of financial well-being, financial knowledge has a significant effect on financial well-being, followed by financial planning and financial self-efficacy. The sub-domains of learning experience collectively explain about 46.5% of the variance in the financial well-being of retirees in North-Central Nigeria. Originality/value Unlike most other documentation on financial well-being, which has focused on the general effect of the learning experience as a global variable, this study explores the role played by the three dimensions of learning experience and methodologically isolates the contribution of each dimension with respect to retirees in developing countries. As such, we uncover the reality that all the sub-domains of the learning experience are significant for the financial well-being of retirees in a developing country context, though in varying effects.