Theory of Consumer Choice on Annuity Market and Annuity Decisions in Nigeria

Abstract

The objective of this study is to empirically assess the annuity market and decisions surrounding the consumer's choice of his/her retirement funds. The paper discusses the Antiquity of Annuities, the Annuity Market, industry analysis of the decumulative (payout) phase under annuity in Nigeria, the Theory of Consumer Choice on Annuity Decisions, life cycle theory and proffered recommendations. The paper is an initial theoretical attempt at a virgin area which needs to be brought to the fore for the Nigerian populace. The paper suggests further indebt empirical analyses be undertaken on the industry as it pays out more funds to its annuitants. The pattern of consumer choice can also study as data accumulates in the area.