Entrepreneurial Intentions of Pre–Retirees in the University of Benin

Abstract

The high incidence of poverty noticeable among retirees at post-retirement arising from delay in getting their pension benefits rights in Nigeria is alarming. Most of the retirees are still very active, energetic and economically viable to be productive for self-sustainability and also contribute meaningfully to the nation‟s socio-economic development. Therefore, the study examined the entrepreneurial intentions of pre-retirees in University of Benin and determined how they could focus on their functional ability to optimize and harness their entrepreneurial potentials as a measure against post-retirement poverty and other associated challenges. Six research questions guided the study and the descriptive survey research design was adopted. 583 staff (academic and non-academic) who would retire from year 2020-2024 constituted the study population and a sample size of 100 pre-retirees was randomly selected. A 74-item structured questionnaire and interview was used as instrument to elicit information from the respondents which was validated and tested to be reliable with a value of using Chronbach Alpha Method. The descriptive statistical tools of mean and standard dev iation were used to answer the research questions and test the respondents‟ homogeneity. The findings revealed among others that most of the pre-retirees are aware of investment opportunities and are ready for business start-up but they lack entrepreneurial skills for effective business management. Moreso, that that engagement in entrepreneurship development would promote their active aging, healthy living and stimulate their contribution to national economic development. Also employers do not prepare pre-retirees with entrepreneurship development programmes that could stimulate their entrepreneurial intentions for effective post-retirement life management. It was therefore recommended among others that the Pre-retirees should be optimistic to face and surmount post-retirement life challenges with entrepreneurship development and that employer should play active role and provide entrepreneurial counseling and planning programmes for pre-retirees prior to their retirement.