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The Impact of Financial Literacy on Financial Preparedness for Retirement in the Small and Medium Enterprises Sector in Uganda

The Impact of Financial Literacy on Financial Preparedness for Retirement in the Small and Medium Enterprises Sector in Uganda

Colin Agabalinda, Alain Vilard Ndi Isoh
Copyright: © 2020 |Volume: 9 |Issue: 3 |Pages: 16
ISSN: 2160-9802|EISSN: 2160-9810|EISBN13: 9781799807919|DOI: 10.4018/IJABE.2020070102
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MLA

Agabalinda, Colin, and Alain Vilard Ndi Isoh. "The Impact of Financial Literacy on Financial Preparedness for Retirement in the Small and Medium Enterprises Sector in Uganda." IJABE vol.9, no.3 2020: pp.26-41. http://doi.org/10.4018/IJABE.2020070102

APA

Agabalinda, C. & Isoh, A. V. (2020). The Impact of Financial Literacy on Financial Preparedness for Retirement in the Small and Medium Enterprises Sector in Uganda. International Journal of Applied Behavioral Economics (IJABE), 9(3), 26-41. http://doi.org/10.4018/IJABE.2020070102

Chicago

Agabalinda, Colin, and Alain Vilard Ndi Isoh. "The Impact of Financial Literacy on Financial Preparedness for Retirement in the Small and Medium Enterprises Sector in Uganda," International Journal of Applied Behavioral Economics (IJABE) 9, no.3: 26-41. http://doi.org/10.4018/IJABE.2020070102

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Abstract

The study investigated the direct effects of financial literacy (knowledge, skills, and attitudes) on financial preparedness for retirement and the moderating effect of age among the small and medium enterprises in Uganda. Primary data was collected from a sample of n = 380 selected from the SME workforce. Descriptive analysis was run on SPSS, while validity and reliability of the measurement items yielded satisfactory composite reliability scores and average variance explained (AVE) scores for all items. Structural equation modelling (SEM) was used to test the hypotheses and multi-group analysis conducted to test for the moderating effect of age on the relationship between financial literacy and retirement preparedness. The results revealed that knowledge and skills were significant predictors of retirement preparedness. However, ‘attitude' was not a significant predictor, and age had no moderating effect on the relationship between the study variables. These findings present practical implications for policymakers and financial educators in a developing country context.

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