Exploring The Nexus Between Family Size Planning and Retirement Planning in Ghana

Abstract

The study articulates the perspectives and attitudes of workers in an attempt to uncover thoughts and ideas in relation to the phenomena of family size planning and retirement planning. Use was made of both quantitative and qualitative datasets. The sample [n=442] was selected using a multi-stage sampling technique. The paper finds that there is a link between family planning and retirement planning. The reasons for this nexus encompass the fact that large family sizes may inhibit saving abilities. Further, large family size hinders the ability to save. The ideal family size in this context ranges between 1 and 5. The findings show that family planning positively correlated (0.688) with retirement planning. Stated differently, family size correlates with planning towards retirement to a greater extent. Whereas large family size inhibits retirement planning, small family size facilitates less expenditure and better savings, and ensures the availability of financial resources to be channeled into retirement plans. These findings reflect a change in thoughts regarding large family size as opposed to small family size. A gradual shift pertains to smaller families with retirement planning in focus. Also, annexed to family planning is social relationship building, both of which have implications for later life planning.