The Role of Financial Literacy on Financial Preparation for Retirement Life among Public Primary School Teachers in Dodoma City.

Abstract

Financial preparation is important to equip individuals with the essential knowledge, abilities, attitude, and confidence to prepare themselves for retirement life; this can be made possible through having adequate financial literacy. This study employed a cross-sectional research design in understanding the role of financial literacy among public school primary teachers in preparations for retirement life. Detailed and in-depth data were collected using interviews, focus group discussions and documentary review and analyzed using thematic analysis. The findings of the study revealed that financial literacy improves the capability of public primary school teachers on financial matters as it helps them to prepare for retirement by involving themselves in financial affairs and enhances their competencies in financial decision-making. The study concludes that financial literacy among public primary school teachers plays a major role in enabling them to make good financial decisions and, financial management and paves the way to financial access. The study recommends that the ministry of finance, the ministry of labor and the Ministry of Education in Tanzania needs to formulate and implement policies and programs that support and strengthen financial literacy among Tanzanians and public employees.