MID-CAREER EMPLOYEES’ PERCEPTIONS AND STRATEGIES OF PRE-RETIREMENT PLANNING AND FINANCIAL SECURITY IN GAMBLING COMPANY IN DURBAN

Abstract

Retirement insecurity in South Africa is a pressing concern as many individual employees are approaching retirement age with inadequate pensions, and unsure of what steps to take to ensure a comfortable life after retirement. The objective of this qualitative study is to explore the perceptions and strategies of pre-retirement planning and financial security considered by mid-career employees of a gambling company in Durban, South Africa. Fifteen mid-career employees were selected using purposive sampling. These employees were interviewed, and resulting data was analysed using content analysis. The findings reveal that mid-career employees perceive pre-retirement planning as financial distress and secondary to the clearing of debt and meeting children’s needs. They consider extending working life, getting income from property and entrepreneurship, maintaining a healthy scepticism of advice received from financial planners, and using employer-led financial literacy as strategies for pre-retirement planning and financial security. Managerial implications of these perceptions and strategies are highlighted to mitigate retirement insecurity and promote responsible retirement among mid-career employees in South Africa.