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

Abstract

The study articulates the perspectives and at-titudes of workers in an attempt to uncover thoughts and ideas in relation to the phenom-ena 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 plan-ning. The reasons for this nexus encompass the fact that large family sizes may inhibit sav-ing 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 plan-ning towards retirement to a greater extent. Whereas large family size inhibits retirement planning, small family size facilitates less ex-penditure and better savings, and ensures the availability of financial resources to be chan-neled 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.