Asia Pacific Journal of Education, Arts and Sciences | Vol. 2 No. 1 | January 2015 __________________________________________________________________________________________________________________ 44 P-ISSN 2362-8022 | E-ISSN 2362-8030| www.apjeas.apjmr.com Workers’ Knowledge of Prospects and Challenges Awaiting Retirees at Retirement in Nigeria Olatomide, Onijuni Olufemi 1 and Christopher O. Fashiku 2 1 Department of Educational Foundations & Counselling; 2 Department of Educational Management Faculty of Education, Obafemi Awolowo University, Ile-Ife, Nigeria 1 olatomideolufemi@yahoo.com, 2 fashxtopher@gmail.com Date received: November 27, Date Revised: 2014; January 12, 2014 ABSTRACT This study examined knowledge of workers from Osun and Oyo States on prospects and challenges awaiting retirees in retirement in Southwestern Nigeria. Using the descriptive survey method, a sample of 258 respondents was randomly selected from the two states. A validated instrument titled ‘’Questionnaire on Workers’ Knowledge of Prospects and Challenges in Retirement’’ was used to obtain data from the respondents. The reliability coefficient of the instrument was 0.67, using Pearson Product Moment Correlation. The data collected were analysed using descriptive statistics to analyse the research questions, and t-test and ANOVA test of difference were used to analyse the research hypotheses. The results revealed that workers had average knowledge and good knowledge respectively about prospects and challenges awaiting retirees in retirement. The study further revealed that respondents’ sex, and nature of service did not significantly influence their knowledge of both phenomena of retirement. The study equally revealed the mass media as the major sources of information for the respondents. Based on these findings, it is recommended that appropriate fora – both in the workplace and the mass media should be employed to create requisite awareness about prospects in retirement for employees and the general public. Keywords: Workers’ knowledge; Retirement prospects; Retirement challenges; Nigeria INTRODUCTION Retirement has its own pros and cons for retirees the world over; and Nigerian retirees may not be an exception. Retirees in Nigeria, thus, have their share of both divides of retirement. On the one hand, retirement exposes retirees to a sharp reduction in income (Olatomide & Akomolafe, 2012; Ng, Tay, Tan, & Lim, 2011; Olatomide, 2010; Okpede, 1998; Walker, Kimmel, & Price, 1981). This reduction in income may be aggravated by delay in payment of retirement benefits like pension and gratuity (Bukoye, 2005; Akinade, 1993), or by inflationary trends (Ng, et al., 2011; Wolcott, 1998; Australian Bureau of Statistics, 1995). Significantly, retirees who still sponsor their children’s education at retirement usually face a lot of financial problem as well. Inadequate income by itself is strongly associated with stress in retirement (Sharpley, Gordon, & Jacobs, 1996; Commonwealth Department of Social Security, 1992). More often than not, some retirees who do not own their own houses but stay in rented apartments, which they must vacate at retirement, are either exposed to societal ridicule or encounter financial difficulties in payment of house rent, while many retirees do not often have the required capital to start-up income-yielding businesses in retirement (Etadon & Jimoh, 2012; Aigbekaen, 2008; Onyemowo, 2006; Orhungur, 2005; Arogbofa, 1997; Akinade, 1993). Yet, in a country like Nigeria that has a high rate of unemployment among the youths, it becomes a compounded problem to find paid jobs for the retirees. Similarly, at retirement, retirees usually have difficulties in cutting down already-formed pattern of spending while in service (Olatomide, 2010). Also, how to budget for time and use time wisely, worries about what to do in order to continue to earn the respect of immediate family members in retirement as when in service, difficulties arising from reduction in social network due to loss of contact with office friends, workmates, and clients at retirement; including the society’s negative perception of the retirees as people who have wasted their opportunities while they were young – are some other challenges facing retirees in retirement (Olatomide & Akomolafe, 2012; Osborne, 2012; Olatomide, 2010; Onyemowo, 2006; Bukoye, 2005; Gbenda, 2005; Longbap & Bulus, 2005; Arogbofa, 1997; Beveridge, 1980). Indeed, in Nigeria, it is a common incident to see retirees visit their former places of work (particularly a day or two following payment of salaries) to beg for