Ibadan Journal of the Social Sciences
Volume 22, No. 1, 2024
DOI: 10.36108/ijss/4202.22.0121
Influence of Perceived Organisational Support, Financial Strain and Psychological Wellbeing on Pre-retirement Anxiety among Employees Nearing Retirement
ALARAPE, A. I.1 and OBANO, B. O. 2
1,2Department of Psychology, University of Ibadan, Nigeria
Abstract
Pensions and gratuities are frequently associated with retirement, which is a dynamic method of gradually ending work activities. Retirement brings many changes and adaptations in lifestyle, friendships, and mental health. Pre-retirement anxiety is a prevalent psychological concern among employees nearing retirement age. Relatively few studies have described how pre-retirement anxiety affects employees, their work lives, and their families. The present study examined the influence of perceived organisational support, financial strain, and psychological wellbeing on pre-retirement anxiety. Data were collected from 307 federal employees who had less than ten years to retire using a questionnaire. The results showed that there was a significant main effect of perceived organisational support [F (1,299) =6.51; p <.05], financial strain [F (1,299) =11.37; p <.01], and psychological wellbeing [F (1,299) =31.23; p <.001] on pre-retirement anxiety. Respondents with lower perceived organisational support (x = 50.15), higher financial strain (x = 50.93), and lower psychological wellbeing (x = 53.03) reported higher levels of pre-retirement anxiety compared to the counterparts. The interaction of perceived organisational support, financial strain, and psychological wellbeing also influenced pre-retirement anxiety [F (1,299) =11.86; p <.01]. Respondents who were low on perceived organisational support, high on financial strain, and low on psychological wellbeing were more anxious about retirement (x = 59.38) than other combinations of the three independent variables. There was a significant joint influence of perceived organisational support, financial strain, and psychological wellbeing on pre-retirement anxiety [R =.73; R² = .54; F (3,303) =117.93; p < .001] with three independent variables accounting for 54% of the variance. The solution to pre-retirement anxiety is multifaceted. Organisations, government agencies, employees, and industrial and organisational psychologists all have roles to play in alleviating pre-retirement anxiety.
Keywords: Federal employees, financial strain, perceived organisational support, pre-retirement anxiety, psychological wellbeing