Mineworkers’ Perspectives Towards Participating in Retirement Planning in South Africa

Floyd Khoza ()
Additional contact information
Floyd Khoza: School of Development Studies, Mbombela Campus, University of Mpumalanga, Mbombela 1200, South Africa

JRFM, 2025, vol. 18, issue 1, 1-19

Abstract: This study investigated the individuals’ perspectives towards participating in retirement planning in the mining industry in South Africa. The study employed a quantitative research approach. The study sampled 172 mineworkers from the selected mining company. A self-administered questionnaire was tested for validity and reliability and was used to collect primary data from the respondents. This study employed the logistic regression model and performed the Hosmer–Lemeshow test to evaluate the fit of the logistic regression and the Chi-square to determine the significance of the results. In this study, the data were analysed using descriptive and inferential statistics. The findings revealed that some participants are satisfied with their involvement in the retirement funds and are contributing to the retirement funds provided by the company. Furthermore, this study found that the majority of the respondents will be financially independent after retirement; however, there is still a firm belief of uncertainty about not being financially independent. The study found a significant and positive relationship between age and participation in retirement planning. Furthermore, a positive and significant link was found between marital status and participation in retirement planning as well as between employment status and participation in retirement planning. The study was limited to the selected company based in Gauteng. The practical implication of this paper informs the companies, policymakers, and government to prioritise awareness of retirement planning based on demographical factors such as age, marital status, and employment status to prepare mineworkers for retirement. The findings are expected to persuade the mining sector to pay special attention to the awareness and understanding of retirement planning.

Keywords: financial independence; financial literacy; retirement; retirement funds; retirement planning (search for similar items in EconPapers)
JEL-codes: C E F2 F3 G (search for similar items in EconPapers)
Date: 2025
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
https://www.mdpi.com/1911-8074/18/1/28/pdf (application/pdf)
https://www.mdpi.com/1911-8074/18/1/28/ (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:gam:jjrfmx:v:18:y:2025:i:1:p:28-:d:1565223

Access Statistics for this article

JRFM is currently edited by Ms. Chelthy Cheng

More articles in JRFM from MDPI
Bibliographic data for series maintained by MDPI Indexing Manager ().