Women and retirement planning in Botswana. A framework for the future.

Abstract

Gone are the days when one starts planning for retirement when they only have 5 to 10 years left until they reach normal retirement age. It is therefore becoming increasingly important for one to start planning for retirement once they become gainfully employed. In as such as the concept of planning early for retirement normally works, it is unfortunate that, some factors end up leading to women, in comparison to men, not being able to save enough for their retirement life. A sample of 80% women and 20% men was used in the study with semi structured questionnaires used as the main data collection instrument. The study findings show that, women lack financial knowledge on investment. Illustrating comprehension of the distinctive obstacles faced by women is critical not only for facilitating improved results for female personnel but also for enhancing the recruitment and retention of women within a given institution. With professional financial assistance, the potential surprises that women’s encounter can be mitigated. This may be in a form of optimizing the benefits of retirement plan for female employees, and contributing significantly to the enhancement of women's financial well-being as a whole as well as changes which will be tailor made to women. The first step can be with regards to financial wellness tools which have capacity to enhance female involvement, engagement, and retention through the provision of valuable insights regarding their distinct needs, demonstration of their financial capabilities, tracking of their advancements, and assistance in formulating a financial plan. By utilizing these comprehensive and digital tools, women can gain a better understanding of their retirement investments and gain a broader perspective on their future finances.