Exploring employees' perspectives on the Nigeria PRA 2014 and the impact of behavioural factors on the choice of PFAs

Abstract

This study aimed to investigate the perspective of Nigeria North-eastern federal tertiary institution employees on the Nigeria PRA 2014, as well as the behavioural factors that influence their selection of Pension Fund Administrators (PFAs). The data was collected from 307 respondents using a well-structured questionnaire. This study incorporates various behavioural factors, including retirement planning behaviour, risk tolerance, attitude towards the future, and financial literacy, along with employees’ perspectives on the PRA 2014. This objective considered   the influence of these factors on the employee choice of PFAs. The findings reveal that employee perspective on PRA 2014 and employee choice of PFA share a significant relationship. Additionally, the results of the multiple regression revealed that behavioural factors have a significant impact on employees' selection of PFAs. The model that investigates the effect of education qualification on the behavioural factors influencing the employees’ choice of PFA reveals that educational qualification does not significantly affect behavioural factors towards employees' choice of PFAs. The employees' opinion on the PRA of 2014, as it relates to addressing issues with the pension scheme, and the influence of behavioural factors have a notable impact on the selection of Pension Fund Administrators (PFAs) by employees.