Entrepreneurial Training as a Retirement Succorance for Nigerian Retirees

Abstract

The anxiety associated with retirement stems from a sense of unpreparedness and lack of self- confidence, or from past painful events that have left some retirees uncertain about what lies ahead. The negative psychological and socioeconomic condition experienced by retirees due to the cessation of their regular financial income and the subsequent decrease in their social standing is of great significance. As a result, the study aims to examine the effect of entrepreneurial training on retirement succorance for Nigerian retirees. The literature was anchored on Social Contract Theory SCT) by Rousseau (1762) and the Theory of Reasoned Action (TRA) by Ajzen and Fishbein (1980). This study uses a quantitative research design and a descriptive research approach to explore the resultant effect of the entrepreneurial training programme as a retirement succour for Nigerian retirees. The study’s population comprised pensioners of 6,437 retired workers in Ekiti State, Nigeria and 377 sample size with Yamane (1967) formula. The demographic data was represented by percentage and frequency counts, descriptive statistics of percentage and mean, and inferential statistics were used to test the hypothesis using the ANOVA test. The result revealed that soft skills development significantly affects the social support of Nigerian retirees; financial planning workshops significantly affect the emotional support of Nigerian retirees; and networking opportunities significantly affect Nigerian retirees' health and wellbeing support. This study has discovered that as retirees transition from active employment to a less structured lifestyle, managing stress and maintaining social connections becomes essential. As a result, entrepreneurs with soft skills develop to navigate the psychological challenges associated with the post-retirement stage, and this development not only supports their emotional health but also fosters a sense of belonging, reducing feelings of isolation. Government and organisations should collaborate to expand and diversify entrepreneurial training programs tailored to different interests and skill levels, such as mentorship, social support networks, and supportive community.