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All Journal Annals of Management and Organization Research
Towo, Tendai
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Economics, Econometrics & Finance

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The impact of financial literacy on financial preparedness for retirement among formally employed individuals in Zimbabwe Towo, Tendai; Jonasi, Knowledge
Annals of Management and Organization Research Vol. 5 No. 4 (2024): May
Publisher : goodwood publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35912/amor.v5i4.2015

Abstract

Purpose: Changes in global retirement systems have necessitated greater personal responsibility for making retirement financial decisions. The main purpose of this study is to evaluate the effect of financial literacy on the financial preparedness for retirement among the formally employed in Zimbabwe. Research Methodology: The study adopted a positivist philosophy and an explanatory research design. Questionnaires were used to collect data from a target population of employees in Bindura, Zimbabwe. The final sample consisted of 384 participants. The independent variable, financial literacy, was measured using knowledge of financial instruments and computational capabilities of retirement benefits. Data were analyzed by multiple regression analysis using SPSS version 25. Results: The findings show a statistically significant relationship between knowledge of financial instruments and financial preparedness for retirement at the 5% significance level. The computational capabilities of retirement benefits are found to have no effect on financial preparedness for retirement. Limitations: Other factors that affect financial preparedness, such as demographics and financial factors, were not included in the model. Contribution: This study addresses retirement preparedness, which is one of the least-researched areas of personal finance in Zimbabwe. Therefore, the results are useful for policymakers to enhance the framework of retirement financial literacy.
Investigating the causal nexus between remittances and economic growth in Zimbabwean Jonasi, Knowledge; Towo, Tendai; Chitombo, Ezekiel; Kondo, Talent; Dangaiso, Phillip; Vakai, Elizabeth
Annals of Management and Organization Research Vol. 7 No. 1 (2025): August
Publisher : goodwood publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35912/amor.v7i1.2430

Abstract

Purpose: This study aims to examine the nexus between remittances and economic growth in Zimbabwe. Methods: The research employed the Granger Causality test using annual time series data from 1980 to 2022. Preliminary diagnostic tests including stationarity, cointegration, and error correction modeling were conducted to ensure methodological rigor. Results: Findings reveal that remittances are not significantly influenced by GDP, as shown by a P-value of 0.5158. Conversely, remittances significantly drive Zimbabwe’s economic growth with a P-value of 0.0429. This highlights remittances as a vital income source that fuels household consumption, investment, and financial inclusion. The unidirectional causality emphasizes their role as a stable economic pillar independent of GDP fluctuations. Conclusion: The study demonstrates that remittances Granger-cause economic growth in Zimbabwe, but GDP does not Granger-cause remittances. This underlines the critical role of remittance inflows in sustaining consumption, supporting human capital investment, and strengthening financial development in the context of economic instability and high emigration. Limitation: The research faced challenges in accessing complete and reliable data, requiring innovative strategies to address missing values and restricting analysis to annual data. Contribution: The results provide context-specific evidence useful for scholars and policymakers in designing strategies to better channel remittances into productive investments. The study contributes by clarifying the causal mechanism between remittances and growth in Zimbabwe and offering insights for policy initiatives aimed at economic recovery and sustainable development.
Investigating the causal nexus between remittances and economic growth in Zimbabwean Jonasi, Knowledge; Towo, Tendai; Chitombo, Ezekiel; Kondo, Talent; Dangaiso, Phillip; Vakai, Elizabeth
Annals of Management and Organization Research Vol. 7 No. 1 (2025): August
Publisher : goodwood publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35912/amor.v7i1.2430

Abstract

Purpose: This study aims to examine the nexus between remittances and economic growth in Zimbabwe. Methods: The research employed the Granger Causality test using annual time series data from 1980 to 2022. Preliminary diagnostic tests including stationarity, cointegration, and error correction modeling were conducted to ensure methodological rigor. Results: Findings reveal that remittances are not significantly influenced by GDP, as shown by a P-value of 0.5158. Conversely, remittances significantly drive Zimbabwe’s economic growth with a P-value of 0.0429. This highlights remittances as a vital income source that fuels household consumption, investment, and financial inclusion. The unidirectional causality emphasizes their role as a stable economic pillar independent of GDP fluctuations. Conclusion: The study demonstrates that remittances Granger-cause economic growth in Zimbabwe, but GDP does not Granger-cause remittances. This underlines the critical role of remittance inflows in sustaining consumption, supporting human capital investment, and strengthening financial development in the context of economic instability and high emigration. Limitation: The research faced challenges in accessing complete and reliable data, requiring innovative strategies to address missing values and restricting analysis to annual data. Contribution: The results provide context-specific evidence useful for scholars and policymakers in designing strategies to better channel remittances into productive investments. The study contributes by clarifying the causal mechanism between remittances and growth in Zimbabwe and offering insights for policy initiatives aimed at economic recovery and sustainable development.
The impact of financial literacy on financial preparedness for retirement among formally employed individuals in Zimbabwe Towo, Tendai; Jonasi, Knowledge
Annals of Management and Organization Research Vol. 5 No. 4 (2024): May
Publisher : goodwood publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35912/amor.v5i4.2015

Abstract

Purpose: Changes in global retirement systems have necessitated greater personal responsibility for making retirement financial decisions. The main purpose of this study is to evaluate the effect of financial literacy on the financial preparedness for retirement among the formally employed in Zimbabwe. Research Methodology: The study adopted a positivist philosophy and an explanatory research design. Questionnaires were used to collect data from a target population of employees in Bindura, Zimbabwe. The final sample consisted of 384 participants. The independent variable, financial literacy, was measured using knowledge of financial instruments and computational capabilities of retirement benefits. Data were analyzed by multiple regression analysis using SPSS version 25. Results: The findings show a statistically significant relationship between knowledge of financial instruments and financial preparedness for retirement at the 5% significance level. The computational capabilities of retirement benefits are found to have no effect on financial preparedness for retirement. Limitations: Other factors that affect financial preparedness, such as demographics and financial factors, were not included in the model. Contribution: This study addresses retirement preparedness, which is one of the least-researched areas of personal finance in Zimbabwe. Therefore, the results are useful for policymakers to enhance the framework of retirement financial literacy.
Co-Authors Chitombo, Ezekiel Dangaiso, Phillip Jonasi, Knowledge Kondo, Talent Vakai, Elizabeth