Author(s)

Emelly Tembo¹, Jackson Phiri²

¹School of Humanities, The University of Zambia, Lusaka, Zambia.
²Computer Science Department, School of Natural Sciences, The University of Zambia, Lusaka, Zambia.

This study investigates retirement planning strategies and financial literacy among formal sector employees at Zambia’s Food Reserve Agency (FRA). Using a quantitative approach, the research examines the relationships between demographic factors, financial literacy, attitudes, and wealth components (assets, income, and expenditure) in influencing retirement preparedness. The findings reveal that despite moderate levels of financial literacy, most respondents rely on low-risk strategies such as Treasury Bills and Bonds for retirement planning, while comprehensive approaches integrating multiple investment methods remain limited. Age and investment experience emerge as significant predictors of retirement planning, whereas other demographic and attitudinal factors show marginal influence. The study underscores the need for targeted financial literacy programs and structured retirement planning initiatives to enhance economic security among Zambia’s formal workforce.

Retirement Planning, Financial Literacy, Demographics, Investment Strategies, Zambia

Tembo, E. and Phiri, J. (2025) Retirement Planning Strategies and Financial Literacy: A Case Study of Food Reserve Agency (FRA) Employees. Open Journal of Business and Management, 13, 2200-2215. doi: 10.4236/ojbm.2025.133114.