Pension Accounting and Standard Of Living in Nigeria
Fineboy Joseph Department of Accounting, Faculty of
Social and Management Sciences, Clifford University, Ihie, Abia State. E-mail: email@example.com
This study examines the effect of pension contributory fund on the standard of living of Nigerians. The problem investigated is based on the perceived fears that the financial assets or Retirees Savings Account (RSA) contributions is not adequately managed by the existing trustees, thus raising contentious issues on the effect of pension fund on standard of living in Nigeria. The study adopted the ARDL model to test the hypotheses formulated to investigation using data spanning from 2010 to 2020. Findings reveal that both employers and employees’ pension funds share have negative significant effect on the standard of living of Nigerians, while combined employers and employees’ pension funds share has a positive significant effect on the standard of living of Nigerians. It is recommended that government should set up audit mechanisms to checkmate corruption in pension fund management as well as put in place effective investment plans to ensure that pension funds are appropriately invested to bring the desired economic outcomes that will improve the standard of living of both pensioners and employees in Nigeria.
Keyword: Employers’ pension funds share, employee’ pension funds share, combined pension fund and standard of living.