Pre-Retirement Financial Behavior and Preparedness of Seventh-day Adventist Pastors in Africa: A Study of Graduate Ministerial Students

Abstract

Retirement is an inevitable end for people engaged in full-time employment. But the quality of life after retirement is a grave concern for many because retirement is not well prepared for. Seventh-day Adventist Church pastors in Africa traditionally rely on church-sustaining benefits for retirement. However, the inadequacy of such provisions has left many pastors in penury at retirement. This study investigated the pre-retirement financial behaviorsand preparedness of Seventh-day Adventist pastors in Africa. It focused on Seventh-day Adventist (SDA) pastors studying at the Theological Seminary of the Adventist University of Africa (AUA), Kenya. The study adopted a descriptive, quantitative research design. A total of 105 pastors participated in the study. The data were analyzed using descriptive statistics, such as frequency and percentage. The findings revealed positive pre-retirement behaviour but low financial literacy and inadequate financial preparedness for retirement. Therefore, activities and policies that can increase financial education and pension scheme literacy should be implemented in the ministerial education. Furthermore, ongoing educational initiatives and collaborations with financial experts to mentor pastors are worthwhile and beneficial for enhancing pre-retirement behavior and financial preparedness among SDA pastors in Africa.