Authors: Mr Abdoulie Bojang
Abstract: This paper explores why Gambian retirees struggle to maintain financial stability after retirement, even those who previously held senior positions. Drawing from established theories like the Life-Cycle Hypothesis and examining local institutional and socio-cultural dynamics, I investigate the various factors contributing to retirement income insecurity in The Gambia. My analysis of existing research highlights several critical challenges: inadequate pension systems, persistent inflation, extensive family obligations, poor access to financial services, and burdensome healthcare costs. I develop a framework illustrating how these economic, social, and health-related factors interact to undermine retirees' financial wellbeing. To tackle these issues, I propose strengthening pension programs, expanding social safety nets, enhancing financial education, partnering with community leaders, and implementing economic stabilization measures. While this study advances our understanding of retirement challenges in developing nations, further research is needed to fully understand the situation and develop effective policies. My findings suggest practical steps toward improving the lives of Gambian retirees.
DOI: https://doi.org/10.5281/zenodo.16892893
