Abstract
The retirement system in South Africa encounters various obstacles, specifically
concerning the preservation and engagement of retirement savings. Self-employed
individuals may encounter supplementary challenges when it comes to retirement
planning, which renders their situation distinct. The objective of this research is to
understand perceptions, behaviours, and challenges pertaining to retirement
preparations among self-employed individuals residing in South Africa. The literature
analysis indicated that retirement planning has been established for other groups,
excluding SEI. Insufficient focus has been directed towards the unique needs and
situations of self-employed individuals, who possess diminished access to retirement
planning and financial literacy initiatives compared to employees in traditional
employment.
An interpretivist research philosophy was applied to attain a comprehensive
understanding of the retirement planning attitudes, behaviours, and challenges faced
by self-employed individuals in the South African environment. The research approach
adopted in this study is inductive, as it reconceptualises the established theory of
retirement planning by incorporating the perceptions and experiences of selfemployed
individuals. The qualitative study approach employed a singular qualitative
data collection method (semi-structured interviews), enabling the researcher to obtain
an in-depth understanding of the participants' beliefs, behaviours, and obstacles
around retirement planning.
Microsoft Teams served as a research tool for audio recording the interviews. Atlas.ti
was used to analyse the findings of the study, enabling the formation of themes
namely: various retirement planning approaches, awareness of retirement planning,
challenges and barriers, and perception of retirement planning. Which indicates that
self-employed individuals encounter considerable obstacles when it comes to planning
for retirement. These challenges arise from factors such as unpredictable income,
restricted availability of retirement products, and a lack of knowledge in financial
matters.
Numerous participants expressed difficulties in consistently saving money and
prioritising long-term retirement objectives over immediate business requirements.
v
Furthermore, there is an increasing recognition among self-employed individuals
regarding the significance of retirement planning. However, tailored financial
education and assistance are essential to assist them in surmounting the hurdles they
confront and attaining their retirement aspirations.