What is your opinion?

Should parents depend on their children for retirement benefit?

The current population of Nigerians is estimated to be about 200 million people out of which about 70 million are in active employment. Only 8.41 million Nigerians currently make contributions into the country’s Contributory Pension Scheme. According to the latest report by the National Pension Commission (PenCom), this represents a meagre 12% of Nigeria’s entire working population.The report continues, "The remaining 82% will most probably become reliant on the future generations (or government) to take care of them at old age."
You and I know very well that the government of the day has no structural plans for the aged people in the society. Probably they will never get old. Smile..
Pls continue to read:

https://www.moscotechrealty.com/should-parents-depend-on-their-children-for-retirement-benefit/

Truth is, a typical African man inherits too much problems or responsibilities which hinders him from enjoying most of his life time here on earth.

He is faced with the responsibility of taking care of his younger ones if he is on top of the family line, when his parents become aged, they all contribute to take adequate care of them, and still extend such help to kindreds, extended family members and villagers in any degree.

In the end, he most times sacrifices his ambitions, vacations, plans just to carter for as many people as he is traditionally required to.

Now, the way out to disrupt this chain of aged people depending on their young wards, is for them to invest sufficiently into retirement accounts, for due use when they go into retirement. But, how many Nigerians make money that will sustain or carter for them during their active period, not to mention investing a fraction of it into retirement. That is why many Nigerians don't bother about this. It is akin to having a piggybank where as you eat once a day, it is unrealistic and unsustainable in the long run.

In advanced countries, government helps active people invest wisely into their retirement accounts, or even provide nursing homes for all aged persons, whether there is a criteria for selecting those who will be admitted into such homes, is what I do not know.

However, it is a wise idea because it helps to lengthen the mortality rate in those countries. It is a very sad thing to have high mortality rate and average age for men and women being short when a good nursing home can give them a chance to live longer and be healthy and happy.

So, Nigerian government have to key into this. Or increase minimum wage to be high enough for people to invest wisely into retirement accounts. This can be followed suit with adequate campaigns for retirement investments.


See, Nigeria has no structure to be honest. This country exists solely for the purpose of contesting election and waiting for the next election season.

No positive life impacting style of governance.

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