Fiscal Planning and Hobby Engagement as Significant Contributors to Psychological Wellbeing in Post-Retirement

Abstract

Mental health has steadily gained currency in Ghana; however, people still prioritize physical health over mental health although the two go hand in hand. Having sound psychological well-being is key to enjoying one’s retirement. Psychological well-being simply refers to the quality of life of an individual. It is made up of a cocktail of elements such as being in ideal physical health, feeling good about oneself and the ability to function optimally. Simply put, a combination of optimal life satisfaction and the ability to function sufficiently is imperative. Being properly prepared for retirement has a considerable influence on one’s psychological well-being (Amorim & França, 2019). In Ghana, very few people have the comfort of planning for retirement. As a result of the topsy-turvy nature of our economic climate, many Ghanaians live from hand to mouth. Savings are considered a luxury while developing or engaging in healthy hobbies is dangerously akin to an unfathomable pastime tethered onto the erroneous perception that only the wealthy have the benefit of engaging in healthy hobbies.