Parents’ Social Class, Education and Employment Status of Bank, Insurance, and other Finance Employees in Ibadan Oyo State, Nigeria

Abstract

This study investigated the influence of parent social class, educational qualification, and employment status of bank, insurance, and other finance employees in Ibadan metropolis, Oyo State, Nigeria. The descriptive survey research design was adopted, while 755 out of the 1,012 bank, insurance, and other finance employees in Ibadan metropolis were selected proportionately. Structured questionnaires made up of closed-ended questions were used to collect data. Pearson’s product-moment correlation and multiple regression were used to analyse the data at a 0.05 significance level. There were significant relationships between mothers’ (r = .464) and fathers’ (r = .464) education on the educational qualification of respondents. Parents’ education (? = .072, p > .05) fathers’ occupation (? = .018, p > .05) and had no significant influence on the employment status of respondents. There was a significant influence of parents’ standard of living (? = .082, p = .031) and respondents’ education (? = .112, p = .006) on employment status. Finally, it was shown that education and Parents’ social class factors (Mothers’ Occupation, Education Profile, Parents’ Standard of Living, Fathers’ Employment, Fathers’ Occupation, Mothers’ Education, and Mothers’ Employment – R = .229) contributed significantly to the employment status of the bank, insurance, and other finance employee’s employment status. Based on the findings, the study concluded that the social class and educational qualification of parents had significant influence on employment status of their children in financial institutions. The paper recommended that the illiterate parents receive formal education to achieve literacy skills; governments provide adult education facilities to support education of the illiterate parents; parents’ poverty be alleviated by government; parents diversify their sources of income for career opportunities for children; and career prospects and coping strategies of the children be enhanced.