ghanaopendata/ghanaian-research-english huggingface dataset:
Financial Literacy and Financial Planning Among Minersin Tarkwa

ABSTRACT This study examined the impact of financial literacy on financial planning among miners in Tarkwa. The study also observed how demographic characteristics like marital status, work experience, income level, highest educational attainment, occupational status and gender of miners in Tarkwa influence their ability to plan financially. The study made use of primary data collected from 200 respondents via the distribution of questionnaires. Completed questionnaires were coded and uploaded into Statistical Package for Social Science (SPSS) for analysis. Graphs and descriptive statistics in the form of mean and standard deviation were used to describe the levels of financial planning among the respondents. Regression was used in order to test the impact of demographic variables on financial planning. Regression was also used to analyze the impact of financial literacy on financial planning. Data analysis using regression equation modelling was done in four main levels: Exploratory Factor Analysis (EFA), Reliability Test, Test of Normality, Fitness of the Model and finally, the significance of the coefficients. The results revealed that the level of knowledge regarding financial planning among miners in the Tarkwa Municipality is very high. The level of financial planning among miners in Tarkwa Municipality is also dependent on the highest education attained as well as the number of years spent in the organization.Furthermore, the study concluded that knowledge on financial investments and insurance can improve on the individual’s financial planning abilities. The study recommends the need for financial literacy programmes for the workers to improve their financial planning decisions

Source: UCC
Financial Literacy and Financial Planning Among Staff of University of Health and Allied Sciences, Ho

The study was conducted to explore financial literacy and financial planning among the staff of the University of Health and Allied Sciences (UHAS), Ho. The targeted population for this study was the staff (all categories) of the University of Health and Allied Sciences. This comprised junior and senior staff members from six (6) faculties/schools within the University. The total number of targeted populations for the study was six hundred and eighty (680) people. Structured questionnaires (close-end and open-ended questions) were employed for the data collection. The findings of the study showed that: income, past experiences, interest rates, inflation, taste and preferences, expected dividends, current economic indicators, financial advisors, ease of borrowing and minimum risk were the determining factors of financial planning. The study recommended that government must intensify formal and informal education on financial planning, institutions must engage in financial education with their employees, financial education must be made part of the JHS curriculum and people must also seek financial knowledge from the right source.

Source: UCC
Financial Literacy and Financial Planning: Innuendo for Financial Well-Being of Informal Sector Workers

This research sought to find out types of financial instruments informal sector workers have towards their future; willingness to prepare for retirement; elements that encourage informal sector workers to financially plan; and how financial literacy and financial planning influence the financial well-being of informal sector workers in Cape Coast and Elmina. The study employed quantitative method, where primary data was obtained in the month of August, 2022 by serving questionnaires to 408 participants in Cape Coast and Elmina, respectively. The data was analysed using SMART-PLS to observe the relationship between the variables. Path analysis was performed by the use of structural equation model (SEM). From the analysis, the study found a positive significant relationship between financial literacy and financial planning; financial literacy and financial well-being; and financial planning and financial well-being. The study also found a significant positive relationship between number of dependents and financial planning. These imply that if informal sector workers become financially literate and financially plan more, it will help enhance their financial well-being. It is, therefore, recommended that policymakers, financial institutions, and the government promote financial literacy and financial planning of the informal sector workers and also come up with/intensify existing financial policies that would better the financial well-being of the informal sector workers even when the number of their dependents rise.

Source: UCC
Financial Literacy and Financial Wellbeing of Staff of Ghana Audit Service in the Greater Accra Region

Considering the complexity of financial decisions resulting from rapidly increasing financial products and the enlargement of financial markets, it has become necessary to instil financial literacy in an employee's way of life. For this reason, the study examined financial literacy and financial well-being of staff of Ghana Audit Service. Specifically, the study assessed the financial literacy level of staff, examined the association between financial literacy and demographic factors, and finally the effect of financial literacy on financial well-being. A quantitative research approach and cross-sectional research design were adopted to achieve the above-mentioned objectives of the study. Also, the study designed a questionnaire to solicit data from a random sample of 323 staff of Ghana Audit service which was further analysed using the ordinary least square regression estimation technique to address the study objectives. According to the survey, Ghana Audit Service employees were financially literate. It was also discovered that demographic parameters such as age, marital status, and educational degree, with the exception of gender, are related to the financial literacy level of workers. Furthermore, it was shown that financial literacy has an impact on the financial well-being of Ghana Audit Service workers. In effect, the study recommended that financial education workshops on financial management and financial planning be organized and made mandatory for staff in order to upgrade their existing financial knowledge and information skills on financial matters in order to make sound financial decisions regarding their well-being.

Source: UCC
Financial Literacy and Investment Decisions: A Study of Wa Municipality

The research sought to investigate study on financial literacy and investment decision issues in the Wa Municipality of the Upper West Region of Ghana. In particular, the study specifically examined the levels of understanding and knowledge of individuals in savings and borrowing, investment and insurance in Wa Municipality; examine the classifications of individuals on financial literacy in the Wa Municipality and estimate the effect of financial literacy on individuals’ opinions and decisions on personal issues in finance in Wa Municipality. This study was a quantitative research which employed both descriptive and inferential statistics with a cross sectional design. The target population of the study consisted of investors, salary earners, business people and some workers of financial institutions in the municipality. Sample of 162 people were selected using stratified and convenience sampling. A questionnaire was employed and data was analysed using Analysis of Variance and Logistic Regression analyses. The findings showed that in terms of the knowledge levels of individuals on financial issues, the study found that there is low general knowledge in finance, some considerable level of knowledge of savings and borrowing and highly deficient understanding of financial markets and investment. Also, gender, qualification and working experience are the main drivers of knowledge on financial issues. Again, the significant factors that underlie the classifications of people on financial literacy are based on gender, educational qualification, age, occupation, income and field of study.

Source: UCC
Financial literacy and investment planning among teachers and educational workers‘ union (tewu) members of the Takoradi technical university

In this country, it seems to indicate that educators hold a greater influence than anyone else. They can make a difference in people's lives in a variety of ways, not just in the classroom. Teachers who demonstrate financial responsibility by understanding financial matters and knowing how to handle it can inspire the next generation to do same. The study employed a quantitative approach and descriptive correlational research design through a structured questionnaire to examine the association between financial literacy and investment planning behaviours of members of TEWU at TTU. 50 respondents were sampled and the Statistical Package for Social Sciences (SPSS) version 26 was used to process the data using descriptives (means and standard deviations) and inferential statistics (linear regression) to analyse the data. With a 100% response rate, the study found that income, age, financial knowledge, interest rate and financial advisors and analyst recommendations were determinants of investment planning. The study revealed that there was a significant relationship between financial literacy and investment planning. It was also found that TEWU members at TTU had varied understanding of savings and investment planning based on some demographic characteristics. Finally, it was shown that there was a statistically significant relationship between TEWU members‘ general knowledge in financial literacy and investment behaviours. The study therefore recommends that the TEWU national leadership develop special programmes for their members in an effort to enhance their financial literacy. It was also recommended that the management of TEWU collaborate with prominent financial institutions to educate their employees on financial matters. Suggestions were also made for further studies based on the study‘s findings.

Source: UCC
Financial Literacy And Performance Of Small And Medium-Size Enterprises In The Accra Metropolitan Area Of Ghana

The clarion call for the need to equip small and medium-sized enterprise (SME) with appreciable financial know-how amidst the continuous fall of such enterprises in emerging markets shows that financial literacy is a primary factor capable of influencing performance. The study sought to establish how financial knowledge, financial awareness, and financial attitudes, affect performance of SMEs in an emerging market. The quantitative study was promised on the positivist paradigm and executed under the descriptive design. The study population comprised 780 SMEs operating at the Accra Metropolitan Area of Ghana. A simple random sampling technique was adopted to sample 258 SMEs operating in the study area using a structured questionnaire. However, a survey conducted using 61 selected SMEs at the Adenta Municipal Area as a measure to assess instrument reliability and validity. Software such as IBM SPSS Version 21, SmartPLS4 (newest version), and Microsoft Excel were used to analyze the quantitative data using both descriptive statistical analysis (frequencies and percentages) and inferential statistical analysis with a focus on PLS-SEM. The study found a significant positive relationship between financial knowledge and SME performance. The study also found a significant positive relationship between financial awareness and SME performance. Regarding how financial attitudes relates to SME performance, the study uncovered an insignificant positive relationship. The study recommends the government to invest in enhancing the financial literacy level of medium scale enterprise owners through trainings and incorporating financial literacy issues in formal education.

Source: UCC
Financial Literacy And Performance Of Small And Medium-Sized Enterprises In The Accra Metropolis

Research into financial literacy and how it influences the growth and profitability of SMEs has shown that owner inadequate financial knowledge has caused a large number of businesses to fail around the world. The goal of this study was to find out how managers' financial literacy affect the performance of SMEs in the Accra Metropolis, Ghana. In line with the positivist paradigm, the study used an explanatory design. A questionnaire was given to 306 SMEs to get information from them. Using descriptive statistics and inferential statistics, the collected data were analysed with the help of the SPSS (version 26) software. The study found that the owners of SMEs in Accra Metropolitan Assembly have a high level of financial literacy. Also, both knowing about money and having a good attitude about it have a big positive effect on how well SMEs do financially. Even so, financial knowledge does not have much of an effect on how well SMEs do financially. Also, the way SME owners handle their money does not harm their businesses very much. So, it is a good idea to help SME owners who do not know much about money learn more about it. By doing this, these SME owners can improve their knowledge of money and learn how to run their businesses well, which will help them be successful. Also, it is very important to help SME owners develop good financial habits.

Source: UCC
Financial literacy and personal finance in the Cape Coast Metropolis

The study aimed generally to determine the scope of financial literacy and personal financing by people in the Cape Coast Metropolis. Under subscription of questionnaires led to 436 respondents from the cluster sampling method being used in the analysis. This allowed the determination of the various components and factors of financial literacy and personal finance. Factor analysis determined which indicators from various scenarios responded to, described the relationship between financial literacy and personal finance in the metropolis; as analyzed with Pearson’s bivariate correlations method. Personal finance overall, showed elements of savings, investments, financial planning for periods averaging three months at a time and a conflict of financial advice sources between financial professionals and friends and relatives but not individual’s self-efforts to acquire relevant financial decision making knowledge. Results determined that financial literacy and personal finance were generally low in the metropolis but that financial literacy and personal finance components do translate into financial literacy factors and subsequently into personal financing concerns. Relationships were determinable under the categories of financial responsiveness, Short-term spending tendency, spending tendencies generally, financial management, debt responsiveness and economy-mindedness of price levels or inflation. This researcher suggests building up self-learning efforts and individual self-reliance for financial decision making as some of the recommendations with which to improve financial literacy and personal finance in Cape Coast.

Source: UCC
Financial literacy and personal financial decisions of local government staff at Prestea Huni-Valley municipal assembly in the Western Region

Due to the contemporary evolution in the financial markets, it has become increasingly indispensable for individuals to be more conversant and competent in handling their finances. This calls for financial literacy study to examine how people respond to this financial market complexity and sophistication. This study was conducted to assess the level of financial literacy and personal financial decisions among Local Government Staff of the Prestea Huni-Valley Municipal in the Western Region. A sample of 277 staff using stratified sampling technique was used. A self-administered questionnaire was used to collect the data and the analysis done using the Chi-Square Test of Independence. The results indicated that with the exception of division there was low understanding in the economic and financial variables used as correct scores were below averages in the areas of percentages, compound interest, inflation and time value of money. The study thus concluded that financial literacy among the respondents sampled was low. The study found that there was no relationship between financial literacy and gender or sex as none of the variable were significant. However, there was an association between financial literacy and level of education. Again, though most employees think a lot about their retirement and expected sufficient retirement amounts, it cannot be realized from their gratuities. It is recommended that the Office of the Head of Local Government Service organize financial literacy education for staff in savings and investments. Staff should also take their personal retirement planning seriously. This would advance financial literacy and increase staff involvement in the financial markets and enhance their wellbeing and work productivity.

Source: UCC
Financial Literacy and Retirement Planning Among Teachers in Tarkwa-nsuaem Municipality

ABSTRACT This study focused on financial literacy and retirement among teachers in Tarkwa-Nsuaem Municipality. The study specifically sought to determine the level of financial literacy among teachers, determine the extent of retirement preparedness, and examine the influence of financial literacy on retirement planning among teachers in Tarkwa-Nsuaem Municipality. Descriptive and explanatory research design was used. Again, the study employed the quantitative research approach and had 306 permanent public teachers as respondents for the study. The study revealed that teachers of Tarkwa-Nsuaem Municipality highly considered financial literates. In addition, the study found that teachers of Tarkwa-Nsuaem Municipality highly prepared for retirement. Further, the linear regression model specified revealed that financial literacy significantly affected workers’ preparation towards retirement at a 5% alpha level. The value (0.554) of the unstandardized coefficient (β) also showed a positive effect of financial literacy on retirement planning. Thus, as teachers in Tarkwa-Nsuaem Municipality financial literacy increases, their preparedness towards retirement also increases. The study recommends that teachers should periodically be advised by management of social welfare and other financial experts and analysts during meetings on the importance associated with financial knowledge since it impacts their preparation towards retirement and planning. Owing to this, management of the Municipality should design programmes and policies targeted at educating teachers about the benefits associated with financial literacy. This can help teachers to be well abreast with current trends

Source: UCC
Financial literacy and retirement planning among employees at Ghana Gripd company

In the 21 st century, retirement planning is an evitable aspect of employees’ financial decisions. Employees who are financially literate have been found to have healthy lives during retirement while financially illiterate employees struggle to survive during that period. It is in this light that, the study examined the effect of financial literacy on retirement planning among employees at Ghana Grid Company (GRIDCO). The study employed the quantitative approach and causal research design due to the research objectives. The study randomly sampled 169 employees of which 110 (65.1% response rate) of their questionnaires retrieved were relevant for analysis. The Statistical Package for Social Sciences (SPSS) version 24 was used to process the data. Also, analytical tools such as frequencies, percentages, means, standard deviations and linear regression were used analysis the study’s research objectives. The study found that, financial literacy has a moderate and positive significant effect on employee’s retirement planning. The study therefore concluded that, financial literacy is critical for effective long-term financial decisions concerning retirement planning. Based on this, the study recommended that, management of GRIDCo should design special programmes for their employees in bid to improve their knowledge on money management. These special programmes should focus on financial management in the areas of savings, budgeting, resource utilisation, investment and insurance.

Source: UCC
Financial Literacy and Retirement Planning Among Government Workers in Ghana

This study was aimed to examined the effect of financial literacy on retirement planning. Specifically, the study sought; to determine the level of financial literacy among government workers in Ghana; to examine the perceived level of retirement planning among government workers in Ghana; to examine the effect of financial literacy on retirement planning among government workers in Ghana. The study was centered on the expectancy theory. The “study employed the explanatory research design since the study tested the relationship between the various variables. The data collection instruments were questionnaire. The study employed the quantitative research approach. The simple random sampling technique was used in selecting a respondent of 385. Descriptive statistics and structural equation model were employed to analyse the objectives of the study. The study found that there was a positive and significant relationship between financial behaviour and financial knowledge on retirement planning. The study recommended that individuals must prioritize financial education to improve your understanding of key concepts, investment options, and retirement planning strategies.

Source: UCC
Financial Literacy And Retirement Planning Of Administrative Staff Of University Of Cape Coast

The study examined the financial literacy and retirement planning of administrative staff of the University of Cape Coast. The study was guided by explanatory research design and quantitative in nature. Data was collected from 357 administrative staff of UCC through simple random sampling and was analysed by employing partial least square estimation technique. The main finding of the study was that the level of financial literacy among the administrative staff of UCC is demonstrated by staff adequate knowledge in financial investments, insurance packages, budgeting, saving, debt management, and good personal financial decisions among others. Also, the study found that staff who develop a retirement budget, retirement plan, have enough idea of retirement income and saving could enhance their retirement planning. It was discovered by the study that people who make good financial decisions and good control over financial issues have advantage of planning for their retirement. Hence, it was recommended that the administrative staff of UCC should continue to implement their financial literacy ideas for their retirement. Again, the administrative staff of UCC should seek financial advice from experts on how they engage in credible investment, business and save money towards their retirement. Finally, the administrative staff of UCC should engage in concrete measures such as workplace financial education required to further strengthen their financial knowledge, behaviour, attitudes and skills in order to prepare sufficiently for their retirement.

Source: UCC