Abstract:
This study sought to assess the financial literacy amongst workers in the
telecommunication industry in Ghana through a quantitative approach underpinned by
the positivist paradigm which was employed for this study. The population for the
study was 205 employees with a sample size of 62 participants. The sampling strategy
employed was the purposive sampling strategy with the help of a questionnaire used
as the instrument for data collection. Statistical analysis was done using IBM SPSS
v.20. The study revealed that, employees invested towards their retirement, managed
personal finances and plan for investment. However, they were not confident making
financial decision, lacked understanding on information related to financial products
and lacked financial plan for expenditure. Also, their level of financial literacy was
determined by their demographic factors such as age, gender, marital status and
employment status, among others. The study concluded that participants had low level
of knowledge on financial literacy. It is thus recommended that, government through
the Ministry of Education and National Commission for Civic Education (NCCE)
should start educating the national populace about the relevance of financial literacy
to individual and national growth and development.
Description:
This study sought to assess the financial literacy amongst workers in the
telecommunication industry in Ghana through a quantitative approach underpinned by
the positivist paradigm which was employed for this study. The population for the
study was 205 employees with a sample size of 62 participants. The sampling strategy
employed was the purposive sampling strategy with the help of a questionnaire used
as the instrument for data collection. Statistical analysis was done using IBM SPSS
v.20. The study revealed that, employees invested towards their retirement, managed
personal finances and plan for investment. However, they were not confident making
financial decision, lacked understanding on information related to financial products
and lacked financial plan for expenditure. Also, their level of financial literacy was
determined by their demographic factors such as age, gender, marital status and
employment status, among others. The study concluded that participants had low level
of knowledge on financial literacy. It is thus recommended that, government through
the Ministry of Education and National Commission for Civic Education (NCCE)
should start educating the national populace about the relevance of financial literacy
to individual and national growth and development.