Assessing the financial literacy amongst worker in the telecommunication industry in Ghana

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.