Juabin Matey

Financial literacy education: implication on the economic and social life of the teacher in ghana

  • Authors Details :  
  • Juabin Matey,
  • Joseph Yennukua Duut,
  • Mensah Felix Kombian

Page Number : 14-27

Journal volume : 2

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Financial literacy education is a lifelong asset that every individual needs to function and fit well in modern-day society. It provides the financially savvy better decision making, best investment alternatives and family wellbeing. Unfortunately, most consumers especially in this part of our world appear relatively less active and less confident in participating meaningfully in the financial sector due to a lack of knowledge about the complex nature of financial products and services and indeed the risk that goes with them. As a contribution in addressing this problem, this study looked at financial literacy education and its implication on the economic and social life of the teacher in the Upper East Region of Ghana. With a descriptive survey design, 118 participants responded to questionnaires. Results showed low levels of financial literacy among participants which can negatively affect their daily financial management. It is therefore definite that the financially literate has the advantage to undertake prudent alternative investment decisions and is able to make informed retirement planning. Being financially illiterate adversely affects one’s life in relation to the culture of savings, expenditure pattern, investment decisions and budgeting skills, making the individual economically insecure. The study has policy frontier implications; policymakers in the financial sector, governments, non-governmental organisations and equity owners are encouraged to come to the aid of consumers, especially teachers, by way of introducing professional teacher development programmes specifically tailored at uplifting their financial literacy knowledge and skills.

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DOI : https://doi.org/10.47857/irjms.2021.v02i01.046

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