Financial Literacy Education: Implication on Teachers' Economic and Social Life in Ghana

International Journal of Research in Teaching, Learning, Creativity & Technology (IJRTL) An Online International (Double-Blind) Refereed Research Journal 2020 Vol: 3 Issue: 1

ARTICLE

18 Pages Posted: 2 Feb 2021

See all articles by Juabin Matey

Juabin Matey

Divass Services

Joseph Yennukua Duut

affiliation not provided to SSRN

Mensah Felix Kombian

affiliation not provided to SSRN

Date Written: November 23, 2020

Abstract

Financial literacy education is one of lifelong assets 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, consumers appear less active and less confident in participating meaningfully in the financial sector due to lack of knowledge about the complex nature of financial products and services and the risk that goes with them. 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. We found low levels of financial literacy among participants which can poorly affect their daily financial management. The financially literate has the advantage to undertake prudent 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 one economically insecure. The study has policy frontier implications; policy makers, governments, non-governmental organizations and equity owners should come to the aid of teachers by way of introducing professional teacher development programmes specifically tailored at uplifting their financial literacy knowledge and skills.

Keywords: financial, literacy, education, decisions, knowledge, teacher

JEL Classification: D11, D12, D14, D15, D91, G53

Suggested Citation

Matey, Juabin and Duut, Joseph Yennukua and Kombian, Mensah Felix, Financial Literacy Education: Implication on Teachers' Economic and Social Life in Ghana (November 23, 2020). International Journal of Research in Teaching, Learning, Creativity & Technology (IJRTL) An Online International (Double-Blind) Refereed Research Journal 2020 Vol: 3 Issue: 1, ARTICLE, Available at SSRN: https://ssrn.com/abstract=3735618 or http://dx.doi.org/10.2139/ssrn.3735618

Juabin Matey (Contact Author)

Divass Services ( email )

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Bolgatanga, CO Bolgatanga Municipality D 125
Ghana
+233544038313 (Phone)

Joseph Yennukua Duut

affiliation not provided to SSRN

Mensah Felix Kombian

affiliation not provided to SSRN

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