Financial Literacy Assessment on Tertiary Students in Sub-Saharan Africa: A Ghanaian Perspective
Financial Literacy Assessment on Tertiary Students in Sub-Saharan Africa: A Ghanaian Perspective
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Date
2018-04-08
Authors
Gyimah, Prince
Sarpong-Danquah B
Poku, K.
Osei-Poku, B
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Abstract
The study assesses the financial literacy level among tertiary students in Sub-Saharan Africa
country, Ghana. The study uses primary data through self-administered questionnaires, and
employs purposive sampling to select four hundred and eighty (480) students across tertiary
institutions in Ghana for data analysis. The study reaffirms that on the average, students lack
financial knowledge especially on insurance (mean = 40.54 percent). However, students
portray the highest level of financial literacy in savings and borrowing (mean = 52.88
percent). Also, information technology positively influences 95 percent of student’s financial
literacy. We recommend that tertiary institutions should inculcate educational program on
financial literacy to broaden understanding of financial issues among students. Policy makers
should redesign curriculum to include financial literacy courses especially for non-business
students. Finally, financial seminars and talks should be focused on teaching relevant
financial concepts and the youth should be educated and encouraged to utilize digital or
technological platforms to enable them gain more knowledge in finance.
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Citation
Sarpong-Danquah, B., Gyimah, P., Poku, K., & Osei-Poku, B. (2018). Financial literacy assessment on tertiary students in Sub-Saharan Africa: A Ghanaian perspective. International Journal of Accounting and Financial Reporting, 8(2), 76-91.