Financial Literacy on Retirement Planning of Workers of University of Mines and Technology, Tarkwa
Author(s)
Dominic Achari , Felix Kwame Nyarko , Richard Oduro ,
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Abstract
Many studies conducted around the world emphasize the importance of financial literacy in this modern dispensation since in recent years financial literacy has been recognized as a key skill that leads to healthy financial attitudes. This study examines the effect of financial literacy on retirement planning using the workers in UMaT as a study. A total of 203 respondents were used for the study. The respondents were quizzed on their knowledge in general finance, savings and borrowing, insurance, investment and with some information on their retirement decisions and demographic factors. A quantitative approach was adopted for the study since it examines the relationship between financial literacy on retirement planning with a structured self-administered questionnaire as a mean for data. The study identified that financial literacy has a significant positive influence on retirement preparedness. The study documented recommendations from staffs on the need for employers to increase the amount of publications on financial education at the University Library and also organize financial literacy programs which will improve workers financial knowledge in order to help in their retirement planning. Further, based on the findings of this study, a national policy on financial literacy is urgently needed in Ghanaian education system to educate people at the early stages of their lives.
Keywords
Financial Education; Financial Illiteracy; Financial Knowledge; Financial Literacy; Retirement; Retirement Planning
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