Abstract:
The study was undertaken to analyze the factors influencing personal
financial management decisions of 200 employees of International Oils and
Fats Ltd. Specific objectives that motivate the study were to identify the
factors that influence financial management decisions, examine the mistakes
of employees concerning their personal financial habits and to examine the
challenges that employees face in applying their financial knowledge in daily
personal financial management decisions. Descriptive research methods were
used in this study to assess factors influencing Personal Financial Management
Decision. Simple random sampling was used to select 200 participants
consisting of employees of International Oil and Fats ltd in Techiman in the
Brong Ahafo Region. Survey questionnaire was used to generate data for the
study. Analysis of data was done using descriptive analysis. Data collected
revealed that people financial behaviours such as spending beyond budget
influence their financial decisions. Employees are unable to spend as
budgeted. Financial knowledge of people such as investments influenced their
financial decisions and change in prices, family needs, instability of markets,
lack of proper record keeping, nature of expenditure, inflation and spend of
money in advance were the challenges people faced in applying financial
knowledge in daily personal financial management decisions. The study
recommended that all employees should undertake periodic programmes such
as seminars, workshops, discussions and reading of books related to personal
financial management and so on to enlighten them of their financial issues
since the study revealed a shortfall in that area.
