Abstract:
Financial literacy among public sector workers is important following
the large number of people in the sector and the many personal financial
responsibilities they often assume in their homes and workplaces. The study
assessed the level of financial literacy, factors influencing financial literacy,
and level of application of financial literacy among public sector workers in
the Cape Coast Metropolis.
Cross-sectional and descriptive study designs were employed for the
study. A total of 375 respondents were sampled from a population of 13,163.
A multi-stage sampling procedure was used to sample the respondents.
Statistical Product and Service Solutions version 15 was used to process the
data. Frequencies, percentages, regression and ANOVA were used to analyse
the data.
The study found that public sector workers with different socio demographic characteristics had different levels of financial literacy. Level of
education, experience and exposure to finance had significant influence to
variations in the levels of financial literacy among public sector workers in the
Metropolis. The existing posture of the financial sector is unable to provide
the necessary financial information, opportunities and services to public
workers with different levels of financial literacy. The study recommends that
the Metropolitan branch of the Public Sector Workers Union in collaboration
with financial institutions in the Metropolis should educate public sector
workers on financial products and opportunities and financial concepts. The
study suggests that financial institutions in the Metropolis should develop
more financial opportunities for people in different socio-economic classes.
