Financial Self Efficacy, Culture and Personal Financial Behaviour of Market Women in Cape Coast

Abstract

ABSTRACT The main purpose of the study was to assess the financial literacy of market women in the Cape Coast metropolis and how culture influences their personal financial behaviour. A quantitative, descriptive method was employed to aid carry out the study. Questionnaire was the instrument used in data collection and 400 market women in the Cape Coast Metro major markets were queried out of which 380 were received. The data collected was analysed using Statistical Package for Social Science (SPSS) to generate frequency tables for descriptive analysis. Findings from the study indicated that most market women were knowledgeable in finance but lack the necessary tools and conditions to apply this knowledge to equip and enhance their financial behaviour. However, majority of the market women indicated that they are interested in increasing their financial knowledge. The study further recommended that educational programs, financial consultancy and involvement of market women in financial program design will help increase their financial literacy. Also, the government should be involved in financial literacy program implementation to stem up its effectiveness in the form to support