Financial Literacy and Financial Wellbeing of Staff of Ghana Audit Service in the Greater Accra Region

Abstract

Considering the complexity of financial decisions resulting from rapidly increasing financial products and the enlargement of financial markets, it has become necessary to instil financial literacy in an employee's way of life. For this reason, the study examined financial literacy and financial well-being of staff of Ghana Audit Service. Specifically, the study assessed the financial literacy level of staff, examined the association between financial literacy and demographic factors, and finally the effect of financial literacy on financial well-being. A quantitative research approach and cross-sectional research design were adopted to achieve the above-mentioned objectives of the study. Also, the study designed a questionnaire to solicit data from a random sample of 323 staff of Ghana Audit service which was further analysed using the ordinary least square regression estimation technique to address the study objectives. According to the survey, Ghana Audit Service employees were financially literate. It was also discovered that demographic parameters such as age, marital status, and educational degree, with the exception of gender, are related to the financial literacy level of workers. Furthermore, it was shown that financial literacy has an impact on the financial well-being of Ghana Audit Service workers. In effect, the study recommended that financial education workshops on financial management and financial planning be organized and made mandatory for staff in order to upgrade their existing financial knowledge and information skills on financial matters in order to make sound financial decisions regarding their well-being.