Financial literacy and investment planning among teachers and educational workers‘ union (tewu) members of the Takoradi technical university

Abstract

In this country, it seems to indicate that educators hold a greater influence than anyone else. They can make a difference in people's lives in a variety of ways, not just in the classroom. Teachers who demonstrate financial responsibility by understanding financial matters and knowing how to handle it can inspire the next generation to do same. The study employed a quantitative approach and descriptive correlational research design through a structured questionnaire to examine the association between financial literacy and investment planning behaviours of members of TEWU at TTU. 50 respondents were sampled and the Statistical Package for Social Sciences (SPSS) version 26 was used to process the data using descriptives (means and standard deviations) and inferential statistics (linear regression) to analyse the data. With a 100% response rate, the study found that income, age, financial knowledge, interest rate and financial advisors and analyst recommendations were determinants of investment planning. The study revealed that there was a significant relationship between financial literacy and investment planning. It was also found that TEWU members at TTU had varied understanding of savings and investment planning based on some demographic characteristics. Finally, it was shown that there was a statistically significant relationship between TEWU members‘ general knowledge in financial literacy and investment behaviours. The study therefore recommends that the TEWU national leadership develop special programmes for their members in an effort to enhance their financial literacy. It was also recommended that the management of TEWU collaborate with prominent financial institutions to educate their employees on financial matters. Suggestions were also made for further studies based on the study‘s findings.