The Impact Of Financial Education On Financial Literacy And Spending Habits Of Shs Businss And Non- Business Students In Takoradi

Abstract

The purpose of the study is to examine the impact of financial education on financial literacy and spending habit of SHS Business and non-business students in Takoradi. In assessing this objective, literature was reviewed on concepts, theories and empirical studies. Theory of planned behaviour and social cognitive theory were used as the theoretical base for the study. Methodologically, the study used quantitative research approach and adopted experimental research design based on which data was collected from 267 business and non-business students from two selected SHS in Takoradi. The participants were selected using simple random sampling and purposive sampling. Structured questionnaire was mainly used to collect primary data on participants making the source of data for the study primary. descriptive specifically, frequencies, percentages, mean and standard deviations alongside regression analysis was computed to analyse the study objectives. Having analyse the study objectives, it was discovered that both business and non-business SHS students demonstrate understanding of financial concepts but struggle to translate knowledge into action, notably in retirement planning. Financial education does not significantly impact financial literacy or spending habits. There is no gender gap in financial knowledge, indicating equitable education. The study concludes that while SHS students in Takoradi display a strong grasp of financial concepts, there is a need for improvement in translating knowledge into practical habits, particularly in retirement planning. The lack of significant impact of financial education on literacy and spending suggests a reevaluation of programs to better equip students for financial success. Equitable opportunities across genders challenge stereotypes.