Financial Literacy and Retirement Planning Among Government Workers in Ghana

Abstract

This study was aimed to examined the effect of financial literacy on retirement planning. Specifically, the study sought; to determine the level of financial literacy among government workers in Ghana; to examine the perceived level of retirement planning among government workers in Ghana; to examine the effect of financial literacy on retirement planning among government workers in Ghana. The study was centered on the expectancy theory. The “study employed the explanatory research design since the study tested the relationship between the various variables. The data collection instruments were questionnaire. The study employed the quantitative research approach. The simple random sampling technique was used in selecting a respondent of 385. Descriptive statistics and structural equation model were employed to analyse the objectives of the study. The study found that there was a positive and significant relationship between financial behaviour and financial knowledge on retirement planning. The study recommended that individuals must prioritize financial education to improve your understanding of key concepts, investment options, and retirement planning strategies.