Financial Literacy, Access to Finance and Livelihoods in the Hohoe Municipality: A Study of the Intervention by Plan International Ghana

Abstract

Financial literacy is crucial in the current economy and delivering it in a savings group setting can be more effective than traditional classroom methods. Plan International Ghana aims to improve access to finance and livelihoods by providing financial literacy education. Thus, this initiative serves as an intermediary in offering financial literacy education. This study assessed Plan International Ghana's initiative on promoting financial literacy, access to finance, and livelihoods in the Hohoe Municipality of Ghana. The study employed a cross-sectional design. In addition to selecting field officers for key informant interviews, a sample size of 310 beneficiaries was generated using a simple random sampling technique based on Krejcie and Morgan's (1970) sample size determination table. Descriptive statistics, regression analysis and SEM were used to analyse the quantitative data with the assistance of SPSS software and Stata version 14, while the qualitative data were analysed thematically. The findings of the study indicated that, beneficiaries within 20-29 years displayed the highest scores of financial literacy, as well as those who have been beneficiaries for a longer period of time. The conclusion was that, exhibiting and putting the financial literacy knowledge to use is essential to increasing access to finance and that, financial literacy alone is not enough to improve livelihoods among beneficiaries. Thus, it was recommended for beneficiaries take advantage of the peer learning and support networks provided by Plan International, actively engage and practically apply lessons crucial for improving financial literacy and behaviour.