Financial literacy among public sector workers in the Cape Coast Metropolis

Abstract

Financial literacy among public sector workers is important following the large number of people in the sector and the many personal financial responsibilities they often assume in their homes and workplaces. The study assessed the level of financial literacy, factors influencing financial literacy, and level of application of financial literacy among public sector workers in the Cape Coast Metropolis. Cross-sectional and descriptive study designs were employed for the study. A total of 375 respondents were sampled from a population of 13,163. A multi-stage sampling procedure was used to sample the respondents. Statistical Product and Service Solutions version 15 was used to process the data. Frequencies, percentages, regression and ANOVA were used to analyse the data. The study found that public sector workers with different sociodemographic characteristics had different levels of financial literacy. Level of education, experience and exposure to finance had significant influence to variations in the levels of financial literacy among public sector workers in the Metropolis. The existing posture of the financial sector is unable to provide the necessary financial information, opportunities and services to public workers with different levels of financial literacy. The study recommends that the Metropolitan branch of the Public Sector Workers Union in collaboration with financial institutions in the Metropolis should educate public sector workers on financial products and opportunities and financial concepts. The study suggests that financial institutions in the Metropolis should develop more financial opportunities for people in different socio-economic classes