Financial literacy and financial behaviour of college of education students in the central Region of Ghana

Abstract

The study investigated the level of financial literacy and financial behaviour of College of Education students in the Central Region of Ghana. The objectives that supported this study were to assess the financial literacy level of College of Education Students in relation to sex and level of study. The study also examined the relationship between financial literacy and financial behaviour of College of Education Students in the Central Region of Ghana. The study employed descriptive statistics, cross tabulation, chi-square and linear regression in analysing the objectives of the study. The study used questionnaire in the survey and selected actual sample of 450 from a population of 2,395 (Krejcie & Morgan, 1970). The key findings obtained from the study were that there is no significant difference between sex and level of study in relation to financial literacy. The study also found a positive relationship between savings and borrowing and financial behaviour of College of Education students. However, the relationship between insurance and financial behaviour was found to be negative. The study recommends that Colleges of Education in the Central Region of Ghana should specifically design programs on finance to enhance the financial literacy of students.