Financial Literacy and Retirement Planning of Workers in Mfantseman Municipal Assembly

Abstract

For both rich and developing nations, including Ghana, financial literacy is critical in retirement planning. As a result, the economic and social climate in which individuals make financial choices has changed. This has enhanced individual employee financial responsibility and financial independence. The research focused on financial literacy and retirement planning for Mfantseman Municipal workers. The study used a quantitative research method. The research sampled 201 people using stratified random sampling. 96.71 percent responded. A systematic questionnaire was used to gather primary data. In terms of the study's issue, the questionnaire met all research goals. Inferential analysis was done using resgression analysis, whereas descriptive analysis utilized percentage distributions to explain phenomena. The research found that employees in Mfantseman Municipality were highly financially literate. The research also showed a gender difference among pensioners in the town. The research also found a link between financial literacy and retirement planning. Finally, financial knowledge influences employees' retirement planning. This implies that as workers' financial knowledge grows, so does their desire to prepare for retirement. The research suggests that workers be reminded of the significance of financial understanding by social welfare and other financial specialists and analysts during meetings.