Financial Literacy Education: Implications for the Economic and Social Lives of Teachers in Ghana

Abstract

Financial literacy education is a lifelong asset that every individual needs to function and fit well in modern-daysociety. It provides the financially savvy better decision making, best investment alternatives and family wellbeing.Unfortunately, most consumers especially in this part of our world appear relatively less active and less confident inparticipating meaningfully in the financial sector due to lack of knowledge about the complex nature of financialproducts and services and indeed the risk that goes with them. As a contribution in addressing this problem, thisstudy looked at financial literacy education and its implication on the economic and social life of the teacher in theUpper East Region of Ghana. With a descriptive survey design, 118 participants responded to questionnaires. Resultsshowed low levels of financial literacy among participants which can negatively affect their daily financialmanagement. It is therefore definite that the financially literate has the advantage to undertake prudent alternativeinvestment decisions and able to make informed retirement planning. Being financially illiterate adversely affectsone’s life in relation to the culture of savings, expenditure pattern, investment decisions and budgeting skills, makingthe individual economically insecure. The study has policy frontier implications; policy makers in the financial sector,governments, non-governmental organisations and equity owners are encouraged to come to the aid of consumers,especially teachers, by way of introducing professional teacher development programmes specifically tailored atuplifting their financial literacy knowledge and skills