Financial Literacy and Financial Planning Among Staff of University of Health and Allied Sciences, Ho

Abstract

The study was conducted to explore financial literacy and financial planning among the staff of the University of Health and Allied Sciences (UHAS), Ho. The targeted population for this study was the staff (all categories) of the University of Health and Allied Sciences. This comprised junior and senior staff members from six (6) faculties/schools within the University. The total number of targeted populations for the study was six hundred and eighty (680) people. Structured questionnaires (close-end and open-ended questions) were employed for the data collection. The findings of the study showed that: income, past experiences, interest rates, inflation, taste and preferences, expected dividends, current economic indicators, financial advisors, ease of borrowing and minimum risk were the determining factors of financial planning. The study recommended that government must intensify formal and informal education on financial planning, institutions must engage in financial education with their employees, financial education must be made part of the JHS curriculum and people must also seek financial knowledge from the right source.