Financial literacy and saving behaviour among Teaching and Non-Teaching Staff of Swedru School of Business

Abstract

The aim of this study was to compare the financial literacy and saving behaviour among teaching and non-teaching staff of Swedru School of Business. A total of 194 staff comprising of one hundred and twenty-five (125) teaching staff and sixty-nine (69) non-teaching staff were selected for the study. Data was collected through the use of questionnaire. Based on the findings it was established that teaching staff exhibited knowledge on personal finance and knowledge on insurance than non-teaching staff. However, non-teaching staff had knowledge on savings and borrowings, knowledge in retirement planning and exposure to financial and monetary issues than teaching staff. In terms of general knowledge on personal finance, knowledge in savings and borrowings, knowledge on retirement planning and knowledge in insurance, males showed much knowledge than females. It was also confirmed that gender, age, marital status and educational level are determinants of financial literacy. The study recommended that workshops should be organised by Welfare Committee of Swedru School of Business on personal finance; so as to ensure prudent and efficient personal financial management practices especially, among the non-teaching staff.