Effect of financial literacy on retirement planning behaviour among small-scale business owners in asante effiduase in the sekyere east district
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Date
2023
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KNUST
Abstract
This study investigates the relationship between financial literacy and retirement planning behavior among SSE owners in Asante Effiduase district of Sekyere East. The research involved a sample of 120 participants and employed a quantitative approach to examine the variables under scrutiny. Data were primarily collected through surveys using questionnaires. SPSS version 24 is used to analyze the data. One of the principal objectives of this study was to assess the financial literacy level of SSE owners, with the findings indicating a prevailing low level of financial literacy among the respondents. This low level of financial literacy was observed to have a consequential impact on the retirement planning behavior of the participants. Furthermore, the study disclosed that gender and income levels had a negative influence on retirement planning behavior, whereas age, education, and financial literacy demonstrated positive and statistically significant effects. These findings emphasize that financial literacy plays a pivotal role in shaping the retirement planning behaviors of SSE owners. Additionally, the inclination of an SSE owner to engage in retirement planning was found to be contingent not on their gender or income level, but rather on their age, educational background, and, most significantly, their level of financial literacy
Description
A thesis submitted to the department of accounting and finance, Kwame Nkrumah university of science and technology, Kumasi in partial fulfilment of the requirements for the award of degree of master of science in accounting