An Analysis of Personal Financial Literacy Among Polytechnic Students- A Case of Kumasi Polytechnics

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JULY, 2015.
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The study assesses the level of financial literacy of Polytechnic students in the Kumasi Metropolis. The study surveyed 120 students to investigate their level of financial literacy through the administration of questionnaires. Findings from the study reveal that students need to improve their personal finance knowledge. The results show that the participants answered about 40.71% of the questions correctly. None of the mean scores for financial literacy categories were above 60%. The results also reveal that many of the students are familiar with issues relating to simple interest calculations and loan guarantee. In contrast, the students are less knowledgeable and inexperienced with issues concerning personal financial planning and budgeting,mutual funds and risk return associated with investment decisions. This led to the conclusion that the students are not well-informed about personal financial literacy issues. It is therefore recommended that stakeholders of Polytechnics should include financial literacy programmes in their academic curriculum.
A Thesis submitted to the Department of Accounting and Finance, Kwame Nkrumah University of Science and Technology in partial fulfilment of the requirements for the degree of Master of Business Administration (Finance Option)