Financial Literacy Education: Implication on the Economic and Social Life of the Teacher in Ghana

Being financially illiterate adversely affects one’s life in relation to the culture of savings, expenditure pattern, investment decisions and budgeting skills, making the individual economically insecure. This study looks at financial literacy education and its implication on the economic and social life of teachers in the Upper East Region of Ghana. With a descriptive survey design, 118 participants responded to questionnaires. Results show low levels of financial literacy among participants which can negatively affect their daily financial management. 

The study has policy frontier implications; policy makers in the financial sector, governments, non-governmental organizations and equity owners are encouraged to aid the consumers, especially teachers, by way of introducing professional teacher development programs specifically tailored at uplifting their financial literacy knowledge and skills.