Abstract
The goal of this study was to explore financial literacy and investment decisions among traders in the Techiman Municipality. A sample size of 150 respondents selected for the study. Convenience sampling technique was employed for the study. Questionnaire was employed for the study. Based on the findings it was established that traders lack knowledge in investment. Most of the respondents did not understand the concept of liquidity which describes the extent to which an asset can be promptly bought or sold in the market without affecting the asset's price. Additionally, the study indicated a strong positive relationship between financial literacy and investment decisions. It was realized that that 38.5% of the variations in the investment decisions are accounted for by the changes in the financial knowledge of the trader. The study recommended that more financial literacy programmes should be organized by the financial institution to create awareness. The government should also include financial literacy in the educational curriculum of the basic or elementary schools and higher learning institutions. Keywords: Financial literacy, investment decisions, traders DOI : 10.7176/RJFA/10-6-07 Publication date :March 31 st 2019
Highlights
Financial literacy has been recognised all around as a basic apparatus for development with issues identifying with budgeting, savings, investment and the administration of risks which are significant for the individuals, households and businesses in their developmental procedure
The results indicated that the average level of financial literacy in United Arab Emirates (UAE) was statistically significantly below the average level reported in the literature
4.1 Research Objective one: Traders level of knowledge on investment in the Techiman Municipality The objective test approach was applied to test the respondents‟ knowledge and understanding of financial terms and their ability to apply numerical skills in situations related to finance
Summary
Financial literacy has been recognised all around as a basic apparatus for development with issues identifying with budgeting, savings, investment and the administration of risks which are significant for the individuals, households and businesses in their developmental procedure. Financial education includes individuals of all ages, education of young people in the area of finance is more significant — the young age encounters more financial risks and more complicated financial products than their parents (Janor, Yakob, Hashim & Aniza, 2016). From the study of Sabri (2016), traders’ forms majority of business people in the world their knowledge on financial literacy should be prioritized. It is important that these traders are educated in finance as early as possible since their impact will lift the municipality higher in development
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