An Assessment of Financial Literacy Levels among Undergraduate Business Students in Ghana

Abstract

Financial literacy is imperative to enable students manage their finances and take advantage of investment opportunities. It is against this background that this study investigates financial literacy of undergraduate business students in the School of Business, Kwame Nkrumah University of Science and Technology (KSB) in Ghana. It employs a stratified random sampling technique to sample 203 undergraduate students using questionnaire as the research instrument. The study reveals that formal education is the major source of financial literacy of undergraduate students, followed by parents, the media, and peers. Level 400 students are the most literate financially followed by level 300, 100 and 200 students. Also, financial literacy is highest among accounting students followed by banking and finance, marketing, and human resource management students.

Key words: Financial literacy; undergraduate students