Financial Literacy, Investment and Savings Decisions Among Government Institutions’ Workers in Mwanza, Tanzania
Loading...
Date
2022-03-08
Authors
Journal Title
Journal ISSN
Volume Title
Publisher
African Journal of Applied Research
Abstract
Purpose: The study focused on examining how financial literacy influences the savings and
investment decisions of government workers in Mwanza Tanzania.
Design/methodology/approach: A cross-sectional design approach was adopted and specifically
a multistage sampling technique was fully applied to select 271 government workers from
different government institutions in Mwanza-Tanzania. Primary data was collected through the
use of questionnaires and analysis of the sourced data was done through a logistic regression
model which was binary in nature since this study had two dependent variables namely savings
and investment.
Findings: Findings of this study reveals that both financial attitude and financial knowledge
were significant at a 5% level and had an impact on making sound investment and savings
decisions among government workers.
Research limitation/Implications: The study used only a selected sample of government
employees in Mwanza. Further studies should focus on including other non-governmental
employees and the scope should be broadened to have more robust results.
Practical implications: From the study findings it is clear that most financially literate
government workers stand a better chance of making prudent decisions when it comes to savings
and investments which ultimately makes them better off in their financial and economic well
being.
Social Implications: Financial intermediaries and policymakers should devise a platform suited
enough to equip government workers with the knowledge to make prudent savings and
investment decisions.
Originality / Value: The study revealed that attitude and knowledge are the determinants of
savings and investment decisions of government employees.
Description
Keywords
Financial awareness; Financial literacy; Investment Behaviour; Saving behaviour