Financial Literacy Education : Implication on Teachers' Economic and Social Life in Ghana

Financial literacy education is one of lifelong assets that every individual needs to function and fit well in modern-day society. It provides the financially savvy better decision making, best investment alternatives and family wellbeing. Unfortunately, consumers appear less active and less confident in participating meaningfully in the financial sector due to lack of knowledge about the complex nature of financial products and services and the risk that goes with them. This study looked at financial literacy education and its implication on the economic and social life of the teacher in the Upper East Region of Ghana. With a descriptive survey design, 118 participants responded to questionnaires. We found low levels of financial literacy among participants which can poorly affect their daily financial management. The financially literate has the advantage to undertake prudent retirement planning. Being financially illiterate adversely affects one’s life in relation to the culture of savings, expenditure pattern, investment decisions and budgeting skills, making one economically insecure. The study has policy frontier implications; policy makers, governments, non-governmental organizations and equity owners should come to the aid of teachers by way of introducing professional teacher development programmes specifically tailored at uplifting their financial literacy knowledge and skills