Understanding the Determinants of Saving in Ghana: Does Financial Literacy Matter?

被引:25
|
作者
Baidoo, Samuel Tawiah [1 ]
Boateng, Elliot [2 ]
Amponsah, Mary [2 ]
机构
[1] Kwame Nkrumah Univ Sci & Technol, Dept Econ, Kumasi, Ghana
[2] Univ Newcastle, Newcastle Business Sch, Econ Discipline, Callaghan, NSW, Australia
关键词
domestic savings; financial literacy; sustainable economic growth; demographics; life cycle hypothesis; Ghana; ECONOMIC-GROWTH; EDUCATION; WORLD;
D O I
10.1002/jid.3377
中图分类号
F0 [经济学]; F1 [世界各国经济概况、经济史、经济地理]; C [社会科学总论];
学科分类号
0201 ; 020105 ; 03 ; 0303 ;
摘要
Domestic savings remain low in Ghana despite several attempts to improve this situation. Whereas existing studies on private savings have identified several determinants, the role of financial literacy in saving decisions has not been explored. In this paper, we build on existing studies and provide evidence supporting our hypothesis that financial literacy is key to promoting domestic saving. The study relies mainly on primary data, and the binary probit regression model is employed as the estimation technique. Our results show that improving financial literacy among Ghanaians should be incorporated into the broad policy package aimed at increasing domestic saving which is a prerequisite for investment and subsequently sustainable economic growth. Copyright (c) 2018 John Wiley & Sons, Ltd.
引用
收藏
页码:886 / 903
页数:18
相关论文
共 50 条
  • [1] Understanding the Determinants of Aspirations in Rural Tanzania: Does Financial Literacy Matter?
    Melesse, Mequanint B.
    Tirra, Amos Nyangira
    Walle, Yabibal M.
    Hauser, Michael
    [J]. EUROPEAN JOURNAL OF DEVELOPMENT RESEARCH, 2023, 35 (06): : 1294 - 1321
  • [2] Understanding the Determinants of Aspirations in Rural Tanzania: Does Financial Literacy Matter?
    Mequanint B. Melesse
    Amos Nyangira Tirra
    Yabibal M. Walle
    Michael Hauser
    [J]. The European Journal of Development Research, 2023, 35 : 1294 - 1321
  • [3] Improving loan repayment in Ghana: Does financial literacy matter?
    Baidoo, Samuel Tawiah
    Yusif, Hadrat
    Ayesu, Enock Kojo
    [J]. COGENT ECONOMICS & FINANCE, 2020, 8 (01):
  • [4] Saving for Tomorrow: Does the Level of Financial Literacy in the South African Working Class Matter?
    Matemane, M. Reon
    [J]. SOUTHERN AFRICAN BUSINESS REVIEW, 2018, 22 (01)
  • [5] Understanding the Determinants of Financial Literacy: A quantitative study on students
    Hermawan, Atang
    Gunardi, Ardi
    Agustine, Winna Maula Intan
    [J]. PROCEEDINGS OF THE 1ST INTERNATIONAL CONFERENCE ON ECONOMICS, BUSINESS, ENTREPRENEURSHIP, AND FINANCE (ICEBEF 2018), 2018, 65 : 399 - 401
  • [6] Financial literacy and its determinants: the case of rural farm households in Ghana
    Ankrah Twumasi, Martinson
    Jiang, Yuansheng
    Adhikari, Salina
    Adu Gyamfi, Caven
    Asare, Isaac
    [J]. AGRICULTURAL FINANCE REVIEW, 2022, 82 (04) : 641 - 656
  • [7] Determinants of financial inclusion: does culture matter?
    Anyangwe, Tony
    Vanroose, Annabel
    Fanta, Ashenafi
    [J]. COGENT ECONOMICS & FINANCE, 2022, 10 (01):
  • [8] Financial literacy induced financial well-being in Ghana: Does financial inclusion mediate?
    Nutassey, Victoria Abena
    Frimpong, Siaw
    Agyei, Samuel Kwaku
    Amoako, Doris
    [J]. THUNDERBIRD INTERNATIONAL BUSINESS REVIEW, 2024, 66 (04) : 325 - 337
  • [9] Financial inclusion - does digital financial literacy matter for women entrepreneurs?
    Hasan, Rashedul
    Ashfaq, Muhammad
    Parveen, Tamiza
    Gunardi, Ardi
    [J]. INTERNATIONAL JOURNAL OF SOCIAL ECONOMICS, 2023, 50 (08) : 1085 - 1104
  • [10] Financial literacy and financial advice seeking: Does product specificity matter?
    Mazzoli, Camilla
    Ferretti, Riccardo
    Filotto, Umberto
    [J]. QUARTERLY REVIEW OF ECONOMICS AND FINANCE, 2024, 95 : 98 - 110