Financial literacy, class of work, and investment behaviour of health workers: Evidence from Tarkwa municipal hospital

Abstract

This study examined the role of class of work on the relationship between financial literacy and investment behaviour of health workers in Tarkwa Municipal Hospital. The study discussed the the human capital theory, behavioural economics theory, the concept of financial literacy, class of work, investment behaviour as part of the theoretical and conceptual analysis. This study utilised the positivism research paradigm, quantitative research approach and an explanatory research design. The study was analysed using inferential statistics through structural equation modelling. Using the simple random sampling technique, 130 health workers were included in the study, and the research employed a questionnaire to elicit the required data for the study. The study found a significant positive relationship between financial literacy and investment behaviour among health workers. Financial skills, attitude, behaviour, awareness and knowledge had a significantly positive influence on investment behaviour. The study found out that, class of work has a significant effect on the investment behaviour of health workers. Lastly, the study found out that, class of work significantly moderates the relationship between financial literacy and investment behaviour. The study revealed that class of work significantly moderates all the three dimensions of financial literacy on investment behaviour. Based on the results, it is recommended that targeted financial literacy training programmes be implemented for health workers. In addition, management should implement targeted financial support and education initiatives tailored to different classes of workers. Lastly, management should focus on enhancing both financial literacy and socioeconomic equity.