Financial Literacy, Financial Attitude and Financial Well-being of University of Cape Coast Staff During COVID-19 Pandemic

Abstract

The unprecedented impact of the COVID-19 pandemic on world economies and individuals requires that an investigation be conducted on all facets of life. An important area of concern is financial literacy, financial attitude and financial well-being of individuals which is believed to have altered during the COVID-19 pandemic. Consequently, analyses are performed on university staff who are believed to score high on financial literacy. Therefore, we investigated the relationship between financial literacy and the financial well-being of University Cape Coast staff amid financial attitudes during the COVID-19 pandemic. A well-structured questionnaire was utilised to examine the variables quantitatively and analysed with the aid of the Partial Least Squares Structural Equation Modelling via multiple regression. We reveal that financial attitude has a significant impact on financial well-being. Also, in the presence of financial attitude, the relationship between financial literacy and financial well-being is enhanced. This implies that in times of severe economic shocks, University of Cape Coast staff require a sound financial attitude so that their level of financial literacy can significantly contribute to their financial well-being. We institute that adequate programmes are introduced by interest groups to capture the transformation of their financial attitude to ensure enhanced financial well-being in times of severe economic shocks or crises.

Keywords: Financial health; economic shocks; University staff; financial soundness.

DOI: 10.7176/RJFA/14-20-02

Publication date: December 31^st 2023