Determinants of University Working-Students’ Financial Literacy at the University of Cape Coast, Ghana

This paper explores the determinants of university working-students’ financial literacy. It further seeks toestablish the relationship between financial literacy and certain demographic characteristics. This study adopteda correlational research design as the framework to examine the relationship between variables withoutdetermining cause and effect. Data were randomly collected from 250 undergraduate and postgraduate studentsof a public university in Ghana. The paper found that age and work experience were positively related tofinancial literacy. Also, mother’s education was positively correlated with respondents’ financial literacy.However, level of study, work location, father’s education, access to media and the source of education onmoney were all not significantly correlated with financial literacy. A key recommendation is that given thepositive correlation between mother’s education and financial literacy, parents should be actively involved indesigning educational programs on financial issues at the basic and high school levels for their kids. It isbelieved that such a step forward will help parents to guard and guide their children’s financial behaviours.