African Studies Center - TUFS will hold the 31st ASC Seminar with Dr. Benjamin Amoah from Central University in Ghana. It is a jointly organized by Kanto branch of Japan Association for African Studies.
In Ghana, as well as many other countries, the individuals need to manage personal finance and secure good retirement. However, what makes it a difficult task for most people is the lack of financial literacy. Dr. Amoah will analyze the reality of individuals' financial literacy and the level of their retirement planning, using the sample data of Ghanians.
◆Title: The Truth Behind Self-Assessed Financial Literacy and Retirement Planning
◆Speaker: Dr. Benjamin Amoah (Special Visiting Lecturer, Tokyo University of Foreign Studies, Japan / Lecturer, Central University, Ghana)
◆Short Bio: Dr. Amoah is a lecturer at Department of Banking and Finance, Central University, Ghana. He has studied at University of Ghana Business School, and obtained Ph.D. in Finance. He has working experience in the banking sector in Ghana. He is currently taking an initiative to launch Central University Unit for Financial Studies (CUUFIS) with his colleagues. He is recently interested in financial literacy, pension funds and the financial systems.
As many governments around the world become less generous in their pension support to individuals, the need to plan for retirement and have a good pension is now a major responsibility of the individual. The declining government support as evidenced in the financial literacy and pension literature is not different from developments taking place in the Ghanaian pension industry. The fact is that managing personal and household finance and securing good retirement for many individuals is a huge challenge. To succeed in this human endeavor to a large extent depends on the level of financial literacy as empirical evidence suggest.
What makes this desire a difficult task for most people is the lack of financial literacy. Also, the nature of financial markets and products which are seen as a major conduit for a good retirement is often too complex for the individual to comprehend. What complicates this situation is that many individuals have a wrong impression and appreciation about their own financial literacy level, which exposes them to their efforts to plan for the retirement. Financial literacy is a paramount set of knowledge and skill to possess for individuals to navigate through the maze of financial products whiles not deviating from building a sustainable retirement plan.
This cross-sectional research assesses self-perceived financial literacy level and actual financial literacy score of sampled Ghanaians. The study also evaluates the level of retirement planning. The study further investigates the level of financial literacy and analyzes the type of financial products preferred by respondents. Finally, the study tests if any gender differences exist among respondents and proffer solutions that can be employed in improving the level of financial literacy as a tool for helping individuals plan their retirement.
◆Date & Time: Tuesday, February 5, 2019 4:00 - 5:30 pm
◆Venue: Room 105, Research and Lecture Building, Tokyo University of Foreign Studies
◆No pre-registration is needed.
◆Jointly organized by African Studies Center - TUFS and Kanto branch of Japan Association for African Studies