Assessment of Financial Literacy in Wolkite University

Abstract

Financial literacy is becoming a key life skill, for it helps individuals cope up with the very fast paced, digitalized and globalized financial landscape. This study aims at measuring how well the employees in Wolkite University are financial literate enough and explaining their financial literacy level through demographic and socio-economic variables. Financial literacy was measured through three indicator dimensions such as financial knowledge, behaviour and attitude. To achieve the desired objective, the researcher used descriptive type of research design because this type of research is commonly conduct to detail description to the phenomena and the researcher used Primary sources of data. The primary data are collected through questionnaires distributed to employees by used random sampling technique because it gives fair and provide equal chance for each and every employee select as a sample. Data was collected from a sample of 96 employees using questionnaire. The collected data was analyzed by used descriptive analysis method such as tables and percentages. The finding of the study specifies that the major challenges of financial literacy are` understanding of money management, the level of financial behavior, status of financial literacy, demographic and socio economic. Based on the finding the key recommendations made are to the governments created awareness to the society by giving education. The government give awareness about money management helps for purpose of financial planning such as ensure money needs, easily manage income, budgeting, spending, and saving and offers better financial understanding