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1. Introduction
Personal finance behaviour concerns how people manage the financial resources available to them and their households (Narges and Laily, 2011). Financial behaviour of individuals refers to people's spending and saving habits, such as living on a monthly budget, having monthly savings, creating emergency funds and retirement packages, investing excess cash and monitoring financial situations periodically (Hilgert et al., 2003; LaBorde and Mottner, 2013). Financial behaviour in the context of this study is measured as behaviour on financial planning and budgeting, savings and general daily cash flow management.
In recent years, personal finance behaviour has gained attention from almost all governments around the globe, development organisations and the World Bank (OECD/INFE, 2016). This stems from the fact that nations gradually appreciate the role personal finance decisions have on the individual, family, society and the economy (Gidighi and Donga, 2020; Nguyen et al., 2017).
Individuals who practice proper financial behaviour stand better positioned to meet future financial obligations and emergencies (Narges and Laily, 2011). Good financial behaviour also enhances the financial well-being of the individual and their families (Fluellen, 2013). Families that save frequently create resilience against financial shocks and thereby promote financial well-being.
Household savings create capital formation and further help accelerates labour productivity, resulting in increased gross domestic product, economic growth and development (Chukwudi et al., 2016; Jagadeesh, 2015).
This phenomenon has led to the rise in financial education in many countries because it is believed that a financially well-informed person will be in a better position to make good decisions about the general management of financial resources available to the family and ensure financial security and economic wellbeing (Hilgert et al., 2003). Financial education is expected to enhance the skills and knowledge required by citizens to make informed decisions about their finances (Garber and Koyama, 2017).
Ghana has been observing Financial Literacy Week since September 2008. The focus of the education is to create awareness of the range of financial products and services available to consumers to help them better understand and manage their personal finances. Despite these interventions, financial planning/budgeting and savings behaviour are still low (Atakora, 2013). In 2017, for instance, the percentage of people having a savings account or are contributing to a savings scheme...