Does financial literacy inevitably lead to access to finance services? Evidence from rural Ghana

Detalhes bibliográficos
Autor(a) principal: Twumasi,Martinson Ankrah
Data de Publicação: 2022
Outros Autores: Jiang,Yuansheng, Wang,Pengcheng, ding,Zhao, Frempong,Lady Nadia, Acheampong,Monica Owusu
Tipo de documento: Artigo
Idioma: eng
Título da fonte: Ciência Rural
Texto Completo: http://old.scielo.br/scielo.php?script=sci_arttext&pid=S0103-84782022000300952
Resumo: ABSTRACT: This study examined the determinants of financial literacy (FL) and its impact on access to financial services (AFS), using data collected from rural Ghana. A two-stage residual inclusion model is utilized to address the selection bias issue. The results showed that FL is affected by household heads’ age, gender, education, asset ownership, homeownership, and economics education. The results revealed that FL is significant and positively related to AFS, but its square shows an inverse relation with saving mobilization. This indicated a non-linear relationship between FL and AFS. Moreover, we find that FL has a larger AFS impact for households with high-income and male household heads relative to their counterparts. The study recommended that the government can initiate the creation of a rural committee to educate rural residents on financial issues through radio broadcasting and meetings. Our findings highlighted the importance of FL on AFS in enhancing the welfare of rural households.
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spelling Does financial literacy inevitably lead to access to finance services? Evidence from rural Ghanaaccess to financial servicesfinancial literacytwo-stage residual inclusion modelGhana JEL codes: D91C21C26D12ABSTRACT: This study examined the determinants of financial literacy (FL) and its impact on access to financial services (AFS), using data collected from rural Ghana. A two-stage residual inclusion model is utilized to address the selection bias issue. The results showed that FL is affected by household heads’ age, gender, education, asset ownership, homeownership, and economics education. The results revealed that FL is significant and positively related to AFS, but its square shows an inverse relation with saving mobilization. This indicated a non-linear relationship between FL and AFS. Moreover, we find that FL has a larger AFS impact for households with high-income and male household heads relative to their counterparts. The study recommended that the government can initiate the creation of a rural committee to educate rural residents on financial issues through radio broadcasting and meetings. Our findings highlighted the importance of FL on AFS in enhancing the welfare of rural households.Universidade Federal de Santa Maria2022-01-01info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersiontext/htmlhttp://old.scielo.br/scielo.php?script=sci_arttext&pid=S0103-84782022000300952Ciência Rural v.52 n.3 2022reponame:Ciência Ruralinstname:Universidade Federal de Santa Maria (UFSM)instacron:UFSM10.1590/0103-8478cr20210112info:eu-repo/semantics/openAccessTwumasi,Martinson AnkrahJiang,YuanshengWang,Pengchengding,ZhaoFrempong,Lady NadiaAcheampong,Monica Owusueng2021-09-20T00:00:00ZRevista
dc.title.none.fl_str_mv Does financial literacy inevitably lead to access to finance services? Evidence from rural Ghana
title Does financial literacy inevitably lead to access to finance services? Evidence from rural Ghana
spellingShingle Does financial literacy inevitably lead to access to finance services? Evidence from rural Ghana
Twumasi,Martinson Ankrah
access to financial services
financial literacy
two-stage residual inclusion model
Ghana JEL codes: D91
C21
C26
D12
title_short Does financial literacy inevitably lead to access to finance services? Evidence from rural Ghana
title_full Does financial literacy inevitably lead to access to finance services? Evidence from rural Ghana
title_fullStr Does financial literacy inevitably lead to access to finance services? Evidence from rural Ghana
title_full_unstemmed Does financial literacy inevitably lead to access to finance services? Evidence from rural Ghana
title_sort Does financial literacy inevitably lead to access to finance services? Evidence from rural Ghana
author Twumasi,Martinson Ankrah
author_facet Twumasi,Martinson Ankrah
Jiang,Yuansheng
Wang,Pengcheng
ding,Zhao
Frempong,Lady Nadia
Acheampong,Monica Owusu
author_role author
author2 Jiang,Yuansheng
Wang,Pengcheng
ding,Zhao
Frempong,Lady Nadia
Acheampong,Monica Owusu
author2_role author
author
author
author
author
dc.contributor.author.fl_str_mv Twumasi,Martinson Ankrah
Jiang,Yuansheng
Wang,Pengcheng
ding,Zhao
Frempong,Lady Nadia
Acheampong,Monica Owusu
dc.subject.por.fl_str_mv access to financial services
financial literacy
two-stage residual inclusion model
Ghana JEL codes: D91
C21
C26
D12
topic access to financial services
financial literacy
two-stage residual inclusion model
Ghana JEL codes: D91
C21
C26
D12
description ABSTRACT: This study examined the determinants of financial literacy (FL) and its impact on access to financial services (AFS), using data collected from rural Ghana. A two-stage residual inclusion model is utilized to address the selection bias issue. The results showed that FL is affected by household heads’ age, gender, education, asset ownership, homeownership, and economics education. The results revealed that FL is significant and positively related to AFS, but its square shows an inverse relation with saving mobilization. This indicated a non-linear relationship between FL and AFS. Moreover, we find that FL has a larger AFS impact for households with high-income and male household heads relative to their counterparts. The study recommended that the government can initiate the creation of a rural committee to educate rural residents on financial issues through radio broadcasting and meetings. Our findings highlighted the importance of FL on AFS in enhancing the welfare of rural households.
publishDate 2022
dc.date.none.fl_str_mv 2022-01-01
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv http://old.scielo.br/scielo.php?script=sci_arttext&pid=S0103-84782022000300952
url http://old.scielo.br/scielo.php?script=sci_arttext&pid=S0103-84782022000300952
dc.language.iso.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv 10.1590/0103-8478cr20210112
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv text/html
dc.publisher.none.fl_str_mv Universidade Federal de Santa Maria
publisher.none.fl_str_mv Universidade Federal de Santa Maria
dc.source.none.fl_str_mv Ciência Rural v.52 n.3 2022
reponame:Ciência Rural
instname:Universidade Federal de Santa Maria (UFSM)
instacron:UFSM
instname_str Universidade Federal de Santa Maria (UFSM)
instacron_str UFSM
institution UFSM
reponame_str Ciência Rural
collection Ciência Rural
repository.name.fl_str_mv
repository.mail.fl_str_mv
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