Bankers and financial advisers in an emerging economy: Are they financially literate?

Abstract

Financial literacy is important for employees in the banking sector, as they are required to advise and administer the savings and investments of their clients. This study aims to establish financial literacy levels for banking employees and socio-demographic variables that influence their financial literacy levels. When collecting the necessary data for analysis, a survey was used for the total final sample of 120 employees of the banking sector. Descriptive statistics, the two-sample T-test and a simple ANOVA were used to determine the actual financial literacy levels and the socio-demographic factors influencing them. Overall, the employees were found to have moderately high levels of financial literacy. Only gender, race and education level were found to have an influence on financial literacy levels. This study informs the banking sector about how well employees are involved in financial literacy and which socio-demographic groups of their employees they need to focus on when exploring financial education programs.