Working Paper Article Version 1 This version is not peer-reviewed

Financial Literacy and Its Determinants: An Empirical Evidence from Maichew Town of Tigray

Version 1 : Received: 16 September 2020 / Approved: 17 September 2020 / Online: 17 September 2020 (12:09:12 CEST)

How to cite: Nigus, H. Financial Literacy and Its Determinants: An Empirical Evidence from Maichew Town of Tigray. Preprints 2020, 2020090406 Nigus, H. Financial Literacy and Its Determinants: An Empirical Evidence from Maichew Town of Tigray. Preprints 2020, 2020090406

Abstract

Possessing basic financial knowledges is vital for individual and societal wellbeing. For granted that, this study sought to explain financial literacy and its determinants, from uncovered financial-economics setting. For this purpose both quantitative and qualitative data were collected through self-administered questioner from random samples of 271 civil servants, working in Maichew Town of Tigray. Both descriptive and explanatory study designs were employed for the purpose of this study. Financial literacy as dependent variable, expressed in terms of binary outcomes, was regressed on predictor variables of Age, Gender, Income level, Work experience, Field of study, Marital status, Field of study, Access to financial news, and dependents in household. Hence logistic regression was run on stata 12 statistical software. In this study Gender, Field of study, Access to financial news, and presence of dependents on household were found to have a significant effect on financial literacy level of respondents. Whereas the variables age, work experience, religion, marital status, education level, and income level were found to have no statistically significant relationship with financial literacy.

Subject Areas

financial literacy; determinants; civil servants; Maichew

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