Vol. 2 No. 4 (2024)

Open Access

Article

Article ID: 2033

Financial literacy education and inclusion for migrants: A logistic regression model exploration

by Julius Kwaku Adu-Ntim, Kingsley Ofosu-Ampong, Angela Ashorkor Ashietey, Daniel Abotwe Dzimah

Forum for Economic and Financial Studies, Vol.2, No.4, 2024; 61 Views,

This study investigates the financial literacy and inclusion of Ghanaian migrants in the UK, focusing on demographic impacts on financial behaviors. Analyzing data from 400 structured survey respondents through descriptive statistics, correlation analysis, and logistic regression, the research finds that most Ghanaian migrants in the UK are younger, unmarried males with less than a university education. Educational attainment emerges as a significant predictor of financial asset ownership, with higher education levels correlating with ownership of savings accounts, investments, and pensions. Marital status also influences financial behaviors, with married individuals exhibiting different financial patterns than singles. Correlation analysis reveals a positive relationship between the length of stay in the UK, age, financial inclusion, and literacy, indicating that longer residency is linked to better financial integration and literacy. Older migrants tend to have larger households and higher financial engagement and literacy. The study provides empirical data on the financial behaviors of Ghanaian migrants in the UK, underscoring the need for financial literacy and inclusion for socio-economic integration. Recommendations include targeted educational programs for younger, unmarried Ghanaian males, and support services for new migrants to navigate the UK’s financial system, aiming to promote economic empowerment and integration within the migrant community.