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

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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.

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    • Table 1. Demographic data of the sample
    • Table 2. Independent T-Test
    • Table 3. One-way ANOVA
    • Conceptualization
      Alicia Lethepa, Reon Matemane
    • Data curation
      Alicia Lethepa
    • Formal Analysis
      Alicia Lethepa
    • Investigation
      Alicia Lethepa, Nyasha Dhlembeu
    • Methodology
      Alicia Lethepa, Reon Matemane, Nyasha Dhlembeu
    • Resources
      Alicia Lethepa, Reon Matemane
    • Software
      Alicia Lethepa
    • Validation
      Alicia Lethepa, Reon Matemane, Nyasha Dhlembeu
    • Visualization
      Alicia Lethepa, Nyasha Dhlembeu
    • Writing – original draft
      Alicia Lethepa
    • Funding acquisition
      Reon Matemane
    • Project administration
      Reon Matemane, Nyasha Dhlembeu
    • Supervision
      Reon Matemane
    • Writing – review & editing
      Reon Matemane, Nyasha Dhlembeu