Cultivating Financial Resilience: Illuminating the Nexus of Financial Literacy, Corruption Perception, and Sustainable Debt Strategies in Ghana

DOI

10.2991/978-94-6463-443-3_25How to use a DOI?

Keywords

corruption perception; debt restructuring; debt sustainability; Financial literacy; quantitative research

Abstract

The current study aims to investigate the moderating effect of corruption perception on the nexus between financial literacy, debt restructuring, and sustainability in the Ghanaian context. Using a quantitative approach and descriptive survey design, data were collected from individuals directly impacted by government debt restructuring initiatives. The sample size was determined using an infinite population sample determination technique, resulting in a sample of 385 participants. Stratified sampling was employed to ensure representativeness, and various means, including Google Forms and assistance from financial institutions, were utilized to engage participants across 16 regions of Ghana. The findings reveal that higher perceptions of corruption are associated with lower debt sustainability but have a positive effect on debt restructuring. Financial literacy is positively associated with debt sustainability, while age and gender also influence debt management outcomes. Education level positively affects debt sustainability, while income is negatively associated with it but has no effect on debt restructuring. These findings have significant policy implications, underscoring the need to address corruption and promote financial literacy in debt management policies. They also have practical implications, emphasizing the importance of supporting individuals in adopting sustainable debt management strategies. The findings contribute to the theoretical understanding of the relationships between these factors and suggest avenues for future research.

Copyright

© 2024 The Author(s)

Open Access

Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

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TY  - CONF
AU  - Godwin Ahiase
AU  - Nugraha Nugraha
AU  - Maya Sari
AU  - Denny Andriana
PY  - 2024
DA  - 2024/06/26
TI  - Cultivating Financial Resilience: Illuminating the Nexus of Financial Literacy, Corruption Perception, and Sustainable Debt Strategies in Ghana
BT  - Proceedings of the 8th Global Conference on Business, Management, and Entrepreneurship (GCBME 2023)
PB  - Atlantis Press
SP  - 173
EP  - 179
SN  - 2352-5428
UR  - https://doi.org/10.2991/978-94-6463-443-3_25
DO  - 10.2991/978-94-6463-443-3_25
ID  - Ahiase2024
ER  -