This study examines how financial literacy, financial behaviour, family support (as another source of income), number of dependents, and retirement planning influence on the financial well-being of retirees in Cape Coast Metropolis of Ghana. A cross-sectional survey strategy was employed on 400 respondents randomly selected from 1500 members of the association to analyze the effect of financial literacy, financial behaviour, family support, number of dependents and retirement planning on financial wellbeing. It then tests their hypothesized relationships with the use of Partial Least Squares (PLS), a structural equation modelling technique. The results reveal that financial literacy, retirement planning and family support significantly impact the financial well-being of retirees. More importantly, the effect of family support and retirement planning on retirees' financial well-being is stronger than the one of financial literacy. The findings imply that finance literacy and retirement planning should be promoted. In addition to policies aimed at bridging social cohesion and promoting family values should not be ignored the maximizing of financial well-being of retirees. The study contributes to the extant literature on financial literacy and provides evidence on the effect of financial literacy and financial planning on the financial well-being of retirees in a developing country. It has also provided support for the need of social cohesion.

Purpose The purpose of this paper is to examine the gender disparity in financial literacy among retirees in the Cape Coast metropolis in Ghana. Design/methodology/approach The finding of this paper is based on 334 respondents (183 males and 151 females) to financial literacy questionnaires covering the respondents’ general knowledge on budgeting, use of automated teller machine, time value of money, account types, cheque handling and insurance. Data were analysed with Pearson χ2 and independent sample t-test. Findings Nominal scores showed that male domination in financial literacy in seven out of the ten questions used to assess financial literacy while female retirees lead in three. These observed nominal differences were, however, found not to be significant through χ2 test of independence except the question on the calculation of interest rate on loans in favour of males. The cumulative effect, through computation of financial literacy index was deemed to be significantly different between males and females, favouring males, using independent sampled t-test. Practical implications The implication is that older men continue to have their financial literacy hegemony perpetually and are stronger in computational ability. It suggests that policy responses to address gender disparity in financial literacy should work more on computational ability of females. Originality/value There is no known study of financial literacy related to gender disparity in Ghana.

No abstract