A need analysis of financial literacy for trade and industry advisor staff at the Department of Trade and Industry in the North-West Province

Abstract

The purpose of the study was to conduct an analysis of financial literacy at the Department of Trade and Industry, as well as to determine the level of financial literacy and the financial behaviour among the Trade and Industry employees. A significant amount of research has been conducted that focuses on financial literacy at high schools and colleges. Researchers were more concerned with an educational basis and less attention was given to financial literacy in the workplace. An extensive literature review and knowledge search was done with the view of understanding the theoretical concepts of financial literacy and the effects of financial literacy in the workplace. In addition various financial methods were discussed, and managerial guidelines were developed to highlight the research findings. The study used a quantitative research methodology, with the emphasis on a quantitative research methodology to draw conclusions. A sample of 100 was drawn from a population of 150. A questionnaire was personally administered and distributed to three divisions within the DTI.