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I SUPERVİSOR APPROVAL I hereby declare that I have read this senior project and in my opinion, this senior project is sufficient in terms of scope and quality for the award of Bachelor Degree of financial accounting and I accepted for the submission to the examining panel. Abdikamal Mohamed Sheikh Abdullah for his tireless guidance and commitment throughout the conception and production of this work, without his academic and technical expertise and valuable advice, this project would not have been possible. Signature: ___________________________ Date: _______ /________ /______________ II DEDICATION I dedicate this dissertation to my loved parents, Maryan Abukar sheikh as well as my sisters and brother who gave me financial support during my study All my family members Hasan Abdi Mohomed, Maryan abukar Sheikh, Shamso Hasan Mohomud., Rabica Hasan Abdi, Rahmo Hasan Abdi, Mako Hasan Abdi, Faysal Hasan Abdi. IV ACKNOWLEDGMENT I send my sincere appreciation to my supervisor Mr.All finance dissertations are made available at the fixed price of £55, which represents outstanding value for money.
When an individual is forward looking investment should not be an option but a necessity due to the anticipated drop in income after retirement (Lusardi, 2008).
Since financial literacy involves different understanding, it is wise to have: widespread financial knowledge; good financial behavior; the right finances attitude; and specific financial awareness.
This understanding combined defines the financial literacy of an individual.
Gina, Akoto and Despard (2012) defines financial knowledge to mean the understanding of significant financial concepts such as inflations, interest rate computation and diversification of risk in portfolio.
As seen, different researches define the term financial literacy in the form of levels (like level attained) and dimensions (like computation, financial).
For instance, ANZ survey (2008) of financial literacy among the adults had four main sections of financial literacy, namely “numerical literacy, and standard literacy, financial understanding, financial competency, financial responsibility.” These sections have been regrouped further in two broad categories of “basic requirement” and “advanced competency” by Rooij et al. The basic requirement of financial literacy measures responses in regard to the inflation and interest rate while advanced competency measures understanding of financial market products.
This is why Hogarth (2002) defined financial literacy as the way people understand and use knowledge of basic financial concepts to plan and manage financial decision as in insuring investing, saving and budgeting.
This definition emphasis on the specific area where money is used other than for transaction motives.
All in all, individuals must be able to make well-versed judgments and take effective decisions in usage and management of money which is a scarce resource.
2 It is beneficial to focus on financial literacy to the society and nations.