Effect Of Financial Literacy On Personal Wealth Of Judiciary Employees In Nairobi City County, Kenya

Abstract

This research project was carried out with the objective of establishing the effect of financial literacy on personal wealth among Judiciary employees in Nairobi City County. The research study used a descriptive research design. The main objective was broken down into five specific objectives: to establish the degree of financial literacy of the Judiciary employees, to evaluate the effect of retirement and savings literacy on an individual’s wealth, to determine the effect of tax returns on personal wealth by the Judiciary employees in Nairobi County, to determine the effect of debt management on personal wealth by the Judiciary employees in Nairobi County, and to determine the effect of spending patterns on personal wealth by the Judiciary employees in Nairobi County. Primary data was sourced through questionnaires administered to 100 respondents. Data collected was then edited and coded ready for analysis. Data analysis was undertaken using regression analysis. The study finds that retirement and savings literacy have weak positive correlations with personal wealth. Tax returns literacy has a weak insignificant positive correlation with personal wealth. Debt management has a weak insignificant positive correlation with personal wealth. Spending patterns however has a weak insignificant negative correlation with personal wealth. Overall, personal wealth has a weak positive correlation with financial literacy. Therefore financial literacy has a weak positive effect on personal wealth of Judiciary employees in Nairobi City County.