Title: Preferred investment vehicles of salaried workers of universities in Sub-Saharan Africa

Authors: Linda Sakyiwaa; Prince Gyimah; Etse Nkukpornu

Addresses: Finance Department, Kumasi Technical University, Kumasi, Ghana ' Department of Accounting Studies Education, University of Education, Winneba, Kumasi-Campus, Kumasi, Ghana ' Department of Accounting and Finance, Christian Service University College, Kumasi, Ghana

Abstract: We investigate the factors and investment preferences that influence university workers in the Sub-Saharan Africa region, Ghana. Using a logit and dataset of 350 workers; our results show that liquidity, risk attitude, age, gender, educational level, and monthly income have an insignificant effect on investment decisions. Other factors such as safety of principal, high return, and marital status contribute significantly to investment decisions; and the most preferred investments were treasury bill, share, fixed deposit, and real estate. This study's findings do not only contribute to an important but neglected area of research, but also policy, theory, and practice on investment and behavioural finance of universities in Africa.

Keywords: investments; salaried workers; behavioural finance; universities; Sub-Saharan Africa; Ghana.

DOI: 10.1504/EMJM.2020.113091

EuroMed Journal of Management, 2020 Vol.3 No.3/4, pp.288 - 305

Received: 07 Mar 2020
Accepted: 19 May 2020
Published online: 18 Feb 2021 *

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