Title: What influences the willingness of university students to invest in stocks?

Authors: Godfred Matthew Yaw Owusu; Fred Kwasi Anokye; James Kwame Otieku; Gabriel Sam Ahinful

Addresses: Department of Accounting, University of Ghana Business School, Legon-Accra, Ghana ' Department of Accounting, University of Ghana Business School, Legon-Accra, Ghana ' Department of Accounting, University of Ghana Business School, Legon-Accra, Ghana ' Kwame Nkrumah University of Science and Technology, Private Mail Bag, UST, Kumasi, Ghana

Abstract: This study examines the attitudes of university students towards stock market investment and investigates the factors that influence their willingness to invest in stocks. A survey-based method of research was adopted and data was collected from 473 students from the University of Ghana Business School by means of a questionnaire. The partial least square structural equation modelling (PLS-SEM) technique was used to analyse the data. The results demonstrate that two dimensions of the money attitude construct: obsession and viewing of money as a good thing are important predictors of an individual's willingness to invest in stocks. The results also show that financial literacy, ethical stance towards stock market investment and financial risk attitude of an individual have important implications on willingness to invest in stocks. Given that stock market participation at the individual level is low in most countries, an understanding of the factors that influence individuals' decision to invest in stocks may be useful in developing the appropriate strategies to encourage people to invest in stocks.

Keywords: stock market; stock market investment; financial literacy; financial risk attitude; money attitudes; power; respect; ethics.

DOI: 10.1504/IJEED.2021.114366

International Journal of Education Economics and Development, 2021 Vol.12 No.2, pp.116 - 135

Received: 31 Aug 2019
Accepted: 21 Apr 2020
Published online: 20 Apr 2021 *

Full-text access for editors Full-text access for subscribers Purchase this article Comment on this article