Financial Literacy and Investment Behavior Among Civil Servants in Ebonyi State

Low financial literacy levels among Nigerian civil servants have been associated with poor retirement planning, speculative investment behavior, and financial insecurity, raising concerns about the adequacy of financial education initiatives targeted at public sector workers. This study examined the relationship between financial literacy and investment behavior among civil servants in Ebonyi State, with particular focus on employees of the state's civil service commission. The study was grounded in the theory of planned behavior, which links behavioral intentions to attitudes, subjective norms, and perceived behavioral control. A survey research design was adopted, with a population of 1,240 civil servants in the Abakaliki metropolis. Using the Krejcie and Morgan table, a sample of 294 was selected through stratified random sampling across grade levels. A validated financial literacy questionnaire covering budgeting, savings, investment, and debt management was administered. Data were analyzed using Pearson correlation and binary logistic regression. Findings showed that financial literacy was positively and significantly associated with participation in formal investment schemes, while respondents with low literacy scores were more likely to engage in informal and high-risk investment channels. The study concluded that higher financial literacy levels meaningfully improve the quality of investment decisions among civil servants. It was recommended that the Ebonyi State Government should introduce mandatory financial literacy training for all civil servants as part of annual capacity development programs.

Keywords: Financial literacy, investment behavior, civil servants, theory of planned behavior, Ebonyi State