The Role of Corporate Organizations in Bridging Financial Literacy Gaps Among Employees in African Developing Economies
A Systematic Review
DOI:
https://doi.org/10.33568/rbs.7018Keywords:
workplace financial education, corporate governance, employee financial well-being, financial literacy initiatives, economic empowermentAbstract
This study systematically examines how corporate organizations can bridge gaps in employees’ financial literacy in African developing regions. Guided by four research questions, the study evaluates current financial literacy levels, existing corporate financial literacy initiatives, barriers to effective implementation, and potential solutions. Using a systematic approach and the PRISMA framework, data was extracted from peer-reviewed journals, corporate documents, and grey literature. Findings indicate persistently low financial literacy among employees, with notable deficiencies across industries. The study highlights that financial education can significantly enhance financial decision- making, reduce employee stress, and contribute to economic development. Key recommendations include integrating financial literacy into corporate governance, leveraging online technological platforms, aligning financial literacy initiatives with corporate social responsibility strategies, and conducting periodic assessments to address evolving employee needs. These insights position corporate organizations as crucial agents in mitigating financial illiteracy, promoting financial stability, and preparing the workforce for informed financial decisions.
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