The Effect of Early Entrepreneurial Exposure on Financial Independence Among Ghanaian Youth

Abstract

Financial independence is a criteria or marker in the journey towards adulthood and is one that has always been of considerable significance among youth globally. Yet, there are few to no studies on financial independence in emerging economies, especially Ghana. In addition, higher unemployment rates tend to reduce the probability of obtaining a job, which consequently affects income, and the youth's desire to even attain financial independence (Whittington & Peters, 1996). Yet, one of the most absent views is on entrepreneurship and how it may he used to achieve financial independence (Perrone, Vickers & Jackson, 2015). Therefore, this study investigates the effect of early entrepreneurial exposure, and age on financial independence. This research utilized online questionnaires to acquire primary data. The data was subsequently analyzed using a multiple linear regression model. Dummy variables were created for categorical independent variables in the estimation model. The results show that the independent variable, entrepreneurial exposure, had a negative yet insignificant relationship with financial independence, whereas age had a positive and statistically significant relationship with financial independence.