Given the number of bad and ill-informed investments that people make, I think that financial literacy does not significantly affect an individual's decision to hold shares. However, I believe trust is a vital factor in an individual's investment in the stock market.

I am not from Ghana and do not want to make any issue with the survey, so I do not fill it.

Holding shares is a complex question since reliable portfolios (e.g., retirement funds) contain shares. Financial literacy is important in holding shares but also how to establish a portfolio and how to handle it. There are huge differences between shareholders and instruments they use and how they use it. Although they hold shares with very different financial literacy, they have entirely different motivation and behavior, different basis of their decisions. Another perspective, if two people make the same decision, one of them can be right the other one can be wrong independently from the final result, just based on the rationale behind of their decision.

Sir, I am not from Ghana, so not a suitable respondent for your survey.

Being a student of financial economists and investment management, I would like to express that there are numerous factors which affect choice of a portfolio of stocks. Financial literacy and trust are the two such factors. An individual having good understanding of financial sector- investment alternatives and their features in terms of risk, return, time frame and taxation aspects, will be taking better decision to hold, buy or sell the shares in different situations of the markets.