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Financial Inclusion, Livelihood Activities, and Stock Market Participation

This article examines the livelihood activities of households who are financially included and participate in the stock market. We sample 1,966 households in Ghana and employ two stage least squares and robust probit regression analysis to test the relationship of interest. We find the following results: First, financial inclusion significantly improves sustainable livelihood activities when individuals who own accounts, use their accounts to save, have access to credit, and use their account frequently through making withdrawals. Second, improvement in the livelihood (income) of individuals encourages stock market participation (SMP, using agent visits). Third, financial inclusion, in the form of using account for savings purposes, negatively influences SMP (investment is stocks) as individuals prefer holding liquid funds in savings account than investing in risky assets. Finally, the sensitivity of SMP to financial inclusion and livelihood (employment and income), suggests that as the livelihood of financial included persons improves, they are less inclined to participate in the stock market. We conclude that financial inclusion and livelihood activities are relevant in explaining the participation of Ghanaians on the stock market.