FINANCIAL LITERACY AND ECONOMIC ACTIVITIES IN NIGERIA: SOME POLICY OPTIONS FOR DEVELOPMENT
FINANCIAL LITERACY AND ECONOMIC ACTIVITIES IN NIGERIA: SOME POLICY OPTIONS FOR DEVELOPMENT

Summary/Abstract: This paper seeks to explain the concept of financial literacy as a vehicle for economic development in Nigeria. Adequate knowledge of finance is needed for individuals to function properly in the area of economic decision making. Financial knowledge is neither a luxury nor a matter of convenience. Rather it has become an integral tool for survival in today’s economy. This is due to the fact that the lack or low levels of financial knowledge could lead to the choice and implementation of poor financial decisions which could be injurious to individuals and the entire society. It is against this background that this paper argues that the promotion of financial literacy by financial institutions affects users of financial products and services in a positive manner. The paper concludes that financial literacy encourages financial access and savings which invariably increases economic growth, reduces poverty levels, enhance livelihoods and leads to overall economic development,

• Details
• Contents