Financial Literacy as an Intrument of Poverty Alleviation
2019
The study examined the nexus between financial literacy and poverty reduction using the survey
research method with data generated from five hundred and twenty-five households randomly
selected from three densely populated sub-urban areas across three geographical regions in Nigeria.
The Likert-type research instrument was used to elicit the opinion of respondents on a number of
research statements and data generated from the survey was analyzed and evaluated based on the
method of means. The result indicates that financial literacy affects the quality if financial decisions
made by households and that poverty results from poor financial decisions. Based on the findings, the
study concludes that financial literacy is a potential instrument of poverty alleviation. It is therefore
recommended that financial literacy should be promoted in all its ramifications through the
introduction of financial education as a part of core curriculum at all levels of the school system and
as part of informal education propagated at home and other educational media. Also, it is one thing to
gather knowledge but it is another to engage it productively. It is advised that wisdom be applied in
household financial management to achieve prudence in the procurement and deployment of financial
resources.
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