Investigating the Influence of Financial Literacy, Socioeconomic and Demographic Factors on Saving Behaviours of Nigerians

Sodipo, John; Ikue, Nenubari John; Magaji, Lamin; Amabuike, Ifeanyichukwu Lucky; OFURU, BENJAMIN; Enegesi, Linus; Musa, Ahmadu Uba; Adamu, Kabiru Umar; Nura, Manir

doi:10.20525/ijfbs.v11i2.1697

Cited by 2 publications

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“…One form of good money management is saving behavior (Sabri & MacDonald, 2010). The results of this study are also supported by research (Ubaidillah et al, 2018), (Sekarwati & Susanti, 2020), (Alshebami & Al Marri, 2022), (Harahap et al, 2022), (Sodipo et al, 2022) and (Henager & Mauldin, 2015) which states that financial literacy influences saving behavior.…”

Section: Inner Model Analysissupporting

confidence: 87%

The Impact of Financial Literacy and Financial Inclusion towards the Saving Behavior of the Students

Irfan,

Nasyalia,

Muhyarsyah

et al. 2023

MIX

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Objectives: The purpose of this study was to assess and analyze the impact of Financial Literacy and Financial Inclusion on Saving Behavior using Self-Control as a moderator variable at the Department of Accounting, Faculty of Economics and Business, Private Islamic University in Medan City.Methodology: This study takes an associative method. This survey included 3747 students from the Department of Accounting, Faculty of Economics and Business, Private Islamic University in Medan City. The Slovin algorithm was used to sample 97 students from the Department of Accounting, Faculty of Economics and Business, Private Islamic University in Medan City. Data for this study were gathered through observation and questionnaires. This study's data processing processes used a quantitative approach with statistical analysis using the PLS (Partial Least Square) software tool.Findings: The findings of this study show that financial literacy and financial inclusion have a significant effect on saving behavior and that self-control does not moderate the effect of financial literacy and financial inclusion on saving behavior of Department of Accounting students, Faculty of Economics and Business, Private Islamic University in Medan City.Conclusion: This study examines how financial literacy and financial inclusion affect student saving behavior and self-control as a moderating variable. Students are the right generation to implement financial education because students are agents of change with the hope of bringing change in a better direction than before.

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Section: Inner Model Analysissupporting

confidence: 87%

The Impact of Financial Literacy and Financial Inclusion towards the Saving Behavior of the Students

Irfan,

Nasyalia,

Muhyarsyah

et al. 2023

MIX

View full text Add to dashboard Cite

show abstract

“…In trying to understand what influences the saving attitudes and behaviours of the people in the developing countires, Sodıpo, et al, (2022) expresses that financial literacy and proximity to financial products and services are the major influencers of saving in Nigeria. While Akakpo, et al (2022), with a biprobit model on their data, conclude similarly for Ghana.…”

Section: Empirical Literaturementioning

confidence: 99%

Factors Influencing Saving Behaviour of Nigerians

Ikue

Denwi

Ariolu³

et al. 2022

IJFA

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Purpose: This paper is motivated by the dearth of domestic savings required for inclusive economic growth in Nigeria. The paper examines the impact of financial literacy and socio-economic factors on Nigerians saving behaviour. Methodology: The models are estimated with linear probability and probit estimators. There are three categories of variables in the models; the independent variables, which are the computed scores of financial literacies; control variables, which are the measures of demographic and socioeconomic factors and; the dependent variables, which are the measures of frequencies of saving in three financial institutions in Nigeria. Findings: Our finding resonates with policy debates suggesting that improving Nigerians knowledge about finance and financial services would foster Nigerians saving behaviour. We observed also that households with 1 – 4 persons have tendency to put away more money as savings. The paper documented that the optimum household size for accelerating saving is 5-6 persons beyond which enforces financial exclusion or dissaving, among others. Unique contributions to theory, practice and Policy: This paper provide fresh evidence on the influence of the newly financial literacy scores variables designed by the National Bureau of Statistics (NBS) on Nigerians saving behaviour. It equally, expanded the saving literature by considering differently level of household sizes to explained Nigerians saving behaviours. Consequent on the findings the paper suggested that the Federal Government of Nigeria in collaboration with the States governmant reenforce the National Financial Inclusion Strategy framework and include a finance course to be made mandatory and taught at all levels of education in Nigeria. The paper also suggested a rethink on the Nigerian population policy to an aggressive campaign on family planning aimed at reducing fertility level to about 2 – 3 children per family.

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Investigating the Influence of Financial Literacy, Socioeconomic and Demographic Factors on Saving Behaviours of Nigerians

Cited by 2 publications

References 0 publications

The Impact of Financial Literacy and Financial Inclusion towards the Saving Behavior of the Students

The Impact of Financial Literacy and Financial Inclusion towards the Saving Behavior of the Students

Factors Influencing Saving Behaviour of Nigerians

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