Open AccessInvestigating the Influence of Financial Literacy, Socioeconomic and Demographic Factors on Saving Behaviours of Nigerians
Author(s) -
John Sodipo,
Nenubari John Ikue,
Lamin Magaji,
Ifeanyichukwu Lucky Amabuike,
BENJAMIN OFURU,
Linus Enegesi,
Ahmadu Uba Musa,
Kabiru Umar Adamu,
Manir Nura
Publication year - 2022
Publication title -
international journal of finance and banking studies
Language(s) - English
Resource type - Journals
ISSN - 2147-4486
DOI - 10.20525/ijfbs.v11i2.1697
Subject(s) - nigerians , financial literacy , financial inclusion , socioeconomic status , financial services , poverty , product (mathematics) , gross domestic product , business , economics , finance , economic growth , sociology , political science , demography , population , geometry , mathematics , law
Financial product awareness is an efficient remedy for poverty reduction as against lack of money. However, a holistic literature on financial product awareness in the six Geo-Political Zone of Nigeria is scarce. Using data from a quarterly survey of households in Nigeria, this paper investigated the influence of financial literacy, Socioeconomic and demographic factors on saving behaviors of Nigerians, age 15 to 70. With a pool of methods, our finding supported the observation from similar economies, but revealed some differences as well. We observed that financial literacy and proximity to financial products and services among others are the most significant determinants of savings behaviors of Nigerians. It is fair to say financial awareness and factors that influences it are necessary for the formulation of strategies to increase the inclusion of more members of the society into the formal financial stream.