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

Abstract

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.

Keywords: {'name': 'Financial Literacy, Financial Knowledge, Financial Inclusion, Banking financial institutions and Financial service Products'}

Authors & affiliations

John Sodipo
Affiliation not supplied

Nenubari John Ikue
Affiliation not supplied

Lamin Magaji
Affiliation not supplied

Ifeanyichukwu Amabuike
Affiliation not supplied

BENJAMIN OFURU
Affiliation not supplied

Linus Enegesi
Affiliation not supplied

Ahmadu Uba Musa
Affiliation not supplied

Kabiru Umar Adamu
Affiliation not supplied

Manir Nura
Affiliation not supplied

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