Financial Literacy and Money Management Among Tertiary Institution Students. A Study of Selected Universities in Osun-State, Nigeria

11 Pages Posted: 6 Jul 2017

See all articles by Oyınlola M. Akinyede

Oyınlola M. Akinyede

Department of Finance, Redeemers University

Adenike Owolabi

Redeemer's University

Abisola Akinola

Redeemer's University - Department of Financial Studies

Date Written: March 31, 2017

Abstract

The study was conducted to determine the relationship between financial literacy and money management (spending, savings, investments and budgeting) among tertiary institution students. Tertiary education is the stage where students are at a decisive time in their lives as they move from financial dependence to financial independence. A good money management skill helps in the transfer of funds from a period of surplus to the period of deficit. Necessary sample size of 385 for the infinite population of tertiary institution students was used. The use of factor analysis was used/justified on the ground that the survey questions were largely based on patterns of behaviour and attitudes, with no ostensible right or wrong answers. Results showed positive significant relationship between all measures of money management and financial literacy. The study gives evidence of students knowledge in personal finances and the importance of a good and viable financial literacy programme so as to improve the quality of life of the young adults and their disposition to money. Results of the study are of interest to policymakers concerned with financial well-being and the balance between personal and institutional responsibility. Targeting financial education programmes on young adults that need them most could increase their effectiveness and proper plan for a better tomorrow.

Keywords: Financial Literacy, Money Management, Tertiary Education, Personal Finances

Suggested Citation

Akinyede, Oyınlola M. and Owolabi, Adenike and Akinola, Abisola, Financial Literacy and Money Management Among Tertiary Institution Students. A Study of Selected Universities in Osun-State, Nigeria (March 31, 2017). Available at SSRN: https://ssrn.com/abstract=2996430 or http://dx.doi.org/10.2139/ssrn.2996430

Oyınlola M. Akinyede (Contact Author)

Department of Finance, Redeemers University ( email )

Ede, Osun State
Nigeria
+2347069328922 (Phone)

Adenike Owolabi

Redeemer's University ( email )

Mowe, Ogun State
Ogun State
Nigeria

Abisola Akinola

Redeemer's University - Department of Financial Studies ( email )

Ede, Osun State
Nigeria

Do you have a job opening that you would like to promote on SSRN?

Paper statistics

Downloads
642
Abstract Views
2,067
rank
57,284
PlumX Metrics