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

Authors

  • John Akin Sodipo Central Bank of Nigeria
  • Nenubari John Ikue University of Port Harcourt
  • Lamin Mohammed Magaji Central Bank of Nigeria
  • Ifeanyichukwu Lucky Amabuike Nnamdi Azikiwe University
  • Benjamin Ofuru National Bureau of Statistics
  • Linus B. Enegesi Central Bank of Nigeria
  • Ahmadu Uba Musa
  • Kabiru Umar Adamu
  • Manir Nura

DOI:

https://doi.org/10.20525/ijfbs.v11i2.1697

Keywords:

Financial Literacy, Financial Knowledge, Financial Inclusion, Banking financial institutions and Financial service Products

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.

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Published

2022-04-04

How to Cite

Sodipo, J., Ikue, N. J., Magaji, L., Amabuike, . I. ., OFURU, B., Enegesi, L., Musa , A. U. ., Adamu, K. U., & Nura, M. (2022). Investigating the Influence of Financial Literacy, Socioeconomic and Demographic Factors on Saving Behaviours of Nigerians. International Journal of Finance & Banking Studies (2147-4486), 11(2), 01–15. https://doi.org/10.20525/ijfbs.v11i2.1697