ASSESSMENT OF THE FACTORS PROMOTING FINANCIAL LITERACY AND MONEY MANAGEMENT SKILLS OF ADULT LEARNERS

ABSTRACT

This study investigated the factors promoting financial literacy and money management skills of adult learners in Egor local government area of Edo State. To achieve the purpose of the study, four (4) research questions were raised and answered to guide the study. The census sampling technique was employed to select samples for the study due to the small population size. The population of the study were all adult learners currently undergoing literacy programmes across centers in Egor local government area of Edo State and the sample size was made up of 95 respondents. The instrument that was used for the data collection was a structured questionnaire titled “Financial Literacy and Money Management Skills Questionnaire (FLMMSQ)”. The constructed questionnaire for the study was presented to the project supervisor to confirm for face and construct validity. The instrument was validated using the Experts Judgement approach. The questionnaire was the major instrument used for the study and was designed by the researcher and validated by experts in the department of Adult and Non-Formal Education, Faculty of Education, University of Benin, Benin City, Nigeria for item scrutiny. Data were analyzed using descriptive and inferential statistical techniques such as tables, simple percentages, frequency count, standard deviation and mean score. The result obtained from the questionnaires were analysed using descriptive and inferential statistics such as frequency count, simple percentage, mean score and standard deviation. The criterion mean of 2.50 was used for decision making. Findings of the study revealed that formal educational institutions plays vital roles and are essential for teaching students financial literacy and money management skills. The study further indicates that including financial education in the formal school curriculum can help pupils and adult learners become more financial literate. It was concluded from the findings that micro and macro-economic factors, access to financial tools, social factors, formal educational institutions promotes the financial literacy and money management skills of adult learners. It was further recommended among others that the government and all educational stakeholders should work in  collaboration to make financial literacy inclusive in educational institutions and curriculum. Sufficient funding and the challenges of legislation should be looked at so as to promote financial literacy and money management skills acquisition of adult learners.