DEFICIENCY OF FINANCIAL LITERACY AMONG ADULT POPULACE: THE AETIOLOGY OF POVERTY IN NIGERIA

E C Onyenemezu; O C Udegbulem

DEFICIENCY OF FINANCIAL LITERACY AMONG ADULT POPULACE: THE AETIOLOGY OF POVERTY IN NIGERIA

E C Onyenemezu, O C Udegbulem

Abstract

This study examined the deficiency of financial literacy among adult populace as the cause of poverty in Nigeria. The poor conception of financial literacy accounted for the low level of financial management where 46.3% of adult population does not have access to any form of financial literacy in Nigeria. The factors responsible for poor financial literacy, concept of poverty, financial literacy, its components and benefits were discussed in this study. The study recommended among others that the Federal Government through the CBN should liaise with the National Commission for Mass Literacy, Adult & Non-Formal Education (NMEC) to employ professional services of the change agents in conscientising the populace on the relevance of financial literacy in the country.

Keywords

Deficiency, Aetiology, Financial Literacy, Concept of poverty

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