FINANCIAL LITERACY AND SAVINGS BEHAVIOUR: A STUDY OF ACADEMIC EMPLOYEES IN TERTIARY INSTITUTIONS OF KANO STATE
Keywords:
Financial literacy, Savings behaviour, Academic employees, Tertiary institutions, Kano State.Abstract
The study investigates the impact of financial literacy on the financial behaviour of academic employees in tertiary institutions of Kano State. It uses a cross-sectional dataset from a sample of 500 workers using a structured questionnaire and applies the Logistic regression. Findings from the previous studies did not adequately explore this relationship because few were carried out in Nigeria, and they were not on academic employees in tertiary institutions of Kano Sate. Moreover, some of the previous studies employed inappropriate methodologies that limited the validity of their findings. Therefore, the study aims to bridge these gaps by exploring the academic employees in tertiary institutions as participants and applying appropriate methodology. The result from this survey shows that financial literacy has a significant positive impact on the savings behaviour of academic employees in tertiary institutions of Kano Sate. Thus, since economic literature links a positive relationship between financial literacy and financial behaviour, the implications of this finding suggest that the government should promote the development of financial literacy programmes for academic employees in tertiary institutions as the target segment of the Financial Literacy Framework. The programmes should cover components such as savings, investment, retirement plans, budgeting, and debt management.
JEL Classification: D14, D14, J24, I22, 055
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