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THE IMPACT
OF FINANCIAL LITERACY ON ECONOMIC DEVELOPMENT OF NIGERIA
ABSTRACT
Financial
Literacy is the ability to make informed judgments and to make effective
decisions regarding the use and management of money .The need for financial
literacy cant be over emphasized in this our time even as the Central Bank of
Nigeria seeks to enahance an efficient economy especially through the e-
banking system and thus creating a cashless economy beginning form June 1 2012.
Financial
system plays a crucial role in the process of financial intermediation in
Particular to the growth of the economy as a whole Hence a better understanding
of how it work and what they offer and how to utilize the financial products by
the participants of the economy help to create a viable financial system and in
turn enhance economic development as the chain effect of a viable financial system can’t be
denied on the economy. Financial literacy helps an individual fulfill personal,
family, social and governmental responsibilities. Financial education has
always been important for consumers in helping them budget and manage their
income, save and invest efficiently, and avoid becoming victims of fraud. As
financial markets become increasingly sophisticated and as households assume
more of the responsibility and risk for financial decisions, financial
education is increasingly necessary for individuals, not only to ensure their
own financial well-being but also to ensure the smooth functioning of financial
markets and the economy.
Surveys of
financial literacy indicate consumers in many countries especially African
countries do not have adequate financial background or understanding and that
they estimate their needs for financial education. It has also been observed
that a major bane of economic development is lack of financial literacy and
inability to maximize the growing financial markets, due to the ever increasing
products and services which are continuously offered.
The study
was carried in order to seek  to advance dialogue on financial literacy and
analyze its impact on economic development. Â The Primary data was used in
carrying out the study .Specifically, the tool statistical package for social
sciences was used to evaluate the impact of financial literacy on economic
development.
The study
showed that the  financial literacy is essential for a viable financial
system which would in turn have its
effect on the economy as a whole. Also the study showed that economic
participants who aren educated up to the level of SSCE and below find it
difficult comparing financial products,making use of cash and non cash
payments,understanding financial terms etc. the study also found out that high
income earners mostly have a good level of financial literacy especially the
educated ones while the uneducated one are only aware of basic knowledge of
financial products like savings and current accounts
The results
of the study revealed that Financial literacy has an impact on economic
development and financial literacy plays an essential role in creating a viable
financial system that is there is a link between financial literacy and
financial system and institutions and economic development
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