Financial Literacy

In: Business and Management

Submitted By micheal90
Words 4580
Pages 19
Journal of Sustainable Development in Africa (Volume 12, No.7, 2010) ISSN: 1520-5509 Clarion University of Pennsylvania, Clarion, Pennsylvania

FINANCIAL LITERACY AND FINANCIAL DECISION MAKING CAPACITY: THE GENDER BALANCE ISSUE

Ebiringa, O. T. and Okorafor, E.O. Department of Management Technology, Federal University of Technology, Owerri, Nigeria

ABSTRACT This paper investigates the extent to which age, level of education, nature of work and experience affects the financial literacy levels of Master of Business Administration students of Federal University of Technology, Owerri Nigeria. It equally assesses the extent to which gender difference discriminates in financial decision making, as there seems to be inconclusive notion that female students are better at financial decision making than their male counterpart. Students who took a three credit hours course in Financial Economics during the 2009/2010 academic session as well as participated in a financial literacy capacity program jointly organized by GTBank Plc and SIFE a part of the continuous assessment for the course constituted the study population. Quota and simple random sampling was adopted in the selection of 165 respondents whose responses provided the primary data used for analysis. Correlation coefficients and linear regression tools were adopted for analysis. The conclusion of the study based on results obtained is that gender difference though having inverse correlation with financial literacy level is not a significant predictor of financial literacy level, implying that there is no valid evidence to substantiate the opinion that female students are better at financial decision making than their male counterparts. Keywords: Financial Literacy, Capacity, Knowledge, Sustainable, Human Development, Poverty

INTRODUCTION The failure of the revolving pension scheme has necessitated the introduction of…...

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