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Investigating the Influence of Financial Literacy, Socioeconomic and Demographic Factors on Saving Behaviours of Nigerians

Author

Listed:
  • John Akin Sodipo
  • Nenubari John Ikue
  • Lamin Mohammed Magaji
  • Ifeanyichukwu Lucky Amabuike
  • Benjamin Ofuru
  • Linus B. Enegesi
  • Ahmadu Uba Musa
  • Kabiru Umar Adamu
  • Manir Nura

Abstract

Financial product awareness is an efficient remedy for poverty reduction as against lack of money. However, a holistic literature on financial product awareness in the six Geo-Political Zone of Nigeria is scarce. Using data from a quarterly survey of households in Nigeria, this paper investigated the influence of financial literacy, Socioeconomic and demographic factors on saving behaviors of Nigerians, age 15 to 70. With a pool of methods, our finding supported the observation from similar economies, but revealed some differences as well. We observed that financial literacy and proximity to financial products and services among others are the most significant determinants of savings behaviors of Nigerians. It is fair to say financial awareness and factors that influences it are necessary for the formulation of strategies to increase the inclusion of more members of the society into the formal financial stream.

Suggested Citation

  • John Akin Sodipo & Nenubari John Ikue & Lamin Mohammed Magaji & Ifeanyichukwu Lucky Amabuike & Benjamin Ofuru & Linus B. Enegesi & Ahmadu Uba Musa & Kabiru Umar Adamu & Manir Nura, 2022. "Investigating the Influence of Financial Literacy, Socioeconomic and Demographic Factors on Saving Behaviours of Nigerians," International Journal of Finance & Banking Studies, Center for the Strategic Studies in Business and Finance, vol. 11(2), pages 01-15, April.
    • Handle: RePEc:rbs:ijfbss:v:11:y:2022:i:2:id:1697
    DOI: 10.20525/ijfbs.v11i2.1697
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