Thesis Abstract

Abstract
Financial literacy has been identified as a crucial element in the economic development of nations, including Nigeria. This study aims to investigate the impact of financial literacy on the economic development of Nigeria. The research will utilize both qualitative and quantitative methods to gather data from various sources, including surveys, interviews, and existing literature. The findings of this research are expected to contribute to the existing body of knowledge on financial literacy and its relationship to economic development in Nigeria. It is hypothesized that a higher level of financial literacy among individuals and businesses in Nigeria will lead to better financial decision-making, increased savings and investments, and ultimately contribute to overall economic growth and development. Through a comprehensive analysis of the data collected, this study will explore the current level of financial literacy in Nigeria, identify areas for improvement, and provide recommendations for policymakers, financial institutions, and other stakeholders. By increasing financial literacy levels through targeted education and awareness programs, Nigeria can potentially boost its economic development by promoting a culture of financial responsibility and empowerment. The implications of this research are significant for policymakers, financial institutions, educators, and individuals in Nigeria. By understanding the importance of financial literacy and its impact on economic development, stakeholders can work together to implement strategies that will enhance financial knowledge and skills across the population. This, in turn, can lead to improved financial outcomes, increased investment in productive sectors, and overall economic prosperity for the country. In conclusion, the relationship between financial literacy and economic development is a critical area of study that requires more attention in the context of Nigeria. By addressing the gaps in financial knowledge and promoting a culture of financial responsibility, Nigeria can potentially unlock new opportunities for growth and development. This research aims to shed light on the significance of financial literacy and provide insights that can inform future policies and initiatives aimed at enhancing economic development in Nigeria.

Thesis Overview

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 enhance 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 in
termediation 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 cannot be denied on the economy. Financial literacy helps an individual fulfil 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. 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.