FINANCIAL LITERACY AND SAVING HABITS OF NIGERIAN UNIVERSITY STUDENTS (A Study Of Crawford University)

Abstract

The study evaluated the effect of financial literacy on the saving habits of Nigerian university students while the specific objective assessed the relationship between basic financial knowledge and the frequency of saving. Primary data were sourced from administration of well- structured questionnaire while regression analysis was adopted to analyze the data obtained. It was revealed that there was a significant effect of financial literacy on frequency of savings of students at (ð‘…2= 0.162, P = 0.000) and (adjusted ð‘…2 = 0.154). These indicated that of the variation in saving habit, financial literacy for (16.2%). Also, the F-values statistics of (19.202) showed that overall equation was significant at (Significant level = 0.000; P < 0.05). Therefore, the null hypothesis (H0) which stated that financial literacy has no significant effect on frequency of savings of students of Crawford University was rejected and the alternative hypothesis was accepted. It was recommended that Crawford University, and other higher institutions in Nigeria should introduce financial literacy courses and workshops as part of their general studies