FINANCIAL LITERACY AMONG YOUNG ADULTS: AN EMPIRICAL ANALYSIS OF NIGERIAN UNIVERSITY STUDENTS

This article examines the ability of learning sources associated with financial literacy among university students. The survey consists of 500 university undergraduate students attending classes where principles of finance are taught. The survey consists of a class test on financial literacy to determine the state of the participants’ current financial knowledge. Moreover, socio demographic data were collected in three areas - family and background, formal learning activities, and experiential learning activities. The model of the study examines financial literacy as a function of these three sources of learning. Unexpectedly, the results show that respondent’s background and family affiliation impacted less. In addition, whereas some types of formal learning activities enhance literacy, the most significant impact is associated with experiential learning.