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The Relative Impact of Income and Financial Literacy on Financial Inclusion in Nigeria

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  • Olubanjo Michael Adetunji
  • Olayinka David‐West

Abstract

This study uses survey data of over 22 000 respondents in Nigeria, to provide evidence for the impact of two key drivers of financial inclusion: financial literacy and income levels. The study shows that financial literacy significantly determines savings patterns with formal and informal financial institutions; however, income only drives the frequency of informal savings. The results also highlight the demographic groups suitable for financial literacy and other interventions aimed at improving financial access. The findings will support the market segmentation capabilities of financial services providers and also guide regulators in formulating policies that will improve and deepen financial access. © 2019 John Wiley & Sons, Ltd.

Suggested Citation

  • Olubanjo Michael Adetunji & Olayinka David‐West, 2019. "The Relative Impact of Income and Financial Literacy on Financial Inclusion in Nigeria," Journal of International Development, John Wiley & Sons, Ltd., vol. 31(4), pages 312-335, May.
    • Handle: RePEc:wly:jintdv:v:31:y:2019:i:4:p:312-335
    DOI: 10.1002/jid.3407
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    Citations

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    Cited by:

    1. Helena Susana Amaral Geraldes & Ana Paula Matias Gama & Mário Augusto, 2022. "Reaching Financial Inclusion: Necessary and Sufficient Conditions," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 162(2), pages 599-617, July.
    2. Ozili, Peterson Kitakogelu, 2022. "Financial inclusion in Nigeria: an overview," MPRA Paper 113572, University Library of Munich, Germany.
    3. Eduardo Polloni-Silva & Naijela da Costa & Herick Fernando Moralles & Mario Sacomano Neto, 2021. "Does Financial Inclusion Diminish Poverty and Inequality? A Panel Data Analysis for Latin American Countries," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 158(3), pages 889-925, December.
    4. Thi Anh Nhu Nguyen & Thi Thuy Huong Luong, 2023. "The Determinants of Financial Inclusion in Vietnam: A Demand-Side Approach," SAGE Open, , vol. 13(4), pages 21582440231, November.
    5. Azra Zaimovic & Anes Torlakovic & Almira Arnaut-Berilo & Tarik Zaimovic & Lejla Dedovic & Minela Nuhic Meskovic, 2023. "Mapping Financial Literacy: A Systematic Literature Review of Determinants and Recent Trends," Sustainability, MDPI, vol. 15(12), pages 1-30, June.
    6. Yuanyuan Guo & Can Liu & Hao Liu & Ke Chen & Dan He, 2023. "Financial Literacy, Borrowing Behavior and Rural Households’ Income: Evidence from the Collective Forest Area, China," Sustainability, MDPI, vol. 15(2), pages 1-21, January.
    7. S. Ananda & Raghavendra Prasanna Kumar & Tamanna Dalwai, 2024. "Impact of financial literacy on savings behavior: the moderation role of risk aversion and financial confidence," Journal of Financial Services Marketing, Palgrave Macmillan, vol. 29(3), pages 843-854, September.
    8. María-Jesús Gallego-Losada & Antonio Montero-Navarro & Rocío Gallego-Losada & José-Luis Rodríguez-Sánchez, 2024. "Measuring financial divide in the rural environment. The potential role of the digital transformation of finance," International Entrepreneurship and Management Journal, Springer, vol. 20(4), pages 2791-2810, December.
    9. Solomon Antwiagyei Kuffour & George Adu, 2019. "Financial Literacy, Trust and Stock Market Participation in Ghana," Economics Literature, WERI-World Economic Research Institute, vol. 1(2), pages 101-116, December.
    10. Morgan, Peter J. & Long, Trinh Quang, 2020. "Financial literacy, financial inclusion, and savings behavior in Laos," Journal of Asian Economics, Elsevier, vol. 68(C).
    11. Armande Mahabi Nabami & Anaëlle Petre & Roy Mersland, 2024. "Impact of climate change training intervention in savings groups," Journal of International Development, John Wiley & Sons, Ltd., vol. 36(4), pages 2047-2062, May.
    12. Ruiting Sun & Huanhuan Zhang & Calum G. Turvey & Xueping Xiong, 2021. "Impact of Financial Literacy on Retirement Financial Portfolio: Evidence from China," Asian Economic Journal, East Asian Economic Association, vol. 35(4), pages 390-412, December.
    13. Thereza Balliester Reis, 2022. "Socio‐economic determinants of financial inclusion: An evaluation with a microdata multidimensional index," Journal of International Development, John Wiley & Sons, Ltd., vol. 34(3), pages 587-611, April.

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