Financial Literacy and Money Management Among Tertiary Institution Students. A Study of Selected Universities in Osun-State, Nigeria

The study was conducted to determine the relationship between financial literacy and money management (spending, savings, investments and budgeting) among tertiary institution students. Tertiary education is the stage where students are at a decisive time in their lives as they move from financial dependence to financial independence. A good money management skill helps in the transfer of funds from a period of surplus to the period of deficit. Necessary sample size of 385 for the infinite population of tertiary institution students was used. The use of factor analysis was used/justified on the ground that the survey questions were largely based on patterns of behaviour and attitudes, with no ostensible right or wrong answers. Results showed positive significant relationship between all measures of money management and financial literacy. The study gives evidence of students knowledge in personal finances and the importance of a good and viable financial literacy programme so as to improve the quality of life of the young adults and their disposition to money. Results of the study are of interest to policymakers concerned with financial well-being and the balance between personal and institutional responsibility. Targeting financial education programmes on young adults that need them most could increase their effectiveness and proper plan for a better tomorrow.