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Effect of Investment Education on Investment Decision-Making Skills among Accounting Education Students in Nigerian Polytechnics

Abstract

Investment education is an important component of financial education because students require adequate knowledge and practical skills to evaluate investment opportunities and make informed decisions concerning the allocation of financial resources. Accounting education students possess foundational knowledge of financial and accounting principles, but theoretical knowledge alone may not adequately prepare them to assess investment alternatives, understand investment risks, evaluate returns, and make appropriate investment decisions. Investment Education provides students with structured learning experiences relating to investment principles, financial markets, risk and return, portfolio diversification, investment analysis, securities, savings and investment products, and responsible investment practices. Against this background, this study investigates the effect of investment education on investment decision-making skills among accounting education students in Nigerian polytechnics. The study will be anchored on Financial Literacy Theory, Experiential Learning Theory, and Prospect Theory. Financial Literacy Theory emphasizes the importance of financial knowledge and skills in enabling individuals to evaluate financial alternatives and make informed financial decisions. Experiential Learning Theory emphasizes learning through concrete experiences, reflection, conceptualization, and active experimentation, providing a suitable framework for students' participation in investment analysis exercises and investment simulations. Prospect Theory explains how individuals evaluate potential gains and losses under conditions of uncertainty and how perceptions of risk may influence financial decisions. Collectively, these theoretical perspectives provide a suitable framework for explaining how investment education may influence investment decision-making skills among accounting education students. The study will adopt a quantitative quasi-experimental or analytical cross-sectional research design. The study population will comprise accounting education students enrolled in selected federal, state, and private polytechnics across Nigeria. A multistage sampling technique will be used to select geopolitical zones, states, polytechnics, schools or departments, levels of study, and eligible accounting education students. Investment education will be assessed using indicators such as exposure to investment education, investment principles, risk and return, compound interest, time value of money, investment alternatives, shares and equities, bonds and fixed-income securities, mutual funds, treasury securities, savings and investment products, investment diversification, portfolio management, investment risk assessment, investment return analysis, financial statement analysis for investment purposes, investment fraud awareness, investment scams, digital investment platforms, investment simulations, case studies, investment analysis exercises, lecturer guidance, feedback, and opportunities for practical investment learning. Students' investment decision-making skills will be assessed using indicators such as identification and comparison of investment alternatives, evaluation of risk and expected return, investment return calculation, interpretation of investment information, diversification decisions, assessment of investment objectives, evaluation of liquidity and investment horizons, comparison of investment products, analysis of financial statements, recognition of investment risks, identification of fraudulent investment schemes, evaluation of digital investment opportunities, selection of suitable investment alternatives, portfolio allocation, monitoring of investment performance, adjustment of investment decisions, and ability to make rational investment decisions under conditions of uncertainty. Data will be collected using structured questionnaires, standardized investment knowledge tests, investment decision-making skills assessments, financial case studies, investment analysis exercises, portfolio simulation tasks, scenario-based questions, competency-based assessment rubrics, observation checklists, and pre-test and post-test assessments where a quasi-experimental design is adopted. Descriptive statistics will be used to summarize students' demographic and academic characteristics, investment education experiences, investment knowledge, and investment decision-making skills. Inferential statistical techniques, including chi-square tests, paired and independent t-tests, correlation analysis, and multiple regression analysis where appropriate, will be used to determine the effect of investment education on students' investment decision-making skills. Where a quasi-experimental design is adopted, investment decision-making skill scores before and after exposure to investment education may be compared with those of a comparison group receiving conventional accounting instruction without structured investment education to determine changes associated with the intervention. Diagnostic tests will also be conducted to assess the reliability, validity, and robustness of the findings. The study is expected to find that investment education has a significant positive effect on investment decision-making skills among accounting education students in Nigerian polytechnics. Students exposed to structured and practical investment education are expected to demonstrate stronger abilities to identify investment alternatives, evaluate risk and return, analyse investment information, diversify investments, recognize fraudulent schemes, and select investment options that align with specific financial objectives than students with limited exposure to investment education. Practical investment analysis exercises may help students apply financial concepts to realistic investment situations and improve their ability to compare investment opportunities using relevant information. Investment simulations may provide students with opportunities to experience investment decisions under changing market conditions and develop greater confidence in evaluating risk and potential returns. Education on diversification may help students understand the importance of spreading investments across different assets to manage investment risk. Exposure to digital investment platforms and investment fraud awareness may further improve students' ability to assess online investment opportunities and identify potentially fraudulent schemes. However, limited financial resources, inadequate access to reliable investment information, market uncertainty, peer influence, overconfidence, limited practical exposure, and exposure to misleading investment information through social media may affect students' investment decisions and reduce the effectiveness of investment education. The study therefore expects practical, current, technology-supported, and risk-aware investment education to contribute significantly to improved investment decision-making skills among accounting education students in Nigerian polytechnics. The study is expected to contribute to the literature on investment education, investment decision-making skills, accounting education, financial literacy, financial education, experiential learning, investment literacy, risk and return, portfolio management, financial decision-making, investment simulations, and polytechnic education in Nigeria. The findings will provide useful information to the National Board for Technical Education, polytechnics, accounting education departments, accounting educators, financial institutions, investment organizations, professional accounting bodies, curriculum developers, and policymakers regarding strategies for strengthening investment education. The study will also provide evidence-based recommendations for integrating practical investment education into accounting education programmes, developing investment simulations and realistic financial case studies, strengthening students' knowledge of risk and return, incorporating investment analysis and portfolio management exercises, improving students' awareness of investment fraud and digital investment risks, providing access to current investment information and financial-market resources, training accounting educators in practical investment education methods, and equipping accounting education students with the investment decision-making skills required for responsible personal financial management in Nigeria.

Keywords: Investment education, investment decision-making skills, accounting education students, investment literacy, financial literacy, financial education, risk and return, portfolio management, investment analysis, financial decision-making, investment simulation, Nigerian polytechnics, Nigeria.