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Influence of Financial Technology Education on Financial Literacy among Accounting Students in Nigerian Universities

Abstract

Financial technology (FinTech) has transformed the way individuals and organizations save, transfer, invest, borrow, budget, and manage financial resources. The increasing use of mobile banking, digital payments, electronic wallets, online investment platforms, digital lending services, and other technology-enabled financial services has created a growing need for students to understand both traditional financial concepts and emerging digital financial systems. Accounting students in Nigerian universities are expected to develop financial knowledge and technological competencies that will enable them to make informed financial decisions and function effectively in increasingly digitalized financial environments. However, limited exposure to structured FinTech education may contribute to inadequate understanding of digital financial services, financial risks, cybersecurity, transaction costs, and responsible financial decision-making. Financial technology education provides an opportunity to strengthen students' understanding of technology-enabled financial services and improve their financial literacy. Against this background, this study investigates the influence of financial technology education on financial literacy among accounting students in Nigerian universities. The study will be anchored on Human Capital Theory, Technology Acceptance Model (TAM), and Financial Literacy Theory. Human Capital Theory explains how investment in relevant education and skills can improve individuals' knowledge, competencies, productivity, and decision-making capacity. The Technology Acceptance Model explains how perceived usefulness and perceived ease of use may influence students' adoption and effective utilization of financial technology. Financial Literacy Theory emphasizes the importance of financial knowledge, financial skills, attitudes, and behaviours in enabling individuals to make informed and responsible financial decisions. Collectively, these theoretical perspectives provide a suitable framework for explaining how financial technology education may influence financial literacy among accounting students in Nigerian universities. The study will adopt a quantitative quasi-experimental or analytical cross-sectional research design. The study population will comprise undergraduate accounting students enrolled in selected public and private universities across Nigeria. A multistage sampling technique will be used to select geopolitical zones, states, universities, faculties or departments, levels of study, and eligible accounting students. Financial technology education will be assessed using indicators such as exposure to FinTech education sessions, frequency and duration of training, mobile banking, digital payments, electronic wallets, online banking, digital savings, digital investment platforms, digital lending services, financial applications, transaction security, cybersecurity, fraud awareness, privacy protection, digital financial risks, transaction costs, financial planning, and responsible use of technology-enabled financial services. Financial literacy will be assessed using indicators such as knowledge of budgeting, saving, borrowing, interest rates, inflation, investment, risk management, digital financial services, financial planning, financial decision-making, fraud prevention, cybersecurity awareness, and responsible financial behaviour. Data will be collected using structured questionnaires, standardized financial literacy assessment tools, FinTech knowledge tests, scenario-based financial decision-making questions, and pre-test and post-test assessments where a quasi-experimental intervention is adopted. Descriptive statistics will be used to summarize students' demographic and academic characteristics, exposure to FinTech education, patterns of technology use, financial knowledge, and financial literacy levels. 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 influence of financial technology education on financial literacy. Where a quasi-experimental design is adopted, financial literacy scores before and after the educational intervention may be compared with those of a comparison group 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 financial technology education has a significant positive influence on financial literacy among accounting students in Nigerian universities. Students exposed to structured, practical, and relevant FinTech education are expected to demonstrate greater knowledge of digital financial services, budgeting, saving, investment, borrowing, interest rates, inflation, financial planning, transaction security, cybersecurity, and responsible financial decision-making than students without comparable exposure. FinTech education may help students understand how digital financial platforms operate and enable them to critically evaluate the benefits, costs, risks, and limitations associated with technology-enabled financial services. Practical exposure to digital financial applications may also strengthen students' confidence in managing personal finances and identifying potential fraud or cybersecurity threats. However, limited access to reliable digital infrastructure, poor internet connectivity, financial constraints, cybersecurity risks, misinformation, inadequate digital literacy, and rapidly changing financial technologies may reduce the effectiveness of education alone. The study therefore expects accessible, practical, current, and industry-relevant financial technology education to contribute significantly to improved financial literacy among accounting students in Nigerian universities. The study is expected to contribute to the literature on financial technology education, financial literacy, accounting education, FinTech adoption, digital financial services, digital literacy, financial education, personal financial management, and higher education in Nigeria. The findings will provide useful information to the National Universities Commission, universities, faculties of management sciences, accounting departments, accounting educators, professional accounting bodies, financial technology companies, financial institutions, curriculum developers, policymakers, and other stakeholders regarding strategies for strengthening financially and digitally competent accounting graduates. The study will also provide evidence-based recommendations for integrating FinTech education into accounting curricula, improving students' digital financial literacy, strengthening practical exposure to financial technology applications, increasing awareness of cybersecurity and digital financial risks, promoting responsible financial decision-making, and developing university-industry partnerships that prepare accounting students for Nigeria's increasingly technology-driven financial environment.

Keywords: Financial technology education, financial literacy, accounting students, FinTech, accounting education, digital financial services, digital literacy, financial education, personal financial management, Nigerian universities, higher education, Nigeria.