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Effect of Financial Literacy Education on Financial Stress among University Students in Nigeria

Abstract

Financial stress is an important concern among university students in Nigeria, particularly as students may face limited financial resources, rising living costs, tuition and academic expenses, transportation costs, accommodation expenses, and increasing dependence on digital financial services. Inadequate financial knowledge and poor money-management skills may make it difficult for students to budget effectively, distinguish needs from wants, manage available funds, save, control unnecessary spending, and make informed financial decisions. Persistent financial difficulties may contribute to worry, anxiety, reduced concentration, poor academic engagement, sleep difficulties, and other challenges affecting students' wellbeing. Financial literacy education provides an opportunity to equip students with practical knowledge and skills for budgeting, saving, responsible borrowing, expenditure planning, financial decision-making, and effective management of limited financial resources. Against this background, this study investigates the effect of financial literacy education on financial stress among university students in Nigeria. The study will be anchored on the Theory of Planned Behavior, Social Cognitive Theory, and the Financial Capability Framework. The Theory of Planned Behavior explains how students' attitudes toward financial management, perceived social expectations, and perceived behavioural control may influence their financial behaviours and decisions. Social Cognitive Theory emphasizes financial knowledge, self-efficacy, self-regulation, observational learning, and environmental influences in developing effective money-management behaviours. The Financial Capability Framework emphasizes the interaction between financial knowledge, financial skills, financial behaviour, access to financial resources, and the ability to make informed financial decisions. Collectively, these theoretical perspectives provide a suitable framework for explaining how financial literacy education may influence financial stress among university students in Nigeria. The study will adopt a quantitative quasi-experimental research design. The study population will comprise undergraduate students enrolled in selected public and private universities across Nigeria. A multistage sampling technique will be used to select states, universities, faculties, departments, and eligible students. Financial literacy education will be measured using indicators such as exposure to structured financial education sessions, budgeting education, saving education, responsible borrowing, debt management, expenditure planning, financial goal setting, investment awareness, digital financial literacy, understanding of financial products, and financial decision-making skills. Financial stress will be assessed using indicators such as difficulty meeting financial obligations, worry about available money, inability to afford essential expenses, concerns about educational costs, accommodation and transportation-related financial pressure, debt-related concerns, inability to save, financial uncertainty, reduced concentration due to financial concerns, and perceived difficulty managing available financial resources. Data will be collected using structured questionnaires and validated financial literacy and financial stress assessment instruments. Financial stress will be assessed before and after exposure to the financial literacy education programme. Descriptive statistics will be used to summarize students' demographic, socioeconomic, and academic characteristics, levels of financial literacy, and financial stress. Inferential statistical techniques, including paired sample tests, independent sample tests, chi-square tests, correlation analysis, and multiple regression analysis where appropriate, will be used to determine the effect of financial literacy education on financial stress. Diagnostic tests will also be conducted to assess the reliability, validity, and robustness of the findings. The study is expected to find that financial literacy education has a significant negative effect on financial stress among university students in Nigeria. Students exposed to structured financial literacy education are expected to demonstrate improved financial knowledge and money-management skills alongside reduced levels of financial stress compared with their baseline levels or students without similar intervention exposure. Education on budgeting, saving, expenditure control, responsible borrowing, debt management, financial planning, and informed financial decision-making may help students manage limited resources more effectively and reduce avoidable financial pressure. Improved financial confidence and self-efficacy may also help students make better financial decisions and respond more effectively to unexpected financial demands. However, rising living costs, inadequate financial support, unemployment or limited income opportunities, family financial difficulties, tuition and accommodation expenses, and broader economic conditions may continue to contribute to financial stress even among financially knowledgeable students. The study therefore expects practical, contextually appropriate, and sustained financial literacy education to contribute significantly to reducing financial stress among university students in Nigeria. The study is expected to contribute to the literature on financial literacy education, financial stress, university students, financial wellbeing, money management, financial capability, student wellbeing, health education, and public health in Nigeria. The findings will provide useful information to the Central Bank of Nigeria, Federal Ministry of Education, National Universities Commission, universities, student affairs departments, financial institutions, financial educators, counsellors, public health practitioners, youth organizations, development partners, and policymakers regarding strategies for improving students' financial wellbeing. The study will also provide evidence-based recommendations for integrating financial literacy education into university orientation and student development programmes, strengthening practical budgeting and money-management training, promoting responsible borrowing and saving practices, improving access to appropriate financial information, and developing sustainable financial wellbeing initiatives for university students across Nigeria.

Keywords: Financial literacy education, financial stress, university students, financial wellbeing, money management, financial capability, budgeting, financial education, student wellbeing, financial decision-making, Nigeria, public health.