The Impact of Public Relations in the Promotion of Financial Literacy: A Study of Keffi LGA, Nasarawa State
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Chapter One: Introduction
1.1 Background of the Study
Financial literacy is essential for personal financial management, economic stability, and societal development. In Keffi LGA, Nasarawa State, many individuals lack basic financial knowledge, which leads to poor financial decisions, excessive debt, and low investment in wealth-building opportunities. Public Relations (PR) has emerged as a powerful tool in addressing this knowledge gap. Through targeted communication campaigns, PR can create awareness, foster understanding, and influence behavior toward improved financial management.
Effective PR campaigns utilize various strategies, including workshops, media programs, and collaborations with financial institutions, to demystify financial concepts and provide practical advice. Recent research underscores the role of PR in shaping public attitudes and behaviors toward financial responsibility (Ahmed & Musa, 2024). This study explores how PR initiatives can enhance financial literacy in Keffi LGA, empowering residents to make informed financial decisions.
1.2 Statement of the Problem
Despite the critical role of financial literacy in economic empowerment, residents of Keffi LGA face challenges such as low awareness of financial concepts, limited access to educational resources, and cultural barriers to adopting modern financial practices. While PR campaigns have been effective in other regions, their impact on promoting financial literacy in Keffi LGA remains underexplored. This study addresses this gap by examining how PR strategies can foster financial literacy in the area.
1.3 Objectives of the Study
- To identify PR strategies used to promote financial literacy in Keffi LGA.
- To evaluate the effectiveness of these strategies in improving financial knowledge.
- To propose recommendations for enhancing PR efforts in financial literacy promotion.
1.4 Research Questions
- What PR strategies are employed to promote financial literacy in Keffi LGA?
- How effective are these strategies in improving financial knowledge?
- What recommendations can improve PR efforts in promoting financial literacy?
1.5 Research Hypotheses
- H1: PR strategies significantly increase financial literacy in Keffi LGA.
- H2: Limited PR outreach contributes to low financial literacy levels.
- H3: Collaborative PR campaigns with financial institutions enhance financial literacy.
1.6 Significance of the Study
This study provides valuable insights into the role of PR in financial literacy promotion. It offers practical recommendations for financial institutions, policymakers, and PR practitioners to address financial literacy gaps in Keffi LGA.
1.7 Scope and Limitations of the Study
The study focuses on PR strategies aimed at promoting financial literacy in Keffi LGA, Nasarawa State. It does not cover financial literacy efforts outside the designated area.
1.8 Operational Definition of Terms
- Public Relations (PR): Communication strategies to influence public knowledge and behavior.
- Financial Literacy: The ability to understand and apply financial concepts for informed decision-making.
- Keffi LGA: A local government area in Nasarawa State, Nigeria, where the study is conducted.
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