0704-883-0675     |      dataprojectng@gmail.com

The Role of Financial Education in Improving Insurance Uptake: A Study of Nigerian Consumers

  • Project Research
  • 1-5 Chapters
  • Abstract : Available
  • Table of Content: Available
  • Reference Style:
  • Recommended for :
  • NGN 5000

Background of the Study

Insurance penetration in Nigeria remains low compared to global averages, despite the sector's potential for economic stabilization and risk mitigation. A major barrier to insurance uptake is the lack of financial education among consumers, resulting in misconceptions about insurance products and mistrust of insurers (Adeyemo & Johnson, 2024).

Financial education programs aim to bridge this gap by enhancing consumer awareness, understanding, and trust. By equipping individuals with the knowledge to make informed financial decisions, these programs can drive insurance adoption and contribute to the growth of the sector (Okeke & Ibeh, 2023).

Statement of the Problem

Low levels of financial literacy in Nigeria have contributed to the underutilization of insurance products. Many consumers lack a clear understanding of how insurance works, leading to misconceptions and limited uptake. This issue is exacerbated by inadequate public awareness campaigns and limited access to financial education resources (Afolabi, 2023).

This study explores the role of financial education in improving insurance uptake among Nigerian consumers, identifying effective strategies for increasing awareness and adoption.

Objectives of the Study

  1. To assess the impact of financial education on consumer attitudes toward insurance.
  2. To identify barriers to insurance uptake among Nigerian consumers.
  3. To propose strategies for improving financial literacy to drive insurance adoption.

Research Questions

  1. How does financial education influence consumer attitudes toward insurance?
  2. What barriers hinder insurance uptake among Nigerian consumers?
  3. What strategies can enhance financial literacy to improve insurance adoption?

Research Hypotheses

  1. Financial education positively influences consumer attitudes toward insurance.
  2. Barriers such as misconceptions and mistrust hinder insurance uptake in Nigeria.
  3. Improved financial literacy significantly increases insurance adoption rates.

Scope and Limitations of the Study

The study focuses on Nigerian consumers and their insurance uptake patterns between 2023 and 2025. Limitations include regional disparities in financial literacy levels and access to educational programs.

Definitions of Terms

  • Financial Education: The process of building knowledge and skills to make informed financial decisions.
  • Insurance Uptake: The rate at which individuals or businesses purchase insurance products.
  • Financial Literacy: The ability to understand and effectively use financial skills, including insurance awareness.




Related Project Materials

EFFECTS OF PUBLIC INJECTION/ EXPENDITURE TOWARDS HUMAN CAPITAL DEVELOPMENT AND ECONOMIC GROWTH

ABSTRACT

Economic Growth is the quantitative increase in output of goods and services in an economy at a particular poin...

Read more
FRAUD IN THE NIGERIAN BANKING INDUSTRY: CAUSES, CONSEQUENCES AND SOLUTION

ABSTRACT

This research work was designed to study fraud in the Nigerian banking industry. This study ti...

Read more
A Critical Analysis of Workforce Motivation and Its Impact on Retail Sales: A Study of Supermarkets in Jigawa State

Background of the Study

Workforce motivation is a critical factor influencing retail s...

Read more
INFLUENCE OF WHITEBOARD MANAGEMENT PRACTICE ON SECONDARY SCHOOL STUDENTS' ACHIEVEMENT IN PHYSICS

​​​​​​​Background of the study

The origins of education may be traced back to the classroom. The chalkboard was impregna...

Read more
The Role of Public Relations in Promoting Tourism: A Case Study of Argungu LGA, Kebbi State

Chapter One: Introduction

1.1 Background of the Study
Tourism is a critical driver of economic d...

Read more
The Role of Financial Derivatives in Risk Mitigation in Nigerian Corporations: A Case Study of Oando Plc

Background of the Study

Financial derivatives, including options, futures, swaps, and forwards, are critical tools for m...

Read more
THE INFLUENCE OF SOCIAL MEDIA ON STUDENTS ACADEMIC PERFORMANCE IN CIVIC EDUCATION IN ENUGU EAST LOCAL GOVERNMENT AREA

ABSTRACT

This study was carried out to examine the influence of social media on students&r...

Read more
The Role of Digital Media in Promoting Political Awareness in Kaduna South Local Government Area, Kaduna State

Chapter One: Introduction

1.1 Background of the Study

REHABILITATION OF EX-CULTISTS IN TERTIARY INSTITUTIONS

ABSTRACT

The issue of cultism in our higher institutions of learning is such that has reached an alarmi...

Read more
PROPAGANDA IN POLITICS THE USE OF LANGUAGE FOR EFFECT IN ELECTIONEERING CAMPAIGN ( A case study of 2015 General election)

Abstract 

The words perform actions. Language and, in fact, words have different functions and, according to J.L A...

Read more
Share this page with your friends




whatsapp