The Role of Financial Education in Improving Insurance Uptake: A Study of Nigerian Consumers
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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
- To assess the impact of financial education on consumer attitudes toward insurance.
- To identify barriers to insurance uptake among Nigerian consumers.
- To propose strategies for improving financial literacy to drive insurance adoption.
Research Questions
- How does financial education influence consumer attitudes toward insurance?
- What barriers hinder insurance uptake among Nigerian consumers?
- What strategies can enhance financial literacy to improve insurance adoption?
Research Hypotheses
- Financial education positively influences consumer attitudes toward insurance.
- Barriers such as misconceptions and mistrust hinder insurance uptake in Nigeria.
- 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.
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