The effect of informal education on students' financial management skills in Yauri Local Government Area, Kebbi State
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Background of the study
Financial literacy is an essential skill for navigating the increasingly complex economic environment, yet many students lack the practical knowledge required for effective financial management. In Yauri Local Government Area, Kebbi State, informal education initiatives have emerged as a promising approach to address this gap. Informal educational methods—such as workshops, mentorship programs, and community-based financial literacy clubs—offer students practical experiences that complement theoretical knowledge acquired in classrooms (Ibrahim, 2023). These initiatives aim to equip students with the necessary skills to budget, save, and invest wisely, thereby enhancing their overall financial acumen (Suleiman, 2024). Informal education in financial management provides a flexible, interactive platform where students can learn through real-life scenarios and peer discussions, making financial concepts more relatable and actionable (Garba, 2025).
The practical orientation of informal education enables students to engage in activities such as simulated budgeting exercises, market visits, and discussions with financial experts, all of which contribute to a deeper understanding of financial principles. In Yauri, these programs have been implemented through collaborations between local banks, community leaders, and educational institutions. The involvement of experienced professionals offers students firsthand insights into the practical applications of financial management, bridging the gap between theory and practice (Ibrahim, 2023). Additionally, the informal educational approach fosters a supportive learning environment where students feel encouraged to share ideas and strategies, further enhancing their financial decision-making abilities (Suleiman, 2024).
Despite the growing recognition of the benefits of informal financial education, challenges remain. Limited resources, lack of trained facilitators, and sporadic program implementation often hinder the effectiveness of these initiatives (Garba, 2025). Moreover, traditional educational systems, which emphasize academic achievement over practical life skills, sometimes fail to integrate informal financial literacy programs into their broader curricula. Addressing these challenges is critical, as enhancing financial management skills among students can have far-reaching impacts on individual economic empowerment and community development (Ibrahim, 2023).
Statement of the problem
In Yauri Local Government Area, while informal education programs targeting financial management have been introduced, their overall impact on students’ financial literacy remains suboptimal. Traditional classroom instruction in financial management is often theoretical and fails to provide practical insights, leaving students ill-prepared for real-world financial challenges. The sporadic nature of informal education initiatives—characterized by irregular program scheduling, inadequate resources, and insufficient follow-up—has led to inconsistent outcomes in improving students’ financial management skills (Suleiman, 2024). Moreover, the lack of standardized curricula and trained facilitators to deliver these programs exacerbates the problem, resulting in varied levels of student engagement and learning (Garba, 2025).
Additionally, socio-economic challenges in the region, such as poverty and limited access to financial services, further complicate the implementation of financial literacy programs. Many students come from backgrounds where formal financial education is minimal, and as a result, the transition to practical financial management skills is challenging (Ibrahim, 2023). The absence of a cohesive strategy that integrates informal financial education into the school system has contributed to a persistent gap between students’ academic learning and their ability to manage finances effectively. Addressing these issues is crucial for ensuring that students are equipped with the skills needed to navigate economic uncertainties and secure a stable financial future (Suleiman, 2024).
Objectives of the study:
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To assess the effect of informal education on improving students’ financial management skills.
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To identify the challenges in implementing informal financial literacy programs.
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To recommend strategies for integrating informal financial education into the school curriculum.
Research questions:
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How does informal education influence students’ financial management skills?
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What challenges are encountered in delivering informal financial literacy programs?
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What measures can enhance the effectiveness of informal education in financial management?
Research Hypotheses:
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Informal education significantly enhances students’ financial management skills.
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Resource and training constraints negatively impact the delivery of informal financial literacy programs.
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A structured approach to informal financial education improves students’ practical financial knowledge.
Significance of the study
This study is significant as it investigates the role of informal education in enhancing financial management skills among students in Yauri Local Government Area. The findings will provide valuable insights for educators, financial institutions, and policymakers to design more effective financial literacy programs. By addressing existing challenges and proposing strategic recommendations, the research aims to bridge the gap between theoretical learning and practical financial management. Ultimately, the study will contribute to empowering students with essential life skills, fostering economic stability and sustainable community development.
Scope and limitations of the study:
This study is limited to exploring the impact of informal education on students’ financial management skills in Yauri Local Government Area, focusing on local program initiatives, resource limitations, and curricular integration.
Definitions of terms:
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Informal education: Learning through practical, non-traditional, community-based initiatives.
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Financial management skills: The ability to plan, budget, save, and invest effectively.
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Financial literacy: The knowledge and understanding of financial concepts and risks necessary to make informed financial decisions.
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