An assessment of informal education’s effectiveness in teaching students financial responsibility in Kwali Local Government Area, Federal Capital Territory
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- NGN 5000
Background of the Study:
In recent years, the paradigm of education has shifted to incorporate informal educational methods as a vital complement to traditional classroom instruction. Informal education, characterized by flexible, experiential, and community‐based learning opportunities, plays a critical role in equipping students with practical life skills not typically emphasized in formal curricula (Adeyemi, 2023). In Kwali Local Government Area, Federal Capital Territory, the focus on teaching financial responsibility through informal education is increasingly seen as a response to the dynamic economic challenges facing young people. The rapid evolution of financial technologies, changes in global economic policies, and the pervasive influence of social media on spending behaviors necessitate a re-examination of how financial literacy is imparted. Informal educational programs—ranging from workshops and peer-learning groups to community outreach initiatives—aim to instill sound money management practices such as budgeting, saving, and responsible spending. This hands-on approach enables students to bridge the gap between abstract financial theories and practical, everyday decision-making (Johnson, 2025). Additionally, the incorporation of local experiences and community expertise offers culturally contextualized learning, which has been shown to enhance retention and application of financial knowledge (Obi, 2024). Despite these promising initiatives, there remains a notable gap in empirical evidence regarding the extent to which informal education translates into improved financial responsibility. This study is motivated by the need to critically assess the methodologies employed and the resultant outcomes on students’ financial behavior. It will examine the role of community mentorship, interactive simulations, and contextualized financial scenarios in fostering practical financial skills. By integrating both qualitative insights and quantitative data, the research aims to develop a comprehensive understanding of how informal education can empower students with the tools necessary for financial resilience, ultimately contributing to a more economically informed youth.
Statement of the Problem :
Despite the growing implementation of informal educational programs aimed at promoting financial responsibility, there remains a significant gap in understanding their overall effectiveness in diverse socio-economic contexts. In Kwali LGA, anecdotal evidence suggests that while innovative strategies are in place, many students continue to face challenges in managing personal finances, leading to impulsive spending and inadequate savings (Brown, 2024). This problem is further compounded by the absence of standardized evaluation tools to measure improvements in financial literacy attributable to informal education. The lack of comprehensive data makes it difficult for educators and policy makers to ascertain whether these interventions are adequately addressing the financial challenges faced by students. Moreover, external factors—such as family economic background, cultural attitudes toward money, and the influence of digital financial trends—add layers of complexity that impede a clear assessment of program success. Without a systematic evaluation, the sustainability and scalability of these informal educational initiatives remain uncertain. This study seeks to address these challenges by exploring the pedagogical strategies and community practices that underpin informal education in Kwali LGA. The research will evaluate how these strategies influence students’ financial decision-making and examine the barriers that prevent effective financial learning. By identifying the strengths and weaknesses of current approaches, the study aims to provide evidence-based recommendations that can refine financial education programs, thereby enhancing students’ capacity for responsible money management.
Objectives of the Study:
- To evaluate the effectiveness of informal educational programs in enhancing financial responsibility among students.
- To identify key strategies used in informal education that promote financial literacy.
- To assess the impact of socio-economic factors on the success of these programs.
Research Questions:
- What are the current informal educational practices used to teach financial responsibility in Kwali LGA?
- How do these practices influence students’ financial decision-making?
- What socio-economic factors affect the effectiveness of these programs?
Research Hypotheses:
- There is a significant positive relationship between participation in informal education and students’ financial responsibility.
- Informal education strategies significantly enhance financial literacy compared to traditional methods.
- Socio-economic status moderates the relationship between informal education and financial responsibility.
Significance of the Study :
This study holds significant implications for educational policy and practice in Kwali LGA. By critically examining the impact of informal education on financial responsibility, the research provides evidence-based insights that can inform curriculum development and community interventions. The findings are expected to guide educators, policy makers, and community leaders in refining and implementing educational strategies that enhance financial literacy and economic resilience among students (Oliveira, 2024).
Scope and Limitations of the Study:
Limited to the topic only. Do not input year.
Definitions of Terms:
- Informal education: Non-structured learning experiences that occur outside the formal curriculum.
- Financial responsibility: The capacity to manage financial resources prudently.
- Financial literacy: The ability to understand and effectively use various financial skills.
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