FINANCIAL LITERACY AND SAVING HABITS OF NIGERIAN UNIVERSITY STUDENTS (A STUDY OF CRAWFORD UNIVERSITY STUDENTS)

This study investigated the effect of financial literacy on the saving habits of Nigerian university students, focusing on Crawford University. It examined three key areas of financial literacy which were basic knowledge, understanding of financial products, and decision-making skills, and how each influenced students’ saving frequency, motivation, and discipline. The research was driven by the growing financial demands on students and the lack of structured financial education in academic institutions. A descriptive survey design was adopted, with data collected from 124 students using structured questionnaire. Analysis was done using SPSS, employing both descriptive statistics and inferential tools like correlation and regression. Findings revealed a significant positive relationship between financial literacy and saving habits. Students with sound basic financial knowledge saved more frequently, those familiar with financial products were more motivated to save, and those with strong decision-making skills showed better savings discipline. These results aligned with the Theory of Planned Behaviour and Behavioural Finance Theory, emphasizing the influence of attitudes, perceived control, and cognitive biases on financial behaviour. The study concluded that improved financial literacy enhanced students' savings behaviour and recommended incorporating financial education into university curricula, organizing workshops, and partnering with financial institutions to offer tailored services for students. The research contributed to the limited literature on student financial behaviour in Nigerian private universities and underscored the importance of digital financial tools.