A Review of Practical Teaching Methods and Their Effectiveness for Enhanced Financial Literacy in Nigeria

Abstract

This review examines how well practical teaching approaches can improve financial literacy in Nigeria, a nation with a diverse population, uneven economic conditions, and varying educational attainment. We look at five real-world teaching strategies: classroom-based programs, mobile applications, peer education initiatives, online courses and digital platforms, and workshops on financial literacy. Every technique is evaluated based on how well it works and how it influences the development of better financial behaviors and knowledge. Workshops on financial literacy have been shown to improve participants' understanding of money matters, alter their behavior, and give them the confidence to manage their finances. Digital platforms and online courses provide self-paced learning and accessibility, reaching a wide range of learners and encouraging continuous skill development. Integrated into the formal education system, classroom-based programs provide structured and comprehensive financial education, setting the stage for lifelong financial competence. Mobile applications engage users, promoting self-directed learning and positive behavioural change, while peer education programs leverage community trust and cultural sensitivity to disseminate financial knowledge. Challenges and limitations include issues of accessibility, cultural sensitivity, resource limitations, engagement and retention, quality control, literacy levels, socio-economic disparities, limited infrastructure, and resistance to change. We recommend tailored approaches, infrastructure development, coordination and collaboration, long-term evaluation, an inclusive approach, digital literacy initiatives, quality assurance, community engagement, and public-private partnerships to address these challenges. Nigeria can advance and develop by working toward a more economically empowered and financially literate population by aggressively addressing these constraints and implementing these suggestions. Financial literacy is essential for achieving stability and economic empowerment in Nigeria and its heterogeneous populace.
 Keywords: Financial Literacy, Practical Teaching Methods, Financial Education, Nigeria, Effectiveness, Impact, Challenges, Cultural Sensitivity, Accessible Learning, Empowerment.