Author(s): Ogboru Justina Oghenerioborue and Loto Adekemi Omowonuola

Abstract:
The study evaluated the financial literacy possessed by homemakers as determinants for their family wellbeing in South-West, Nigeria. Specifically, the study investigated the level of financial knowledge among homemakers in South-West, Nigeria; and the influence of cultural and socio-economic factors of the people on the financial literacy and family wellbeing of homemakers in South-West, Nigeria. Two research questions and two null hypotheses in line with the specific objectives guided the study. A survey research design was adopted. It was carried out in South West, Nigeria (Lagos, Ogun, Oyo, Osun, Ondo, and Ekiti States). The population for this study consisted of all homemakers (adult males and adult females) living in the South West region of Nigeria. However, since the exact number of the homemakers in the study area is unknown, a sample size of 396 homemakers were randomly selected and sampled using accidental sampling technique. A structured questionnaire titled “Financial Literacy among Homemakers as Determinants of Family Wellbeing (FLAHDFW)” was developed and used for data collection. The instrument was face validated by three experts from University of Nigeria, Nsukka (UNN). Cronbach alpha reliability method was used to ascertain the internal consistency of the instrument and a reliability coefficient of 0.81 was obtained which showed that the instrument is reliable and effective for data collection. Data collection was carried out by the researcher and six research assistants. Mean, standard deviation and t-test statistics were used to analyze the data collected. The findings of this study showed that homemakers in South West, Nigeria possess moderate level of financial knowledge. The finding also revealed that there was no significant difference in the mean responses of male and female homemakers on the extent of financial knowledge among homemakers in South-West, Nigeria. The finding further revealed sixteen (16) ways cultural and socio-economic factors of the people influence homemakers’ financial literacy and family wellbeing among others. Based on the findings, it was concluded that implementing functional financial literacy education programmes via formal school settings, workshops, symposia, conferences and seminars remains a veritable and valuable means for improving the financial literacy level of homemakers in South West, Nigeria. The study recommended among others that homemakers in South West, Nigeria should be encouraged by the various religious and traditional leaders to curtail the manners they celebrate certain cultural and social events; and traditional and religious leaders in South West, Nigeria should make effort to remove some cultural hindrances limiting women financial independent.

DOI: https://doi.org/10.22271/23957476.2025.v11.i2f.1893