Chapter one

1.0 introduction

1.1 background to the study

An adult education agenda for women in Nigeria would entail the development and implementation of a systemic adult education policy. The policy would be guided both in conception and implementation by a philosophy of continuing education or lifelong learning for women in Nigeria. Lifelong learning as a philosophy and a way of life emphasises that learning should be ongoing throughout life. A responsively comprehensive adult education policy should seek to institute and sustain a culture of learning that will lead to the emergence of a learning society among women (Edwards, 2016). As Nigerian adult women grapple with the problems and opportunities in their personal lives, they are simultaneously challenged to contribute to the development of their communities and society. Hence, lifelong learning becomes imperative, not only for the effective functioning of individuals at the workplace and in their own communities, but also for the renewal of society itself.

One of the most important aspects of every person's or group's life is money. To help an individual or group choose and use the proper financial products and services and make the right financial decisions, sufficient financial knowledge is required (Mitchell and Lusardi, 2015; Anthony-Orji, Orji, Ogbuabor, and Nwosu 2019). Financial losses and a downturn in economic conditions may be caused by inadequate financial literacy and false beliefs about financial goods. Additionally, this could lead to ill-advised financial choices and excessive or wasteful expenditure (Damayanti, Murtaqi and Pradana, 2018).

Making sure that the financial system in the economy is sound and stable is one of the Central Bank of Nigeria's main responsibilities. This can be accomplished by fostering and enhancing public trust in the financial sector. It has been noted that when consumer interests are adequately considered, the public's trust in the financial system is restored, which promotes a more stable economy (CBN, 2016).

One strategy to enhance the protection of customers' interests is to promote adult learning, particularly among women, in the area of financial literacy. This is accomplished by giving them the information they need to take advantage of the many financial products and services offered and to make wise financial decisions that will improve their welfare (Anthony-Orji, Orji, Ogbuabor, and James, 2019). It is important to ask and find out how financial literacy through adult learning affects economic judgements, which translates to wise financial decisions among women in light of the recent global financial events in Nigeria. Financial literacy has been linked to improved economic planning, increased investment returns, and timely repayment of loans and other obligations, according to research (Lusardi and Tufano, 2019; Orji, Ogbuabor, Okon, and Anthony-Orji, 2018).

Many developing nations, like Nigeria, especially women lack even the most basic financial knowledge, which limits their capacity to make wise decisions about their long-term financial well-being and exposes them to all types of financial risk.. Despite the fact that a portion of Nigerian women are educated and literate, a large portion of this population lacks the necessary skills to manage their money wisely and take advantage of the chances presented by financial products to improve their financial welfare..

According to a study by NDIC (2012) The study's findings on the degree of financial literacy among women in Nigeria revealed significant gaps in the level of financial literacy across the nation, using a sample size of 10,500 adults aged 18 and over from across the country's several geographic regions.. It was discovered that (i) respondents who were single had the lowest financial literacy. (ii) The literacy gap was especially pronounced in the areas of financial exposure and money management. (iii) Adult Education had a significant impact on financial literacy across the board. (iv) The vast majority of Nigerian women are extremely keen to take part in literacy courses if given the chance.

Additionally, certain customers of financial services have been negatively impacted by some unethical business practises by financial institutions, while others have had their rights to legitimate compensation violated due to a lack of financial literacy in their interactions with financial institutions.. Once more, people are becoming more and more involved in the expanding financial markets in developing nations like Nigeria. Therefore, in order to ensure that these markets operate well, financial literacy needs to be raised and this can only be integrated into the society through adult learning (Kefela, 2010).

Additionally, over the past ten years, there has been a striking increase in the amount of foreign transactions. This development is brought about by both new and improved technologies and a rise in personal worldwide mobility. As a result, this development implies that improving financial literacy through adult education has gained international attention.

Adult financial literacy education seeks to provide students with the abilities, information, and character traits that will enable them to create or carry out business or financial plans. Gottleib and Ross (2016) Consider adult education for financial literacy as creativity and innovation applied to commercial, governmental, and nonprofit organisations. By providing women with the knowledge and abilities necessary to successfully launch and manage small enterprises, adult education that promotes financial literacy could contribute to lowering Nigeria's high rate of unemployment in both urban and rural areas.

But is not just about achieving material goals; it also aids in the development of entrepreneurial or financial problem-solving abilities that women can employ to handle personal and social difficulties. Not only may this aid in overcoming reliance and despondency, but it can also encourage the creation of an entrepreneurial culture that emphasises innovation, adaptability, self-efficacy, entrepreneurship, and independence in adult women. It is to this the study centres on the impact of adult education in promoting financial literacy for women in Ovia north east local government Edo state

1.2 STATEMENT OF PROBLEM

A persistent issue is the low degree of financial literacy among women, particularly in developing nations. This is one of the reasons why people don't practise good personal financial management, according to researchers and policymakers. The attempts of many governments and institutions in this region to promote financial inclusion and the overall economic well-being of women have been impeded by this issue, furthermore the issue of gender profiling against women has limited most women in rural areas in the participation of adult education which can help in promoting financial literacy . It is to this the study centers on the impact of adult education in promoting financial literacy for women in Ovia north east local government Edo state

1.3 OBJECTIVES OF THE STUDY

The major purpose of this study is to examine the impact of adult education in promoting financial literacy for women in Ovia north east local government Edo state. Other general objectives of the study are:

1 To examine the Role of Adult Education in Poverty Alleviation among Women through financial literacy

2) To outline the benefits of financial literacy among women in Ovia North east

3) To examine financial literacy education and adult education as key to national development

4) To outline Challenges Of adult education towards Financial Literacy Education Initiatives among women

1.4 RESEARCH QUESTIONS

1 What is the Role of Adult Education in Poverty Alleviation among Women through financial literacy in Ovia North east

2) what are  the benefits of financial literacy among women in Ovia North east ?

3) how is financial literacy education and adult education a key to national development in Ovia North east?

4) What are the Challenges Of adult education towards Financial Literacy Education Initiatives among women in in Ovia North east?

1.5 Hypothesis

Ho: There is no significant relationship between adult education and financial literacy among women in in Ovia North east

H1: There is a significant relationship between adult education and financial literacy among women in in Ovia North east

1.6 SIGNIFICANCE OF STUDY

This study would enable the researcher to pass their experience on the subject matter to correctional centers, police, government ministries, schools, students to serve as a medium for further research.

1.7   SCOPE OF THE STUDY   

The study would cover The Impact of Adult Education in Promoting Financial Literacy for Women in Ovia North East Local Government Edo State

1.8 LIMITATION OF THE STUDY

The researcher was faced with the following constraints in carrying out this study:

Time: The time within the researcher is too short to carry on the detail study on this topic.

Resources: Another constraint of the researcher is financial resources to carry on the detail study of this topic.

Data: Another limitation to this study will be lack of data to make valid study on the research problem.

1.9 OPERATIONAL DEFINITION OF TERMS

WOMAN: A woman is an adult female human. Prior to adulthood, a female human is referred to as a girl.

FINANCIAL LITRACY: Financial literacy is the possession of the set of skills and knowledge that allows an individual to make informed and effective decisions with all of their financial resources

ADULT EDUCATION: Adult education, distinct from child education, is a practice in which adults engage in systematic and sustained self-educating activities in order to gain new forms of knowledge, skills, attitudes, or values.