Financial Literacy, Financial Self-Efficacy, and Saving Behaviour among Women Traders in Traditional Markets in Anambra State, Nigeria
Abstrak
Financial resilience and economic empowerment for women in informal trading are crucial to women's savings. But a lack of financial literacy, the need to pay bills or the burden of family responsibilities may restrict sustainable saving. This study addresses this lack of empirical evidence on the relative importance of financial knowledge, socioeconomic traits and psychological skills and attributes in saving participation. It specifically examined financial literacy, saving attitudes and obstacles, socioeconomic association, financial self-efficacy and saving participation. A structured questionnaire was used to obtain Primary data from 156 female traders in the four selected traditional markets in Onitsha North Local Government Area, Anambra State, Nigeria. The data were analyzed using descriptive statistics, Cronbach α reliability analysis, Pearson correlation and binary logistic regression. The results showed that 78.8% of them were financially illiterate, while 86.5% engaged in saving activities. Daily saving was reported by 54.8% of the savers, and 77.8% used bank accounts and 70.4% used Akawo thrift collectors. Irregular income was the main saving constraint (75.6%). Financial self-efficacy was a strong predictor of saving participation (odds ratio = 4.54; 95% confidence interval: 1.64–12.59; p < 0.05), whereas financial literacy, income, financial stress and education were not statistically significant. Based on the study findings, the only statistically significant predictor of saving participation in the fitted model was financial self-efficacy. It calls for market-based financial education, psychological empowerment, and flexible saving arrangements. Its contribution to knowledge lies in demonstrating the importance of financial self-efficacy within an integrated framework explaining saving participation among women operating in traditional markets, while recognizing the study's observational limitations.
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