Financial Literacy Needs and Economic Extension Strategies for Rural Communities in Ikwuano LGA, Abia State, Nigeria

Résumé

This study investigated economic extension strategies for mass financial literacy in rural communities in Ikwuano Local Government Area (LGA), Abia State, Nigeria. Three specific purposes and three corresponding research questions guided the study. A descriptive survey research design was adopted, and the study was carried out in Ikwuano LGA comprising the historic clans of Ibere, Oloko, Ariam, and Oboro. The population comprised 175,078 rural inhabitants, while Taro Yamane’s Formula was used to select 399 rural inhabitants from the four historic clans for the study. Data were collected using a 66-item structured questionnaire titled “Economic Extension Strategies for Mass Financial Literacy Questionnaire (EESMFLQ)”. The instrument was validated by three experts and yielded a reliability coefficient of 0.82 using Cronbach’s Alpha method. Mean and standard deviation were used for data analysis, while a mean cut-off point of 2.50 guided decision-making. Findings showed a low level of financial literacy among respondents, with a cluster mean of 2.11. The study also identified major financial literacy needs among rural residents, including training in budgeting, record-keeping, debt management, loan processes, investment opportunities, and risk protection through insurance. Furthermore, key economic extension strategies for mass financial literacy were identified, such as community financial literacy training, cooperative-based education, market-square sensitisation, radio programmes in local languages, the use of trained POS/bank agents as educators, and distribution of financial education materials. The study concluded that improving mass financial literacy in rural communities in Ikwuano requires structured, inclusive, and community-centred economic extension interventions. The study therefore recommends strengthening rural extension outreach and scaling up practical financial education using trusted community platforms.