COMPARATIVE ANALYSIS OF PARENTAL INFLUENCE AND FORMAL EDUCATION ON FINANCIAL LITERACY AMONG EARLY UNIVERSITY STUDENTS IN NIGERIA: A REVIEW OF HOME-BASED FINANCIAL TEACHINGS AND SCHOOL-BASED ACCOUNTING EDUCATION

Abstract

This study compares the effects of formal education—specifically, school-based accounting education—and parental influence on the financial literacy of first-year Nigerian university students. The research explores the intricate interactions among these variables, illuminating their importance and constraints in the particular Nigerian setting. According to the literature review, parents significantly influence young adults' financial attitudes and behaviors. A person's financial literacy has been demonstrated to be significantly impacted by informal, home-based financial education. The degree of guidance varies depending on parental financial literacy and economic diversity, meaning that parental influence is not always equally effective. Formal education, exemplified by accounting education in schools, provides a theoretical framework for financial concepts but frequently lacks a practical focus. Furthermore, concerns concerning uniformity are raised by differences in the caliber and applicability of accounting education among Nigerian institutions and regions. The implications that can be inferred from these findings are the need to encourage financial education at home, increase the practical applicability of formal education, and guarantee uniformity and quality control in formal financial education. Prospective research avenues, such as cross-cultural comparisons and longitudinal studies, present opportunities to expand the financial literacy knowledge among Nigerian early university students. Policymakers, educators, and researchers can build on this review paper as they continue to promote financial literacy and the financial health of Nigeria's youth.
 Keywords: Financial Literacy, Parental Influence, Formal Education, School-Based Accounting Education, Early University Students, Nigeria, Comparative Analysis, Financial Education.